How do I Send Money Outside Canada? – MTFX

Are you planning to support loved ones overseas, pay tuition fees abroad, or move funds to another country? Understanding how to send money internationally can make all the difference in how much your recipient actually receives. 

Exchange rates, transfer fees, speed, and security all play a critical role in the outcome of your transfer. By learning how different methods work and what to watch out for, you can avoid unnecessary costs, shorten delivery times, and make sure your money reaches its destination safely. With the right approach, sending money abroad becomes a smooth, reliable, and cost-effective process.

Different ways to send money abroad

When you need to transfer funds internationally, you have several options. While banks have traditionally been the primary channel for cross-border payments, specialist providers are transforming how Canadians move money abroad. Understanding the differences between these methods can help you find the best way to send money internationally, reduce fees, access better exchange rates, and transfer funds more efficiently.

Banks

Banks remain a widely used option for international transfers, largely because individuals already rely on them for loans, savings accounts, credit cards, and other financial services. However, international payments are not their core strength.

Most banks use the SWIFT network, which often routes funds through multiple intermediary banks. This can extend transfer times to as long as five business days and increase costs due to additional handling fees. Furthermore, while banks trade currencies at the interbank rate, they apply marked-up exchange rates for customers, embedding hidden margins to boost their profits. As a result, customers typically face higher fees and less favourable rates.

Specialist providers

Specialist money transfer providers like MTFX offer a more efficient and cost-effective alternative. As a dedicated foreign exchange and global payments provider, MTFX operates at scale, allowing it to maintain lower margins and pass those savings directly to customers through competitive exchange rates and reduced transfer fees.

By using advanced automation and integrated technology, MTFX enables faster, more transparent international transfers without the need for in-person branch visits. You can initiate transfers online, track transactions in real time, and benefit from pricing designed to help you get more value for every dollar you send abroad.

How to choose the best way to send money abroad from Canada

Now that you have a clear understanding of the key international money transfer methods, the next step is to determine which option aligns best with your requirements. Factors such as cost, speed, security, and convenience should guide your decision. Evaluating these elements carefully will help you select a solution that delivers maximum value.

What is the cheapest way to send money abroad?

Cost is one of the most important considerations when transferring funds overseas. If you're looking for the cheapest way to transfer money overseas, prioritize a provider that offers competitive exchange rates and low transfer fees. MTFX typically provides exchange rates that are 2–5% lower than those offered by banks, allowing you to save thousands of dollars on larger transactions. Combined with reduced transfer fees, this makes MTFX a cost-effective choice for individuals.

What is the safest way to send money overseas?

Security is essential when sending significant amounts internationally. MTFX is a FINTRAC-registered international payments specialist that complies with strict regulatory standards. This ensures every transfer is handled through a secure online platform that operates 24/7, giving you confidence and peace of mind with each transaction.

What is the fastest way to send money abroad?

Transfer speed is another critical factor. Online money transfer services generally process payments more efficiently than traditional banks, which often rely on slower SWIFT networks. With MTFX, most transfers are completed within 24–48 hours, with same-day delivery available for many currency corridors.

What is the easiest way to send money internationally?

Efficiency and accessibility are key when managing recurring or time-sensitive payments. The most convenient way to make cross-border transfers is through a secure online platform that provides continuous access. MTFX allows you to automate regular transfers-whether you’re managing foreign property payments or supporting family abroad-without the need for in-person visits.

In the end, selecting the right transfer method depends on your priorities. If you need a solution that delivers speed, security, cost-efficiency, and ease of use, a trusted online international money transfer service like MTFX offers the most effective and reliable option.

Tips and best practices for an international money transfer

A smooth and cost-effective international money transfer depends on more than just choosing the right provider. By applying a few smart strategies, you can make sure your funds are sent efficiently and at the best possible value. Whether you're sending a small amount or making a large overseas payment, here are some practical tips to keep in mind when you send money internationally.

Take advantage of favourable exchange rates

Exchange rates fluctuate constantly, and even small changes can have a significant impact on the amount received abroad. If your transfer isn’t time-sensitive, monitor currency trends and aim to initiate your payment when rates are more favourable. This simple step can help you get more value for your money without increasing fees.

Avoid weekends and public holidays

Banks and online money transfer platforms often process payments only on business days. Initiating your transfer on weekends or bank holidays can lead to unnecessary delays. To ensure your funds reach the recipient as quickly as possible, plan your international money transfer during standard banking days and consider time zone differences between Canada and the destination country.

Consider strategies for larger transfers

If you’re sending a significant amount, it may be beneficial to use financial tools to manage currency risk. For example, forward contracts can help lock in favourable rates for future transfers, protecting you from sudden market movements. Alternatively, splitting a large transfer into smaller, scheduled payments can help you average out currency fluctuations over time.

Be mindful of cut-off times

Each bank or payment provider has specific daily cut-off times for processing transfers. Missing these cut-offs could delay your transaction by a full business day. Double-check your provider’s processing schedule to make sure your transfer goes out on time when you transfer money internationally.

What you need to transfer money internationally

Before you start an international money transfer, it’s important to have the correct details ready to ensure your payment is processed efficiently and without delays. Having the right information upfront helps avoid unnecessary back-and-forth with banks or service providers.

1. Your personal details

You’ll need to provide your full legal name, residential address, and valid identification. Depending on the size of the transfer, additional verification such as proof of address or source of funds may be required to comply with regulatory standards. These steps are essential whether you’re sending or planning to receive money internationally.

