What Are the Best Payment Methods to Send Money Abroad?

What Are the Best Payment Methods to Send Money Abroad?

Here at Remitbee, we are constantly working to make transferring money abroad as easy and affordable as possible. Part of doing this means providing different options for you to transfer your funds since certain methods are faster or less expensive depending on where you are transferring the money and the amount you are sending. Here is a run-down of the different methods that you can use to send payments through our system and the benefits and drawbacks to each.

Associated Fees

The only way to send money abroad for free is by using your Remitbee Wallet and transferring more than $500 CAD. The wallet method includes E-transfer, Bill Payment, and EFT. Other methods almost always have a small fee associated. If you want to transfer less than $500 using Remitbee Wallet, you will be charged a fee of $2.99 CAD.

If you are using Visa Debit or Mastercard Debit to send money, the fees were just lowered substantially for amounts under $500 CAD. There used to be a flat fee of $8.99 CAD for using this method that applied no matter how much or how little you were transferring, but now you will only pay $2.99 to transfer between $10 and $100, $4.99 to transfer between $100.01 and $300, $6.99 to transfer $300.01 and $500, and $8.99 or more if your transfer exceeds $500.01. As noted above, you can still send more than $500 for free using your Remitbee Wallet.

If you want to use Interac to send money, you will be charged a flat fee of $2.99 CAD regardless of how much you are sending.

Speed of Transfer

Debit is the fastest way to send money, and funds are debited from your bank and credited to the account you are sending money to within minutes or hours in most cases. E-transfers tend to take up to 24 hours to be completed. Each method transfers money slightly differently, so make sure you verify how quickly your loved ones need the funds when selecting how you want to send money abroad.

Limits on Amounts

The amount of money you can send per day and per month varies depending on your level of verification. Each level requires different documentation and enables you to send more money than lower levels.

If you have a level 1 verification, which is obviously the most basic, you can send $50 CAD per day and $500 CAD per month. If you have a Level 2 verification level, your daily limit jumps to $3,000 CAD per day and $25,000 CAD per month. Level 3 enables you to send $9,000 CAD per day and $50,000 CAD per month. Level 4 verification exists but is not available to the public yet, meaning that the most you can send per month are $50,000 if you have the highest clearance level possible.

What Do We Recommend?

We recommend EFT and Debit for transferring money abroad.

Paying with debit, either through Visa or Mastercard, is fast and secure. You can even link your debit card to your Remitbee Wallet to avoid paying fees associated with large transfers.

Electronic Funds Transfers (EFT) are also quick and reliable. With this method, money is moved directly from your account to another over a computerized network. Payments are processed through a secure online system and tend to have lower fees associated with them. If you link EFT to your Remitbee Wallet, we are able to draw the funds directly from your account without an additional login step at your bank and send the money quickly and securely for you.

Both of these methods offer low fees, fast transfer speeds, and high security for you and your loved ones.