The number of platforms to transfer money internationally has increased in recent years. How to know which one to choose? Have a look at this article to find out about the 7 cheapest ways to send money from Canada to the United States and the World (including fees, transfer times, exchange rates and more).
It is important that you know the main ways to send money from one country to another for a variety of reasons. Not only to have the security that you are trusting your money in the right company, but also to not lose money in fees.
In this article we will talk specifically about Canada, and how to send and receive money from Brazil.
Therefore, if you live in Canada or do some service there, you should already know that the SWIFT code is a very important fact when your transfers. But calm, if you still don’t know what this is, rest assured that I already explain!
What is a SWIFT code and why can it be important when transferring money from/to Canada?
The SWIFT code (also known as BIC) is an international identification number of your bank account. It is he that you will use to identify the account that will send or receive the money.
SWIFT has been used for money transfers between countries since 1973, with the bizarre thing to be a global exchange channel and standardize financial transactions internationally.
Each bank has a SWIFT code, so it is important that you know your account and the account that will receive the money. A quick search on Google can tell you the correct code!
If you are sending money from Europe to Canada it is important to know the IBAN system. It is the international identification number of your bank account, composed of the country code of the account (PT, BR, US, DE, ES…), control code, the identification number of the financial institution (ISPB) and the numbers of your branch and bank account.
So if you don’t already know what your IBAN is, you can pick it up from the internet banking of your account or contact your bank branch. Another way is through an IBAN generator, such as the IBAN Generator.
3 things to consider before sending money from Canada to Brazil and the world
With so many options of platforms that make the sending of money from Canada to Brazil and several other countries, it is difficult to know which is the cheapest, efficient and safest. To help you, we have separated here 3 topics that you need to take into consideration before your transfers. They are:
- How often you send money from Canada abroad
- The daily exchange rate
- The ease of the platform and the deadline to complete the transfer from Canada to Brazil and other countries of the world
1. How often you send money from Canada abroad
If your intention is to make occasional transactions from Canada to Brazil, or another country, the most important thing is to focus on the exchange rate, service fees and deadlines of transfer companies.
However, if you intend to make frequent shipping between Canadian Dollar and the Real, you may be able to benefit from certain advantages offered by these platforms. The main one is that, certain companies allow you to create an online account.
This way, you will pay less fees and manage everything directly through the application or website. Platforms like Wise also offer a debit card for those residing in Canada. So if what you need is to do the reverse way (send Real to Canadian Dollar), this may be the best choice.
2. 2. The daily exchange rate
It is very necessary to always be aware of the exchange rate and its variations. After all, the value of the Canadian Dollar and other currencies have varied a lot during the last few months, so knowing the right time to send money from (or to) Canada ensures that you will not lose money.
Again, if you usually make regular shipments, always check the exchange rate of your currency. This will ensure greater security so that you get the day to send your money.
You can check exchange rates on Google itself, or on the Central Bank website.
3. The ease of the platform and the deadline to complete the transfer from Canada to Brazil and other countries of the world
The most important thing here is that, after checking all this, the process is done easily and quickly, with as little bureaucracy as possible. No one deserves to send a thousand documents to create an account and still wait days for it to be approved and only then send the money.
Another thing that is important to consider is the deadlines. Some companies promise to make the transaction from Canada to Brazil on the same day, but this is actually variable according to the form of payment you choose, for example. Therefore, it is important to pay attention to all the information and details about the transaction.
I will talk more about the deadlines of each company and platform below.
What are the 7 cheapest ways to send money from Canada to Brazil and the world?
It’s time to get to know the cheapest ways to send and receive money from Canada to Brazil and the world. Here you will find information about companies, their deadlines, fees and transfer limits.
As always, I suggest you make a quick quote with all these companies below. So you can save good money by finding the cheapest option for your specific case.
1.Wise
This is one of the most popular platforms in the world for t ranference of money between countries and is usually the number one choice of those who send money from Canada to Brazil.
What draws the most attention in Wise are the low cost with fees, but in addition, the entire transfer process is well simplified. To create the account is also not time consuming, which is a great advantage.
At Wise you can open a digital bank account, also without many bureaucracies. With this account you can send and receive even faster money, with lower fees and without stress.
You also receive a debit card that can be used normally in stores, restaurants, or even at ATMs.
Wise deadlines, fees and transfer limits to send money from Canada to Brazil
- You can choose from 3 types of transfer: Low Cost, Fast and Easy, and Advanced. The Low Cost option can take up to 2 business days to download, but the last two options can be completed in just 6 hours.
- Wise guarantees the exchange rate for up to 102 hours, which can be great in times of a lot of oscillation and variation;
- IOF is already included in all operations and is 1.1% when sent to another account under your name and 0.38% when sent to someone else;
- The service fee goes up according to the amount sent (although they are usually still lower than anywhere else!). In addition, those who need to send more than R$10,000.00 must present additional supporting documents.
This is a Brazilian company option for international cash shipments. The Online Remessa remessa originates from São Paulo and has accreditation by the Central Bank of Brazil, thus being a great company option for those who want to use a Brazilian service.
One of the advantages of the Shipping Online is the fixed rate of 1.3% with the option to create a business register with CNPJ to make transfers to other countries by your company.
For those who give preference to a service and support in Portuguese, this is one of the best options for being from Brazil. However, Wise and Xe also have a version of the site in Portuguese.
