Guide to Smart International Money Transfers for Newcomers to Canada
For many newcomers to Canada, sending money back home is an essential task, whether it’s for family support or managing financial commitments. However, with a variety of services available, it can be overwhelming to choose the right option.
Here’s a step-by-step guide to help you make informed decisions, so you can send money securely and cost-effectively.
1. Create Your Evaluation Criteria
Before diving into the details of different services, it’s important to know what your evaluation criteria will be. Are you looking for the lowest cost? Fast delivery? Maximum security for peace of mind? Or maybe convenience, such as easily accessible locations for your recipient?
Here are some important considerations:
Cost: Are you aiming for the most budget-friendly option, even if it means a slower transfer?
Speed: Is it important for the money to arrive quickly, even if it costs a bit more?
Security: Do you want the reassurance of a well-regulated and trusted service, even if it involves higher fees?
Convenience: Is ease of use for your family or loved ones back home a top consideration? Would they prefer picking up cash at a local post office, or would a direct deposit be easier?
Availability: Is the service available in the country you’re sending money to?
Once you’ve identified your needs, you can move forward with reviewing your options. This will help narrow down your choices and make the process smoother.
2. Review Your Options
Now that you have your priorities in mind, it’s time to explore the different services available for sending money home. Here are the most common options:
Banks: Banks are a reliable and secure choice for sending money abroad, especially for larger transfers. They are well-regulated and offer traceability, which is crucial for some recipients. However, banks can charge higher fees compared to other options. They are ideal for transfers to countries where security is a top priority.
Money Transfer Businesses: Companies like Western Union and MoneyGram are known for their speed and convenience. They are often a good choice if you need to send money to more remote areas, where banks may not have branches. While they may have higher fees, they offer faster transfers and a wide network of locations for cash pickups.
Credit Unions: Like banks, credit unions offer secure transfers, often at lower fees. They may have fewer international options than banks or money transfer businesses, but they can be a good option for local or regional transfers.
Cheque Cashing Businesses and Currency Exchange Services: These services provide fast access to funds but tend to have high fees. They may be more convenient for smaller, less formal transfers, but they are generally not ideal for sending larger sums of money abroad due to the associated costs and limitations on security and traceability.
Digital Platforms (like PayPal, Wise, or Remitly) offer convenient, often lower-cost alternatives for international transfers. These are especially popular among tech-savvy users and may appeal to those transferring smaller amounts more frequently
Scotiabank’s Money Transfer Options
Scotiabank offers a few specific services that may be beneficial for your money transfer needs. Here’s what you can access:
Direct Bank Transfers: You can send money directly to your recipient’s bank account, which is ideal for larger, secure transfers. Scotiabank is well-regulated, offering a reliable and traceable option for international money transfers.
Western Union Partnership for Cash Pickup: Through Scotiabank’s partnership with Western Union, you can send money to over 500,000 agent locations worldwide, in more than 200 countries. Your recipient can pick up cash quickly and conveniently at locations like post offices, grocery stores, pharmacies, and convenience stores.
This partnership provides flexibility, offering both bank-to-bank transfers and cash pickups, depending on your recipient’s preference.
3. Check Prices and Exchange Rates
After narrowing down your options, it’s time to dig into the costs. Make sure to ask about transfer fees and exchange rates before committing to any service. Many businesses make a profit by offering a higher-than-usual exchange rate, which can significantly reduce the amount your recipient will receive.
Here’s how to check:
Ask for the fees upfront. Banks and federally regulated financial institutions in Canada must clearly tell you what they’ll charge to send money abroad. However, remember that this fee doesn’t always include charges from the receiving side.
Compare exchange rates. An inflated exchange rate could mean your family gets less than expected. It’s important to check the rate being offered and compare it with rates from other businesses to see if it’s reasonable.
Monitor the exchange rate. Keep in mind that fluctuations in the exchange rate can affect how much your recipient will receive, especially if you are sending money over a longer period of time.
4. Ensure Safety and Security
Safety is crucial when sending money internationally. You want to make sure that the service you choose is secure and reputable.
Consider these questions:
Is the service regulated? Look for businesses that are licensed and regulated by government authorities, ensuring they follow industry standards.
Do they offer fraud protection? Many services provide guarantees or insurance for your transfer. Be sure to inquire about their policies in case something goes wrong.
