Review: Calforex international money transfers

Quick verdict

Good for

• Foreign exchange
• Business transfers
• Tuition payments
• Buyback program

Not so great for

• Competitive rates
• Transparent fees
• Personal transfers
• Fast service

Calforex exchange rates and fees

Calforex offers three main services: foreign exchange, business transfers and wire transfers. They don’t post their exchange rates or fees online, so it’s difficult to say how competitive they are. Based on the rates and fees of similar companies, It’s likely that they’re on par with the banks and more expensive than specialist money transfer services.

If you’re sending a wire or business transfer overseas, Calforex likely adds a 2-5% margin onto the mid-market exchange rate (aka the rate that the banks trade at). This means your transaction could end up costing hundreds of dollars more than with a specialist money transfer company, depending on how much you send.

Available currencies

Calforex allows you to send money overseas via wire transfer, but you’ll need a business or student account to send online money transfers through their SHiFT platform. You can send most major currencies, including:

Calforex also carries over 100 foreign currencies on location for exchange purposes.

What types of transfers can you make with Calforex?

Currently, Calforex only offers business transfers, wire transfers and tuition payments, although they’re working on introducing personal transfers through SHiFT. They don’t appear to have Forex options like forward contracts or limit orders, which would allow you to lock in a favourable exchange rate for the future.

You can send money directly to your recipient’s bank account so long as you know their banking information, including bank name, account number and SWIFT or IBAN code. Alternatively, you can specify the university you want to pay from their drop-down list.

Is Calforex safe to use?

• Where is Calforex regulated?

  Country	Regulated by
  Canada	Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

How does Calforex make money?

Calforex makes its money by charging a spread on the exchange rate. They don’t post their exchange rates or fees online, so it’s hard to say how competitive they are. Similar currency exchange services add a 2-5% margin onto the mid-market exchange rate (aka the rate that the banks trade at).

For example, if the mid-market rate to send CAD to USD is $0.751, the bank will offer you a rate of $0.735. This means that they get to keep $0.016 on every dollar you exchange. On a transfer of $10,000, this can rack up an extra cost of $160.

How to register an account

You can register for a business account online or by visiting one of Calforex’s kiosks. To register online, you’ll need to provide details like the type of business you own along with the business number. Once you’re all set up, you’ll be able to send transfers through their online platform.

If you’re looking to send a wire transfer, you’ll have to visit an agent to provide your personal details and payment information

What is Calforex?

Calforex is primarily a foreign currency exchange with limited money transfer options. It has locations in Calgary, Edmonton, Ottawa, Toronto, Montreal and Victoria.

How does Calforex compare to other providers?

Calforex is just one among many banks and specialist companies offering international money transfers.

FAQs

• Does Calforex have an app?

  Sort of. Their money transfers are carried out through the SHiFT money transfers app.

• How long will my transfer take to arrive?

  Online transfers with Calforex can take between 1 – 3 days to process before they’re deposited into your recipient’s bank account.