Whether you live in Canada permanently or just there because of work, having a reliable and secure money transfer service is very important. For example, if you live in Canada and have loved ones who depend on you in The United States, then chances are that you will need to send them money from time to time. While there are several money transfer companies, you should take time to find one that’s not only credible when it comes to sending money abroad.
There are several instances where people have lost money in the process of sending it to a loved one either within the country or overseas. Although the money transfer providers can be part of the problem, you have a lot of responsibility to ensure that every detail is correct to avoid losing money. If for example, you want to transfer money from Canada to US via Western Union, then ensure that both your personal details and those of the recipient are correct before initiating the transfer.
Here are some of the ways to transfer money securely:
1. Find a reliable money transfer service
As mentioned earlier, there are several money transfer providers in Canada. However, not all of them can be trusted. That’s why it is important to take your time and research credible money transfer services before making the final decision. This includes finding out the physical location of the company and how long they have been in business. This will give you confidence that your money will reach the recipient within the stipulated timelines.
2. Cross-check all the details before sending money
One main reason why people lose money when using online money transfer services is inputting the wrong information. When sending money from Canada to US or any other country, it is important to confirm both your bank account and routing number and that of the recipient before completing the transaction. In most cases, the money transfer company will not be in a position to refund funds that have been sent to the wrong recipient.
3. Pay attention to the exchange rates
This is also another way of transferring money securely, from and within Canada. Exchange rates vary from time to time and it is important to know when the exchange rates are favorable for transfer. You can talk to your bank or check online to determine the exact amount that your loved one in the US will receive in local currency.
4. Consider all the costs and hidden charges
You should understand that money transfer services charge a certain percent as transfer fees. While some banks offer a flat rate, certain service providers may have hidden charges. That’s why it is important to find out all the charges deducted by a money transfer company. This will help you to know how much exactly your loved one will receive.
Sending money abroad has become easier than ever before. However, you should always take precautions to ensure that no money is lost during the transfer process.