What are other customers saying? Reviews from other users can give you insights into the reliability of a service. Are they known for delivering money quickly and securely, or have there been issues with lost or delayed transfers?
By verifying these details, you can ensure that your money is handled safely and that your recipient can access it without hassle.
Here are some resources to check to ensure the service you’re using is reputable:Check with Better Business Bureaus
Contact the Consumer Protector Office in Your Province or Territory
Conclusion
Choosing the right service to send money home is a process that requires careful consideration of your priorities, available options, costs, and security measures. By following these steps—starting with identifying your main priorities, reviewing available services, checking prices and exchange rates, and ensuring security—you can make a well-informed decision that works best for you and your family.
Whether you’re planning to move or recently moved to Canada, Scotiabank can help navigate the process with banking packages that help newcomers succeed financially. With StartRightTM get one free year of the Preferred Package chequing account, unlimited free international money transfers and access to credit cards designed for newcomers.1
1 Terms and conditions apply; credit is subject to approval.
This article is provided for information purposes only. Any information, data, opinions, views, advice, recommendations or other content included in this article are solely those of the author and not of Scotiabank or its affiliates. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article is subject to change without notice. All third party sources are believed to be accurate and reliable as of the date of publication.
Guide to Smart International Money Transfers for Newcomers to Canada
Luis Diaz was fouled in Liverpool clash. (Photo by Eric Alonso/Getty Images)
Liverpool were 1-0 winners over Girona in the Champions League on Tuesday night and former Reds star Steve McManaman feels his old club got a little lucky. The Merseyside club arrived into the clash in Spain having won all five of their Champions League matches and Arne Slot’s men kept up their 100 per cent record with the victory.Girona caused Liverpool a lot of problems in the first half and the Reds boss can thank his goalkeeper Alisson Becker for keeping the home side out. The Merseyside outfit were much better in the second 45 minutes and it was during this half that the biggest talking point of the game emerged.Donny van de Beek would commit a clumsy challenge on Luis Diaz – who has recently been linked with a move away from Anfield – in the Girona box when the Dutch midfielder barely stepped on the winger’s heel.The referee viewed the coming together as a foul after being sent to the VAR monitor, resulting in Mohamed Salah converting the spot-kick.The incident sparked a lot of debate on social media and former Liverpool star Steve McManaman felt his old club were lucky to get the decision.
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Steve McManaman on the Liverpool penalty incident
Liverpool star Luis Diaz earned Liverpool a penalty. (Photo by Eric Alonso/Getty Images)Speaking after the match, McManaman stated that he thought the penalty was harsh and compared it to the unpunished fouls that often happen during corners and free-kicks.“You expect the midfielders to go to close down and if you stand on an inch of his heel, it is very unfortunate,” the pundit said on TNT Sports. “With all respect, it is a contact game. We see a lot more contact at corners and free-kicks that go unmentioned so I don’t think it was a penalty regardless of the result.”
“He’s given the referee an opportunity to make a decision or VAR to get involved” ?@rioferdy5 and Steve McManaman give their verdict on Liverpool’s penalty ?
? @tntsports & @discoveryplusUK pic.twitter.com/wwH4emYXiI
— Football on TNT Sports (@footballontnt) December 10, 2024Liverpool will feel fortunate that they were awarded the penalty but Van de Beek gave the referee a decision to make after making the clumsy foul in their own box.Slot’s men were not at their best in Spain but as seen several times this season, the Reds found a way to come away from the match with all three points. https://www.caughtoffside.com/2024/12/10/liverpool-champions-league-tnt/
When it comes to home theater sound, one of the best brands to go with is Samsung. Over the last several years, Samsung surround sound systems and soundbars have done a phenomenal job at enhancing movie nights, which is why we’re always on the lookout for Samsung soundbar deals. As luck would have it, we came across a great one earlier today:
Right now, when you purchase the Samsung 3.1ch HW-Q6CC Soundbar, you’ll only pay $200. At full price, this model sells for $380.
