Electronically wiring money from your bank account is an easy way to send money overseas, but the wire transfer fee you’ll have to pay will likely be quite high. We’ve researched Canada’s top banks to help you easily compare CIBC, BMO, TD, Scotiabank and RBC wire transfer fees. Explore what a wire transfer is and how alternative online money transfer services may work for you.
Wire transfer fees for top Canadian banks
We’ve gathered information on the wire transfer fee you can expect to pay with five major Canadian banks.
Keep in mind, you may end up paying foreign transaction fees, minimum balance requirements and other costs, in addition to the wire transfer fees. Read all fine print to be sure.
Fees apply to personal accounts and are in CAD unless otherwise stated. The wire transfer fee for business account holders may be different.
A wire transfer is a method of moving money electronically around the world through a bank-to-bank or bank-to-agency network. You can typically wire transfer money within Canada (called a “domestic wire transfer”) or from Canada to a different country (known as an “international wire transfer”).
Wire transfers often come with fees. Bank and other financial institutions typically charge a fee between $15 and $50 to send or receive a wire transfer. Here is a quick snapshot of how Canadian banks charge wire transfer fees.
Snapshot: Bank wire transfer fees
TD wire transfers: Flat-rate fee to send or receive
RBC wire transfers: Free to receive small amounts or from RBC accounts
BMO wire transfers: Flat-rate fee plus a communication charge to send
CIBC wire transfers: Fees are tiered based on the sending amount
Simplii wire transfers: Free Interac e-Transfers and Global Money Transfers
What wire transfer fees should I expect from banks?
The wire transfer fee your bank charges depends on whether you’re sending or receiving the money, as well as whether the recipient or sender is overseas.
Generally, it’s cheaper to send money domestically because fewer financial systems are involved. International transfers involve banks and wire processing services for each country, and with more banks come more fees.
Average bank wire transfer fees
Based on our research from major banks in Canada, here’s the average wire transfer fee you can expect to pay:
Incoming domestic fee. $15 to $18 for receiving money from another Canadian account.
Outgoing domestic and international fee. Generally $30 to $50+ for sending money to a Canadian or non-Canadian bank account.
Incoming international fee. $15 to $18 for receiving money from a non-Canadian bank account.
Investigation fee. Generally starts at $25 to investigate and trace a wire transfer that has already been sent.
Bank wire transfers vs. online wire transfer services
Banks aren’t the only place where you can wire transfer money. There are many other alternative financial institutions that are designed specifically to enable wire transfers online.
Because these companies, like OFX and CurrencyTransfer, specialize in foreign currencies, they are often some of the most cost-effective transfer options. Most of these companies offer transfers directly to the recipient’s bank account, often in as little as a day. Digital account-to-account money transfers are typically cheaper than cash transfers.
Compare money transfer services
Online money transfer services let you pay by bank transfer, which is cheaper than wire transfer.
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Here’s what it could cost to send $1,000 to Australia if you: (1) wire transfer funds through a bank, (2) send money in person for cash pick-up, or (3) transfer funds between bank accounts using an online money transfer service. Note that the actual fees and exchange rates you’ll get may differ.
Bank transfer
In-store transfer for cash pick-up
Online money transfer service
Fee
$50 + intermediary bank fees
$7
$3.99
Exchange rate
1 CAD = 1.0277 AUD
1 CAD = 1.0004 AUD
1 CAD = 1.0536 AUD
Transfer speed
2–5 business days
Within minutes
Up to 2 business days
Amount received
$976.32 AUD
$993.40 AUD
$1,049.40 AUD
Verdict
Slowest and most expensive
Fastest
Lowest fee and highest receiving amount
In this case, the bank wire transfer fee and processing time is the highest among the 3 options. You would have saved more and got a stronger exchange rate if you had used an online money transfer service.
* This is a fictional, but realistic, example.
How can I compare these bank wire transfer fees?
Your wire transfer fee will depend on where you’re sending money to as well as other elements including:
Incoming vs outgoing. The wire transfer fee for incoming funds tends to be cheaper than the fee for outgoing funds. This is because the sender usually bears the brunt of the costs associated with the wire transfer.
Domestic vs international. Because domestic wire transfers involve less processing, they tend to be cheaper than international wire transfers. International wire transfers typically involve multiple banking systems and operators between the 2 countries.
Recurring vs one-time fees. You may be able to save a few dollars per transfer when you set up recurring wire transfers.
