Transfer of funds from one location to another has never been as easy and straightforward as it is now. The advent of technological advancement in financial and banking transactions has opened several channels and agencies that offer money transfer services from Canada to India, the UK, the United States, Nigeria and other countries worldwide.
You can transfer money to your friends, family, or business from the comfort of your home or with a simple walk into a bank or any other money transfer service provider. Before you can use any international money transfer service, it is essential to ascertain the reliability, trustworthiness, and effectiveness of such a provider.
Whatever your reason for sending money to any international location, there are several options available to use in executing your money transfer. We take a look at the best international money transfer services in Canada, including their features, rates, additional benefits, accessibility, and ease of usage.
International Money Transfer at a Glance
When you transfer money from Canada to someone in another country, it is known as a remittance. International money transfer or remittance implies sending money from one country to another (cross-border funds transfer).
Unlike domestic money transfer, sending money between different countries usually attracts service fees and other charges, depending on the payment method, transfer channel, amount to be transferred, and the recipient country.
There are several options available to Canadians to send money worldwide, from bank wire transfers to money transfer service providers. Therefore, when sending money out of Canada, you have the choice of using either one of the Big Canadian banks or an international money transfer company to execute your transfers.
Transfer of money from Canada to other countries using bank wire transfers is generally safe and reliable. Transfer service companies offer cheaper services compared to services provided by most banking institutions.
Canadian International Money Transfer Services
There are multiple available options for Canadians to send money overseas. This includes:
Banks
Sending money from your bank account (savings and chequing accounts) is easy and safe. When it comes to transferring money to another country, all you have to do is supply the recipient’s information and the transfer amount. However, banking institutions’ challenge is the exchange rates and high fees imposed on international money transfers.
Money Transfer Companies
Due to their relatively low fees, prompt service delivery, and competitive exchange rates, money transfer services have gained popularity among Canadians. They offer secure and affordable cross-border money transfers. Money transfer companies operate online and sometimes through physical branches.
Online Payment Solutions
Most payment solutions, like PayPal, MoneyGram, Western Union, etc., provide international money transfer services. Their rates are subject to the transfer amount, mode of payment, and the recipient’s country of residence, among other factors.
Best International Money Transfer Services in Canada
The best way to send money from Canada to any other country depends on certain factors, including
- The amount you want to send.
- The transfer speed or delivery urgency.
- The funding method for the transfer.
- The delivery channel, etc.
The best-rated international money transfer services in Canada include global money transfer companies and traditional banking institutions.
Disclaimer: Rates and product offerings are always changing so this article might not reflect the current market situation. Please contact your financial advisor before making any financial decisions.
1. Transferwise
Transferwise is the most trusted and popular money transfer service company in Canada due to its secure and convenient service delivery and transparent and affordable fees. Transferwise supports over 50 currencies. With over 9 million customers and a competitive mid-market exchange rate, Transferwise has changed the face of international money transfer.
To initiate international money transfers from Canada, Transferwise offers low rates when you use its platform either for business or personal. Although transaction fees and rates vary depending on how you send the money to fund your transfer on Transferwise, you can rest assured of getting one of the best rates in the market. Payment options available include Direct Debit, Credit Card, Debit Card, Bill Payment, and Bank Wire Transfer.
When you use Transferwise for your international money transfer, you could save up to eight times what other banks may charge you per transaction. Besides, Transferwise’s Borderless multicurrency account helps you to manage, hold, and send multiple currencies, all from the same account. This is done by connecting local bank accounts worldwide; hence, removing unnecessary international transfer fees.
Key Features
- The minimum transfer is $1, and the maximum transfer is $1,500,000.
- You can initiate transfer online using the Transferwise web platform or its mobile app.
- Enjoy mid-market exchange rate with no additional or hidden charges – zero mark-up.
- International delivery to over 50 countries and currencies.
- Simple and convenient account opening and funds transfer process.
- Competitive fees and rates depending on the payment method, recipient country and currency, and transfer amount. Transferwise fees are generally cheap.
2. RBC Royal Bank International Wire Transfer
RBC offers a way to send or receive a large sum of money conveniently and securely, using its Wire Transfer channel. You can use the RBC wire transfer method to send money from Canada to anywhere in the world and any currency.
To send a wire transfer in RBC, you’ll need to provide:
- The beneficiary Transit Number.
- The beneficiary Account Number -IBAN (International Bank Account Numbers).
- The beneficiary’s name and address.
- The amount of money you want to transfer.
Key Features
- The daily limit for international money transfers is $2,500.
- Typically takes 2-5 business days for the recipient to access the funds.
- To make an international transfer, you must be an RBC Royal Bank chequing or savings account holder and access RBC online banking or the RBC Mobile app.
- Secure transfer delivery.
- A flat rate of $13.50 per transaction.
- Access to send money to over 200 countries
- Make international money transfer through RBC online banking or the RBC mobile banking app.
3. TD Bank International Money Transfers (TD Global Transfer)
There are multiple options available for international money transfers on the TD Bank platform. TD Global Transfer is designed for TD customers to initiate international money transfers with different methods for the sender’s convenience and the recipient of the money.
