International money transfers can be a hassle, but with services like Remitly and Wise, the process has become much more convenient and cost-effective. These platforms offer competitive exchange rates and lower fees compared to traditional banks, making them popular choices for immigrants and international students in Canada.
Remitly
Remitly is a digital financial services provider that specializes in international money transfers. It offers:
- Competitive exchange rates
- Low transfer fees
- Fast transfer times (often within minutes)
- Ability to send money to bank accounts or for cash pickup
Wise (formerly TransferWise)
Wise is another popular option for international money transfers. Its key features include:
- Mid-market exchange rates
- Transparent fee structure
- Multi-currency account options
- Fast and secure transfers
Both Remitly and Wise can be excellent options for sending money internationally, depending on your specific needs and the countries involved in your transfer. Always compare rates and fees before making a transfer to ensure you're getting the best deal.