National Bank, one of Canada’s largest and oldest financial institutions, is offering its users a more natural way to send money abroad, thanks to the new feature announced by the bank in May. The new International Transfer by Mastercard and Interac is a joint, cross-border solution for Canadians to send money to bank accounts located outside of the country.
Until now, in most circumstances, sending money to friends or family outside of Canada was a complicated process that involved wire transfers and surcharges. The International Transfer by Mastercard and Interac feature allows Canadian customers to quickly send money to friends and family in 19 destination countries, with more being added to that list regularly.
This new and rare transfer capability is excellent for Canadians needing to send money overseas to friends or family travelling abroad or to pay for goods or services internationally.
How International Transfer by Mastercard and Interac works
To send an international payment, you must be an existing National Bank customer and have an account with a sufficient balance to cover the amount you wish to transfer. If you’re already a customer, you can send money from your online banking portal. The process is very similar to the popular Interac e-Transfer, a method of transferring money within Canada.
When you choose to send an International Transfer by Mastercard and Interac, instead of sending money locally, you’ll be able to designate an international recipient. Eventually, National Bank plans to expand the service to mobile wallets and cards for even greater flexibility.
Affordable international money transfers
Until recently, sending money abroad could be subject to fees and surcharges, often making the process expensive and necessitating the transfer of more considerable sums. With International Transfers by Mastercard and Interac, you’ll only pay $5.99 per transfer. Plus, the bank will waive all fees until July 31, 2020.
Is International Transfer safe?
The international remittance service is a safe way to send money cross-border. To ensure the highest level of security and reliability for its customers, National Bank has partnered with Mastercard and Interac, two brands with unbeatable reputations.
“Interac e-Transfer is the go-to way to move your money securely in Canada, as represented by the millions of people who use it each day for their personal and business affairs,” said Peter Maoloni, vice president, Product & Platform Delivery, Interac Corp. “We think this offering with Mastercard and National Bank to offer a cross-border solution that will leverage the trust and reliability of the Interac e-Transfer brand, will be a game-changer in international remittance – making it easier for financial institutions to connect to the networks, and for their customers to move their money internationally,” he said in a release.
Do other institutions offer International Transfer?
National Bank customers have access to a full suite of financial products, including chequing and savings accounts, credit cards, and mortgages. And, for now, they are the only customers who may access the easy and convenient service, International Transfer. That said, International Transfer by Mastercard and Interac will eventually be available through other financial institutions in Canada.
Should you use International Transfer?
If you are an existing National Bank customer who needs to send money internationally, this new feature is perfect for you. If you aren’t yet a customer of National Bank, you could stand to save a significant amount in fees, depending on how often you send money overseas. Either way, this method of transferring funds is sure to streamline your finances while keeping your money safe.