Fortunately there is a way to save a big percentage — potentially many thousands of dollars and certainly I have. Yet most Canadians still use banks because of the perceived security they offer, but there is a much better way — just as safe, a lot cheaper, faster and with much better service too.

My name is Quinn and I was born in B.

CanadianForex review: great foreign exchange rates and support | Peter's Useful Crap

I am actually pretty familiar with OzForex, the Australian stock market listed parent company who owns CanadianForex. Rather than just use a company I was familiar with, I decided to take a deeper look at all the companies that operated in Canada — make sure I was getting the best deal on rates and most importantly that my money stayed safe.

The other advantage I hoped they had was service — hopefully by being in Canada they would provide good service and decent rates too. Registering just takes a few minutes, then you have to confirm your identity which might be done automatically or else by email. The CanadianForex guy told me on the phone simply to reply to the email he sent.

He also said that I did not have to include transaction details but just had to include my name, account number, date, bank logo of a recent statement.

I recorded the conversation to be sure this information is correct.

The direct debit option is free and very easy once set up but you are required to fill out a direct debit form to authorize the transactions. It took three days from the time Canadian Forex received my money until it landed in my bank account in Australia.

I know this because of the handy emails you can opt to receive.

Of course it takes a day or two more than this for your bank to actually get the money to Canadian Forex but still a couple of days faster than I have experienced with bank-to-bank transfers. Apart from rates and fees, I think this is where money transfer companies crush the banks.

Online — I am not sure how it could be better. You can choose to lock in the rate when you want in real time. You can also watch what is happening each step of the transaction and set it up to send email alerts if you wish. Canadian Forex like many of their competitors have a tiered rate. Based on the transaction I did online, the difference in the mid-market rate and the rate I was offered was 0.

I am really happy with CanadianForex so far — link opens to a new window and will give you two fee free transactions. That said, it is a small price to pay knowing your money is safe and secure.

Speed wise, I use to send all my money using banks and typically it will take 5 to 7 days for banks to transact. You must be logged in to post a comment. Transumo Money Transfers We will save you. Yep, you could learn about this stuff for ever OR simply ask us directly with your money transfer question.

My real-life experience using CanadianForex | hozenesipew.web.fc2.com

Name not required Email required Approx Amounts to Transfer? Leave This Field Empty. October 30, by transumoadmin Leave a Comment. Canadian Forex I am actually pretty familiar with OzForex, the Australian stock market listed parent company who owns CanadianForex.

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