Money Management
If you’re an expat, frequent traveller, international student or digital nomad in Canada, the chances are that you need to make frequent international wire transfers to pay bills, send funds home and keep up with your day to day finances.

Transferring money internationally while living in a new country can be a challenge. This guide is here to help.
We’ll look at all of your available options for making international wire transfers from Canada, including local banks such as Scotiabank, online services like Wise, mobile banking, and foreign exchange brokers.
As more and more people travel, work, study and live overseas, international payments are becoming a fact of life for many. According to the World Bank, the value of remittances sent from Canada to other countries annually exceeds 13 billion USD – and is on the rise.
π°β‘οΈ The main transfer methods available in Canada include:
Whether you need an instant international money transfer, or are looking for the cheapest way to safely send your payment, there’s an option out there for you.
However, you’ll need to invest a bit of time deciding how to process your payment to compare secure transfer services on costs, convenience, timeframes and availability.
Online transfer services are popular among many expats in Canada as they’re easy, quick, low-cost, and convenient.
π₯οΈ You can register, send money and track your payments with nothing more than your phone or laptop – and no need to go to a physical branch or store to get your money moving.
π― Many online international money transfer app services also offer instant or fast transfers, competitive fees, and can often have better exchange rates than banks.
β This makes them an attractive option even for large payments. Some major online transfer providers operating in Canada include:
Each online international money transfer service has its own features and fees, which may mean it’s more attractive to a particular type of customer, or for specific payment types.
When selecting a money transfer service in Canada you’ll want to pick one which is properly licensed and regulated – usually by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
It’s also important to compare both upfront fees and exchange rates against mid-market rates to make sure you get a good deal – we’ll look at this in more detail in a moment.
The exact process to send money using an online money transfer service in Canada depends on the provider you select. You will be able to get everything sorted with a phone or laptop, and send your payment without needing to visit a branch or hand over any cash.
Generally, the process looks like this:
Different online transfer services have their own delivery methods which usually include bank deposits but may also allow you to send money to an eWallet or for cash collection.
π‘ Your provider is likely to also have a tracking system so you can keep an eye on your money as it moves through the system for peace of mind.
When you send a payment overseas you may find you pay the following:
Exchange rate markups can often be the highest of all these costs – and the hardest to see. If a provider uses a 3% markup, you’ll pay 30 CAD more on a transfer of 1,000 CAD than you would with a provider using the mid-market rate. Or 300 CAD if you’re sending 10,000 CAD – this can very quickly mount up when sending high value payments.
To give an example, here’s a quick comparison of a couple of specialist companies, against a Canadian bank, Scotiabank.
In this example we’re sending 1,000 CAD to be received in USD:
| Provider | Fee | Exchange rate | Recipient gets |
|---|---|---|---|
| Wise | 7.41 CAD | 0.736756 | 731.30 USD |
| Currencyfair | 4 USD | 0.7317 USD | 727.70 USD |
| Scotiabank | 28.48 CAD | 0.717238 | 715.81 USD |
As you can see, in this example, the recipient would get more with Wise or Currencyfair.
Both have a better exchange rate compared to the bank we profiled on this comparison, which means that even though there’s still a transfer fee to pay, the better rate means there’s more for the recipient in the end.
Wise exchange and transfer fees cost are from 0.48% (of amount being sent), while Currencyfair has a flat transfer fee, the equivalent of 3 EUR and a rate markup which is on average 0.53%.
Be sure to watch out for companies with low fees but high exchange rates, as you’ll almost always find they’re more expensive than picking a provider which uses the.
Sending international wire transfers in Canada with local banks is an obvious, and a very secure option – but not necessarily the cheapest. Banks are not specialists in wire transfers and can have higher overall costs compared to online providers – plus you may find you need to call or visit to arrange your transfer which may not be convenient.
Banks in Canada are usually covered by the Canada Deposit Insurance Corporation (CDIC), which protects deposits of up to 100,000 CAD per account holder, per bank. This can be reassuring, but you may also find limitations compared to specialized transfer companies, including higher fees, and longer processing times.
Bank transfer methods vary – you may be able to arrange your payment in-branch, by phone, or using the bank’s online banking, website, or mobile app.
Generally you’ll need to get full banking information from the recipient to process your payment including their account number or IBAN and their bank’s SWIFT code.
SWIFT transfers sent overseas with banks can typically take a few days to arrive, up to 1-5 working days in some cases, depending on the destination.
Sending bank transfers overseas can be one of the more expensive options open to you thanks to relatively high exchange costs in most cases.
