Finance Tips

Choose the method that is least expensive and easiest for both you and your recipient. Just remember that the exchange rate from U.S. dollars to Canadian dollars is 1.15, so when you send a dollar, your relative will actually receive $1.15, which is convenient for them.

One of the most popular ways to make a money transfer to Canada is a wire transfer through your bank. This will only work either if you and your recipient have the same bank, or your U.S. bank has a relationship with a Canadian bank that allows transfers. Banks like Capital One, Citibank, JP Morgan Chase Bank, and HSBC are just some of the institutions that exist in both countries. Some banks in the U.S. charge lower fees when your transfer recipient takes money out of a particular bank. For example, Bank of America encourages the use of Canada’s Scotiabank when dealing with money in another country. You can send money from one bank to a different bank, but be prepared to pay for the convenience. Using HSBC as an example, you will pay $30 to transfer $100 from an HSBC bank in the U.S. to one in Canada. The fee increases to $45 for a transfer to a different bank in Canada that does not bear HSBC’s name.

Another way to make a money transfer to Canada is to use a company as an agent. In this situation, you would locate an agent, pay a fee, and provide the name and location where the recipient would pick up the money in Canada. The fee is typically a percentage of the money you are sending. Your relative would then need to supply a password to show that the money is for them, and would not have to pay a fee. This is usually best for one-time transactions, and nearly every large province in Canada has locations where your relative or friend can pick up the money, including grocery stores, check cashers, travel agencies, airports, and more.

If you are helping support relatives in Canada, you will probably need to send money regularly. The most cost-effective way to do so is to use a prepaid debit card, which can be obtained from several companies. In this situation, you would buy a debit card from the selected company, send it to your relative in Canada, and then call them with the PIN for the card. You would then add money to the card, either online or by phone. There is a fee when you send money, and a smaller fee when your relative uses the card. The fee for a money transfer to Canada is typically $5 to $8, and transaction fees are usually less than a dollar each, with slightly larger fees to take out cash.

You should choose the method of transferring money that makes sense for your situation. Sending money via wire transfer or agent is great for a one-time transfer, but can get costly over time. You only pay once for a debit card, and then pay small fees each time you add money, so this is often an advantage for those who don’t want to deal with agents or larger fees. Consider what is most convenient for both you and your relative when you a select the method of money transfer to Canada.

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Article Source: ArticlesBase.com – Make a Money Transfer to Canada Using One of Three Methods

One of the most well-known ways to transfer money to Australia is using a company as an agent. You can either use the Internet to do so or visit a location near you, indicating the amount you need to send, the name and location of your friend, and a password for when they pick up the money. They will then visit the nearest agent location near them to obtain the money. This should not be difficult to do in Australia, as there are more than ten agent locations in the Sydney area, over 20 in Darwin, and more than 50 in Perth. Such agencies charge about $20 to transfer money to Australia, and the maximum you can send in a month is about 2000 Australian dollars.

You can also wire funds to Australia through a few companies online. They simply work like a bank, allowing you to send money from your bank account or debit card to your friend’s account. Just a few of the banks that can receive such transfers are Bank of Queensland, BankWest, Commonwealth Bank of Australia, National Australia Bank, and St. George Bank. Such transfers cost about $5, no matter the amount, and the funds will automatically be changed to Australian dollars before your friend receives them. There is also an HSBC, Bank of America, and a Citibank in Australia, who all offer wiring transfers, and there is a fee associated with such services. For example, Citibank charges about $20 to $30 per transfer, and requires the SWIFT code of the Australian bank. Remember that even though many banks exist in Australia that are also in the U.S., they are not necessarily connected, and thus charge you the same fees as if you were sending to a completely different bank.

If your friends are in Australia long-term and will need money regularly, or perhaps do not have a bank account and will need to purchase items online, a prepaid debit card can be a huge advantage. You would simply send your friends a debit card in the mail, call them with the PIN, and then add funds either online or via telephone. The fees to add money range from $5 to $10, and there is a transaction fee of less than a dollar. However, such a card is perfect for purchasing products online, and for about a $2 fee your friends can withdraw cash at an ATM using this type of card. If you value your own debit card, consider how much your vacationing friends will appreciate their own. Continue reading ‘Consider Your Options Before You Transfer Money to Australia to Friends in Need’ »

It seems nearly everyone has a mobile phone, no matter where they live. If you have friends in another state or even country, it is now possible for you to send money through your phone. The most well-known way to do this is through your bank, as long as it has online checking and you can obtain the Internet on your phone. Most banks allow you to send a money transfer through the Internet using your cell phone. In fact, most banks now optimize their online services for cell phones, allowing the user interface to fit on yours perfectly.

