Best Way to Transfer Money from Canada to Europe

Transferring money overseas can seem complicated, but it doesn't have to break the bank. Whether you're sending money to family abroad, paying for international services, or buying property overseas, everyone wants the cheapest way to transfer money overseas. With many options available today, from traditional bank transfers to digital platforms, finding the best way to send money abroad can save you a lot.

Europe is a popular destination for international money transfers as many people in Canada want to fund business operations, education, weddings, and property purchases abroad. Whatever your reason for moving money to Europe is, it's important to find a provider that offers competitive exchange rates and low transfer fees. In addition to low-cost transfers, you also need to ensure quick, secure, and hassle-free transfers.

In this blog, we'll explore the most affordable ways to send your money to Europe so you can keep more in your pocket while ensuring your funds arrive safely and on time.

What's the best way to transfer money from Canada to Europe?

When transferring money from Canada to Europe, the best way depends on your needs—whether you're prioritizing speed, cost, or convenience. Here are some of the top options:

1. Online money transfer services

Online money transfer platforms like MTFX offer lower fees and competitive exchange rates than traditional banks. They're cost-effective, particularly for large business and personal transfers, and the process is usually fast and easy. These platforms are a great option if you want to save on fees and get better rates.

2. Bank transfers

Most Canadian banks allow you to send money directly to European banks through international wire transfers. While secure, banks often have higher fees and may not offer the best exchange rates. This option is more suitable for people who value the security of their bank and don't mind paying more.

3. Foreign exchange brokers

Foreign exchange brokers can be another choice if you're transferring larger amounts. They specialize in currency exchange and often offer better rates than banks, making them suitable for currency conversion. However, sending money abroad might not be as quick and seamless as online transfer services.

4. SWIFT transfers

SWIFT transfers through banks or online services can be an excellent option for large transactions, especially for business or real estate purposes. They're secure and reliable, but make sure to compare fees and exchange rates before committing.

How much does a money transfer from Canada to Europe cost?

When you're sending money to Europe, every dollar counts. Whether making regular payments or transferring a large sum for a major purchase, like real estate, finding the cheapest way to transfer money to Europe is crucial. With hundreds or even thousands of dollars at stake, high fees or poor exchange rates can significantly reduce the amount your recipient receives. That's why choosing a provider that offers both low fees and competitive exchange rates is essential.

Hidden costs of international transfers

Many banks and money transfer providers break down their costs into two main parts: transaction fees and foreign exchange markups. While the transaction fee is often visible, the foreign exchange markup is usually hidden in their offer rate. This markup can vary significantly, and you could lose more money than expected.

For example, traditional banks may charge higher fees and apply a poor exchange rate, meaning you're paying much more than you would with a specialized money transfer provider. To avoid this, it's essential to compare the total cost, including the exchange rate and hidden fees, before transferring.

Foreign exchange rate fluctuations

Exchange rate fluctuations are among the biggest concerns when sending an international transfer. Currency markets can change rapidly, and if the Canadian dollar weakens, your recipient could receive less money, or you might need to pay more to send the same amount. This can be particularly problematic if you're sending money over an extended period or planning a large transaction in the future. You can set up a CAD to EUR rate alert to ensure you send money at the desired rate.

Time delays can add to costs

While it may not seem directly related to costs, the speed of your transfer can impact how much you end up paying. If you're transferring money to Europe for a real estate transaction, tuition payment, or other time-sensitive needs, delays can lead to late fees or penalties on the recipient's end. Banks, for example, can take several days to process a transfer, while specialized money transfer services like MTFX often offer faster processing times, reducing the risk of additional penalties.

Currency conversion fees

Another common issue with international transfers is currency conversion fees. Some providers charge an additional fee for converting Canadian dollars (CAD) to European currencies, such as euros (EUR). This is separate from the exchange rate margin and can increase the transfer cost. Choosing a provider that is transparent about these fees or offers free currency conversion as part of the transfer service is important.

Key considerations when transferring money to Europe

When sending money from Canada to Europe, weighing several key factors to ensure you get the most value and security from your transaction is essential. Here's what you should keep in mind:

Exchange rates: Exchange rates play a huge role in how much money your recipient in Europe will receive. Even a slight difference in the rate can significantly impact larger transfers. Always compare the mid-market exchange rate (the real exchange rate) with what your provider is offering.

Transaction fees: Understanding the transfer fees is crucial to avoid overpaying. These fees can be fixed (a flat fee regardless of the amount) or percentage-based (a percentage of the total amount being transferred). Additionally, some providers charge hidden fees through poor exchange rates or intermediary fees.

Transfer speed: How fast you need the money to arrive will influence the type of transfer service you choose. Some transfers take a few minutes, while others take several business days. Urgent transfers often come with higher fees, while regular transfers may be slower but more affordable.

Security: Always choose regulated financial institutions or licensed money transfer companies. Providers regulated by authorities like FINTRAC in Canada and FCA in Europe offer greater security, ensuring that your money is safe and that the transfer complies with legal requirements.

Currency conversion: Some providers offer better currency conversion rates than others, and some may charge a separate fee for converting your money. Be mindful of how these conversions are handled, as poor exchange rates or extra conversion fees can reduce the amount your recipient will receive.

How to transfer money to Europe in 3 easy steps?

Transferring money from Canada to Europe is quick and easy when you follow these three steps. Here's how to do it:

Step 1: Create your free account

Setting up your MTFX account is free and takes just a few minutes. Sign up online by providing your basic details and verifying your identity, and you're all set! Once your account is active, you can fund it through bill payment or bank transfer.

