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What should I consider when sending money overseas?
If you are sending money overseas (remittances), you should make sure to use a reputable service. The cost of transferring money and the quality of money transfer organizations vary.
If you are sending money abroad you can use:
- A bank, credit union or other federally regulated financial institution. These institutions are overseen by the Financial Consumer Agency of Canada (FCAC).
- A private money transfer organization. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) oversees these organizations in order to prevent money laundering or funding to terrorist organizations.
If you are using a money transfer organization, only use one that is currently registered in the Money Services Business (MSB) directory.
What to ask before sending money overseas
When you transfer money to another country, make sure to find out the following information:
- What is the fee for the service? Fees vary between companies.
- How much money will the person I am sending money to receive? Make sure you understand the exchange rate and any fees the recipient may have to pay to receive the money.
- How long will it take? Transfer times vary between companies and countries.
- What happens if something goes wrong? Reputable companies will return your money to you if it isn’t received. Find out what happens if the money you send doesn’t arrive in full or arrives late.
- Can I get a receipt? Reputable businesses offer receipts. These are important if you have any problems with the transfer.
- Can I get the transaction number? You will need this number to track your money transfer.
If you have a bad experience
If you have a bad experience transferring money abroad, make a consumer complaint. If you are the victim of a scam, you can also contact your local police.
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November 15, 2016