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Sending money to U.S.
September 24, 2020
9:13 am
JenE
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I have to send $30,000 to a family member in the U.S. Does anyone have advice as to what is the safest, most economical way please?

September 24, 2020
10:18 am
Peter
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Is this CAD to USD or USD to USD?

September 24, 2020
11:13 am
MG
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I have used Xe.com money transfer to convert Canadian dollars to US dollars and send to the US in order to pay vacation rent. Worked fine once it was all set up. Used it every month for 4 months and then my agent sent my original deposit back to me in Canadian dollars using Xe.com as well. They have people in Toronto who answer the phone and help with any questions. It was not the lowest exchange rate but pretty close and definitely cheaper than using wire transfer or even global money transfer at my big bank. I think EQ Bank now has this service as well which may be worth investigating.

September 24, 2020
11:38 am
Norman1
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EQ Bank's international money transfer is through TransferWise. There is a limit of $9,500 every 24 hours.

It will depend if one has the US$ already to send or one needs to convert C$ to US$ and then send.

In the past, I've sent money to the US by going to a foreign exchange place and buying a US$ cheque that's drawn on a US bank and mailing it. I paid for the US$ cheque using Interac debit.

That won't work for $30,000 as that is way above the limit for an Interac debit!

September 24, 2020
4:11 pm
JenE
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It’s CAD to USD $30,000. I want it to go in one payment. The US $2.80 I’ve got in my TD account won’t help muchsf-laugh

September 24, 2020
4:16 pm
Peter
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TransferWise is consumer-friendly and convenient. The EQ Bank feature is a convenience layer on top of TransferWise that would draw the funds from your EQ Bank account.

I receive the best rates by far at OFX, but that's because I negotiated a rate with them due to my business's regular exchange needs. I also find OFX convenient -- just not as marketing-slick as TransferWise. It might be worth calling OFX to see what rate they would give you. TransferWise's rate is the same for everybody.

September 24, 2020
7:20 pm
JenE
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Thanks all!

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