Step 2: Secure a competitive exchange rate

When you're ready to transfer, MTFX ensures you get the best value by offering the mid-market exchange rate—the same rate you see on currency markets, with no hidden markups. This means you're getting a real exchange rate with complete fee transparency.

Step 3: Make your payment

Once you've locked in your rate, all that's left is to finalize your payment. Enter the recipient's details, confirm the amount, and MTFX will handle the rest. You can track your transfer every step of the way, ensuring peace of mind throughout the process.

How long does a money transfer from Canada to Europe take?

Moving money from Canada to Europe should be fast and seamless in a world without borders. With MTFX's specialist services and your online account, overseas money transfers to Europe from Canada usually take 24-48 hours to arrive. Express payments arrive on the same day. The good news is that you can track the status of your transfer online when you send money to a European bank account.

How can I get the best CAD to EUR exchange rate?

To get the best CAD to EUR exchange rate, comparing different providers is essential, as rates vary widely between banks, online platforms, and money transfer services. Look for services that offer the mid-market exchange rate—the actual rate you see on currency markets—without hidden markups. Timing your transfer can also help; exchange rates fluctuate based on global market conditions, so using rate alerts or watching trends can allow you to lock in a favourable rate.

Is it safe to transfer money to Europe online?

When transferring money to Europe from Canada, you can rest assured that your money is in safe hands. You can transact confidently via our secure online platform and enjoy the transparency of managing international money transfers independently. MTFX is regulated by FINTRAC and has developed a reputation as a reliable and trusted FX specialist over 25 years.

What documents do I need to send money to Europe?

You'll need a few key documents to ensure a smooth transfer when sending money to Europe. Typically, you'll be asked for:

• Government-issued ID: A valid passport, driver's license, or another form of government-issued identification to verify your identity.
• Proof of address: A recent utility bill, bank statement, or official government correspondence showing your current address.
• Recipient's details: The full name, address, and bank details of the recipient, including the IBAN (International Bank Account Number) and BIC/SWIFT code for European bank transfers.
• Source of funds: Some providers may require you to provide documentation or a statement explaining the source of the funds, especially for large transfers.
• Transfer purpose: Depending on the provider or the amount you're sending, you might need to provide the purpose of the transfer (e.g., family support, tuition, real estate purchase).

Transfer money from Canada to any bank account in Europe

Individuals and businesses can rely on currency specialist MTFX for fast, secure, and money-saving international transfers, whether you want to send money to France, Germany, Poland, or anywhere in Europe. You'll have access to expert guidance and tools, giving you the support you need to make the most of your money.

Sign up today to transfer money to Europe at competitive exchange rates and low transfer fees. Enjoy the speed and convenience of your very own online MTFX account.

FAQs

1. What is the best international money transfer option from Canada to Europe?

The best international money transfer option from Canada to Europe depends on your priorities: cost, speed, and convenience. Online money transfer services like MTFX offer competitive exchange rates and low fees, making them a preferred choice for many.

2. What is the cheapest way to transfer money overseas from Canada?

The cheapest way to transfer money overseas is through specialized money transfer services like MTFX, which provide real exchange rates and charge lower fees than traditional banks. Avoid banks, which often add hidden fees and unfavourable exchange rates, making your transfer more expensive.

3. How can I get the best money transfer rates when sending money to Europe?

To get the best money transfer rates when transferring money to Europe, compare different providers and look for those offering the mid-market exchange rate with no hidden markups. You can also sign up for rate alerts or use forward contracts to lock in favourable rates when the market is in your favour.

4. Are there any hidden fees when transferring money to Europe from Canada?

Some providers may charge hidden fees, especially by offering poor exchange rates. Banks are known to add a markup to the exchange rate and charge a transfer fee. To avoid hidden fees, choose a provider that is transparent about its rates and fees.

5. How long does it take to transfer money to Europe from Canada?

The time it takes to transfer money to Europe from Canada varies depending on the provider. Banks can take several business days, while specialized money transfer services usually complete the transfer within 1-2 business days. Faster options are available but may come with higher fees.

6. What documents do I need to transfer money to Europe?

To transfer money to Europe, you'll typically need a government-issued ID (like a passport or driver's license), proof of address, and the recipient's bank details, including their IBAN and SWIFT/BIC code. For larger transfers, you may need to provide documentation explaining the source of the funds.

7. Is there a limit on how much money Canadians can transfer to Europe?

Most providers set their own limits on how much money you can transfer to Europe from Canada. While online platforms may have lower limits, foreign exchange brokers and banks allow larger transfers.

8. What is the cheapest way to transfer money to Europe for real estate purchases?

The cheapest way to transfer money to Europe for real estate purchases is through a specialized service like MTFX. These providers offer lower fees and better exchange rates than banks, especially for large sums involved in property purchases.

9. How do exchange rates affect the amount of money transferred to Europe?

Exchange rates have a significant impact on the amount of money your recipient in Europe will receive. A lower exchange rate means less money on the other end. To get the best rates, look for providers that offer the mid-market exchange rate with no hidden markups.

10. Can I transfer money to Europe for free?

While it's rare to find completely free international transfers, some providers offer low-fee or fee-free promotions for new customers or smaller amounts. However, always check the exchange rate, as providers might recoup their costs by offering unfavourable rates.