|ALTERNA SAVINGS||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to CAD||NO MINIMUM||5/7 DAYS||4.9%||$1.581|
|EUR € - to CAD||NO MINIMUM||5/7 DAYS||4.9%||$1.372|
|CURRENCIES DIRECT||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to CAD||FROM £100||FROM 1 DAY||0.7 to 1.0%||$1.645 to $1.652|
|EUR € - to CAD||FROM €100||FROM 1 DAY||0.7 to 1.0%||$1.428 to $1.434|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Save on the exchange rate conversion when sending money abroad from your Alterna Savings account in Canadian dollars, UK pounds & euro currencies. Alterna Savings international money transfers to or from Canada have higher transaction charges, due to a less competitive exchange rate offered by Alterna Savings. Skip to: Canada Money Transfer Specialists
Typically, sending funds to or from your Alterna Savings account in Canadian dollars (CAD) or UK pounds will involve a margin rate of 4.9% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your Alterna Savings account in Canada needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of $100,000 Canadian dollars (CAD) using Alterna Savings services would have a transaction exchange rate margin of around 4.9% – or $4,900 CAD. Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only S700 CAD in total, which is a large saving over the bank service.
International money transfers from Alterna Savings could take longer to arrive than using a private currency exchange provider and you will also need to be an existing Alterna Savings account holder to use their services. Alterna Savings may additionally charge a flat rate commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of $5000.
Unless you pay a premium, Alterna Savings service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
Alterna Savings is a Canadian credit union which was established in 2005 by the merger of CS CO-OP and Metro Credit Union. Alterna Savings provides full banking services, loans and mortgages, investment services and business banking through over 30 local banking branches in Ottawa, Kingston, North Bay, Pembroke and Toronto. It also provides service across Canada through its subsidiary, Alterna Bank, which has branches in Gatineau and Quebec.