Common Problems With Canadian International Money Transfers

So you’ve got to send an international money transfer from Canada.

Perhaps it’s for a family member who lives overseas, or you're buying a new property in another country. In any case, you want to know that your money is secure and that your payment will not be more expensive than it needs to be.

The issue is, the Canadian money transfer system has a whole lot of problems. Here are a few of the most common ones and how you can solve them.

Daily Limits

In order to avoid fraud and money laundering, there are limits on international financial transactions. You may for example be able to send a maximum of 5,000 CAD per day.

Individual money transfer companies or banks have their own policies about how much you can send. They can be monthly, weekly, daily, or even yearly. This brings us to the next point, verification.

Verification levels

Whether you choose to use a bank or a remittance service, in order to comply with their own legal responsibilities, they will need to collect adequate information on your identity and possibly the source of your funds.

It’s the exact same process as when you get a bank account, for example. If you send money internationally, the same laws that banks work under apply to online money transfer services.

Once you’ve proven your identity and that your transactions are legitimate, your verification level can be raised, which usually means you can send more.

Why does an international wire transfer take so long?

How long do international wire transfers from Canada take? is a common question.

Unfortunately, an overseas wire transfer can arrive in 1-5 business days if you request it before your bank's cut-off date. It can take even longer if there’s an issue with the transfer or the bank.

It takes longer to process international bank wire transactions than it does domestic ones. This is because of a few reasons. The transfer must be cleared by the bank's overseas equivalent as well as the Canadian system.

If you don’t request the transfer before your own bank’s cutoff time, then processing starts the next business day. The alternative is to use a service that uses a local bank to a bank transfer, which can sometimes happen on the same day.

Can wire transfers be lost? Why?

Most wire transfers go through without a hitch. But one of the worst things that can happen to your international money transfer from Canada is the money gets lost.

Transfers need the receiver’s bank account number and a code. Any mistakes made, like wrongly inputted digits, might cause your payment to be delayed or go to the wrong person. Scammers may also pose as a real company to get you to send money, which is why you should check before sending cash to any new recipient.

Getting this money back once it’s been sent may not be possible, or it may take a long time.

Fraud

To repeat: scammers are very good at posing as legitimate. They are experts at tricking people into wiring them money across borders. Many times the victim (i.e. you) has no idea they have been defrauded until it’s too late.

Money transfer fraudsters may impersonate a bank, a lawyer, or a government agency. It’s best to use a money transfer service with security checks in place. In some cases, they may be able to spot scams that look legitimate to you.

Customer Support

Money remittance companies can be notorious for bad customer service. Think about a situation where you may have been scammed into sending money or entered the wrong details.

You’re going to want to contact the company quickly and get a response. It's critical that the money transfer service you select for your transfer has good customer service so that you can get help if you have a problem.

Do your research before choosing a provider. Look at reviews and see what past customers say about responsiveness, the quality of customer support, and how happy they are with the company’s service.

Sending International Money Transfers From Canada

There’s a better way to do international money transfers from Canada. If you haven’t tried Remitbee yet, it’s time to check it out now. Secure, trusted and with great customer support, you can be sending money in minutes worldwide.

We’re regulated by FINTRAC in Canada and have thousands of satisfied customers who vouch for our service.

Not convinced? Check out our guide on sending your first transfer with Remitbee now.