An international money transfer moves money from a Canadian account to a person or business in another country, usually into a foreign bank account, a mobile wallet or a cash pickup counter. The Financial Consumer Agency of Canada (FCAC) calls it “sending a remittance.” This page explains how the cost is built, compares ten services by what each one publishes about itself, and gives a checklist for comparing two quotes. Cost rules come from the FCAC, registration rules from FINTRAC, and provider facts from each provider’s own page, read on October 11, 2026 unless another date is shown. This page is general education, not financial advice.
How much does an international money transfer cost?
An international money transfer costs two things: a transfer fee and an exchange-rate markup. The FCAC warns that “some businesses make a profit on money transfers by charging a higher than usual exchange rate.”
How to read this table: Paraphrased closely from the FCAC page 'Sending money to someone in another country'; the quoted wording is in the source record.
| Cost | What the FCAC says | Where it shows up |
|---|---|---|
| Transfer fee | Some businesses and financial institutions charge a flat fee for sending money; others charge different fees depending on the amount sent. Fees may also differ by payment method. | Shown before you pay. Banks and other federally regulated financial institutions must tell you how much they will charge to send money abroad. |
| Exchange rate | Some businesses make a profit on money transfers by charging a higher than usual exchange rate. | Ask about the exchange rate and compare it with the rate of other currency exchange businesses. |
| Charges at the receiving end | The recipient may have to pay a fee or tax to collect the money, on top of the fees paid to send it. | Not included in the sending fee a Canadian bank discloses; ask the recipient's bank or pickup agent. |
| Credit card costs | Paying for a transfer with a credit card may be treated as a cash advance, with no interest-free period and usually a higher interest rate. | In the credit card agreement, not in the transfer quote. |
| Speed | Delivery may take from a few minutes to a few days; a faster option usually costs more. | Shown as a delivery estimate before you pay. |
Source: Sending money to someone in another country — what a remittance is (Financial Consumer Agency of Canada); Sending money to someone in another country — fee disclosure (Financial Consumer Agency of Canada); Sending money to someone in another country — how fees differ (Financial Consumer Agency of Canada); Sending money to someone in another country — payment method (Financial Consumer Agency of Canada); Sending money to someone in another country — exchange rate (Financial Consumer Agency of Canada); Sending money to someone in another country — exchange-rate timing (Financial Consumer Agency of Canada); Sending money to someone in another country — credit card cash advances (Financial Consumer Agency of Canada); Sending money to someone in another country — delivery time (Financial Consumer Agency of Canada); Sending money to someone in another country — faster delivery (Financial Consumer Agency of Canada); Sending money to someone in another country — cost of receiving (Financial Consumer Agency of Canada); Sending money to someone in another country — receipt and transaction number (Financial Consumer Agency of Canada); Sending money to someone in another country — complaints (Financial Consumer Agency of Canada); Sending money to someone in another country — provincially regulated businesses (Financial Consumer Agency of Canada); Money services businesses (MSBs) — purpose of the obligations (FINTRAC); Money services businesses (MSBs) — remitting or transmitting funds (FINTRAC); Money services businesses (MSBs) — registration (FINTRAC). In effect from October 16, 2025; checked October 11, 2026.
The fee is the visible part. The FCAC says some businesses charge a flat fee and others charge different fees depending on the amount, and that fees may differ by payment method. The exchange rate is the less visible part: a provider can advertise no fee and still earn money on the gap between the rate it gives you and the rate currencies trade at between banks. Western Union says so on its own Canadian site: Western Union also makes money from currency exchange. Three more costs sit outside the quote. The recipient may pay a fee or tax to collect the money. A credit card payment may be treated as a cash advance. And a faster delivery option usually costs more.
The practical consequence: the number that captures both costs is the amount the recipient receives for the Canadian dollars you pay, not the fee line.
A flat fee weighs more on a small transfer
A flat fee takes a bigger share of a small transfer than a large one. CIBC’s wire fee for amounts of $10,000 or less is $30. On a hypothetical $500 wire, that fee alone is 6% of the money sent; on a hypothetical $10,000 wire it is 0.3%. Neither figure includes the exchange rate or any fee taken by other banks along the way.
