Moving the dough from here to there
May 22, 2012 12:54 PM Subscribe
What is a cheap yet secure way to send money from Canada to the US on a regular basis?
posted by yawper to work & money (15 answers total) 3 users marked this as a favorite
I live in Canada. I would like to send money to a family member in the US monthly (about $200/month). What’s the cheapest way to do this? PLEASE NOTE this person is older and does not own a computer or have an email address, nor are they willing to get/use these things. Therefore PayPal/email type transfers are out of the question unless I can get the money into their account without them having to do anything except go to the branch.
Options I have considered:
- Getting a bank cheque from my Canadian bank and mailing/FedExing it (bank exchange rate plus postage costs)
- Wire transfer from my bank to their bank (bank exchange rate plus $30 fee – total $34)
- Western Union (terrible exchange rate plus $20 fee – total $33)
- Transferring money online from my Canadian account to my family member’s US account (not possible since the banks’ systems do not talk to each other)
- Opening an account in a Canadian branch of a US account (e.g. HSBC) and then doing the above (assuming HSBC talks to their bank)
- Opening an account in a Canadian branch of a US account (e.g. HSBC) and asking my family member to open an HSBC account as well (assuming HSBC does NOT talk to their bank)
Of course I know the absolute cheapest way is to exchange cash at my bank and mail it by regular mail, but I am looking for something more secure. At the same time, since I will be doing this regularly, I’d rather not pay $30 in fees on a $200 transaction. Is there anything I’m not thinking of?