Top 4 questions to ask before you transfer money to Canada
Getting an exchange rate that saves you a load of money when you transfer money to Canada is almost as sweet as maple syrup! We want to be sure that you are fully equipped, so ask yourself these questions before you transfer money to Canada:
Questions to ask yourself before you transfer money to Canada
1. How much money do you want to transfer to Canada and how often?
Think about how much money you want to send and when you’d like to have the transfer completed. Then, consider how flexible you are with these parameters. It’s more cost-effective to transfer money to Canada in a single, large amount than in multiple payments of smaller amounts.
2. How long does it take to transfer money to Canada?
The time it takes to transfer money to Canada depends on a couple of things, including the bank involved and the size of the transaction. With World First, nearly all transfers from USD to CAD (or vice versa) are processed the same day we receive the funds. However, your bank may not credit your account until the next business day, so when you transfer money to Canada, factor in an extra day.
If you need funds to arrive by a fast-approaching deadline, get in touch!
3. What impacts the exchange rate when you transfer money to Canada?
Canada participates in an exchange rate system, which means the value of its currency is largely dictated by supply and demand. The state of the economy, international investment movements, and speculative trading all influence the value of the Canadian dollar, which, in turn, could impact your decision to transfer money to Canada.
The U.S. and Canada have an especially close relationship. The U.S. is Canada’s top trading partner, receiving over 70 percent of its exported goods and services. Therefore, U.S. policies on trade and the economy – even if they are aimed to only be domestic – can have significant influence over the value of the Canadian dollar. Pay special attention to automobiles and industrials, which comprise the largest portion of trade, as well as chemical, petroleum, and natural gas.
It’s a lot to understand if you’re not an economist, so do yourself a favor and work with a currency payments specialist who watches these movements day-in and day-out. (Ahem, we might have one in mind...) You can also sign up to receive daily or weekly currency market updates.
4. When is the best time to transfer money to Canada?
The best time to transfer money to Canada depends on your situation. Do you need to do an immediate transfer? Then the “best” time is now, because that’s when you need the funds. Do you have a payment you need to make within the next 3 months? That’s a different story.
You could consider a forward contract for your money transfer to Canada if you have flexibility in timing. A forward contract allows you to set an exchange rate up to three years in advance, for a set amount of money. A forward contract can take away the stress of monitoring ever-changing exchange rates.
If you’ve a set exchange rate in mind, you could also set up a rate alert so you know when the rate meets or beats your need.
What we offer when you transfer money to Canada
If you are looking to transfer money to Canada, check out our amazing range of products:
Spot contracts for transferring money to Canada
So called because they’re done ‘on the spot’. A spot contract allows you to secure a rate and transfer money to Canada right away. This is the ideal option if you’re a busy person and just need to get things moving as soon as possible!
Forward contracts for transferring money to Canada
Like to plan ahead? Then forward contracts could be for you. They allow you to lock in an exchange rate now and make your payment later. In fact, you can secure a rate up to three years in advance. If you’re transferring money to Canada in the future, let us know, we can help!
Recurring payments to Canada
Recurring payments allow you to transfer money to Canada at regular intervals determined by you. Once the recurring payment is set up, we'll convert your funds quickly, reliably, and securely. You can choose if you want your money converted at the rate on the day you transfer money to Canada. Either way, take solace in the fact that a monthly transfer of money to Canada doesn’t have to be a monthly paperwork (or bank line!) affair.
Send money to Canada
World First can not only save you money on your transfer to Canada, but we’ll also save you time with our straightforward process. We’ll remove the stress by giving you your own personal contact that’s available to speak with you about your transfers, rates, and concerns. If you need to transfer money to Canada, we’re here for you within three rings!
Whether it’s for work or play, we’ll save you time and money when you transfer money to Canada.
So come on, join our club. You’ll like it here!
Not transferring money to Canada? Not to worry – you can transfer money all over the world./p>
More About Transferring Money to Canada with World First
World First is market-leading, award-winning, rapidly-growing international fintech business that specializes in currency exchange rates, foreign exchange, and international wire transfers. We can assist you in moving abroad to work, sending money overseas for school, or launching an international business.
World First combines specialty knowledge of foreign exchange markets with technological innovation to help individuals and businesses manage cross border currency payments quickly, securely and transparently. If you need to know about live forex rates, international payments, or money transfers anywhere in the world, we’re here to help. Just give us a call!