International money transfer services at a glance
| Feature | Transfer fee (as published) | Exchange rate | Reach | Speed or limit |
|---|---|---|---|---|
| Wise | from 0.19% | the live mid-market rate | Listed for each currency on its site | Shown in the quote before you pay |
| Remitly | India: $1.99 on transfers below $500 and $0 on transfers of $500 or more (October 11, 2026) | Remitly's own rate; a promotional rate can apply to new customers | more than 175 countries | delivered on time, or Remitly refunds its fees |
| Western Union | Shown in its price estimator; not published as a table | Western Union also makes money from currency exchange | over 200 countries and territories | more than 500,000 agent locations |
| WorldRemit | Shown upfront in the calculator; depends on the receiving country, the receive method and how the transfer is paid for | Shown in its currency converter | over 130 countries | within minutes in most cases, though some transfers take longer depending on the receive method |
| Xe | Shown in the quote; card payments come with a small additional fee | the mid-market rate in Xe's converter is not the rate received when sending money | over 170 countries in more than 100 currencies | the same day for most transfers, with some recipient banks taking 1 to 4 days |
| EQ Bank | a fee charged by Wise, the third-party service that powers the transfers | The real exchange rate, with no markup (EQ Bank's wording) | 49 currencies | within 3 business days, and sometimes instantly |
| RBC International Money Transfer | $0 transfer fee | RBC's own exchange rate | more than 200 countries | $50,000 CAD equivalent per day |
| CIBC Global Money Transfer | no transfer fee; CIBC's standard foreign exchange rates apply | CIBC's standard foreign exchange rates | more than 130 countries | $100,000 per transaction for most countries |
| TD Global Transfer | no TD transfer fee | TD's own exchange rate | Bank account, Visa card or Western Union cash pickup | $10,000 per transaction every 24 hours |
| Scotiabank International Money Transfer | a $1.99 transfer fee that Scotiabank is currently waiving | Scotiabank's own exchange rate | 73 countries | up to $15,000 per day and $25,000 per week |
Sources: each provider's own page, read October 11, 2026 (Wise: October 7, 2026). A fee of zero is not a total cost of zero: the exchange rate is a separate cost. Fees can differ by destination, amount and payment method.
The table in sentences. Wise charges a transfer fee from 0.19% and says it converts at the live mid-market rate. Remitly serves more than 175 countries and publishes a fee table per destination; to India the fee is $1.99 on transfers below $500 and $0 on transfers of $500 or more. Western Union sends to over 200 countries and territories with more than 500,000 agent locations, and shows its fee and rate in a price estimator. WorldRemit sends to over 130 countries and says transfers arrive within minutes in most cases, though some transfers take longer depending on the receive method. Xe sends to over 170 countries in more than 100 currencies, delivering the same day for most transfers, with some recipient banks taking 1 to 4 days; Xe states that the mid-market rate in Xe's converter is not the rate received when sending money.
EQ Bank sends through Wise in 49 currencies, with delivery within 3 business days, and sometimes instantly; the fee is a fee charged by Wise, the third-party service that powers the transfers. RBC lists a $0 transfer fee, reaches more than 200 countries and allows $50,000 CAD equivalent per day. CIBC says there is no transfer fee; CIBC's standard foreign exchange rates apply, reaches more than 130 countries and allows $100,000 per transaction for most countries. TD says there is no TD transfer fee on international bank transfers, with a limit of $10,000 per transaction every 24 hours. Scotiabank has a $1.99 transfer fee that Scotiabank is currently waiving, reaches 73 countries and allows up to $15,000 per day and $25,000 per week.
What is the cheapest way to send money internationally from Canada?
The cheapest way is whichever service delivers the most foreign currency for your Canadian dollars on the day, for your destination and amount. No provider’s page supports a claim to be cheapest everywhere. Route pages go deeper, such as the Canada-to-Philippines transfer comparison.
Three dated examples show why one quote cannot be stretched to cover other transfers.
Wise, Canada to the United States. On October 7, 2026, Wise quoted a total fee of $7.41 (US$697.80 delivered) to send $1,000 to a US bank account, paid by bank transfer. That fee is about 0.74% of the amount. The same day, a $5,000 transfer cost $26.51 (US$3,496.42 delivered) by bank transfer and $156.83 (US$3,404.81 delivered) when paid with a Visa credit card. Same provider, same destination, same amount: the payment method alone changed the cost several times over. These quotes describe Canadian dollars to US dollars only.
Remitly, Canada to India and the Philippines. Remitly’s fee table for India on October 11, 2026 read $1.99 on transfers below $500 and $0 on transfers of $500 or more. Its table for the Philippines the same day priced by delivery method instead: $0 to a bank deposit, $0.99 to a mobile wallet and $4.99 for cash pickup or home delivery. On a hypothetical $200 transfer to India, the published fee works out to about 1% of the amount, before the exchange rate. The rate Remitly displayed on its India page that day was a promotional one covering the first $2,000 sent by a new customer, and the same page advertised no fee on a new customer’s first transfer as a limited-time offer, so a second transfer may not get the first transfer’s price.
