Nearly a quarter of the adult population in Africa is reportedly unbanked and without access to financial services. So beneficiaries have unique remittance conditions. Certain global fund transfer companies cater for beneficiaries in Africa and are thus suitable to give the most intuitive results, with many pay-out choices for transferring funds to someone without a bank account.
Best Providers for Transferring funds to Africa from Canada
When considering how to send funds to Africa from Canada there are some major aspects of the transfer that will impact the best provider for your requirements. There are various global funds transfer providers from Canada to Africa. The fastest funds transfer provider is WorldRemit. The cheapest provider is XE at 0.9 percent Above Mid-Market Rate.
This means that by using XE for online funds transfers to Africa from Canada, you’re likely to save on transfer charges and benefit from fast speeds, so your receiver will get extra funds and have it delivered in lower time.
The cheapest way to send funds from Canada to Africa
The cost of transferring funds will depend on the value of the sale and the quantum you want the receiver in Africa to get.
In order to avoid high charges, you should consider the cheapest way to send funds from Canada to Africa.
The fastest way to send funds from Canada to Africa
When transferring funds from Canada to Africa, speed is one of the biggest factors you need to consider in terms of the service offered by different funds transfer providers, particularly if you want to send funds quickly. Presently, WorldRemit is the fastest way to send. Most funds transfer providers allow you to deposit and send funds using various payment styles, but not all providers offer every option. Generally you ’ll find the most common styles are bank transfers and card payments, but numerous providers also accept cash and some will indeed deliver finances straight to your receiver’s door.
To avoid high charges you can conclude to use an online funds transfer provider for example WorldRemit to pay for your transfer to Africa.
With XE you can send funds online to Africa using your debit card. But before making a payment, make sure you understand all the processing charges in place.
Banks and global line transfers are the most common ways of transferring funds to Africa as they’re secure, dependable, and accessible. Still, they frequently come with the slowest delivery times in case speed is an important factor for you. You can use XE to send funds using a bank or line transfer at a great rate as long as you ’re happy for your transfer to take 1-2 days.
When transferring funds to Africa from Canada using a bank account transfer you’re paying for the outgoing fees, flat charges, currency exchange rate, and occasionally an extra incoming transfer fee. On the other hand, you generally only pay a sender fee and a small exchange rate, when using online funds transfer services for example XE, WorldRemit, and Wise.
What to consider for a CAD to ZAR Currency Transfer
Before transferring funds to Africa from Canada, you should consider the following;
- The quantum you want to transfer-It’s likely that the more funds you send to Africa the more value you’ll get. This is because any flat fee charged ends up as a lower chance of your transfer quantum, and also because numerous providers allow you to negotiate a better exchange rate periphery if transferring large quantities.
- The exchange rate periphery-funds transfer providers charge a small fee on top of the mid-market exchange rates in order to induce profit. The current mid-market rate is 12.318595 percent and the smallest exchange rate periphery is presently offered by XE at 0.9 percent above the mid-market rate.
- Unforeseen costs and charges-Before transferring funds to Africa, make sure the provider you’re using does not charge any unforeseen costs.
- The quantum you can get from Canada will largely depend on the funds transfer service you’re using. There are providers that specialise in lower remittance payments, and providers who specialise in larger transfers.
