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Transferring funds to my home country

A brief guide comparing methods you can use to send money back home.
Written by Aly - Community Success Director
Updated 11 months ago

If you have already landed home and still have some money left in your Canadian bank account, here are a few ways to send that money to your bank account in your home country. 

Direct bank transfer:

Through your Canadian online banking app or webpage, you can set up an international transfer. The option to do this will be in the "Transfer Funds" menu.

By doing it this way, you are sending it directly from bank to bank, but you are also subject to an often less competitive exchange rate and could face some expensive international transfer fees. Transfers through the bank often takes a few business days to complete. For more information on how to set up the transfer this way, please contact your bank. 

Western Union:

Western Union is a popular way to send money overseas. You can visit a Western Union branch in person to collect the cash or have it deposited directly into your home bank account. The money is deposited usually the same day or the next business day. There is a fee to use this service, which depends on how much money you are sending, be sure to review this fee and compare exchange rates before transferring. 

Transferwise*:

Transferwise is an independent and dedicated online international money transfer service. Since Transferwise is not affiliated with any countries central bank, they are able to offer much more competitive exchange rates. Since they don't have any physical locations, they are able to offer significantly service fees too. Transferwise can work out to be 8x cheaper than banks! 

You can use the Transferwise website or app to set up the transfer and initiate the transfer through your debit card, direct bank transfer or even Apple pay. Transfers can take up a few days, but often occur within the same day. 

*Whilst we have carefully researched and feel confident in our recommendations, we can not be held liable for any losses or damages resulting from your decision to use any service listed. Any action that you take upon the information we share is strictly at your own risk. 

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