5 Low Cost Ways to Send Money

In the modern day of technology sending anything via snail mail seems to be going the way of the dodo. So it’s only natural that sending money using methods like cash, bank draft and cheque are following suite. This does not mean that these methods are not still viable options. If cost if your primary concern here are 5 ways that you can look into for sending your next money transfer.

wire-transferYour Bank

Banks are the safest and most reliable way to send money, if you are simply transferring money from one account to another within the same financial institution your bank will do this for you for free.

Wire transfer is another service that banks offer when sending money to other financial institutions, across provinces, states or countries. Wires are one of the best options if you are sending a global money transfer. Sending money overseas requires the following information: the name and address of the account holder, information about the financial institution, and the SWIFT or IBAN of the recipient bank. International wire transfer rates will vary depending on your bank, but generally cost in the $30-$50 range.


Some financial institutions may also allow you to send money via an e-transfer. This is similar to the way that you would pay a bill online. You will still require a SWIFT or IABN for international transfers, in addition to the account holder’s name as it appears on their account. E-transfer is a great option when you are sending money to someone on a regular basis, you can even set up transfers to automatically send on a schedule. Rates for e-transfer will vary depending on your bank, but typically cost less than transfers done through a teller.


PayPal allows users to send money from one PayPal account to another. PayPal accounts are typically attached to the bank account or credit card of the account holder.  It is free to send money via PayPal, but there is a charge to the recipient of 2.9% plus $0.30 per transaction. Fees decrease slightly for transfers over $3,000, while international transfer fees tend to be about 1% higher. If you are sending money in international funds be sure to keep an eye on the exchange rate as this may end up costing you some money in the end. If cost savings is important to you it’s essential to compare this potential loss with the cost of a wire transfer from your own bank, you would be surprised at times to find out that due to currency conversions, PayPal may be the more expensive option.

Personal Cheques

This may be seen as the old fashioned way, but if you are looking for the cheapest option possible (other than cash) cheques are your best option. Cheques can be handed to the recipient or mailed with little to no cost to either party.

Sending a cheque internationally or overseas that is not already in the country’s currency will often result in delayed processing so the bank can verify the cheque. The recipient may also have to pay a fee and cover the exchange of funds to their currency.

Bank Draft/Money Order

These are also excellent choices for sending money, especially internationally. Bank drafts can be written in the currency of the location that you are sending the money to. The cost of a bank draft or money order is typically between $3 and $10. Like cheques these forms of payment are safe to mail to your recipient and can be cancelled and returned to you if they are lost or stolen.

There are many different ways to send money both locally and globally, it’s important to know what your options are and what method works best for you and your situation. The cheapest option may not always be the best option.

Should Kids Have Debit Cards?

Today’s parents often wonder if the decision to give their kids a debit card is a wise one or a foolish one. Can having a debit card teach your kids to handle money responsibly or will it cause them to spend their money too easily? Teaching your kids to be financially responsible as they get older is so important and as a parent it is your duty to educate them, not only through words, but also through your own example.

teenager-prepaid-debit-card-300x199Make The Rules

There should always be a groundwork when giving your kids a debit card. they need to understand hoe the card works, fees that may be associated with it and where the money comes from. It is important to let them know that the use will be monitored and that there are expectations that surround the trust that you are ensuring them with by giving them a debit card.

Set a Limit

Debit card limits are important for everyone. Having a set dollar amount that can be spent daily/monthly is important not only to protect from fraudulent purchases and withdraws, but to also keep spending in check. They need to make wise purchases and learn how to budget their money. As parents it’s important to help them with these decisions and to make budgets.

Be Open to Conversation

It’s important to have an open line of communication with your child regarding their debit card use. This communication pathway should go both ways so that you and your kid can openly discuss any concerns about spending habits and limitations. For example, if kids are spending much more quickly than they should be it’s important to look together at where the money went – what was it spent on? How could it have been spent more wisely? Conversely, if they are not spending the limit let them know how great they are doing and that you are proud of them.


Where do I find my Deposit Information on my Cheques?

Writing cheques is to be something that people just don’t do much of anymore, but sometimes you are required to write them or provide a blank void cheque for an employer. There are codes on your cheques that helps money go to where it is meant to go, here is a break down of what the numbers on your cheques represent:


What are the Numbers on the Bottom of a Cheque?

The numbers at the bottom of your cheques are broken down into different sets.

  • The first set of numbers is the cheque number. When you order a cheque book each cheque will have it’s own number. These numbers help you keep track of how many cheques you have used and where they are being used.
  • The second set of numbers is the Branch number for your banking institution. This is also referred to as the transit number. Each branch has its own transit number.
  • The third set of numbers is the bank number, this number represents the financial institution. Each bank will have it’s own bank number.
  • The final numbers on the cheque is the account number for your bank account. This number is unique to your account and helps banks and employers ensure that money is moved appropriately.