Canadian residents sent $32.75 billion in overseas transfers in 2017, placing the country sixth in global remittances sent, according to the World Bank. “There are two ways for the industry to profit — the fee they charge to make the transfer and the exchange rate they calculate. The fees are fairly transparent, the exchange rate not always, and for less savvy clients comparison shopping can be difficult,” Stern said in an email. ARTICLE CONTINUES BELOWFintech firms such as TransferWise and WorldRemit, which have loosened the iron grip banks once held over transfer payments, tend to offer lower fees and more competitive exchange rates. So the money never actually moves from one market to another; it just moves from one TransferWise account to another,” Tyler said.

Source: thestar June 13, 2019 14:15 UTC