The transfer of money in the world has tripled in the past decade to $529 Billion annually. The money leaving Canada is about $24 Billion a year. Immigrants make up the larger part of those who are sending money somewhere else. In fact, Canadian immigrants send more dollars per capita than any other nation including our neighbor to the south. Where does it go?
China is the top destination receiving $3.9 Billion, followed by India at $3.5 Billion and the Philippines at $2 Billion. Many of the people sending the money are temporary foreign workers, which is no surprise. Families at home rely on this money and, as a result, the money transfer process has evolved and so have the costs. The average cost of a transfer runs around 5 percent according to the United Nations.
$24 BILLION leaves Canada every year.
It is interesting note that many migrants send money to their families in order to protect their inheritance, but, for many, the money may end up going to superfluous purchases rather than the intended use: to cover living costs and the basics.
Regardless, the flow of money from Canada to multiple places around the globe continues and it will only increase given the volume of people leaving for greener and safer pastures to avoid conflict and economic chaos. Money Service Businesses (MSB), such as Cashco, follow strict regulations and guidelines in place to protect you and your money.
- MSBs must be registered.
- They are required to report certain transactions such as large transactions of $10,000 or more.
- In fact, MSBs must report any transaction that appears suspicious.
- Clients receiving money must be clearly identified.
- If the money is going to anyone holding a senior government official, it must be reported.
Money Service Businesses like Cashco follow strict guidelines and regulations.
As a customer, here’s how it works.
Cashco, through Western Union Canada, transfers money to over 200 countries and territories. These money transfers are handled by a network of over 494,000 Agents around the world. There are various services you can choose from:
- Email transfers
- Transfers using credit cards (such as VIA or MasterCard)
Of course, there are costs associated with money transfers. You can expect to pay from $11 for transfers within Canada and the US. But you can take the edge off that rate thanks to the Preferred Customer Plus program. On qualifying transfers, a customer can save 5% off the transaction fee.
The Preferred Customer Plus program can reduce money transfer fees.
It can be a little confusing if you have never done a transfer. The customer service representatives are well-versed in the process and can walk you through it. You can even phone Cashco to find out what you need to know before you set your money transfers into motion. And it’s free to enroll. Here’s the phone number. 1855-914-7940. You can also learn more at the Cashco website.