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Widely known for its diversity, Canada is a fascinating place for people of all backgrounds to study, work or settle down. But making the big move can be tricky, especially when it comes to finances.
Whether you're an international student or a first-generation New Canadian, you may need to send money to family back home. But dedicated trips to specialty transfer establishments can get pretty complicated and pricey.
You have to consider a few things: which service to use, if you're getting a good rate on your transfers, the best way to send cash and how fast your recipient can get the funds. Most importantly, can you trust who you're dealing with?
A convenient solution is Global Money Transfer (GMT) — CIBC and Simplii Financial's international money transfer service, now with a cash-pickup option. You can now send funds to a participating MoneyGram location if you bank with either financial institution.
Even though cash-pickup money transfers have been around for a while, Simplii's GMT is making up for this by being the only cash-pickup service in Canada that offers $0 transfer fees.
The world is constantly changing, so you never know what a country's exchange rate could be tomorrow or the day after. Simplii’s GMT is usually 7% cheaper than competitors, and their elimination of transfer fees can help keep your wallet intact — and those savings could go towards food for the week or something you've been meaning to purchase.
Plus, you can securely send up to $2,000 at once, and your funds will be delivered the same day — which can provide some peace of mind when emergencies arise. The process is super easy, and you can do it right from your phone or laptop.
And no more sharing credit card information or other relevant banking details with another institution. Global Money Transfer is automatically enabled on Simplii bank accounts.
As for the top transfer methods, the best ways to send funds internationally are through cash pickup or straight to international bank accounts. Many services will focus on one or the other, but Simplii’s GMT offers both options.
They even let clients send direct funds to an international VISA debit or credit card. The information and speed will change depending on your selected method, so always consult with your recipient first.
Completing a cash-pickup transfer is pretty straightforward. All you need to do is send the cash directly from your Simpii or CIBC bank account. Then, your beneficiary will need to bring a government-issued photo ID and the MoneyGram reference number to pick up the funds in person at their closest MoneyGram location.
If you've never used Simplii's GMT and are interested in trying it out, you can get up to $50 off your first cash pickup by using the promo code CASH — and if you send over $25,000 for your first transfer, you can score up to $300 cash back with the code GMTEVENT.
To learn more about how you can send international cash transfers the easy way, check out Simplii's website for more information.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.
This article's cover image was used for illustrative purposes only.