Why you should buy the Samsung 3.1ch HW-Q6CC Soundbar
The HW-Q6CC is a Dolby Atmos soundbar, which means it can virtualize a full Atmos speaker configuration. Expect immersive audio, regardless of where you choose to sit or stand, plus a nice balance of highs, mids, and lows. And if you ever decide to relocate the soundbar to another room, Samsung’s Adaptive Sound Lite tech will automatically recalibrate the HW-Q6CC to the new space you place it in. Connectivity couldn’t be more effortless either: Thanks to HDMI eARC, you only have to worry about one wire going to your TV.
Far more than a home theater system, you’ll also be able to use the HW-Q6CC to stream music from a phone or tablet using Bluetooth. Pair two devices simultaneously and enjoy fast playback with Samsung’s Tap Sound feature, which lets you start playing a song from your phone through the Samsung soundbar just by tapping one device to the other.
While it’s hard to say how long this markdown is going to last, Samsung deals like this one have gone pretty quickly in the past. That being said, today might be the best day to save. Take $180 off the Samsung 3.1ch HW-Q6CC Soundbar when you purchase at Walmart, and be sure to check out our list of the best Walmart deals for even more holiday discounts!
https://www.digitaltrends.com/home-theater/samsung-hw-q6cc-soundbar-deal-walmart-december-2024/
The case in which two city lawyers are accused of forgery has taken a new twist after a prominent law firm has been implicated for alleged convenience in misleading court.
In the letter dated December 3, 2024 to the Inspector of Courts, pastor Daniel Walugembe has accused the lawyers, Robert Ssenfuka and Umar Nyanzi of SK and Partners Advocates of colluding with their colleagues at H&G Advocates to commit the alleged crimes.
Through his lawyers, Walugembe states that there is coordinated convenience between H&G Advocates and SK and Partners Advocates whose sole intention is to mislead and bias court against him which is very unfortunate and regrettable.
“Your worship, it is evident that in the letter written by H&G Advocates dated 23rd December 2021, requested for certified copies of proceedings, plaint, affidavit of service, and written statement of defense, consent judgment and decree in Civil Suit No. 699of 2017. Indeed in the letter dated 9th December 2022,” reads the petition adding that Natukunda Jeneva the Deputy Registrar certified the same documents.
According to the petition seeking for the intervention of the judiciary authorities into the matter, Walugembe insists that nowhere the registrar “gave any agreement to H&G advocates which they purportedly passed on to SK and Partners who are their conduits.”
Petition indicates that H&G Advocates is the law firm that represents Makerere University in the case litigated with Walugembe before the Land Division of the High Court; “But at no single point has H&G ever brought this purported sale agreement to disapprove or show inconsistent in his claim.”
The petition copied to the Chief Justice and other lawyers, the lawyers; Ssenfuka and Nyanzi are accused of concocting information and documents with a view of misleading court.
Through his lawyers of Alma Associated Advocates, Walugembe accused the lawyers of misleading court in the sworn statements to the principal judge that their client, Dr Ntwatwa Lule has never been party to earlier cases before the High Court.
“On that basis alone, it is our considered view that a person who can advise his client to lie on oath cannot be trusted at all. To demonstrate to you the perpetual lies of the accused persons in the affidavit they drafted for their client, drawn by SK and Partners Advocates, they advised their client to lie that he has never been party to application number 434 of 2019,” reads the complaint.
The petition copied to the chief justice, judicial authorities and lawyers was in response to complaints challenging the private prosecution of the lawyers Ssenfuka and Nyanzi.
Ssenfuka and Nyanzi both attached to SK & Partners Advocates are accused of fraud in regard to alleged forgery of agreements for Kibanja in Katanga near Wandegeya.
Last week, the Magistrates Court at Buganda Road, Jalia Basajjabalaba issued criminal summons against Ssenfuka and Nyanzi to answer accusations of forgery and uttering false
The duo is expected to appear in court on December 17, 2024 for plea taking and also for hearing formal application in which they are challenging the legality of the charges.
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It is alleged that the lawyers Ssenfuka and Nyanzi attached to SK & Partners Advocates while acting for and on behalf of their client, Dr Ntwatwa Lule committed criminal acts.
Court documents indicate that the accused lawyers are alleged to have committed forgery, uttering false documents and conspired to commit a felony when knowingly and unlawfully altered sales agreements dated February 9, 1996 and August 13, 1996 respectively.
H&G Advocates Accused of Forgery as Court Documents in Walugembe Case Face Scrutiny