When is the Best Time to Send Money Overseas with MTFX?

If you’re preparing to buy a property abroad, pay overseas tuition, or make a significant purchase in another currency, you already know the stakes are high. Even a fraction of a percentage point difference in the exchange rate can translate into hundreds or even thousands of dollars gained or lost. So the question isn’t just how to send money overseas. It’s when to transfer money internationally.

Timing international payments isn’t about predicting the future. Nobody can do that with certainty, not even professional traders. What it is about is understanding how the foreign exchange market works, knowing which tools you have access to, and making deliberate decisions rather than just hitting ‘send’ and hoping for the best.

This guide walks you through everything worth knowing, from how currency market timing affects your transfer to practical MTFX currency transfer tips that put you in control of when and how you move your money.

Why timing matters when you send money overseas

Currency exchange rates are not fixed. They shift constantly based on a long list of factors: central bank decisions, inflation reports, employment data, geopolitical events, trade flows, and even market sentiment. On a quiet day, a currency pair might barely move. On the day of a major economic announcement, it can swing by 1–2% within hours.

For everyday purchases, that kind of movement is background noise. But when you’re sending money overseas for a property purchase worth CAD $500,000 or paying a year’s worth of university tuition, a 1% shift in the rate is real money. That’s CAD $5,000 you either keep or lose depending on when you pull the trigger.

This is why currency volatility and transfers are so closely linked. The more you’re moving, the more your outcome depends on the rate timing. Getting this right isn’t about luck; it’s about being prepared with the right timing for foreign exchange transfers.

Understanding foreign exchange market hours

The foreign exchange market runs 24 hours a day, five days a week. It opens Sunday evening (EST) when the Sydney session begins and closes Friday afternoon when the New York session wraps up. But not all hours are created equal. Exchange rates move more during certain windows, and knowing that can give you a real advantage.

The four main trading sessions and when they overlap:

• Sydney session: 5:00 PM – 2:00 AM EST. Low volume. Good for less-traded currency pairs like AUD or NZD.
• Tokyo session: 7:00 PM – 4:00 AM EST. Active for JPY and AUD pairs. Useful if you’re sending money to a recipient in Japan or Australia.
• London session: 3:00 AM – 12:00 PM EST. The highest-volume session in the world. EUR, GBP, and CHF see the most movement here.
• New York session: 8:00 AM – 5:00 PM EST. Very active, especially when it overlaps with London from 8:00 AM to 12:00 PM EST. The most watched window of the day for USD pairs.

For Canadians sending money overseas, the London-New York overlap (roughly 8:00 AM to 12:00 PM EST) is typically when you’ll see the sharpest movement in CAD pairs. That’s both a risk and an opportunity. Rates can improve quickly during this window, but they can also move against you. Being active during these hours, or setting rate alerts to track them, keeps you in the game.

The best days of the week for international transfers

Currency market timing for transfers isn’t just about what time of day you act; the day of the week makes a difference, too. As a general rule, Tuesdays, Wednesdays, and Thursdays tend to offer the most liquidity and relatively stable pricing. Markets have had time to settle after the Monday open, and Friday afternoon volatility hasn’t set in yet.

Days to approach with more caution:

• Monday: Rates can gap open after weekend news. Political developments or major economic announcements over the weekend can cause a rough start.
   
• Friday afternoon: Traders close out positions heading into the weekend, which can create erratic short-term moves. Timing international payments on a Friday afternoon isn’t always ideal if you can avoid it.

That said, if the rate is strong on a Monday or Friday, waiting for a “better day” often means chasing a rate that’s already moved. Use the day-of-week patterns as one input, not a hard rule.

Seasonal timing for money transfers: does it exist?

Yes, to a degree. Seasonal timing for money transfers is a real factor, particularly for currencies tied to economies with clear seasonal patterns. Here’s what that looks like in practice for some common personal transfer scenarios.

Sending money for overseas property purchases

Real estate markets in popular destinations like the US Sun Belt, Southern Europe, Mexico, or Southeast Asia tend to heat up in spring and early fall. Demand for CAD to USD or CAD to EUR transfers spikes around the same time, as Canadian buyers finalize offers and need to fund purchases. This doesn’t necessarily make the exchange rate worse, but it does mean you’re operating under more time pressure.

