Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

How much are wire transfer fees in Canada?

Expect a wire transfer fee of $15–$50 or more for bank wire transfers, but you could pay less with an online money transfer service.

Avatar

By

Aliyyah Camp

Edited by

hannahnissenellison

Updated

Fact checked

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 wire transfer fees from many of Canada’s top banks. See how these fees compare, and check out alternative digital money transfer services.

Wire transfer fees for top Canadian banks

We’ve gathered information on the wire transfer fee you can expect to pay with six 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.

Finder Short Notes: Outgoing Wire Transfer Fees

  • TD Bank charges a flat-rate wire transfer fee
  • BMO charges a percentage of outgoing funds, up to a capped wire transfer fee of $125
  • RBC wire transfer fee is $45
  • CIBC wire transfer fees are tiered based on the sending amount
  • Simplii is free for Interac e-Transfers and for Global Money Transfers

Fees apply to personal accounts and are in CAD unless otherwise stated. The wire transfer fee for business account holders may be different.

BankIncoming domesticOutgoing domesticIncoming internationalOutgoing international
Picture not describedGo to websiteFree (intermediary bank may charge a $10 fee)
  • Interac e-Transfer: Free
  • Wire transfer: $30 to send $10,000 or less, $50 to send $10,000.01 -$50,000, $80 to send over $50,000
Free (intermediary bank may charge a $10 fee)
  • Global Money Transfer: Free
  • Wire transfer: $30 to send $10,000 or less, $50 to send $10,000.01 -$50,000, $80 to send over $50,000
TD Canada Trust bank logo$17.50
  • To a TD Canada Trust account: $16
  • To a non-TD Canada Trust account: $50
$17.50$50
CIBC logo, small, gold letters on red background$15
  • $30 ($10,000 or less)
  • $50 ($10,000.01 to $50,000)
  • $80 (over $50,000)
$15
  • $30 ($10,000 or less)
  • $50 ($10,000.01 to $50,000)
  • $80 (over $50,000)
RBC logo
  • From other RBC accounts: Free
  • From non-RBC accounts: Free ($50 or less), $17 (over $50)
Starts at $45
  • From other RBC accounts: Free
  • From non-RBC accounts: Free ($50 or less), $17 (over $50)
Starts at $45
Scotiabank logo
  • $15
  • $1.50 for Pension Payments
Varies
  • $15
  • $1.50 for Pension Payments
Varies
BMO Logo$1420% of wire amount (min. $15, max. $125) + $10 communication charge$1420% of wire amount (min. $15, max. $125) + $10 communication charge

What fees should I expect?

The wire transfer fee your bank charges depend on whether you’re sending or receiving the money, as well as whether the recipient or sender is overseas. Some banks charge more depending on how you initiate the wire transfer – for example, online or in person.

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.

Based on our research from major banks in Canada, here’s the average wire transfer fee you can expect to pay:

  • Incoming domestic fee. $14 to $20 for receiving money from another Canadian account.
  • Outgoing domestic fee. Generally free to $45+ for sending money to another Canadian bank account.
  • Incoming international fee. $14 to $20 for receiving money from a non-Canadian bank account.
  • Outgoing international fee. $30 to $100+ for sending money to a non-Canadian bank account.
  • Investigation fee. Generally starts at $25 to investigate and trace a wire transfer that has already been sent.

How can I compare these bank 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.

    Example: Wiring $1,000 to Australia

    Here’s what it could cost to send $1,000 to Australia if you: (1) wire 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 transferIn-store transfer for cash pick-upOnline money transfer service
    Fee$50 + intermediary bank fees$7$3.99
    Exchange rate1 CAD = 1.0277 AUD1 CAD = 1.0004 AUD1 CAD = 1.0536 AUD
    Transfer speed2–5 business daysWithin minutesUp 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.

    Cheap international money transfers

    Compare banks to independent money transfer services

    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.
    1 - 10 of 10
    Updated regularly
    Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
    Wise (TransferWise) - Under 10k
    Finder Award
    Wise (TransferWise) - Under 10k
    24 hours
    From 0.41%
    Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
    Go to site
    View details
    Simplii Financial
    Simplii Financial
    Within minutes
    $0
    Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply.
    Send money without fees and at competitive exchange rates to 130+ countries.
    Go to site
    View details
    Simplii Financial
    Simplii Financial
    Within minutes
    $0
    Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply.
    Send money without fees and at competitive exchange rates to 130+ countries.
    Go to site
    View details
    Remitly
    Finder Award
    Remitly
    Within minutes
    From $0
    Special offers like free transfers and better exchange rates available for new customers.
    Remitly has quick, affordable transfers around the world, with both express and economy options.
    Go to site
    View details
    Africhange
    Africhange
    Within minutes
    From $0
    Send money in CAD to Africa on this blockchain and P2P powered provider.
    Go to site
    View details
    Instarem
    Instarem
    Within minutes
    From $0
    Use code FINDER to get CAD 20 off on first two transfers on a min transfer of CAD 250
    Instarem offers zero transfer fees on all transfers.
    Go to site
    View details
    OFX
    Finder Award
    OFX
    24 hours
    $0
    Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
    OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
    Go to site
    View details
    OFX
    Finder Award
    OFX
    24 hours
    $0
    Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
    OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
    Go to site
    View details
    WorldRemit
    WorldRemit
    Within minutes
    From $0
    Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
    Go to site
    View details
    CurrencyTransfer
    CurrencyTransfer
    24 hours
    $0
    CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
    Go to site
    View details
    loading

    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

    More guides on Finder

    Ask an Expert

    You must be logged in to post a comment.

    Go to site