EQ Bank’s own research. EQ Bank publishes what it found a $500 transfer cost in total, fee plus exchange-rate spread, in research it dates March 4, 2025: $4.82 to India in rupees, $4.71 to the United States in US dollars and $3.79 to France in euros. Those are EQ Bank’s figures, about its own service, from a single day. The page also lists figures for other banks; this guide does not repeat them because they are a competitor’s estimates, not the banks’ own published prices.
What the examples have in common: the destination, the amount, the way you pay and the way the recipient collects all move the price. A short list of two or three services, quoted minutes apart for the real transfer, is the comparison that means something. The Wise Canada review walks through Wise’s quotes in more detail, and Wealthsimple vs Wise compares the two for spending and sending abroad.
What is the best money transfer app in Canada?
No single money transfer app is best for every transfer; the right match depends on where the money is going and how the recipient collects it. Using only what each provider publishes:
- Recipient has a bank account and you want the rate spelled out: Wise states the fee separately from the mid-market rate. EQ Bank customers get a Wise-powered transfer, with the fee charged by Wise, inside their bank account, though not in Quebec.
- Recipient needs a mobile wallet or airtime: WorldRemit lists up to four receive methods: bank transfer, cash pickup, mobile money and airtime top-up. Remitly pays out to a bank account, a mobile wallet or a cash pickup location.
- Recipient needs cash: Western Union offers cash pickup at agent locations, and you can pay with a bank account, a credit or Visa debit card, or cash in store. TD Global Transfer and Scotiabank both route cash pickup through Western Union; with TD, Western Union's transfer fees and exchange rates apply on every transaction; TD adds no transfer fee of its own. CIBC offers cash pickup at participating MoneyGram locations in more than 40 countries.
- You want to stay inside your bank’s app: RBC, CIBC, TD and Scotiabank each send from an existing chequing account. TD offers an international bank account, an eligible Visa card or cash pickup through Western Union.
- The amount is large: check limits before quotes. CIBC allows $100,000 per transaction for most countries, RBC $50,000 CAD equivalent per day, Scotiabank up to $15,000 per day and $25,000 per week. Wise’s large-transfer discount starts once monthly sending volume passes $35,000.
- A delivery promise matters: Remitly says transfers are delivered on time, or Remitly refunds its fees.
How do bank wire transfers compare with money transfer services?
A bank wire is the traditional bank-to-bank route, priced per wire, while the four bank online transfer services on this page publish no transfer fee, or a waived one, and apply the bank’s own exchange rate. Of the big banks’ pages read, CIBC’s publishes a wire fee schedule in full.
| Service | Published fee | Source |
|---|---|---|
| CIBC outgoing wire payment | $30 for a wire of $10,000 or less, $50 from $10,000.01 to $50,000 and $80 above $50,000 | CIBC wire transfers page |
| CIBC incoming wire payment | $15 per incoming wire, deducted from the payment | CIBC wire transfers page |
| CIBC Global Money Transfer | no transfer fee; CIBC's standard foreign exchange rates apply | CIBC Global Money Transfer page |
| Scotiabank incoming wire transfer | $15.00 per incoming wire other than an identified pension payment, charged in the currency of the account | Scotiabank account fees page |
| RBC wire transfer | Fee not stated on the page read; wires are performed only in an RBC branch | RBC wire transfer page |
In sentences: a CIBC outgoing wire costs $30 for a wire of $10,000 or less, $50 from $10,000.01 to $50,000 and $80 above $50,000, and an incoming one costs $15 per incoming wire, deducted from the payment. CIBC adds that intermediary banks and the receiving institution may deduct further charges from a wire. Scotiabank charges $15.00 per incoming wire other than an identified pension payment, charged in the currency of the account. RBC says wires can be performed only in an RBC branch, and its wire page points to a separate fee list instead of stating the price. Outgoing wire fees for TD and Scotiabank were not stated on the pages read for this guide, and BMO’s page could not be read, so none are shown.
Wires still have a place. CIBC’s own page positions its Global Money Transfer beside wires as the no-fee route to bank accounts abroad, and a wire remains the route when a recipient asks to be paid by SWIFT wire. Wealthsimple’s chequing account also sends SWIFT wires in US dollars and other currencies through its international transfer feature; its chequing page states no fee or exchange-rate figure for that feature, so none appears here. For moving money inside Canada, the guide to transferring money between banks covers Interac e-Transfer, linked-account transfers and domestic wires, and bank draft vs certified cheque covers guaranteed paper payments.