One of the newest ways to send money online was developed by Japan’s NTT DOCOMO mobile Internet service, which allows users to send money from their phone to a friend’s phone. Rather than entering the friend’s account number, the user can just enter their cell phone number to ensure the money gets deposited into the correct account, as the phone number is attached to a bank account. Users of this service can deposit up to 20,000 yen, or $208, per transfer, and 200,000 yen per month. Recipients can choose to add the received funds to their bank account or apply it to their phone bill. There is a charge of 105 yen for the user who sends the money, and 65 yen for the recipient, unless they use it to pay their phone bill or deposit it into a Mizuho Bank account. In such cases, the transaction is free for the recipient. While it is only available in Japan right now, such a service could become available anywhere if it is successful.

Another way to send money online anywhere is to use a prepaid debit card. This type of service allows you to obtain a debit card from a company online, have it sent to a friend in another state or country, and add funds to it anytime online. Not only does this use debit card technology, but it is also easy to add money through your phone’s Internet. You can even call a number to add money if you do not have Internet on your cell. You will pay a small fee each time you add money, so it is usually best to add a lot of money at once rather than several small amounts. Continue reading ‘Send Money Online to Friends Using Advances in Cell Phone Technology’ »

The currency of India is the Rupee, which means silver, though it is no longer a silver coin. One U.S. dollar is equal to 48.314 Rupee, which you should remember when making a money transfer to India. No matter which method you choose, your U.S. money will be automatically exchanged for the Rupee for your relative to easily spend anywhere in India.

Many banks in the United States are willing to work with financial institutions in India to transfer money. For example, the State Bank of India in California will transfer money to any branch in India, and any transfer over 50,000 Rupee is free. Wire transfers at that bank require a hold period until they receive your check, and cost $15 to $25 each depending on the amount you send. Instant transfers are immediate, and are available to those even without an account at the State Bank of India. ICICI Bank provides similar services.

Most wire transfers are preferred over personal checks as a method to make a money transfer to India because they are faster. This is because personal checks are considered a collection item in India, and as such, take anywhere from one to three months to be processed. There is also usually a fee for your relative to cash the check. Therefore, if you go through a bank to make a money transfer to India, remember that a wire transfer is much preferred to a check. Continue reading ‘Choose Between a Few Comparable Options Before You Make a Money Transfer to India’ »

Previously, you could send an international money order, but since the German post office does not accept these anymore, your options mainly involve the Internet.

Before you decide on a particular way to make a money transfer to Germany, consider the financial facts. German currency used to be the Deutsche Mark, but officially changed to the euro in 2002, which is equal to 1.956 Deutsche Marks. One euro is worth 1.399 U.S. dollars, so keep this in mind when sending money to Germany, as your money will automatically be changed to the euro once it enters Germany. Continue reading ‘Keep Convenience and Fees in Mind Before You Make a Money Transfer to Germany’ »

One of the methods of sending money anywhere that is most well-known is to use a company as an agent. In this type of transfer, you would simply find an agent location near you, and then find one near your friend or relative. You would then pay a fee, which is usually either a flat rate or a percentage of the amount you are sending. You would just provide the name of your recipient, along with the location nearest them. Your friend or family member would then need to supply a password when they pick up the money to prove it is for them. This is mostly used for one-time transactions.

Another way to transfer money to overseas locations is to use the wire transfer services provided by almost any bank. Check with your bank first, since they usually have a reduced rate for customers. In most cases, you and your relative or friend should have the same bank, though many banks in the United States have an agreement with different banks overseas to transfer money. You do need to know your recipient’s bank account number, and you will have to pay a fee of anywhere from $15 to $45.

The options previously described are usually best for one-time transactions due to the sizeable fees. They are quick methods used to transfer money to overseas countries, but they are not great for regular transfers. Whether you have agreed to help support family overseas or often need to assist a friend in financial need, you should have an inexpensive and easy plan for sending money. For many people, this plan comes in the form of a prepaid debit card. Continue reading ‘Transfer Money to Overseas Friends and Family Using a Few Methods’ »