2. Beneficiary’s information

Accurate information about the person receiving the funds is crucial. This includes their full name (as it appears on their bank account), residential address, and account number or IBAN (International Bank Account Number), depending on the destination country. If you’re transferring money to your own account abroad, simply enter your personal banking details as the beneficiary.

3. Receiving bank details

You’ll need the name and address of the beneficiary’s bank, along with the bank’s SWIFT or BIC code. These details ensure the funds are routed through the correct financial institution and reach the intended recipient without delays.

4. Purpose of the transfer

Regulations require you to specify the reason for your transfer. Common purposes include personal remittances, family support, tuition payments, travel expenses, or moving funds between your own accounts. Clearly stating the reason helps prevent compliance-related delays when you send or receive money internationally.

5. Transfer amount and currency

Be clear about the amount you intend to transfer and the currency involved. Understanding this upfront allows you to review exchange rates and fees so you know exactly how much will arrive at the destination account.

6. Supporting documents for larger transfers

For high-value international money transactions, you may be asked to provide additional documentation such as proof of income, bank statements, or evidence of the source of funds. This is standard procedure to comply with anti–money laundering (AML) and regulatory requirements.

Having these details ready before initiating the transfer helps ensure your funds move quickly and securely, whether you’re sending or receiving money internationally.

How to send money internationally with MTFX

Transferring funds across borders is simple, secure, and cost-effective with MTFX. As a trusted foreign exchange and payments specialist, MTFX offers one of the best ways to send money internationally, combining competitive exchange rates with fast processing times. Here’s how to complete an international money transfer in just a few easy steps with MTFX.

Step#1: Create your MTFX account

Start by registering your free account online. The process only takes a few minutes and requires basic personal information and identification for verification. This ensures compliance with Canadian and international regulations while keeping your transactions secure. Once your account is set up, you’ll gain access to live exchange rates, secure payment tools, and a streamlined transfer dashboard.

Step#2: Fund your account and enter recipient details

Next, transfer funds to your MTFX account via bank transfer or bill payment. You can choose the currency you wish to send and provide the recipient’s details, including their full name, account number or IBAN, and the receiving bank’s SWIFT/BIC code. MTFX’s platform is designed to make this step quick and intuitive, so you can set up your international money transfer without delays or complications.

Step#3: Confirm your transfer and let MTFX handle the rest

Once all details are confirmed, your transfer is processed through MTFX’s secure and efficient payment network. You can track the progress of your transaction online from start to finish. Most transfers are completed within 24–48 hours, with same-day delivery available for many currency corridors. MTFX manages the entire process for you, ensuring your funds arrive safely and on time.

With transparent pricing, competitive rates, and reliable delivery, MTFX offers the best way to send money internationally- a fast, secure, and cost-effective solution tailored to your needs.

Send money abroad today with your free MTFX account

With MTFX, sending money overseas is simple, secure, and cost-effective. Once you register your free account, you can access competitive exchange rates, low transfer fees, and a streamlined platform designed for fast and reliable international payments. Whether you're supporting family abroad, paying for tuition, or managing personal expenses overseas, MTFX provides the best way to send money internationally with ease and confidence.

Start your next transfer today and experience the difference. Sign up with MTFX to take advantage of better rates, lower fees, and a seamless way to send money abroad.

FAQs

1. What is the best way to send money internationally?

The best way to send money internationally depends on factors like cost, speed, and convenience. Specialist providers such as MTFX typically offer better exchange rates, lower transfer fees, and faster processing times compared to traditional banks.

2. How to send money internationally?

To send money internationally, start by choosing a trusted transfer provider, such as MTFX. Register for an account, verify your identity, fund your account, and provide the recipient’s banking details, including their IBAN or account number and the bank’s SWIFT/BIC code. Once submitted, your transfer will be processed securely and efficiently.

3. How do I start an international money transfer from Canada?

To begin an international money transfer, you’ll need to set up your account, provide the required personal and recipient information, and confirm the transfer amount and currency. Once everything is verified, your payment is sent through secure banking networks.

4. What information do I need to send money abroad?

You’ll need your personal details, the recipient’s full name, address, and account number or IBAN, along with the receiving bank’s SWIFT/BIC code. You’ll also be asked to provide the purpose of the transfer to comply with regulations.

5. How long does an international money transfer take?

Transfer times depend on the destination country and currency. With MTFX, most transactions are completed within 24–48 hours, and same-day transfers are available for many major currency corridors.

6. What is the cheapest way to transfer money overseas?

The cheapest way to transfer money overseas is usually through a specialist money transfer provider that offers competitive exchange rates and low transfer fees. Banks often add hidden markups and charge higher fees, making them more expensive.

7. Is it safe to send money internationally online?

Yes, transferring funds through regulated and FINTRAC-registered providers like MTFX is secure. Transactions are encrypted, and compliance checks ensure funds are transferred safely to verified recipients.

8. Can I receive money internationally in Canada?

Yes, you can receive money internationally directly into your Canadian bank account. The sender will need your name, banking details, and the correct SWIFT code or routing number to ensure the funds arrive without delays.

9. Are there limits on how much I can transfer internationally?

Transfer limits depend on the provider, destination country, and regulatory requirements. For large transfers, you may be asked to provide supporting documents such as proof of income or source of funds.

10. How can I save money on international transfers?

To save money on international money transfer transactions, monitor exchange rates, avoid sending on weekends or holidays, and compare provider fees. Using a specialist provider usually gives you better value than relying on traditional banks.

Start your next transfer today and experience the difference. Sign up with MTFX to take advantage of better rates, lower fees, and a seamless way to send money abroad.