Sending Money WorldWide The Right Way: A Guide to Sending Money Worldwide from Canada

People are more connected now than in any time before.

You can message someone half way across the world and in the blink of an eye they’ve received your communication and you can be conversing just as you would be face to face.

Technology has allowed us to become closer and bridge gaps that otherwise would be impossible.

This extends way beyond the casual e-mail or sending cherished photos to loved ones, we can also transfer money across vast space and time and in a flash, find it has entered the desired recipients account.

You may find you need to send money overseas to make payments for goods and services, or may be that you’re sending money to a family member as a gift.

Whatever the reason, as a Canadian resident you have a wealth of options available to assist with this, but none quite as easy to use and efficient as Curexe.

Foreign exchange fees are a nasty surprise that you may not be aware of, banks usually take 3.5% or upwards as a fee for these transactions, whereas here at Curexe, we charge a small fee of only 1%.

The compiled guide below will assist you in making the right choices with all the relevant information, so read on to find out just how easy it is to send money worldwide from Canada.

Bank of Canada Raises Interest Rates

A few days ago, the Bank of Canada raised their interest rate for the first time in seven years. Their new interest rate is 0.75 percent. The Bank of Canada’s previous interest rate before the hike was 0.50 percent. Interest rates hiked by a quarter.

After the Bank of Canada raised their interest rate, the prices of the Canadian dollar went up as well. The price of the Canadian dollar was up by $0.76 from the average on July 11, 2017.

The rising interest rates didn’t come as a shock to most people. The interest rate hike was expected after senior Bank of Canada officials discussed in speeches and interviews that lower interest rates had done their jobs and that the Canadian economy was doing well.

Bank of Canada governor Stephen Poloz acknowledged that the bank raised their interest rates despite inflation being lower than its target of two percent. He says that the bank thinks that the weakness in inflation is only temporary.

There are more disadvantages compared to advantages when banks raise their interest rates. Not everyone understands what it means, but it’s important to know.

People usually think about mortgages and saving accounts when they hear that interest rates are rising, but mortgages and saving accounts aren’t the only things impacted. Mortgages and saving accounts are the main things that impact the general public.

Individuals can easily compare changes in them by using websites and mortgage calculators to see how it impacts them.

Higher interest rates negatively impact homeowners, business owners, loan takers, the government, the stock market and the economy.

Canadian Startup Success Stories: Slack

It feels strange to use words like “beloved” when describing a workplace communication app. Words like “fanatic” and “superfan” also seem out of place for an application that people use in place of email in the workplace. However, Canadian startup Slack has won the hearts and minds of millions of teams in industries all over North America and around the world. The story of how they came to be a 3 billion dollar company from a failed video game developer is as compelling as any novel or Academy Award winning film. How did this small team of programmers and designers create one of the most widely used and universally adored workplace apps? Let’s go back to their humble beginnings and see what has made Slack one of Canada’s most successful enterprise software companies.

5 Ways that Canadian Importing and Exporting Businesses can Save Money

Importing and exporting companies aren’t necessarily at the mercy of tariffs and customs fees. There are plenty of other ways to help you save money through the rough waters of international trade.

A look into Canada’s Imports and Exports

In 2017, the United States sent goods to Canada to the tune of US$282.5 billion, which was up from 2016 by 5.9%.

Considering the numbers were much lower 10 years prior, it seems that Canada decided to speak with its southern neighbour a bit more.

You may wonder what it is that Canada is bringing in, and the answer may surprise you.

Canada’s Top 5 Imports

  • Vehicles: US$74.3 billion (17.2% of total imports)
  • Machinery including Computers: US$63.3 billion (14.6%)
  • Electrical Machinery, Equipment: US$42.8 billion (9.9%)
  • Mineral Fuels including Oil: US$29.7 billion (6.9%)
  • Plastics, Plastic Articles: US$16 billion (3.7%)

Canada’s Top 5 Exports

  • Mineral fuels including oil: US$84.6 billion (20.1% of total exports)
  • Vehicles: US$62.3 billion (14.8%)
  • Machinery including Computers: US$32.4 billion (7.7%)
  • Gems, Precious Metals: US$18.6 billion (4.4%)
  • Wood/Lumber: US$14.1 billion (3.3%)

Canada’s Top Trading Partners

  • United States: US$319.6 billion (76% of total Canadian exports)
  • China: US$18.2 billion (4.3%)
  • United Kingdom: US$13.6 billion (3.2%)
  • Japan: US$9.1 billion (2.2%)
  • Mexico: US$6 billion (1.4%)


The US Trade War Is Effecting Canadian Importers and Exporters in a Negative Way

With the current steel and aluminum import tariffs, Ontario and Quebec are feeling the impact the worst of all the Canadian provinces.

