Compare Money Transfer in Canada

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19 live offers compared from 19 providers. Updated daily.

What is money transfer in Canada?

Money transfer means sending funds internationally — to family abroad, to pay overseas suppliers, or to move your own money between countries. Canadians can send through their bank, through a traditional cash network like Western Union, or through digital specialists such as Wise, Remitly and OFX that typically offer better exchange rates and lower fees than the banks.

The cost of a transfer is rarely just the upfront fee. The exchange-rate margin — the gap between the rate you get and the real mid-market rate — is often the larger, hidden cost, and it is where specialists tend to beat banks.

How the Canadian market works

Banks integrate transfers into online banking but usually apply a wide FX margin plus a flat wire fee. Cash networks like Western Union offer speed and physical pickup, valuable for some destinations, at higher cost. Digital specialists win on transparency: Wise shows the mid-market rate and a clear fee, Remitly focuses on remittances with fast delivery options, and OFX targets larger transfers with no fee above a threshold and dedicated support.

Delivery methods vary — bank deposit, cash pickup, mobile wallet — and speed ranges from minutes to a few business days depending on corridor and provider.

Benefits

Better rates — specialists narrow the FX margin that banks widen, cutting the true cost.

Transparency — clear display of the rate, fee and amount landing before you send.

Choice of delivery — bank deposit, cash pickup or mobile wallet to suit the recipient.

Speed — many corridors settle within minutes to a couple of days.

How to choose

Compare the total received amount, not the headline fee — enter your amount and destination and see what actually arrives. For small remittances where the recipient needs cash quickly, Remitly or Western Union may suit; for larger amounts, OFX's fee-free-above-threshold model and Wise's low margin usually win. Check delivery method, transfer limits, and whether the provider is available in both the sending and receiving country.

Leading providers in Canada

Wise is popular for its mid-market rates and multi-currency account, Remitly for fast remittances to family abroad, and OFX for larger transfers with personal support. Western Union remains the go-to for cash pickup in many corridors. The Big Five banks — RBC, TD, CIBC and BMO — offer transfers through online banking, convenient but generally pricier on the exchange rate.

What it costs

Costs combine an upfront fee and the exchange-rate margin. Digital specialists often charge a small percentage or flat fee (frequently under 1% to 2% all-in) with a tight FX margin, while bank wires commonly add a flat fee of around C$20 to C$45 plus a wider rate spread. Some providers waive fees above a set transfer size. Always compare the final amount received.

Protections and regulation

Money-services businesses operating in Canada must register with FINTRAC, the federal financial-intelligence agency, and follow anti-money-laundering and know-your-customer rules. In Quebec, MSBs also need a licence from the AMF under provincial money-services legislation. Reputable providers safeguard customer funds and disclose fees clearly; always confirm a provider is registered before sending large sums.

Common questions

Why is my bank more expensive? — Banks usually build a wider margin into the exchange rate on top of the wire fee, raising the true cost.

How fast will it arrive? — From minutes for cash pickup and some digital transfers to two or three business days for bank deposits, depending on the corridor.

Is there a limit? — Providers set per-transfer and daily limits; larger amounts may need extra identity verification.

Money Transfer in Canada — FAQ