How to compare two money transfer quotes
Compare quotes for the same amount, the same destination and the same payment method, taken minutes apart, and judge them by the amount received. The questions below come from the FCAC’s guidance.
How to read this table: Built from the FCAC page 'Sending money to someone in another country'.
| Question | Why it matters |
|---|---|
| What is the fee for this amount, this destination and this payment method? | Fees can be flat or vary with the amount, and may differ by payment method (FCAC). |
| What exchange rate applies, and how does it compare with other providers' rates for the same currency? | Some businesses profit by charging a higher than usual exchange rate (FCAC). |
| Does the amount received depend on the rate when the transfer is paid for or when it is collected? | Changes in the exchange rate can affect the amount the recipient receives (FCAC). |
| Will the recipient pay a fee or tax to collect the money? | Receiving charges are on top of the sending fees (FCAC). |
| How long will it take, and what does a faster option cost? | Delivery ranges from a few minutes to a few days, and faster service usually costs more (FCAC). |
| Can the recipient collect it nearby, and what identification is needed? | The recipient may need identification to collect the money (FCAC). |
| How is delivery confirmed, and is there a receipt and transaction number? | A receipt and transaction number let the remittance be traced (FCAC). |
| Who handles a complaint if the money is late or missing? | Banks must have a complaint-handling process; other money transfer businesses may be provincially regulated (FCAC). |
Source: Sending money to someone in another country — what a remittance is (Financial Consumer Agency of Canada); Sending money to someone in another country — fee disclosure (Financial Consumer Agency of Canada); Sending money to someone in another country — how fees differ (Financial Consumer Agency of Canada); Sending money to someone in another country — payment method (Financial Consumer Agency of Canada); Sending money to someone in another country — exchange rate (Financial Consumer Agency of Canada); Sending money to someone in another country — exchange-rate timing (Financial Consumer Agency of Canada); Sending money to someone in another country — credit card cash advances (Financial Consumer Agency of Canada); Sending money to someone in another country — delivery time (Financial Consumer Agency of Canada); Sending money to someone in another country — faster delivery (Financial Consumer Agency of Canada); Sending money to someone in another country — cost of receiving (Financial Consumer Agency of Canada); Sending money to someone in another country — receipt and transaction number (Financial Consumer Agency of Canada); Sending money to someone in another country — complaints (Financial Consumer Agency of Canada); Sending money to someone in another country — provincially regulated businesses (Financial Consumer Agency of Canada); Money services businesses (MSBs) — purpose of the obligations (FINTRAC); Money services businesses (MSBs) — remitting or transmitting funds (FINTRAC); Money services businesses (MSBs) — registration (FINTRAC). In effect from October 16, 2025; checked October 11, 2026.
A working checklist:
- Fix the amount you will pay in Canadian dollars, including every fee, and write down what each service says the recipient gets. The higher received amount is the cheaper transfer.
- Use the same payment method on each quote. Bank transfer, debit and credit card are priced differently, and Xe says card payments come with a small additional fee.
- Use the same delivery method. Remitly’s Philippines table shows a bank deposit and a cash pickup priced differently.
- Check whether the rate is promotional. A new-customer rate may cover only a first transfer or a capped amount.
- Ask what the recipient’s side deducts. RBC says an intermediary bank or the recipient's bank may require additional fees or service charges.
- Check the limit and the delivery estimate against the date the money is needed. RBC says funds arrive typically within 2 business days, and up to 7 business days in some cases; CIBC says by the next business day for most transfers, and 2 to 3 business days for some.
- Confirm the provider is registered (see the next section) and keep the receipt and transaction number. The FCAC says these let you trace the transfer.
- Double-check the recipient’s details. RBC states that a sent transfer cannot be changed and typically cannot be reversed.
Are money transfer companies regulated in Canada?
Yes: a business that sends money for customers is a money services business, and FINTRAC requires it to register before operating in Canada. FINTRAC is the Financial Transactions and Reports Analysis Centre of Canada, the federal anti-money-laundering agency.