Key Features
- Send money to recipients’ bank account in over150 countries and territories using TD Global Bank Transfer. This typically takes 1-5 business days for delivery, with a maximum international transfer of $6,500 Cad per day.
- Send money to recipients for cash pickup at over 500,000 Western Union Agent locations in more than 200 countries and territories. This typically takes 2-4 hours, with a maximum daily transfer of $999.99.
- Send money with Visa Direct to your recipient’s Visa Debit Card, Visa Credit Card, or Reloadable Prepaid Visa Card in over 170 countries and territories. This typically takes 24-48 hours or more for delivery, with a maximum transaction of $2,500 every 24 hours.
- Transaction fees may be up to $25 per transaction. Transaction fees vary depending on the transfer amount, recipient’s country and currency.
- Make international money transfers using EasyWeb and the TD Mobile app.
4. Scotiabank International Money Transfer
Scotia International Money Transfer is a service that allows Canadians to send international money transfers directly to the recipient’s bank account.
As a Scotiabank chequing or savings account holder, you can directly initiate an international money transfer from your bank account balance. Alternatively, Scotiabank lets you transfer money to another country using Western Union.
Key Features
- Send money to recipient’s bank account worldwide with Scotia International Money Transfer.
- The recipient receives the funds within 1-3 business days.
- The minimum transfer is $100.
- The transaction fee is $1.99.
- Alternatively, make an international money transfer to recipients for cash pickup through Western Union in over 200 countries and 500,000 Agent locations. The expected time of delivery is 2-4 hours.
- Make international money transfers using the Scotiabank online banking or mobile app.
5. Bank of Montreal (BMO) International Money Transfer
BMO offers two distinct convenient, and secure ways to transfer money internationally using electronic wire transfer services (Wire Payments) and Western Union Money Transfer.
Key Features
- Send money to recipients worldwide through BMO Bank Wire Transfer from your BMO chequing or savings account. The expected delivery date is 2-5 business days.
- Send money to recipients through Western Union Money Transfer in over 200 countries and territories.
- The maximum daily transaction limit for Western Union is $999.
- No specified maximum transfer limit for wire transfers.
- Make international money transfers using BMO online banking.
6. CIBC Global Money Transfer
With CIBC international money transfer service, you can send money to other countries through the CIBC Global Money Transfer. The Global Money Transfer lets you send money to over 120 counties with no transfer fee.
Key Features
- Send money abroad with no transfer fee.
- Must have a CIBC chequing, savings, or line of credit account to initiate Global Money Transfer.
- Send up to $30,000 at a time.
- The minimum transfer amount is $100.
- The expected day of delivery is 1-3 business days.
- Make Global Money Transfer using CIBC Online Banking or CIBC Mobile app.
7. Western Union Money Transfer
You can initiate an international money transfer using the Western Union Money Transfer service. It has a global acceptance for fast delivery, with over 500,000 Agent locations in more than 200 countries and territories worldwide.
Key Features
- Global money transfer service in over 200 countries and territories.
- Fast funds transfer delivery – same-day delivery.
- Make international funds transfer using the Western Union Money Transfer app, Bank transfer, cash, credit or debit card, or Apple Pay.
- Supports multiple currency transfers.
- Send money to the recipient’s bank account, mobile wallet, or cash pick up.
8. World Remit
World Remit is an international money transfer company that lets you send money to over 150 countries for cash pick up, bank deposit, mobile wallet, or airtime top-up.
Key Features
- Make international money transfer to over 150 countries.
- Fund your transfer using credit cards, debit cards, prepaid cards, or Apple Pay.
- No minimum transfer amount.
- The maximum transfer amount varies depending on the recipient’s country.
- Make international money transfers using the World Remit Mobile app.
9. OFX
OFX is a money transfer platform that lets you send money internationally with no transfer fees. OFX is suitable for large amounts of transfers with a variety of options for secure and fast transfers.
Key Features
- No transfer fees, but OFX charges a small exchange rate mark-up.
- Supports over 55 currencies.
- Send money to over 195 countries worldwide.
- Make international money transfer using the OFX website, mobile app, or via bank account.
- Track your funds’ transfer on the OFX app, website, SMS or email notifications.
International Money Transfer FAQs
How do I send money overseas from Canada?
To use bank service, log in to your bank’s website or mobile app and find their international money transfers section. Recipient details – fill in the bank details of the recipient of the money. Most often, the transfer will be a SWIFT transfer.
Alternatively, you can use a money transfer service company. Go to the website or mobile app of the service provider and follow the international money transfer instructions.
How much money can I send internationally?
In most cases, it’s the banks and money transfer services that typically have their transfer limits, which can vary widely depending on the transfer’s nature. Your bank may limit you to transferring $5,000 per day or more or may have no limits at all.
How much money can I transfer to Canada?
There is no legal limit to the amount you can transfer into Canada – but your money transfer provider or bank may impose its maximums. For large transfers, encourage your sender to use a provider with no transfer limit.
Can I transfer money from one bank to another in Canada?
You can transfer money between banks through your financial institution or an app. To transfer money between banks, you’ll need the Routing numbers for the accounts, account numbers, savings/checking account information, whether the bank accounts are personal or business, and the bank name.
