Be informed if sending money out of the country
(NC)—If you regularly send money abroad, it pays to know the costs and fees that might apply in Canada and in the country in which the recipient lives.
"It can be frustrating for consumers to discover that the amount they send from Canada is not the same as the amount the recipient gets," explains Ursula Menke, Commissioner of the Financial Consumer Agency of Canada. The Agency offers tips on sending money to someone in another country on its website: itpaystoknow.gc.ca. Some suggestions include asking for a discount on the fees for repeat business, or when sending large sums.
Costs can range from 3 percent to 25 percent or more, depending on the service provider, and may also depend on the country to which the money is being transferred. Shop around to get the best service and price.
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