How to read this table: From FINTRAC's 'Money services businesses (MSBs)' page, which is written for businesses.
| Topic | What FINTRAC says |
|---|---|
| Who must register | A money services business or foreign money services business must register with FINTRAC before beginning to operate in Canada. |
| Does sending money abroad count? | Yes. Remitting or transmitting funds from one person or entity to another is one of the money services business services FINTRAC lists. |
| Provincial licences | A business registered or licensed with a province or territory must still register with FINTRAC. |
| Cost of registration | FINTRAC does not charge registration fees. |
| What the obligations are for | Obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, to help combat money laundering and terrorist activity financing in Canada. |
Source: Sending money to someone in another country — what a remittance is (Financial Consumer Agency of Canada); Sending money to someone in another country — fee disclosure (Financial Consumer Agency of Canada); Sending money to someone in another country — how fees differ (Financial Consumer Agency of Canada); Sending money to someone in another country — payment method (Financial Consumer Agency of Canada); Sending money to someone in another country — exchange rate (Financial Consumer Agency of Canada); Sending money to someone in another country — exchange-rate timing (Financial Consumer Agency of Canada); Sending money to someone in another country — credit card cash advances (Financial Consumer Agency of Canada); Sending money to someone in another country — delivery time (Financial Consumer Agency of Canada); Sending money to someone in another country — faster delivery (Financial Consumer Agency of Canada); Sending money to someone in another country — cost of receiving (Financial Consumer Agency of Canada); Sending money to someone in another country — receipt and transaction number (Financial Consumer Agency of Canada); Sending money to someone in another country — complaints (Financial Consumer Agency of Canada); Sending money to someone in another country — provincially regulated businesses (Financial Consumer Agency of Canada); Money services businesses (MSBs) — purpose of the obligations (FINTRAC); Money services businesses (MSBs) — remitting or transmitting funds (FINTRAC); Money services businesses (MSBs) — registration (FINTRAC). In effect from October 16, 2025; checked October 11, 2026.
Registration has limits worth knowing. FINTRAC’s page describes obligations aimed at money laundering and terrorist financing. It does not say registration insures a customer’s money or vouches for a business’s prices or service. Providers publish their registration details: Wise is registered with FINTRAC as a money services business (Wise Payments Canada Inc.), number M15193392, and WorldRemit lists M19255682 (Ontario), M19043501 (Western provinces) and M11556765 (Quebec). Banks are federally regulated financial institutions, and the FCAC says they must have a complaint-handling process; it adds that other money transfer businesses may be provincially regulated.
The FCAC also suggests plain checks before handing over money: ask family, friends and community members about their experience, check with the Better Business Bureau, and contact the provincial or territorial consumer protection office.
Can you use Zelle or Interac e-Transfer to send money abroad?
No: neither works for sending money from a Canadian account to another country. Zelle connects US bank accounts, and Interac e-Transfer moves Canadian dollars between accounts in Canada. RBC’s page draws the same line: its International Money Transfer is not available to recipients in Canada, who can be paid by Interac e-Transfer instead. The guide to Zelle in Canada explains who can use Zelle and what Canadians use in its place.
Common mistakes when sending money abroad
- Choosing by the fee line. A zero fee with a wide exchange-rate gap can cost more than a visible fee with a tight one. Compare the amount received.
- Paying by credit card without checking. The FCAC says the payment may count as a cash advance, with interest from day one. Western Union says a card-issuer cash advance fee and interest charges may apply.
- Treating one quote as a price list. A quote covers one amount, one destination, one payment method and one moment.
- Forgetting the receiving end. Intermediary and recipient banks can deduct fees the sender never sees.
- Sending to someone you have not verified. A completed transfer is hard to recall. The FCAC advises keeping the receipt and transaction number.
- Ignoring limits until the day of the transfer. A tuition or property payment can exceed a daily limit and need several days or a wire.
Sending money home as a newcomer
Sending money home can come up before a newcomer has settled on a bank. Some newcomer banking packages include international transfer offers (TD’s Global Transfer page lists one with its New to Canada package), so the choice of account and the choice of transfer service are linked; the guide to the best bank accounts for newcomers compares those packages, and the newcomer money guides cover the rest of setting up. A specialist transfer service does not require switching banks: it is paid from whatever Canadian account you already hold.
How this list was put together
YieldMaple read each provider’s own Canadian page on October 11, 2026 and recorded only fees, limits, country counts, delivery times and registration details stated there, with the exact wording saved for each fact. Wise figures come from Wise’s pricing pages and quotes read on October 7, 2026. No provider supplied information or paid to be listed, and there are no affiliate links on this page. The list is not exhaustive, and leaving a service out is not a judgment about it. BMO’s Global Money Transfer page could not be read on the day, so BMO is not in the table. Western Union and WorldRemit show prices only inside an interactive calculator, so no price quote from either appears. Fees, waivers and exchange rates change often; the quote you see before paying is the only price that applies to your transfer.