How to Send Money Internationally With a Credit Card (For Free)

If you have family abroad, you may have wondered how to send money internationally with a credit card. There are several services available that make sending money to other countries pretty easy, but what if you want to use your credit card? Are there as many options for this?

Canadians use credit cards for just about everything these days – and with good reason. It's one of the most convenient forms of payment, and being able to earn cash back and/or reward points makes it a heavily favoured option for many.

It makes sense, then, that you might want to use a credit card to send international money transfers too – especially if you can earn rewards on your transfers.

So we decided to take a look and see what can be done about sending money internationally with a credit card.

How to send money internationally with a credit card

As it turns out, there really aren't many options out there if you want to use your credit card to send money internationally, and they're typically only offered by the big banks.

For instance, you can move money with a CIBC Global Money Transfer if you have an eligible credit card account with CIBC. You can send up to $15,000 CAD per transaction or up to your credit limit (if it's under $15,000) in a 24-hour period, and only primary cardholders are able to transfer money from the card.

Similarly, Simplii, the all-digital banking division of CIBC, also offers a global money transfer service. For example, the Simplii Financial™ Global Money Transfer allows you to transfer money from your Simplii Visa with no transfer fees and you earn 0.5% cash back when you send money with the Simplii Financial Cash Back Visa Card.

Let's take a look at how Simplii's money transfer service works when you want to use a credit card.

How sending money internationally with a credit card works

The Simplii Financial Global Money Transfer service offers a few payment method options, including from your:

• Simplii No-Fee Chequing Account
• Personal line of credit
• Simplii Financial Cash Back Visa Card
• Foreign currency savings account
• USD savings account
• Secured line of credit

Of course, you have to be a Simplii client in the first place and have one or more of the above products, but notice the mention of the Simplii Financial Cash Back Visa Card? This makes it possible for you to send money to more than 130 countries using your credit card.

However, keep in mind that only the primary cardholder is eligible to use the Visa to send money internationally.

Here's how you can send money with your credit card, step by step:

• The first step to sending money internationally with Simplii's GMT is to sign in to your account, either online or with the mobile app.
• Then, you choose the currency, country, and individual you'd like to send funds to.
• Finally, you'll enter the amount you're sending in Canadian dollars, so there's no confusion on your end.

It usually takes between 1 and 3 business days for your recipient to receive the funds. Most transfers are completed by the following business day, but some can take a bit longer.

It's as easy as that!

Are there any extra fees involved with Simplii GMT?

No, there are no transfer fees when you send money internationally with your credit card through Simplii GMT.

Of course, foreign exchange rates will apply. But Simplii won't charge any interest on a money transfer as long as you pay your balance off by the statement due date.

3 reasons to learn how to send money internationally with a credit card

Anyone wondering how to send money internationally with a credit card no doubt has specific reasons for why they prefer this method. As we briefly mentioned earlier, credit cards are quite valuable financial tools, so using them at every opportunity is important for many people.

Here are a few reasons why using a credit card to send international money transfers is a good idea.

1. Earn cash back

Compare promotional opportunities with financial institutions before you commit to one service. You might be able to earn a percentage of your transferred funds as cash back or you might get a flat rate reward based on how much money you send. For instance, the CIBC Global Money Transfer Service allows you to earn between $35 and $700 when you transfer $100 to $70,000.

You can also earn cash back with Simplii Financial. Using your Simplii Financial Cash Back Visa Card to send an international money transfer will earn you 0.5% in cash back rewards. Yes, sending money can actually make you money.

A Simplii GMT falls into the "all other credit card purchases" category, which means 0.5% cash back is earned each time you use your Simplii Financial Cash Back Visa Card to send funds to friends or family members abroad.

When you’re just using the credit card to make purchases, you’ll earn:

• 4% cash back on restaurants, up to $5,000 spend per year^†
• 1.5% cash back on groceries, gas, drugstores, and pre-authorized payments, up to $15,000 per year^†
• 0.5% cash back on all other purchases^†

Plus, you can earn a $125 referral bonus when a family member or friend uses your referral link to sign up for their own No-Fee Chequing Account or another eligible Simplii account.

2. An easy option for emergencies

If you need to send money to someone you love ASAP, it can be easier and faster to use your credit card to send money internationally than to figure out which of your bank accounts or other financial products is best to pull money from.

Especially if your bank account limits you to a certain number of transactions, a credit card can be a much better option for sending money abroad.

Besides, as mentioned above, you'll earn cash back by using your Simplii Financial Cash Back Visa Card, so it makes sense that it would be your emergency go-to.

3. Save on money transfer fees

Sending money abroad usually costs the sender. Interac, the popular wire-transfer service, charges around a dollar or two for each transfer, unless you have a premium account. If you're regularly sending money, these transfer fees can really add up.

Fortunately, you can avoid transfer fees by using the right credit card with a financial service that waives fees altogether.

Will you use your credit card to send money internationally?

If you've been trying to figure out how to send money internationally with a credit card, a global money transfer might just be the best solution for you.

Have you ever sent money abroad using your credit card? Have you used the Simplii GMT service? Have you used a big bank's GMT service? What was your experience like?

We love to hear from our readers, so feel free to share your thoughts with us in the comment section below.

FAQ

How can I send money internationally with a credit card?

If the bank that issued your credit card offers global money transfer services, log in to your card account and select the location/currency you want to send. Enter the amount and the recipient's details to complete the transaction. Generally, it takes 3 to 5 business days for the money to be transferred.

What is the best way to send money internationally?

The best way to send money abroad depends on how quickly you'd like your recipient to get it and the price you're willing to pay. A wire transfer is usually the fastest way to send the money, but it also costs the most. A global money transfer might be more convenient and cheaper, but it can take a few days.

Can you e-transfer internationally?

Yes, you can use your bank or credit card issuer's global money transfer services or pay for an Interac e-Transfer of funds. Interac works with Mastercard and National Bank to simplify money transfers abroad. The exact cost varies by transaction and financial institution.