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Canadians Send Money to These 5 Countries
December 7, 2018 , by Kyle Rammler
See Where Canadians Send the Most Remittances
For over 30 years, Continental has been the local go-to place for sending remittances to loved ones abroad. Whether sending money to friends, families, or communities, remittances from Canadians can make a huge difference in the lives of the receivers – and Continental is here to help.
What is a Remittance?
A remittance is an international money transfer made by an expatriate to a friend, family member, or community, usually in their home-country. According to a 2016 survey by StatsCanada, 1.6 million Canadian households send approximately $500.00 in remittances to loved ones outside of Canada every year.
Remittances allow people to work higher-wage jobs in rich countries (like Canada) and support their friends, families, and sometimes entire communities back home. Remittances are often invested in daily living costs like food and necessities, education, health services, and businesses. The importance of remittances cannot be overstated. For many countries, remittances account for sizable proportions of the GDP.
Where Do Canadians Send Remittances?
According to data assembled by Canadian International Development Platform in 2016, the most popular countries to receive remittances from Canada are (in order); China, India, Philippines, France, and Italy.
Send Money to China
Canadian households sent the most in remittances to China in 2016. Approximately $3.9 billion was sent from Canada to China – making it the most popular country to receive remittances from Canada. According to StatsCanada’s 2016 census, There are 1,577,060 Chinese individuals living in Canada – making up 20.5% of the visible minority population in Canada.
Send Money to India
The second most popular country for Canadian households to send remittances to is India. In 2016, India received approximately $3.5 billion annually from senders in Canada. According to The Canadian Magazine of Immigration, 323,746 Indian immigrants came to Canada between 2006 and 2015 – with growing numbers each year.
Send Money to the Philippines
Canadian households send approximately $2 billion annually in remittances to the Philippines – making it the third most popular country to receive remittances from Canada. The 2016 census showed that 837,130 people of Filipino origin live in Canada.
Send Money to France
France is the fourth most popular country to receive remittances from Canada. As a primarily French-speaking province, Quebec is home to the majority of French migrants and foreign workers in Canada.
Send Money to Italy
Finally, Italy is the fifth most popular country that Canadians send money to. According to the Canadian Magazine of Immigration, there were 256,825 Italian immigrants to Canada in 2011. Additionally, Italian-Canadians make up a large portion of the population – with about 1.6 million Canadians of Italian descent – many of which reside in the GTA.
How Much Does it Cost to Send Money from Canada?
There are additional costs besides the actual dollar amount that is remitted. Senders spend extra money on converting their currency and on wire fees. The World Bank estimates that the average cost of remittances is $7.60 USD per transfer.
For anyone sending regular remittances, Pre-Authorized Debt and Deposit is a great option. Safe, reliable, and automatic payments take the work out of sending remittances.
One of Continental’s services and specialties is outgoing wires. We offer safe, low-cost, and reliable money transfers anywhere in the world. Plus, we have the best exchange rates guaranteed, so you’ll also save money if you’re converting your currency.
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