In the end the cost you pay depends on your own bank and may be influenced by transfer amount, destination, currency, hidden costs in exchange rate, and any additional fees which apply as the payment is processed.
To give an idea, here’s our earlier example of sending 1,000 CAD to be received in USD, this time with major Canadian banks only:
| Bank | Fee | Exchange rate | Recipient gets |
|---|---|---|---|
| RBC | 21.59 CAD | 0.720850 | 720.85 USD |
| Scotiabank | 28.48 CAD | 0.717238 | 715.81 USD |
When sending a bank to bank wire transfer it helps to know that there can be fees imposed by both sending and receiving banks.
There are also often extra fees added to the exchange rate used when you convert funds for your payment – choosing a provider which uses the mid-market rate with no markups can help you get a better deal in the end.
The length of time it takes for a bank to process an international payment depends on various factors including the recipient’s country and currency, and the payment value.
π― Scotiabank says it can take up to 5 business days for your money to be received, while RBC payments usually arrive in 2 working days. Be aware there may be delays if processing times fall on weekends or holidays at home or in the destination country.
High value payments may need additional verification which can also cause delays, so do check with your bank if you’re sending a larger amount.
You may be able to send money overseas with your bank in-person, by phone, or through their website, or mobile app. In some cases you’ll need to send high value payments in person or by phone, as digital payments may have low maximum limits.
If possible, though, sending your payment with your phone or laptop is usually the easiest option.
Here’s how to make an international money transfer in Canada with a bank online or in the mobile app:
Bear in mind that additional information may be required for sending large amounts or for compliance purposes. This is usually needed when you’re asked to prove the source of the funds you’re sending.
If you’re sending money from your salary you may be asked to provide payslips or your employment contract for example, or if you’re repatriating funds from the sale of a property you could be asked for proof of the sale. Your bank will guide you about what’s needed so you can explore your options.
Receiving a bank transfer from overseas to your Canadian bank usually requires very little effort as all the administration is handled by the sender.
You’ll need to give the sender some important information such as your bank name, account number and SWIFT code, and your complete name as shown on your account. You can find a SWIFT code using online tools if you’re not sure what yours is.
When you receive a payment to a CAD account from abroad, the money is automatically converted to Canadian dollars to be deposited. This may not be convenient if you’d rather keep a foreign currency balance for future use.
In this case you may like Wise’s local account details feature for receiving payments in foreign currencies without automatic conversion. Get paid in 8+ currencies and decide for yourself how and when to convert your money with no obligation.
Most local banks in Canada now offer online and mobile banking and transfer options. Digital only providers like Wise may offer a more convenient service with lower overall costs and better exchange rates.
While there are Canadian digital only banks like Tangerine which have relatively low fees, they may not offer international transfers. Tangerine doesn’t have this service at the time of research.
If you choose to use your local banks’ mobile app you can usually make an international transfer which may have no upfront transfer fee.
β οΈ This may look like it’s cheaper than transacting in a branch, but don’t forget that exchange rate markups will still usually apply, which means your transfer isn’t free – and can end up more costly than choosing a specialist provider.
π‘ Whether you’re using a specialist provider or your bank’s mobile service, look out for additional security features you can use like fingerprint or face recognition for 2 factor authentication, full encryption, and instant card blocking.
β‘οΈ If you need to send a payment to someone who doesn’t have a bank account – or you don’t want to use your own bank to arrange the transfer – you may consider using a provider like Wise, Western Union, or MoneyGram.
π‘ With these services, neither sender nor recipient needs a bank account and payments can be made very quickly. If you’d like to use Wise, the recipient can open a Wise Account to receive payments in 20+ currencies with account details including major currencies like CAD, USD, EUR and GBP. Learn more here: Wise Account
β‘οΈ Also with Western Union or MoneyGram you can send and receive payments in cash using the provider’s agent network around the world.
Both of these options can be convenient and quick – but it’s worth knowing that transfers which deal in cash have higher labour costs which can mean paying more and meeting exchange rate markups when you transfer.
You could also choose to send money overseas using a dedicated forex broker which has a specialization in buying and selling currency. In this case you’d need to deposit funds to the broker’s account, before they can conduct the currency exchange, and arrange the international transfer for deposit to your recipient.
With a foreign exchange broker you might find you can get free transfers with good exchange rates, while benefiting from 24-hour support, and currency advice.
However, providers may only work with higher value transfers, and fees do still normally apply somewhere along the line.
Take a look at services like OFX and TorFX as a starting point, and check out online comparison tools to help you find the best rates available on your specific payment.
Here’s how to use a foreign exchange broker in Canada:
Information last checked 12th of March, 2026.
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