Initiation fees. Your bank could charge a fee for requesting the wire transfer in a branch or over the phone, instead of online.
Tracer fees. If your recipient hasn’t received your transfer as scheduled, you may need to trace it. This could incur more fees.
Exchange rates. An exchange rate shows how much a currency is worth in another currency. Nearly all banks charge a small percentage of the exchange rate (known as a “margin”) as a fee, and the size of this fee is not always made clear. You may need to call your bank or initiate a transfer online to see the best exchange rate offered.
What information is needed for a wire transfer?
Whether you want to send or receive a wire transfer, domestically or internationally, you’ll need to provide some or all of the following information. If you’re the person sending a wire transfer, ask the recipient to give you the following information.
Information needed to send a wire transfer
The amount you want to send in the recipient’s currency
Recipient’s name and address
Recipient’s bank account number, transit/branch number and bank name
Purpose for the wire transfer
If you’re sending a wire transfer domestically within Canada you may also need to supply the recipient’s 3-digit Canadian financial institution number and the Swift Code or BIC.
If you’re sending money internationally to the US, you’ll need to also provide the ABA routing number and Swift Code or BIC.
If you’re sending money to other international destinations, you’ll need to include the IBAN and Swift Code or BIC.
How to send a wire transfer
While each financial institution will have its own process in place to send a wire transfer, you’ll typically need to follow these general steps:
1. Visit your local branch
You’ll likely have to go into your physical local bank branch to send a wire transfer, as most banks don’t offer online wire transfer services. That said, certain fund transfer providers that operate entirely online, like Simplii, offer convenient wire transfer options through their website or app.
2. Provide all required information
The exact information you’ll need to provide your financial institution may vary from bank to bank, but you can generally expect to include the recipient’s name and full address, account number, transit number, routing number, the recipient’s bank branch’s name and full address as well as the Swift Code/BIC/IBAN code.
3. Send the transfer
Once you’ve supplied all of the correct information, the bank can process your wire transfer. Depending on the transfer destination, the money transfer may take anywhere from 3 to 5 business days to complete.
One-third of Canadian residents send money overseas
Each year, Canadian residents send more than $5 billion in cash transfers to friends and family overseas, according to Statistics Canada. The average amount sent is just over $2,800. Without shopping around for the best wire transfer fees, these bank clients could end up spending as much as $125 to send money to loved ones abroad.
Sent money to the wrong person
In the Finder: Consumer Sentiment Survey, where more than 1,845 Canadians were asked about their money habits, more than a quarter (26%) of Canadians admitted they’d sent money overseas to the wrong person at least once, in the past. While just over half (54%) were able to get the wire transfer money back, 46% were not.
Residents in New Brunswick were the least likely to send money to the wrong person overseas — 82% did not make that error, in the past — while residents in Newfoundland & Labrador, followed by residents in Prince Edward Island, were most likely to send money to the wrong person overseas by mistake (39% and 38%, respectively).
Bottom line
Banks offer a secure and familiar way to complete wire transfers with friends, family members and merchants. However, expect the wire transfer fee to be fairly high and the exchange rate to be weaker than you would typically get with an online money transfer service.
There are other ways to send money internationally than sending a bank wire transfer, so be sure to compare your options before sending funds.
Frequently asked questions about wire transfers
While no method is foolproof, generally speaking, wire transfers are a safe method to transfer money. According to the Bank of Canada, as of 2021 wire transfers in Canada are managed by system called Lynx. It replaced the much older system, Large Value Transfer System (LVTS), which had been in use since 1999. Lynx is supposed to be more resilient and secure than LVTS, and has greater compatibility with other financial systems.
Short for Society for Worldwide Interbank Financial Telecommunication, a SWIFT code is an international bank code used for incoming transfers. Every bank has a unique SWIFT code that can be used to identify it in a global financial transaction such as a money transfer.
For international money transfers, it's better to send money in your recipient's currency. This takes the burden of converting the currency off of your recipient. It may even be cheaper to wire money in a foreign currency.
Wire transfer processing times vary from bank to bank and depend on several factors, such as whether the wire transfer is domestic or international. Generally, wire transfers can take up to 5 business days. It could take longer if you initiate a transfer on, or just before, the weekend or a holiday.
Aliyyah Camp is a SEO content strategist and former publisher at Finder, specializing in consumer and business lending. Her writing and analysis has been featured in CentSai, the Dough Roller and the Chicago Tribune. She holds a BA in communication from the University of Pennsylvania.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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