Monday, January 21, 2019

Transferring money from Canada to USA

I've researched online a bit, but most impartial reviews of transfer methods are concerned about the fees involved in transfers of hundreds of dollars not thousands - where in our case the fees are trivial compared to differences in exchange rates. 

Here's what I found by searching for info about international transfers. This page described it well; they recommended xe.com

"Banks. If you break it down to the nitty-gritty, banks don't carry out nearly as many money transfers as dedicated services (because they are too busy selling insurance and brokering home loans and all that other jazz), which means that at the end of the day, they need to charge more for each transfer to keep the service profitable.

Money transfer services. International money transfer providers, on the other hand, have to compete with each other for customers, which means they're going to go out of their way to offer the lowest fees and the most competitive exchange rates. It's a simple formula: lower prices = more customers = more transfers = more money = everyone is happy!"

Get a comparison of how much you get after an exchange - at https://www.fxcompared.com/


This page suggests ofx.com or transferwise.com because of competitive rates and low fees. They can also set up a transfer that awaits a favorable exchange rate in the future to trigger the transfer. 

On that page, someone on the discussion points out "had to go to my local bank --during business hours! -- to initiate a "wire transfer" to the US bank account owned by OXF. There is an option to link your bank account but it requires to type in your online banking login and password, something I didn't want to do. Second I tried Xoom by PayPal. Minor markup of 1%."


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