This Christmas avoid five foreign money transfer mistakes
As anyone who keeps an eye on parliament will certainly know, plenty of Canadians are born overseas or are expats or migrant workers with family spread around the world. The Bureau of Statistics shows that one out of five in Canada’s population is foreign born, that is 21.9% of the Canadian population.
As per study conducted in 2017 by Statistics Canada, 37% of Canadian residents born in countries eligible for Official Development Assistance sent money abroad to relatives or friends. Men (38%) remitted slightly more than women (36%). Canadian residents born in ODA-eligible countries remitted $5.2 billion in 2017. Research shows that the most popular period is Christmas time, where people transfer money abroad to their families and loved ones.
This pandemic through the convenience of being at home ,speed and safety now transfer Canadian dollars anywhere globally. Be it be India, Kenya, Ghana or Nigeria. Make cash or gifting through money transfer a popular Christmas gift option to send friends and family overseas. There are still some common mistakes which you should consider and avoid this festive season.
Mistake #1 - Meeting Christmas deadline
Well, everyone expects gifts on Christmas, especially friends and relatives. Expecting a call from your sister in Nigeria and wondering where on earth her Christmas present is? Whoops, that's devastating! Well transferring money can be done instantly and now you can meet the Christmas deadline through express transfer with N2Xpress. Transferring money overseas involves setting up an account and checking transfer time. We assure the fastest transfer, completed in just in a few taps.
Obviously the amount of time it takes for your money to arrive completely depends on the number of variables like the provider you choose and the country where you want to remit. This Christmas send money instantly and give a surprise without any hassle.
Mistake #2 Transferring without comparing first
Yeah, it is quite easy to simply login into your bank account online and transfer overseas. But this added convenience comes with a cost. Generally, big banks offer less generous exchange rates and can do hole in your pocket.
Mistake #3 - Check provider’s limit
Over the years you squirreled away some cash to give it to your loved ones or to meet their demand. You are about to do a transfer and you are stuck as you see the minimum transfer limit. Woof what a bummer!
Some foreign exchange providers have no limits and many have minimum-maximum limits on transfer amount. Check the transfer amount limit as it can be a minimum of $50-$250 or maximum limit can be tens or hundreds of thousands.
Mistake #4 - Meeting all money transfer needs together
Well, you might not wrap up all your Christmas presents for your family in one big box but you can bundle your transfer into one transaction if sending to the same country to avoid paying multiple fees for individual transfers.
The fees vary depending on providers and money transfer options you choose. Some providers won't charge fees and some will charge anything between $5 to $20 per transfer.
Mistake #5 - Choosing more expensive money transfer options
Not only during Christmas, but at all times you want lower transfer fees to maximise the money you send overseas to your loved ones. For this reason, choosing online payments is the best and cheapest way to do foreign money transfers. If you are planning to make more transfers in the future then many providers may wipe out certain fees if you are an ongoing customer.
So this Christmas act smartly and choose money transfer options wisely. Make sure you compare exchange rates and send your loved ones their precious gifts on time using N2Xpress. Compare rates now and choose the best service this Christmas and bring a smile on the face of your loved ones.