At a glance
- Who regulates MSBs
- Money services businesses must register with FINTRAC and follow Canadian anti-money-laundering rules. Source: FINTRAC
- Neutral rate benchmark
- The Bank of Canada publishes daily reference exchange rates that are free to check. Source: Bank of Canada
- ID required to send
- Providers must verify your identity, usually with government-issued photo identification. Source: Financial Consumer Agency of Canada
- Main hidden cost
- The exchange-rate margin between the quoted rate and the mid-market rate. Source: Bank of Canada
- Typical bank wire time
- International bank wires usually take a few business days to arrive. Source: Financial Consumer Agency of Canada
- Fraud reporting
- The Canadian Anti-Fraud Centre collects reports of suspected transfer fraud. Source: Canadian Anti-Fraud Centre
How costs and exchange-rate margins work
The fee a provider advertises is rarely the true cost of sending money abroad. Most of the expense sits in the exchange rate applied to your transfer, specifically the gap between the rate you are offered and the mid-market rate that banks use to trade with each other. That gap is the margin, sometimes called the spread.
Because the margin is a percentage, it scales with the amount you send and matters most on larger transfers. Flat fees, by contrast, hurt most on small transfers. Looking at only one of the two gives you a misleading picture of what you are paying.
The Bank of Canada publishes daily reference exchange rates that anyone can check for free. They are not the rate a provider will give you, but they are a neutral benchmark. Measuring your quoted rate against that benchmark shows the real cost of the conversion.
Ways to send money from New Westminster
Most senders in the city choose between three routes. Each has different costs, speeds, and levels of convenience, and no single option is best for every situation.
- Your bank, in branch or through online banking, for an international wire or transfer.
- Canada Post outlets, which sell money orders suited to smaller amounts.
- Money services businesses registered with FINTRAC, which may offer digital transfers, agent networks abroad, or cash pickup.
| Route | Best suited to |
|---|---|
| Bank wire or online transfer | Larger amounts and senders who want the transfer recorded in one account |
| Canada Post money order | Smaller amounts where speed is not critical |
| Registered money services business | Specific corridors, digital delivery, or cash pickup abroad |
Identification you need under Canadian rules
Canadian anti-money-laundering rules require banks and registered money services businesses to verify who you are before they send funds. In practice, that means government-issued photo identification such as a passport, permanent resident card, or provincial driver's licence.
For larger or repeat transfers, a provider may also ask where the money came from and who is receiving it. These questions are a legal obligation, not a comment on you. Having documents ready, such as pay stubs, an invoice, or a sale agreement, keeps things moving.
You will also need the recipient's full details, including their legal name as it appears on their identification, their bank information, and any reference number the provider requires.
Comparing exchange rates and fees
Do not compare providers on the fee alone. Ask two questions instead: what exchange rate are you applying, and exactly how much will the recipient receive? The second figure is the only one that lets you compare providers on equal terms.
Ask whether the receiving bank charges its own fee, and whether any charge is deducted from the amount delivered. A transfer that looks cheaper up front can deliver less once those deductions are applied.
| What to ask | Why it matters |
|---|---|
| What rate are you applying? | The margin is usually the largest part of the cost. |
| Is the fee flat or a percentage? | Flat fees hurt small transfers; percentages hurt large ones. |
| How much will the recipient receive? | The only figure that allows a direct comparison. |
| Is the rate locked, and for how long? | A moving rate can change the outcome between quote and send. |
| How long until the money arrives? | Timing varies from same day to several business days. |
Delivery methods and timing
Delivery method shapes timing. A bank-to-bank wire usually takes a few business days. A digital transfer to a bank account or mobile wallet can arrive the same day or within a day or two. Cash pickup at an agent location abroad is often quick but depends on the recipient reaching the agent.
British Columbia's Pacific time zone matters more than it first appears. Many international wires have daily cut-off times set in Toronto or New York, so a transfer arranged late in the New Westminster afternoon may not begin moving until the next business day.
Weekends, statutory holidays in either country, and routine compliance checks can all add delay. Sending early in the day, and avoiding the day before a holiday at either end, reduces the chance of a surprise.
Receiving money in New Westminster, and consumer protection
To receive money locally, give the sender your full legal name exactly as it appears on your identification, your bank account details, and any reference number needed. Small mismatches in spelling or account numbers are a common cause of delay.
Funds can arrive as a deposit into your account, a cash pickup at a nearby agent location, or a money order you deposit yourself. Ask which method is being used before the sender pays, because the fees and timing differ.
Providers must disclose their fees and the exchange rate before you commit to a transfer. Keep the receipt and any reference number. If something goes wrong, complain to the provider first. The Financial Consumer Agency of Canada explains escalation routes, and the Canadian Anti-Fraud Centre takes reports of suspected fraud.
Frequently asked questions
How long does a money transfer from New Westminster take?
It depends on the method. Bank wires usually take a few business days, while digital transfers to an account or mobile wallet can arrive the same day or within a day or two.
What identification do I need to send money abroad from Canada?
Government-issued photo identification, such as a passport, permanent resident card, or provincial driver's licence. Providers must verify your identity under Canadian anti-money-laundering rules.
Are money transfer providers in Canada regulated?
Money services businesses must register with FINTRAC and comply with Canadian anti-money-laundering and terrorist-financing rules. Banks and other financial institutions are subject to separate federal and provincial oversight.
How can I tell if the exchange rate I am offered is fair?
Compare it with the Bank of Canada's daily reference rate. The difference between the two is the margin the provider is charging, which is usually the largest part of the total cost.
Can I send money internationally from a Canada Post outlet?
Canada Post outlets sell money orders that can be sent internationally, which suits smaller amounts. A money order is not the same as a bank wire and carries its own limits.
Where do I complain if a transfer goes wrong?
Start with the provider's own complaints process and keep your receipt. The Financial Consumer Agency of Canada explains escalation routes for transfer problems, and the Canadian Anti-Fraud Centre handles suspected fraud.
Sources
Every figure or rule on this page should be verified at the official source before you rely on it.
- Rules for sending money internationally from CanadaFinancial Consumer Agency of Canada
- Registration and anti-money-laundering duties for money services businessesFINTRAC
- Daily reference exchange ratesBank of Canada
- Currency converter for benchmarking a quoted rateBank of Canada
- Money orders for smaller international amountsCanada Post
- Reporting suspected transfer fraudCanadian Anti-Fraud Centre