The smart move is to start monitoring rates well before you have a signed contract. If you’re buying a property in the US or Europe and you know it’s coming in the next six months, you can use tools like forward contracts to lock in a rate now, so when closing day arrives, you’re protected from whatever the market does in between.

Paying international tuition

For families paying tuition to universities in the US, UK, Australia, or Europe, the payment schedule is predictable. Fees are typically due in August–September for the fall semester and January for the winter term. That creates a recurring window where thousands of Canadians are converting CAD into USD, GBP, AUD, or EUR at the same time.

Rather than scrambling to send money in the week before the deadline, consider converting and sending a few weeks earlier. Currency rate alerts through MTFX can notify you the moment the CAD reaches a rate you’re happy with, so you’re not constantly watching the market yourself.

Making large overseas purchases

Whether you’re purchasing a luxury vehicle, importing high-value goods, or paying for a major renovation on an overseas property, the same logic applies. You’ll rarely have a hard deadline that can’t flex by a day or two. Use that flexibility to your advantage. Keeping an eye on when exchange rates improve and acting when the rate hits your target, rather than when you happen to remember, can put meaningful savings in your pocket.

What actually moves exchange rates: the short version

You don’t need a degree in economics to make smarter decisions about FX timing strategy. A basic awareness of what drives rate movements is enough to avoid the most common mistakes.

Key drivers of currency movement:

• Interest rate decisions: When the Bank of Canada or the US Federal Reserve changes rates, the affected currency typically moves significantly. Higher rates generally strengthen a currency.
   
• Inflation data: CPI reports influence expectations for future rate moves. A higher-than-expected inflation number can boost or sink a currency depending on the context.
   
• Employment figures: Strong jobs numbers in the US, for instance, tend to boost the USD. Canada’s monthly jobs report can shift the CAD noticeably.
   
• Geopolitical events: Elections, trade disputes, or unexpected global events can cause sharp short-term swings. These are hard to anticipate but easy to react to if you’re monitoring rates.
   
• Oil prices: Because Canada is a major oil exporter, the Canadian dollar has a historical positive correlation with crude oil prices. When oil rises, the CAD often does too.

You can track all of these through MTFX’s economic calendar and daily currency commentary, which provides a comprehensive service by breaking down what’s moving the markets without requiring you to be a full-time analyst.

Exchange rate prediction: what you should and shouldn’t expect

Here’s something worth saying plainly: nobody can consistently predict exchange rates or guarantee the impact of transfer fees. Banks can’t. Hedge funds can’t. Even the most seasoned currency traders get it wrong. Anyone promising to tell you exactly where the CAD/USD rate will be in six months is overselling what’s possible.

What is possible is forming a reasonable view of the range a currency pair is likely to trade in, identifying when a rate is historically strong, and using tools that let you act when conditions are favourable. That’s the realistic version of exchange rate prediction, and it’s genuinely useful.

MTFX’s historical exchange rates let you look back over weeks, months, or years to see where a currency pair has traded. If the CAD is currently at a level it has historically held well against, that context is worth knowing. It won’t guarantee anything, but it beats sending money without any reference point at all.

MTFX tools that help you time your transfer better

This is where MTFX currency transfer tips move from theory into practice. Rather than monitoring markets manually or relying on gut feel, there are specific tools built to help you send money overseas cheaper by acting at the right moment.

Currency rate alerts

With our rate alert tool, you can set your target rate, and MTFX will notify you the moment the market hits it. This removes the need to check rates every morning. You define what “good enough” looks like for your transfer, and the system does the watching for you. For people with a target date but some flexibility on timing, rate alerts are one of the most practical tools available.

Forward contracts

A forward contract lets you lock in today’s exchange rate for a transfer that happens weeks or months from now. If you’re buying a property that closes in 90 days and today’s rate looks strong, you can secure it now and eliminate the risk of a rate decline between now and closing. For large personal transfers, this is one of the most effective risk management tools you can use.

Live exchange rates and currency charts

MTFX’s live rate tool shows you real-time pricing so you know exactly what you’d get if you sent money right now. The historical charts sit alongside it, so you can compare where today’s rate stands relative to the past three months or the past year. These two tools together give you the context you need to judge whether now is a reasonable time to act.

