Alternatives to Transfast for international transfers from Canada

If you’ve ever needed to move money across borders, you might have heard of Transfast, an international money transfer company. Mastercard recently acquired the company, which now only caters to Gulf Cooperation Council countries, including the United Arab Emirates (UAE), Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait.

Canadians are no longer the target market for Transfast anymore. Luckily, in this post, we’ll be looking at alternatives to Transfast, including Wise, which uses the fair mid-market exchange rate to help you make the most of your money.

Alternatives to Transfast for International Money Transfers

The recent acquisition might have thrown a wrench in your plans if Transfast was your preferred choice or a top option among the many cross-border money transfer services out there. The international transfer market is ripe with other alternatives, with some of the best compiled in this list.

Western Union

As one of the oldest multinational money transfer services in the world, Western Union has built a robust reputation and a wide network that allows customers to move money from Canada across 200 countries and territories; it’s unlikely that you’ll run into trouble with a transfer.¹ They’re also known for their many physical pickup locations if you want to do things the old-fashioned way.

Pros

• Can transfer cash in-store, which can be useful for those who want physical transfer methods
• Dedicated money transfer service with no frills

Cons

• Costly transfers with exchange rate markups set by Western Union²
• Low online transfer limits of 999 CAD³

Trustpilot Rating

4.1 out of 5 stars from 73,587 reviews⁴

Wise (formerly Transferwise)

You can use Wise to send money to 160 countries, whether you're paying your employees in Thailand or helping out a family member in the US. This fintech platform lets you send, spend, and get paid in over 40 currencies, and even transfer money across borders like a local without any extra fees.⁵ There are also plenty of extra features like a Wise debit card and a Business account for your various international finance needs.

Pros

• Uses the real mid-market rate for every transfer – with no markups
• Speedy transfers compared to bank transfers
• Fees starting at 0.33%

Cons

• Fully online financial account with no branch network
• Not possible to send cash through Wise

Trustpilot Rating

4.3 out of 5 stars from 218,589 reviews⁶

Skrill

Users can access their money with Skrill and use it to make international money transfers, make payments on social media and gaming sites, and buy and sell cryptocurrencies. With their cross-border transfer feature, you can send money to over 40 countries in a variety of currencies.⁷

Pros

• Caters to both a general market and niche markets like online gaming, betting, and crypto
• Speedy transfers compared to traditional bank transfers

Cons

• Certain account features are restricted to accounts at higher customer levels.
• Exchange rate markup fees can go up to 4.99% per transaction⁸
• Skrill MasterCard is only available if you have a European or UK residential address⁹

Trustpilot Rating

3.3 out of 5 stars from 23,234 reviews¹⁰

PayPal

PayPal is universally recognized, just like Western Union, but more prominently in the digital space. It has a robust suite of personal and business tools, including an international payments system that lets you make transfers from Canada in 25 different currencies.¹¹

Pros

• Highly recognized company with millions of accounts
• Integrated services alongside money transfers like online shopping capabilities and direct billing

Cons

• Complex fee structure with both percentage-based and fixed fees that differ domestically and internationally
• Currency markup of 3% - 4% minimum¹²

Trustpilot Rating

1.3 out of 5 stars from 29,112 reviews¹³

Xoom

Is PayPal a little too broad for you? Xoom is laser-focused on international money transfers, and is run under PayPal. While you can still make reputable transfers with PayPal, Xoom is suitable for you if you need speed and flexibility. Whether you want to use a bank deposit or a card or send for cash pickup – the service can do it all to 160 countries.¹⁴

Pros

• Uses the PayPal system, meaning that it’s established and secure
• Money pickup option for physical delivery

Cons

• Potentially hefty fees for bank deposit and cash pickup, plus a markup on the exchange rate that isn’t transparent
• Low daily, monthly, and half-year transfer limits unless you provide documentation to prove your identity

Trustpilot Rating

1.9 out of 5 stars from 22,678 reviews¹⁵

Summing it Up

Our trip across these many Transfast alternatives has shown us that there are other international transfer platforms worth considering. Whether you’re more interested in Skrill’s modernity or Western Union’s reliability, there’s an option for everyone. If you’re looking for transparency, ease of use, and low, low fees, Wise takes the crown with its use of the mid-market rate and multi-currency account.

Get your Wise account in a few clicks

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Sources

1 - Western Union
2 - Western Union
3 -Western Union – FAQs
4 - Western Union Reviews | Read Customer Service Reviews of westernunion.com
5 - Wise: the international account | Money without borders
6 - Wise Reviews | Read Customer Service Reviews of wise.com
7 - Skrill
8 - Our Fees & Charges | Skrill
9 - Support | Skrill
10 - Skrill Reviews | Read Customer Service Reviews of skrill.com
11 - PayPal Global | List of Countries and Currencies
12 - PayPal Consumer Fees
13 - Paypal Reviews | Read Customer Service Reviews of www.paypal.com
14 - Xoom
15 - Xoom Global Money Transfer Reviews
Sources verified on 17 June 2024