The Huffington Post reported that last year these two provinces were responsible for $13.3 billion in exports to the US in steel and aluminum alone.

Some businesses may already be feeling the pain from the turmoil and with no end in sight, things can only get worse for Canadians.

Local small businesses that rely on US suppliers and customers will soon be caught in the middle of the impending trade war.

What does that mean for import/export businesses?

This means that small businesses in Canada have to find any way they can to save on expenses caused by the trade war.

Small businesses need a way to shield themselves from the financial impact of the present and future tariffs.

With 76% of all Canadian exports going to the US, any tariffs placed on this trade relationship would have devastating effects on the Canadian economy. In the above mentioned steel and aluminum tariffs, the cost to the Canadian economy per year could reach US$3.2 billion.

If we analyze a couple of different aspects of importing and exporting companies, there will be plenty of instances where costs can be cut or current processes can be improved.

How can import/export businesses save money?


Use the correct HS Code:

The Harmonized Commodity Description and Coding System, or HS Code is the international standard for tariff nomenclature. It identifies the tariffs paid for each type of good or service traded between countries. It is regulated by an independent body, the World Customs Organization (WCO).

While it seems simple enough, countless companies use the wrong HS Code and end up paying more on tariffs than they need to.

HS Codes can be very complicated. They are 6–10 digits long, divided into 21 sections, and then divided again into 97 chapters.

If you’re in Canada, you can go to Canada Post to find the right HS Codes for your company.

Regulatory Compliance:

It’s definitely not the most exciting part of any business, but non-compliance with sovereign nations’ regulations could land any company in a lot of trouble not just legally, but also economically.

The most obvious way to ensure compliance is to retain compliance services. However regardless, anyone involved in the import and export industry must have a clear understanding of the international trade rules in their respective sector. A good place to start would be checking out a general guide to international trade rules.


The most obvious way to reduce expenditures is by negotiating better pricing with vendors and suppliers. The less you pay, the more you save.

Make sure that you maintain an open line of communication with all members of your supply chain:

In order to do this efficiently and to build a lasting rapport, you should make sure that you understand the industry jargon, and that you have researched your suppliers’ actual costs.

Understanding the language used will make you seem more knowledgeable and your contacts will respect you more. If you know what your suppliers are paying, you will be able to negotiate with a thorough understanding of just how much wiggle room you have.

Pitch your suppliers with a mutually beneficial agreement:

If you can offer a way for your suppliers to earn more money with you, you will be able to create a mutually beneficial relationship with them. The easiest way to do this is to spend more. They have supplies, and their objective is to sell as much as they can. If you’re able to purchase more from them, then you can leverage this into volume discounts.

If the supplier really won’t budge on pricing, you can always negotiate decreased down payments, increased length of warranty or delayed payments.

Communicate with multiple suppliers:

Talking to different suppliers in your industry will give you two advantages —

i) You will better understand the average market expenses. If you understand your market’s economics and you check your suppliers’ costs you will be able to negotiate lighter costs on your own company.

ii) Having options is always beneficial. You can enter any supplier negotiation with more confidence, knowing that you have other options to explore.

Ultimately, having an understanding of your suppliers’ markets will put you in a better bargaining position. Suppliers will see you as desirable and respectable, and your knowledge will help you streamline your processes and contract negotiations.


This one is simple: Set your shipping guidelines based on shipping rates around the world.

Don’t wait until after you have shipped out your product to find out what the cost will be. Research the rates ahead of time and save yourself the headache!

Diversify your shipping channels:

Research different companies for all of your products. This way you can offer real-time shipping rates. With this knowledge, you can also charge flat rate shipping. Although, this method should really only be used if you’re fairly consistent with products that you’re shipping, and the amounts.