Dedicated account managers

Unlike most online platforms where you’re working through an interface alone, MTFX assigns you a dedicated account manager. For significant transfers like a property purchase, a large wired payment for construction or renovation, or a multi-year tuition commitment, having someone who understands the market and knows your situation is genuinely valuable. They can advise on timing, help you set up a strategy, and execute when the time is right.

A practical timing framework for personal international transfers

Rather than trying to pick the absolutely perfect moment (which is almost impossible), the better approach is to build a framework that improves your odds and removes last-minute panic for both the sender and the recipient. Here’s a simple structure that works for most personal transfers.

• Start monitoring early: As soon as you know a large transfer is on the horizon, open your MTFX account and start watching the relevant currency pair. Even a few weeks of observation gives you a sense of the range the rate is trading in.
   
• Set a target rate: Based on your budget and what you’ve seen, pick a rate that makes the transfer work well for you. Set a currency rate alert and let the system do the watching.
   
• Know your hard deadline: Property closings, tuition due dates, and delivery schedules all come with non-negotiable timelines. Work backwards from that date so you’re not forced to send at a bad rate the day before.
   
• Consider a forward contract: If the rate is at a level you’d be happy with and you have a confirmed date coming up, locking in now removes the uncertainty. The rate might get slightly better, but it might also get worse. Removing that risk has real value.
   
• Act on Tue–Thu when possible: All other things being equal, mid-week during the London-New York overlap tends to offer the most active, liquid market conditions for CAD transfers. If your timing is flexible by a day, use it.

This approach won’t guarantee you the best rate in history. But it almost always beats the alternative: logging in the day before a deadline and taking whatever rate happens to be available.

The best way to send money internationally also depends on where you send it

Timing is important, but it’s only one part of the picture. When you send money abroad, the provider you use affects how quickly the funds arrive, how much of the rate the recipient actually receives, and how smoothly the process goes. These things matter more when the amounts are meaningful.

The quickest way to send money internationally isn’t always through your bank. Traditional banks add markups to exchange rates, sometimes as much as 4–5% above the mid-market rate. On a CAD $200,000 property purchase, that could mean an extra CAD $8,000–10,000 going to the bank rather than to your transaction. With MTFX, you get rates that closely track the interbank rate, with transparent fees and no hidden costs.

MTFX supports transfers to over 190 countries in 50+ currencies, with most personal transfers delivered within 24–48 hours and same-day options available. When you’re sending money overseas for something that matters, whether that’s a home purchase, your child’s education, or a major financial commitment, working with a specialist that’s been doing this for nearly 30 years makes a real difference.

So, when is the best time to send money overseas?

The most useful answer is: when the rate is at a level you’ve decided is acceptable, you have a clear understanding of your timeline, and you’re using tools that protect you from unnecessary risk. That’s a more valuable goal than trying to hit an exact market peak.

The send money abroad timing formula looks something like this: start early, set alerts, understand what’s driving the rate, and use tools like forward contracts when you have a fixed deadline. Add a dedicated account manager who can give you a professional view, and you’ve got a genuinely solid approach.

Whether you’re buying a vacation home in Portugal, paying tuition at a US university, or funding a major overseas purchase, MTFX is built for exactly this kind of transfer. Not a few hundred dollars. The kind of amounts where timing and rates actually move the needle.

Ready to get started? Open your MTFX personal account in minutes, set your first currency rate alert, and start making your international transfers work harder for you.

FAQs

1. When is the best time to send money overseas with MTFX?

The best time is when the exchange rate has reached a level you’re comfortable with and you’re not operating under last-minute pressure. Rather than trying to catch the market at its absolute peak, the smarter approach is to set a target rate using MTFX’s rate alert tool, monitor the market with enough lead time, and act when your target is hit. Mid-week during the London-New York trading overlap (roughly 8:00 AM to 12:00 PM EST) tends to offer the most active and liquid conditions for CAD pairs, which is a good window to aim for when you have flexibility.

