In today’s connected world, sending money across borders from Canada is easier than ever. Whether you’re supporting family overseas, paying for international tuition, or settling business deals, choosing the right method can save you time, money, and hassle. With options ranging from traditional banks to modern apps, it’s crucial to understand fees, exchange rates, speed, and security.
This guide breaks down the best ways to transfer funds internationally from Canada in 2025, based on current services, costs, and user experiences. We’ll explain each option simply, compare them, and share tips to make your transfers smooth and cost-effective.
Why Choose the Right International Transfer Method?
International money transfers involve converting Canadian dollars (CAD) to another currency, which can lead to hidden costs if you’re not careful. Key factors to consider:
- Fees: Upfront transfer fees, plus any intermediary bank charges.
- Exchange Rates: Banks and services often add a markup to the mid-market rate (the real rate you see on Google), increasing costs by 2-5%.
- Speed: Some transfers arrive in minutes; others take days.
- Limits and Convenience: Daily caps, app vs. in-person, and recipient options like bank deposit or cash pickup.
- Security: Look for regulated providers with encryption and fraud protection.
On average, using a specialist service can be 46% cheaper than banks, according to industry data. Let’s explore the top options.
Top Options for Sending Money Internationally from Canada
1. Online Money Transfer Services (Best for Low Costs and Speed)
These digital platforms are often the most efficient, offering better rates and lower fees than banks. They’re ideal for frequent or small transfers.
- Wise (Formerly TransferWise): Wise stands out for transparency. It uses the mid-market exchange rate with no markup, charging only a low fee (typically 0.5-1% of the amount). For example, sending $1,000 CAD to the US might cost around $5-7, arriving in hours or days. Setup is quick via app or website: create an account, enter recipient details (bank account or Wise user), and pay via bank transfer, Interac e-Transfer, or card. Pros: Supports 50+ currencies, multi-currency account option, fast (64% under 20 seconds). Cons: No cash pickup. Best for: Everyday transfers to bank accounts in 80+ countries.
- Remitly: Great for immigrants and families, Remitly allows sends to 170+ countries with options like bank deposit, cash pickup, or mobile wallets. Fees start low (often $0 for first transfer), but exchange rates have a small markup. Pay via Interac e-Transfer for convenience. Example: Sending to India could arrive in minutes for urgent needs. Pros: Promotional rates for new users, 24/7 support. Cons: Higher costs for express delivery. Best for: Quick sends to Asia or Latin America.
- WorldRemit: Similar to Remitly, it covers 130+ countries with bank transfers, cash pickup, or mobile top-ups. Fees are upfront (around 1-2%), and rates are competitive. Sign up online, verify ID, and send in minutes. Pros: Multiple payout methods, app-based tracking. Cons: Limits vary by country. Best for: Flexible delivery options.
- OFX: Suited for larger amounts (minimum $150), OFX offers no transfer fees and strong rates for 200+ currencies. Transfers take 1-3 days. Pros: 24/7 support, high limits. Cons: Bank-to-bank only, no card funding. Best for: Big transfers like property payments.
- Xoom (by PayPal): Integrated with PayPal, it’s fast for sends to 160+ countries. Fees are low if funded by bank/PayPal balance (0-3% markup), but higher with cards. Pros: Minutes delivery, cash pickup available. Cons: Not always the cheapest. Best for: PayPal users needing speed.
2. Bank Transfers (Convenient but Often Costlier)
Major Canadian banks offer international wires through apps or online banking, with some waiving fees for digital sends. However, they add 2-5% to exchange rates, making them pricier overall.
- CIBC Global Money Transfer: Send to 130+ countries with $0 transfer fee from chequing, savings, or credit card. Limits up to $75,000/day. Pros: No fee, easy app integration. Cons: Exchange rate markup (up to 2.5%), 1-5 days delivery. Best for: Existing CIBC customers sending small amounts.
- RBC International Money Transfer: No fee for online sends up to $50,000/day to 200+ countries. Use app for 2-step verification. Pros: Secure, fast (2 days average). Cons: Markup on rates, intermediary fees possible. Best for: RBC clients.
- Scotiabank International Money Transfer: $1.99 fee (waived for premium accounts), sends to 50+ countries in 1-5 days. Pros: Low fee, app-based. Cons: Limited countries, rate markup. Best for: Newcomers or ultimate package holders.
- BMO Global Money Transfer: Low fees ($0-10), transparent rates shown upfront. Send from CAD or USD accounts. Pros: Save recipient details for repeats. Cons: Slower for non-digital. Best for: US transfers.
- TD Global Transfer: Similar to others, no fee for app sends, but markups apply. Pros: Easy for TD users. Cons: Variable limits.
Banks are reliable for large sums but compare rates— a $10,000 transfer could cost $200-500 extra in hidden fees.
3. Traditional Services (For Cash Pickup)
- Western Union: Vast network in 200+ countries, with cash pickup at agents. Pay online, app, or in-person. Fees vary (e.g., $5-20), plus markup. Pros: Instant in many cases, no recipient account needed. Cons: Higher overall costs. Best for: Emergencies.
- MoneyGram: Similar to WU, with zero fees on first transfer and superior rates initially. Send to 200+ countries. Pros: Quick, global reach. Cons: Fees add up over time.
Comparison of Best Options
Here’s a quick table to compare key features (based on sending $1,000 CAD to USD; actual costs vary):
| Service | Transfer Fee | Exchange Rate Markup | Speed | Countries | Best For |
|---|---|---|---|---|---|
| Wise | ~$5-7 | 0% | Seconds-Days | 80+ | Low-cost bank transfers |
| Remitly | $0-5 | 1-2% | Minutes-Hours | 170+ | Family remittances |
| CIBC | $0 | 2-3% | 1-5 Days | 130+ | Bank users |
| Western Union | $5-20 | 1-3% | Minutes | 200+ | Cash pickup |
| OFX | $0 | Low | 1-3 Days | 200+ | Large amounts |
Use online calculators on each site for exact quotes.
Tips for Safe and Efficient Transfers
- Compare Always: Use tools like Exiap or NerdWallet to shop around.
- Verify Details: Double-check recipient info to avoid delays.
- Watch Limits: Most services have daily caps; split large amounts if needed.
- Taxes and Reporting: Transfers over $10,000 may require FINTRAC reporting in Canada.
- Security First: Choose licensed providers (e.g., regulated by FINTRAC). Avoid sharing sensitive info via email.
- Promotions: New users often get fee waivers—check apps.
- Alternatives for US: For Canada-US, use RBC’s free instant transfers or Interac for low fees.
Also check:
Conclusion
Sending money internationally from Canada doesn’t have to be expensive or complicated. For most people, Wise offers the best balance of low costs, speed, and transparency. If you need cash pickup, go with Western Union or MoneyGram. Bank options like CIBC or RBC are handy if you’re already a customer, but watch for hidden rate markups. Always calculate total costs and read terms before sending. With these options, you can keep more money where it belongs-with your loved ones or business partners.