Use a fulfillment warehouse:

Outsourcing shipping fulfillment is not for everyone but it is definitely something to consider for smaller companies. Due to the volume and frequency of shipping performed by fulfillment warehouses, they can offer two advantages.

i) Cheaper Shipping Rates
ii) Shorter Shipping Times

Be mindful though. There can be additional fees associated with fulfillment warehouses. These are known as ‘pick and pack fees’.

Make sure you understand all of the aspects and options involved in shipping before you set your shipping guidelines and policies.


Packaging Labels:


Each country tends to have their own laws surrounding the issue of packaging labels.

So by labeling packages correctly you are not only being compliant, but you can also streamline the time that your packages will be held by customs.

It can be something as simple as helping customs identify the contents of your shipment by labeling it in their language.

Reduce Returns and Chargebacks:

Chargebacks occur when a customer calls their bank and asks for their money back after making the purchase.

The Bank will always favour the customer at first and refund the funds.

To get the money back from your customer you will have to file a dispute. It can take anywhere from 2–4 months to settle the dispute.

The best way to deal with this is to reduce the number of chargebacks against your company.


You might be asking yourself how you can just reduce the fees on your payment processing. You can’t just ask the bank for a reduced money transfer rate.

What you can do is look into different fintech companies to help you with foreign currency exchange to make international payments.

A perfect example is Curexe.

If you need to send Euros to Spain, or any other neighbouring country, Curexe has you covered!

Normally, especially as a small business — it can be a pain to have to transfer through a bank. Even if you decide to pair up with a foreign exchange company, the fees will be exorbitant.

With Curexe, you get charged a maximum of a 1.00% fee, and they will go as low as 0.3% for larger transactions.

Curexe also helps by showing you which days of the month to transfer in order to save money.


International trade companies are constantly subject to the whims of government regulation. Tariffs can be a pain, but that doesn’t mean you have to bite the financial bullet. I hope this helps you save money while you operate your import/export business.

For further reading, check out this blog post from Universal Cargo.

Canadian Startup Success Stories: Hootsuite

As part of our new series about Canadian Startups, today we are going to take a look at social media client creator Hootsuite. In an era where most apps that manage social media accounts have faded into mobile history, Hootsuite crossed the 2 million user mark within their first three years. Their continued success and longevity in a volatile market can be attributed to their iron-clad commitment to standing by a an ideal until it becomes reality. It has achieved on-par status with numerous other tech giants thanks to their software-as-service/free-to-premium strategy.

While their heavyweight competitors like Evernote and Dropbox are also still on the rise well past their two million user milestone, Hootsuite has still showed no signs of slowing even in the face of such fierce competition. Their secret sauce for growth is an amalgam of international expansion, community building, and targeted outreach for crowd-sourced multi-language support.

How did this small Canadian mobile software developer achieve their current success so rapidly though? What is the story behind the rise to stardom? Here is a rundown.

What Opportunities Could Brexit Provide for Canadian Businesses?

With its Brexit vote in June 2016, the United Kingdom voted to leave the European Union.

The decision immediately sent shockwaves throughout the entire world.

In Canada, economic experts began weighing the impact Brexit decision has on Canadian businesses.

Many people focused on the potential negative impacts.

While this is normal after any major worldwide financial news, should Canadian businesses take a similar, negative outlook on the future?

Rather, can Canada’s businesses take advantage of emerging opportunities in the wake of the Brexit vote?

Small Business is the Backbone of Canada’s Economy

Politicians around the globe seem to go on and on about small businesses but in Canada they do so with good reason. You see – small business is the backbone of the Canadian economy.

Of the 12 million people employed in the Canadian private sector, 68.3% of them are employed by SMEs (Small Enterprises). If you look at the numbers behind this it means that around 8.2 million people in Canada are employed by SMEs. If we look at the wages this generates it paints an interesting picture:

Taking an average wage of around $50,000 and apply that to the numbers employed by the private sector, the wages generated by private sector SMEs totals a whopping $410 billion. (Article continues below)

Canadian Small Business

Sell More on Amazon with These Hacks from the Experts

More than half of shoppers turn to Amazon when they buy products online.

More than half!

They turn to Amazon even before going to Google.


… you need to be on Amazon!

However, as we all know, there is no point reinventing the wheel. If there is a tried and tested solution, you should go with the tried and tested solution.

With that in mind, we hit up some leading experts when it comes to selling on Amazon and asked them for their top tips to sell more on Amazon.