2. How do exchange rate trends affect international transfers?

Exchange rate trends directly determine how much the recipient gets on the other end of your transfer. A rate that moves 1–2% in the wrong direction might seem small in percentage terms, but on a large transfer, it can represent a significant real-dollar loss. Tracking trends using MTFX’s historical currency charts gives you a reference point for where a rate currently sits relative to recent highs and lows, which helps you decide whether now is a reasonable time to send or whether patience is likely to pay off.

3. Should businesses time their transfers to market hours or specific days?

For personal transfers, mid-week days (Tuesday through Thursday) during the London-New York session overlap generally offer the most stable and liquid market conditions. Mondays can be choppy if major news broke over the weekend, and Friday afternoons tend to see erratic short-term moves as traders close out positions before the weekend. That said, if the rate is strong on a less-than-ideal day, waiting for a “better” day often means chasing a rate that has already moved, so day-of-week patterns are a useful guide, not a hard rule.

4. Do exchange rates change at certain times of the week or month?

Yes, there are patterns worth knowing. During the week, volatility tends to pick up mid-week when major economic data is released, particularly in the US and Canada. On a monthly basis, rates often move noticeably around central bank meeting dates, jobs reports, and CPI releases, all of which tend to fall in the first two weeks of the month. Being aware of these events through MTFX’s economic calendar lets you anticipate periods of potential movement and time your transfer around them rather than into them.

5. What tools can help forecast good rates before sending money with MTFX?

MTFX offers several tools built specifically for this. The historical exchange rate charts let you see where a currency pair has traded over weeks, months, or years, giving you context for whether today’s rate is strong or weak by recent standards. The live rate tool shows you real-time pricing. Currency rate alerts notify you the moment a pair hits your chosen target so you don’t have to watch the market manually. And the economic calendar flags upcoming events that are likely to cause rate movement, so you can plan around them.

6. How much can timing affect my transfer cost?

Quite a bit, especially on larger amounts. A 1% difference in the exchange rate on a CAD $300,000 property purchase is CAD $3,000. A 2% swing is CAD $6,000. These are not hypothetical extremes; a busy currency pair like CAD/USD can move 1–2% within a single trading session on the back of a major economic announcement. The larger your transfer, the more timing matters, which is exactly why MTFX’s tools and dedicated account managers are designed for transfers where the rate difference genuinely moves the needle.

7. Can I lock in a rate with MTFX to avoid bad timing?

Yes. MTFX offers forward contracts, which let you lock in today’s exchange rate for a transfer that will take place weeks or months from now. This is particularly useful when you have a confirmed upcoming payment, such as a property closing or a tuition deadline, and today’s rate looks favourable. By locking it in, you remove the risk of the rate moving against you between now and your transfer date. You might miss out if the rate improves further, but you also protect yourself from a decline, which is often the more important outcome for large planned transfers.

8. Is it better to transfer immediately or wait for better rates?

It depends on your timeline and how the current rate compares to recent history. If you have a hard deadline approaching and the rate is within a range you consider acceptable, sending sooner rather than later removes uncertainty. If you have weeks of flexibility and the rate is currently sitting near a recent low, it can be worth waiting with a rate alert in place. What you want to avoid is waiting indefinitely without a clear target in mind, as that can lead to missing a good window and eventually being forced to send at a worse rate under time pressure.

9. How do global market events impact the best time to transfer money?

Major events like central bank interest rate decisions, inflation reports, elections, and geopolitical developments can move currency pairs sharply and quickly. A surprise rate hold or an unexpected jobs figure can shift CAD/USD by half a percent or more within minutes of the announcement. For personal transfers, the key is awareness: knowing when these events are scheduled (through MTFX’s economic calendar) lets you decide whether to act before the announcement, when the rate is more predictable, or after, once the market has had time to settle.

10. Does MTFX offer guidance on timing or rate alerts?

Yes, on both fronts. MTFX’s rate alert tool lets you set a target exchange rate and receive a notification the moment it is reached, so you’re not constantly checking the market yourself. Beyond the tools, MTFX assigns dedicated account managers to personal clients, and for larger transfers, they can provide market context, help you assess whether current rates are favourable, and advise on strategies like forward contracts. It is the kind of support that goes well beyond what you get from a self-serve transfer platform.