CanadianForex: Smaller margins and more transparency on money transfers

Stockhouse Editorial
0 Comments| February 11, 2014


CanadianForex is a wholly owned subsidiary of OzForex. CanadianForex is part of the OzForex Group which also includes OzForex, UKForex, NZForex and Tranzfers.

How does CanadianForex differ from traditional money transfer companies?

CanadianForex offers the safety of traditional money transfer firms alongside the advances of online tech; it really is the best of both worlds. We have offices in Toronto, San Francisco, London, Hong Kong and Sydney to offer you 24-hour support when you need it.
 
What would you say are your competitive advantages?

CanadianForex is an independent FX brokerage, not a bank. Unlike the banks, CanadianForex doesn’t have the large over-head associated with supporting multiple bank services. As a result of our specialization, we are able to take smaller margins, thereby saving a considerable amount of money for our clients.
 
We also allow you to compare our customer exchange rates with a real-time bank-to-bank exchange rate. We are committed to providing our customers with the transparency that traditional institutions don’t.
 
What’s involved in setting up an account? Is there a minimum transfer amount? Is there a service charge to send the transfer?

Signing up with CanadianForex is easy! Just go online our registration form and fill it out. One of our friendly staff members will call you to confirm your account and, provided we have all the necessary information required, approve you to begin transferring money.
 
CanadianForex has a minimum transfer amount of CAD $2,000. If you transfer over CAD $10,000, you will pay no fees. Any transfer under $10,000 is just $15.
 
How long does a typical wire transfer take to go through?

Once CanadianForex receives your funds, it typically takes 1-2 days for the money to clear and be visible in your beneficiary’s bank account. If you have any problems or questions, a REAL CanadianForex employee is always a quick phone call away, no automated menus or call centers!
 
Are you able to support transfers to any country and currency?

CanadianForex offers 50 different currencies worldwide. The full list can be found here.
 
Are there any risks involved with transferring funds?

The major risk in currency transfers is the exchange rate changing drastically with the market. CanadianForex can help you mitigate that risk by using tools such as forward contracts and limit orders. Forward contracts lock in your rate for up to 12 months ahead. This is a great tool if you know you will be making a large purchase or transaction in the future and the market moves in your favor before your event occurs.
 
A limit order lets you execute a trade only if the market hits your desired rate. This is a great tool if you have some flexibility in regards to when you need to make your transfer. FX markets are open 24 hours per day, so limit orders let you take advantage of favorable market movements even while you sleep!
 
Is CanadianForex safe?

CanadianForex is fully licensed in each of the jurisdictions where we operate, and comply with all local rules and regulations. You can read more about how CanadianForex protects your personal security here.
 
Would your services be more useful for businesses or individuals?

Our service is used by both, small and medium sized businesses as well as individuals. SMB’s can use us to pay overseas employees or to save on exporting or importing goods, while individuals can save with us if they are paying rent/mortgages overseas, transferring inheritance/retirement funds or making any significant purchase abroad such as real-estate, boats, etc. These are just a few examples; we help many people with a wide variety of forex needs save money every day.
 
Your group has won significant awards in the past. Tell me about the people behind this.

CanadianForex is a part of the OzForex group of companies, which was founded in 1998 in Australia. OzForex has since won numerous awards including 6th place in the BRW fast 100 companies, placed in the top 50 in the 2011 Deloitte Technology Fast 500 Asia Pacific, a finalist in the 2013 BRW GE Mid-Market Awards, and is the 2013 winner of both, the Australian Growth Company of the Year and NSW iAwards for its White Label International Payment Solutions. This last October, OzForex participated in one of the biggest IPOs in Australia in 2013.
 
Anything else we should know?

CanadianForex doesn’t support speculative trading or cash transactions. We help people save money on international money transfers.
 
Disclosure: CanadianForex is a Stockhouse client.
 

Tags: ETF

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