If you're a student who is looking for a way to send or receive money from family, or to pay bills while abroad, you may want to consider using a wire transfer.
Here are some things to consider before getting started:
What is a Wire Transfer?
Wire transfers are a great way to send money quickly and securely from one location to another, usually internationally. They allow entities to transfer a large amount of money, which makes them a great option for students studying abroad to pay their education fees and costs of living.
How Does a Wire Transfer Work?
Wire transfers can take anywhere from hours to days. Depending on the sending institution and the receiving institution, wires can move through several institutions before landing at the final destination. Detailed payment paths can delay final credit of funds, and can result in more in-transit fees. We usually recommend sending a wire transfer one week before the due date of your payment to avoid late fees.
Why Choose a Wire Transfer?
Security
One of the greatest benefits of wire transfers is that they are secure. When you send or receive money via wire transfer, the funds are transferred directly from one bank to another. This means that there is no risk of the funds being lost or stolen in transit.
Cost-Effective
Wire transfers are cost-effective. At Global Currency, wire transfers are a flat rate of $15. Elsewhere you can expect to pay $40 or more for your wire transfer.
Options
In Canada, our financial institutions have services like e-transfer that allow us to send money between other Canadians. Many other countries don’t have these direct, secure options available directly from their financial institutions. Wire transfers are one of the easiest ways to send money between Canada and other countries around the world.
Sending money internationally doesn't have to be complicated or expensive — a wire transfer is usually the best way to do it! Just remember to gather all the required information beforehand and keep track of any documentation throughout the process. If you’re interested in doing a wire transfer, reach out to our team!