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Tips to Save Money on your Online Money Transfer

by Rate Shop Rate Shop

Online money transfers in Canada have become quite popular. People are interested in easy and quick money transfers. If you are someone who keeps transferring money internationally, there are some things that you must keep in mind to save money on your international transfers. From knowing the interbank rate to finding the best combination of the lowest fee and best exchange rate, there are a lot of things that must be taken care of.

Here are 6 tips that will help you in saving money on your online money transfers.

     Choose the Best Time
You might have come across special promotions around the holidays. It is smart to plan your transfers during the holidays’ season when you get numerous options to save. Nearly all service providers compete against each other for the best rates around Mother’s Day, Christmas, and other major country-specific holidays such as Lunar New Year. You can make the most of these pricings by making money transfers during these times.

     Compare and Select
It is harmless to find out what exchange rates are being offered by multiple service providers. And to find the best rates, there are many third-party tools that you can use for free. You will have to check the rates, right before you send money because these keep on changing daily because you definitely want to get the best exchange rate per dollar.

     Narrow your Search
You might not get the best results when you search for generic and broad terms like “transfer money.” You better be specific about your needs like searching by the place where you want to send your money or by including the method of payment to be more specific. More specific you are, more will be the chances of you finding the best deals and promotions relevant to your search phrase.


     Locked-in Rates
The exchange rates that you see while you hit the transfer button might not be the same by the time the order is processed. Don’t worry because you can avoid it and make sure that you are getting the original exchange amount by searching for “locked-in rates”.

     Method of Payment
You will find a number of money transfer methods when you are setting up your money transfer. The most commonly used three methods are debit card, credit card, and EFT (Electronic Funds Transfer that means money is transferred straight from your bank account). The rates vary from method to method so it is smart to check different methods and compare them.

There are many online platforms that let you make an online money transfer in Canada without any hassle. The platforms have their own comparison tool and on the basis of your comparison, you can choose the best method for you to save big on your money transfers.


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Created on May 16th 2019 03:38. Viewed 81 times.

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