Ria Money Transfer in Canada - everything you need to know

Ria money transfer allows you to send and receive money internationally. As one of the largest money transfer services in the world, Ria can be used to send and receive money online or through their outlets.

In this post, we will discuss their services in Canada, including transfer times and fees. We will also introduce you to Wise as an alternative option for international money transfers.

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How does Ria Money Transfer work in Canada?

Using Ria is simple.

1. You start by creating an account. This involves registering your details.
2. Next, you'll input the recipient's details.
3. Choose the sum to send and your payment method.
4. Once you submit, Ria will confirm the transaction. The recipient collects the money using their ID and the transaction number. They can do this at any Ria outlet or via a bank account deposit.

Ria Money Transfer allows various payment methods. These include debit, credit cards, bank transfers, and cash. You can track transfers through the Ria Money Transfer app or using their Track a Transfer service¹.

The daily sending limit with Ria money transfer is 3000 CAD².

How long do Ria money transfers take?

Ria transfers can take between 15 minutes and three business days to be completed, depending on various factors, such as

• The destination country
• Payment method, and
• Security checks.

If you pay by debit or credit card, your money should arrive in 15 minutes to 6 hours.

A bank account transfer is cheaper but can take up to 4 business days³. Also, it's important to keep in mind some currencies can only be transferred during business hours and if you try to send money on the weekends or public holidays there might be a delay.

What are the fees and rates charged at Ria?

While Ria says that their fees and exchange rates are varying, the fees charged per transfer depend on the following:

• Payment method : Used by the sender
• Payout method : Chosen by the recipient
• Destination country
• Amount transferred

These fees are usually disclosed while making the transfer itself. For example:

We can see from the transfers initiated above that we might be charged different amounts depending on the factors listed above:

It is important to note that Ria charges a markup on currency conversions³

For the same date on which these transfers were simulated: 3 July 2023, at 09:46 EDT the mid market exchange rate for CAD was recorded as 0.756744 USD, while for Ria's online exchange rate for bank transfers (the cheapest method), it can be seen to be 0.74080 USD.

This difference turns out to be a markup of 2.1% over the mid market rate.

What are the pros and cons of using Ria Money Transfer?

Ria, being a globally established money transfer service, has a large network, along with other benefits. However, there are certain disadvantages to using their service:

Meet Wise - Your International Money Transfer Alternative

Wise is a great choice when looking for an international money transfer provider. With nominal fees, a vast network of delivery options and the ability to get rate alerts in real time, the customers have a reliable, secure, and cost-effective solution for sending money abroad.

Wise offers Canadian consumers several benefits, including:

• Sending money at the mid-market rate.
• Complete transparency with no hidden fees or charges.
• The ability to hold more than 40 currencies and send money to more than 70 countries.
• Receiving money in up to 9 different currencies.

Ultimately, Wise is a cost-effective alternative to Ria Money Transfer when it comes to making international transfers. It is easy and affordable to send money abroad with Wise. So why not give it a try today? Here’s how much a 1000 CAD transfer to the US would cost you, with Wise.

Frequently Asked Questions

How to cancel a money transfer with Ria?

To cancel a money transfer with Ria, users must contact customer service. Cancellations are subject to a fee and must be done before the transfer has been processed.

How do you contact the customer support for Ria Money Transfer?

Customers can contact Ria Money Transfer’s customer support team by

• Phone on 1-844-377-5843⁵
• Email, via their help centre⁴

Is Ria the same as Western Union?

Ria and Western Union are different companies. While both companies offer offline and online money transfer services, they have different fees and possibly different exchange rates.

Is Ria money transfer safe?

While Ria complies with local regulations in Canada, there are still ways in which customers can get scammed. If you would like to report a complaint, you can reach out to their fraud department on fraudprevention@riafinancial.com.

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