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Need to Send A Large Sum of Money Abroad? - Here’s how to

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September 4, 2023

If you ever need to send a large amount of money overseas, whether you are sending money back home for a wedding or trying to cover expenses related to your international tuition or the tuition of a loved one, it's important to ensure that you are getting the best rates and avoiding any hidden fees. 

To help you out, we've put together this guide on initiating an international money transfer for larger amounts, this will save you both time and money in the process. We'll answer all your essential questions, such as factors to consider, challenges, and fees that are involved in making the transfer. 

Understanding the overseas money transfer limit and regulations in Canada

Every country has its very own regulations and laws governing transferring money abroad. The Canadian government closely monitors significant transfers of funds overseas and diligently tracks large transactions through regulatory body FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). 

To prevent money laundering, or any illegal activities, FINTRAC gathers information regarding overseas transfers exceeding $10,000. The bank or money transfer provider responsible for processing the transfer must furnish details of the transaction to FINTRAC, including your account information. 

Different types of limits

There are different types of transfer limit offered, including per-day limits, per-month limits, per-person limit and transfer method limits. In compliance with the regulatory laws, Pesa (formerly Pesapeer) has transfer limits set. If you are receiving money from Nigeria, you can, in a single transaction, receive up to $5,000 for NGN-CAD conversions and a $10,000 daily transaction limit for CAD to other currencies. There is also a daily transaction limit of $7,500, allowing you to process multiple transfers throughout the day. However, if you desire to make a higher transfer, you’ll need to contact our to help you through the transaction process.

Factors to consider before sending a large sum of money abroad.

Sending a large sum of money abroad requires careful consideration of various factors. Firstly, consider the purpose of the transfer and the urgency of the funds reaching the recipient. This will help you decide on the most suitable money transfer service or platform. Secondly, take into account the security measures implemented by the service provider to protect your funds during the transfer process. An important thing to check for is if the service provider is regulated by FINTRAC. As mentioned earlier, FINTRAC is the financial regulatory body in Canada and if you choose a service provider that isn’t regulated by them, that’s a red flag. 

Common challenges and how to overcome them when sending a large sum of money abroad.

Sending a large sum of money abroad can come with its fair share of challenges. One common challenge is the risk of fraud or identity theft. To overcome this, it is crucial to choose a reputable money transfer service that employs strict security measures. Another challenge is the fluctuation of exchange rates, which can impact the amount of money received by the recipient. Consider using a service that offers rate locks or allows you to schedule transfers when the rates are favourable. By being aware of these challenges and taking appropriate measures, you can ensure a smooth and secure money transfer experience.

Sending money from Canada: specific considerations and options

If you are sending money from Canada, there are specific considerations and options to keep in mind. Canada has strict regulations regarding overseas money transfers, so it is important to ensure compliance with these rules. Additionally, consider the exchange rates offered by Canadian financial institutions and compare them with those offered by money transfer services. Some Canadian banks may offer competitive rates and a complicated process, while others may have higher fees. By exploring your options and considering these factors, you can choose the most cost-effective method for sending money abroad from Canada. Sending with Pesa stands as the best alternative, with zero cost on transaction fees, great exchange rates. 

Step-by-Step Guide on How to Send a Large Sum of Money Abroad with Pesa
  • Download the app: You can download the app on Google Play or Apple Store to join the community and get the best deal when sending money abroad.
  • Register and Verify Your Account: To start sending money abroad with Pesa, you need to create an account and complete the verification process. This usually involves providing identification documents and proof of address. Once your account is verified, you can proceed with the money transfer.
  • Provide Recipient's Details: To send money abroad, you will need to provide the recipient's details. Double-check this information to avoid any errors that could delay the transfer. With Pesa, your transactions will be sent within minutes.
  • Enter the Amount and Currency: Specify the amount of money you wish to send and select the currency in which the recipient will receive the funds. Pesa offers competitive exchange rates, ensuring that your money goes further.
  • Review and Confirm: Before finalizing the transfer, review all the details to ensure accuracy. Take note of the transfer fees, estimated delivery time, and any additional options you may have selected, such as express delivery or currency conversion.
  • Make the Payment: Once you have reviewed and confirmed the transfer, you will need to make the payment. 
  • Track Your Transfer: After making the payment, you can track the progress of your transfer through Pesa's online platform or mobile app. This allows you to stay updated on the status of your transaction and know when the funds will be available to the recipient.
  • Notify the Recipient: Once the money has been successfully transferred, it is essential to inform the recipient. Share the transaction details with them, including any tracking or reference numbers they may need to collect the funds.
What Other Things Should You Keep in Mind When Sending a Large Sum of Money Abroad?
  • Overseas Money Transfer Limit: Different countries have varying limits on the amount of money that can be sent or received from abroad. Before initiating a large transfer, familiarize yourself with the regulations in both your home country and the recipient's country to avoid any legal or regulatory issues.
  • Exchange Rates: Exchange rates can greatly impact the amount of money the recipient receives. Keep an eye on the exchange rates and consider choosing a money transfer service that offers competitive rates to maximize the value of your transfer.
  • Transfer Fees: Money transfer services often charge fees for their services. Compare the fees of different providers and consider the overall cost of the transfer, including both the exchange rate and the fees, to ensure you get the best deal.
  • Security Measures: When sending a large sum of money abroad, security should be a top priority. Choose a money transfer service that utilizes advanced encryption and security measures to protect your personal and financial information.

All in all, sending a large sum of money abroad requires careful planning, consideration, and the use of a reliable money transfer service like Pesa. By following the step-by-step guide provided in this article and considering the additional factors mentioned, you can ensure a smooth and secure money transfer experience. Remember to always make informed decisions and prioritize the security of your funds.


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