Canada, the second largest country in the world, boasts a diversified economy with a GDP upwards of $1.7 trillion (as of 2019). The majority of Canadian revenue is generated from oil, gas, energy and manufacturing, as well as a thriving tourism industry.
The EUR to CAD corridor is a well-travelled route due to the accessibility of money transfer services servicing Canada. In addition to this, CAD is one of the most popular currencies for foreign exchange trading, due to the long-standing strength of the currency and Canada’s political and economic stability.
Here we will provide further insight into how to safely and securely move money from Spain to Canada without jeopardising the hard-earned money of both sending and receiving parties.
We want to find you the ideal service to suit your money transfer needs, no matter what your priorities are, and we believe exceptional global transfer services should not have to come with a huge price-tag. The fastest provider is WorldRemit, transfers from this provider normally take less than a day. The cheapest money transfer provider we found is TorFx at 0.5% Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using TorFx when transferring EUR to CAD.
This means that by using TorFx for online money transfers to Canada from Spain, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access TorFx for any reason, our comparison engine has found XE and Wise also to be very good options when sending EUR – CAD.
This recommendation was updated one minute ago.
TorFx has been determined by our comparison engine to currently offer you the cheapest rates possible.
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When sending money from Spain to Canada, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers.
Currently, WorldRemit is the fastest way to send EUR – CAD.
Most money transfer providers allow you to deposit and send money using various payment methods, but not all providers offer multiple options. Typically you’ll find the most common methods are bank transfers and card payments, but some providers also accept cash and will even deliver funds straight to your recipient’s door.
To avoid high fees you can opt to use an online money transfer provider such as Wise to pay for your transfer to Canada.
With TorFx you can send money online to Canada using your debit card. But before making a payment, make sure you understand all the processing fees in place.
Bank and wire transfers are the most common ways of sending money Canada as they are secure, reliable, and convenient. However, they often come with the slowest delivery times in case speed is an important factor for you. You can use TorFx to send money using a bank or wire transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
If you want to make an international transfer using wire transfer, you will need to know the SWIFT/BIC code of your recipient in Canada. If you’re unsure what it is, check out our SWIFT calculator to figure out the correct SWIFT code in Canada.
When sending money to Canada from Spain using bank account transfer you are paying for the outgoing fees, flat fees, currency exchange rate markup, and sometimes an additional incoming transfer fee.
On the other hand, you usually only pay a sender fee and a small exchange rate markup when using online money transfer services such as TorFx, XE and Wise.
Before sending money to Canada from Spain, you should consider the following:
This one’s easy. Simply use our comparison table above to find the best provider to send EUR to CAD. After that it’s just a process of making your transfer via the following steps:
Your recipient has a few methods available to receive your money in Canada. These will vary between providers, but it is possible to find services that will:
If your recipient is going to collect or have the money delivered to them in Canada, then they will usually need the following:
The amount of CAD you can receive from Spain will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.
You should also check if there are any government regulations pertaining to the amount of CAD that can be received in Canada or sent from Spain before making your transfer.
April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.