And here has a 10% discount code on international transfers: shipping10
Deadlines, fees and transfer limits from the Online Shipment to send money from Canada to Brazil
- With a reception period within 2 working days and one of the cheapest rates on the market, of 1.3%, being one of the cheapest ways to send money from abroad to Brazil;
- The only concern would be whether the source bank of the shipment or receipt will charge any fee for that international transaction.
3.Remitly
Remitly has features that are very different from the other companies here on the list. Transfers are usually made from one bank account to another. But Remitly allows you to receive the money in cash. This way, you can withdraw the amount in an authorized location.
Another way to get your money through Remitly is through delivery. They deliver to your house!
Once you create an account on the platform, you get a discount on the first transfer.
However, Remitly may not be a possibility for some people, as it is not available in all European countries, such as Portugal. In addition, it is only possible to do sending simulations if you already have an account, which makes the experience a little complicated.
Remitly deadlines, fees and transfer limits to send money from Canada to Brazil
- You can opt for two types of transfer: the economic one, which takes 3 to 5 working days to reach the recipient, and the express, which can take only a few minutes;
- Service fees vary according to the amount to be sent and the type of transfer;
- The shipping limit is $2,999.00 per day and $10,000 per month. If you need to send a larger amount, additional documents must be sent.
Ria is a leading money transfer service company that provides solutions to send and receive funds around the world. With its headquarters in the United States, the company covers more than 160 countries and is constantly expanding.
With a vast network that exceeds 436,000 agents worldwide, Ria offers a wide range of services including wire transfers, bank deposits and bills.
Ria’s mission is to provide affordable, secure and convenient money transfer services for people and families who need to send funds to their loved ones anywhere on the planet.
Remitly deadlines, fees and transfer limits to send money from Canada to Brazil
- Ria has a global presence with more than 436,000 agent locations around the world, which makes sending and receiving money more convenient for its customers.
- Ria offers a wide variety of payment options including wire transfers, bank deposits and bill payments.
- Ria imposes daily and monthly limits on the value a customer can transfer, which can be an inconvenience to those who need to send large amounts of money.
- Ria may charge additional fees depending on the destination country and the payment method selected by the customer.
- Ria may require customers to go through an identity verification process, which can be time-consuming and time-consuming.
Instarem is a fintech specializing in exchange and money transfer services around the world. Founded in 2014 in Singapore, the company operates in more than 25 countries and uses state-of-the-art technology to offer effective, affordable and convenient financial services to its customers.
Instarem offers highly competitive and transparent rates to its customers, as well as a rewards program that allows you to accumulate points through quick and easy money transfers, regardless of location.
With regard to travel insurance, the Instar has a wide variety of products covering medical emergencies, travel cancellations, misplacement of luggage and other unexpected events. Your insurances are customized to meet each customer’s individual needs and can be easily acquired through the company’s website or mobile app. In addition, Instarem collaborates with the main protected to ensure the best possible coverage for its customers.
Deadlines, fees and transfer limits from Instarem to send money from Canada to Brazil
- The company is present in more than 25 countries, which allows it to meet a wide variety of customers around the world. In addition, the geographic expansion of the company has been constant and promising.
- Fees and transfer limitations: Like any financial services company, Instare charges money transfer fees and sets limits for transactions. This can make company services less accessible to customers with less purchasing power or who need to send large amounts of money.
The next is TransferGo, which has been in the market for almost 10 years and has an excellent service, mainly due to the speed of shipments, which can be received in up to 30 minutes!
With various types of shipments and payment methods available, the platform also allows you to send and receive money in more than 60 countries.
Unfortunately, at this time TransferGo is not working for any transfer to/from Brazil, but I believe that the service should return soon. Also, if your intention is to make quick shipments from Canada to countries other than Brazil, this may be the right choice!
Deadlines, fees and transfer limits from TransferGo to Canada to Brazil
- The deadlines vary between 30 minutes to 3 working days, depending on the type of shipment you make;
- The fees are fixed and change according to the type of shipment and payment method you make;
- The platform does not have a daily limit for shipments, but they inform that they follow the amount determined by your bank.
WorldRemit is a great company to carry out your international transfers and is the last indication of our list.
With services in more than 150 countries and in more than 90 international currencies, WorldRemit serves more than 4 million customers around the world. The corporation’s headquarters are in Brussels, Belgium, and have authorization from National Bank of Belgium regulations.
Deadlines, fees and transfer limits from WorldRemit to send money from Canada to Brazil
- WorldRemit fees usually charge around $3.99 in operations, but it is possible to conduct a transfer simulation to have an exact price of the amount charged for the fees;
- Despite the period of 2 working days for receipt of the money, the company states that 90% of transactions are carried out on the same day of shipment.
In a short…
Let’s recap the 7 cheapest ways to send money from Canada to Brazil and the world:
- Wise
- Shipping Online
- Remitly
- Sendvalu
- Azimo
- TransferGo
- WorldRemit
In conclusion…
There are several ways to send money from Canada to Brazil and the world, but it is essential that you know the cheapest and most efficient options.
In the list I made, I have researched the companies that I believe offer the best cost-benefit between service and price. Now you just have to choose the one that best meets your specific needs.
Finally, tell here if you have already used the service of any of these companies and how was your experience! And, of course, if you have any questions about transferring money abroad, just leave it here in the comments I am here to try to help you.
I’ve spent a lot of time living abroad and dealing with money transfers between countries, so I know how this can be inconvenient. That’s why I’m happy to help! “Ill with you to the “with a’ ” & . “with the “Ill of the… “Ill of the’ With a’Ill of the “Ill of the “Ill of the… “
