Transferring funds across the border to Canada? Here’s how I use TransferWise in 7 steps

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TransferWise has taken the North American market by storm. It offers rock bottom fees when sending funds abroad. If you live in Montana and do business in Canada, you’re gong to want to take a look at this.

Here is how I use TransferWise in 7 steps:

1. Sign up with TransferWise

To begin sending money to Canada, get on over to transferwise.com. Go on, get. It’s the only way were going to get to where we want to go. Before you can go any further, you’ll have to sign up for your own account.

Verify your details and we’re away. If you’d like your first quote, enter the details into the special currency conversion box at the top of the website. When you have finished with this, click the “get started” button to keep moving through the prompts.

2. Enter my intended transaction

I select that I want to exchange American Greenbacks for Dollars of the Maple Leaf variety. I’m presented with an in-depth summary of the transaction, which includes all the fees to be deducted by TransferWise.

With this information, TransferWise allows you to know exactly what’s going on behind the scenes, comparing the transaction with what one of the top banks would normally charge you for practically the same thing.

3. Add my personal details

The next step is to include all of my banking details as follows:

  • Email address
  • Contact number
  • Residential address

Remember that your personal details are totally encrypted and stored safely. To proceed with the payment, click your mouse on the “continue” button.

4. Designate the recipient of the funds

Here, I have to enter the full name of the recipient. In this example, I’m sending money to my uncle in British Colombia.  To ensure that my transaction will go successfully, I’ll provide the following information about my uncle, including:

  • His bank account details
  • His email address
  • Notice that I will be paying to his personal chequing account

5. Pull the trigger

Now the time has come to actually transfer the funds. TransferWise provides three different options for this:

  1. Payment from a credit or debit card (i.e. Visa or MasterCard)
  2. Bank transfer
  3. A separate bank transfer system

After selecting my ideal payment solution, I’m provided with details instructions on how to finish the deal.

Most importantly, I must remember to include my individual transaction reference number somewhere in the payment description, so my funds can be tracked by the TransferWise team.

6. Wait for the funds to arrive

Once the funds have been transferred, my end of this is all over red rover. This means that my funds are on their way, and should be received by my counter-party in a matter of days.

TransferWise is pretty good at keeping me updated throughout the journey as well. They’ll send a couple of emails to make sure I’m comfortable, and if I do have any issues, I can always contact customer services.

7. Winning!

That’s it, I’m all done. Cash money received in Canada. Boo-yah! I really enjoy using the TransferWise service and hope you do too. Thanks for stopping by!

 

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