Transferring funds to Australia from Canada can be easy if you use your regional bank, but it could also be costly. Global funds transfers can frequently come with unforeseen costs, exchange rates with unforeseen perimeters, and bank charges.
On the other hand, you can head into a store to transfer your funds in person using a service like Western Union or Moneygram. These services frequently offer quick service, but may not be the cheapest way to send funds to Australia.
Online funds transfer services can offer the best of both worlds. They provide a cheaper way to transfer your cash without the need to leave your house. The following are some of the best funds transfer services in both Canada and Australia.
The best funds transfer services to send funds to Australia from Canada
- Transferring large amounts of funds-TorFX.
- If you’re living overseas now-Wise.
- Figure Free -OFX.
- Best Big Brand -XE Money Transfers.
Transfer money using TorFX
Popular with ex-pats located in Australia, TorFX has a regional office with excellent over-the-phone service and gives better exchange rates for larger quantities.
In addition, they do not charge a flat transfer fee. TorFX was established in 2004 and is a British company that has services worldwide.
Costs to transfer a large quantum of funds with TorFX
Transfer charges-free transfers.
Exchange Rate-TorFX offers competitive exchange rates when transferring large quantities overseas. To receive a quotation you need to subscribe up first.
Your receiver will get the funds in their regional bank account within 2-5 business days.
Transfer money using Wise ( formerly known as TransferWise)
Setting up an account is very much easy or transferable using the app. They also have the best exchange rates, because they offer the same market rate you see on XE or Google and do not add any unforeseen exchange rates. One of the best products they offer is their Borderless account. It’s particularly useful if you’re living overseas and want to transfer funds back to Australia.
Transfer charges; It depends on where you’re transferring the funds from, but a lot of times, they charge a small flat fee plus a percentage of the transferred quantum.
Exchange Rate Wise gives you the best possible rate (google rate). They don’t use a peripheral.
Payment Stylez Bank transfer, debit card, and credit card. However, it’s instant, If you’re transferring funds between your Wise accounts. If you’re transferring it to the regional Australian bank, it’s generally done by the following business day.
Transfer money using OFX
OFX ( formerly Ozforex) was established in Australia and has grown into a well-admired global company. The current headquarters is located in Sydney, it has a good track record for security purposes.
They’re a good option for Australians who do not mind transacting online but still want regional client support over the phone.
Transfer charges-OFX generally charges a flat fee for fewer amounts.
Exchange Rate-OFX adds a periphery to the exchange rate when you convert your Australian dollars.
Minimal Transfer Quantum is AUD$250.
Your receiver will get the funds in Australian dollars (AUD) into their account in 1-2 business days.
Transfer money using XE money Transfers
As a trusted and seasoned name in foreign exchange, XE could be a good option for online clients who are not under time pressure. They do not charge fixed fees and do not have any minimal quantities so are good for any sized sale.
The transfer amount is Free, but there can be unforeseen charges at the original bank.
Exchange Rate-The exchange rate you get, when you convert your Australian dollars, will depend on the quantum of your transfer. Your receiver will get the funds in their account in 2-3 business days. They’re certified as a funds Transmitter by the DFS in New York and registered with FINTRAC.
