The expat’s guide to competitive international money transfers

Save big when you send money back home using a handful of useful tips and tricks.

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If you’ve recently moved to Canada and want to send money back home you can use our handy guide to learn the tricks of the money transfer trade. Many money transfer services like WorldRemit, Western Union and MoneyGram are clamoring for your business, and often offer more competitive exchange rates and lower fees than the bank. It’s important to compare your options to determine which provider offers the best deal for you.

OFX International Money Transfers

OFX International Money Transfers

Exclusive offer: OFX is currently offering exclusive exchange rates to Finder readers.

  • $0 transfer fees. Send fee-free transfers to a large selection of countries worldwide.
  • Transfers in 50+ currencies. OFX supports major, minor and exotic currencies.
  • Flexible options. Choose from forward contracts to scheduled transfers for convenience and flexibility.

    Send money home using a reputable money transfer service

    Rates last updated January 22nd, 2020
    Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
    OFX International Money Transfers
    USD 150
    1 day
    Online, Phone, Agent
    Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
    A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
    WorldRemit International Money Transfers
    CAD 0
    Within an hour
    Online, Bank Account to Bank Account, Cash Transfer
    Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
    An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
    InstaReM International Money Transfers
    CAD 50
    1 - 2 days
    Online, Bank Account to Bank Account
    Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
    XE International Money Transfers
    CAD 0
    1 day
    Online, Phone, Bank Account to Bank Account
    Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
    CurrencyTransfer International Money Transfers
    GBP 5,000
    1 - 2 days
    Online, Phone, Bank Account to Bank Account, International Money Order
    Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate.
    TorFX International Money Transfers
    CAD 2,000
    1 day
    Online, Phone, Agent
    TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.

    Send money overseas in 45 currencies.
    The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

    Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

    Compare up to 4 providers

    Should I use a bank or an international money transfer company?

    If you want to send money overseas, you have a couple of options at your disposal. Two notable ways for expats to send money internationally include your bank or an online money transfer company.

    • Bank. Banks typically offer mediocre exchange rates and charge high fees (often between $20 and $100) on international transfers, so even a small transfer can end up costing more than you anticipated.
    • Money transfer company. Money transfer companies offer quick and affordable transactions to thousands of destinations across the globe, with low fees (typically between $0 and $20) and competitive exchange rates.

    Money transfer companies

    • Lower fees
    • Better exchange rates
    • Faster transfers
    • Majority offer mobile service
    • Quick and easy registration process


    • Higher fees
    • Less competitive exchange rates
    • Slower transfers
    • Most offer in-branch service
    • Tedious and complicated registration process

    Case study: Kendra sends money overseas

    Kendra is originally from England but has been accepted to do her master’s degree at the University of Toronto. She’s determined to continue her studies, but wants to make sure that she can find a secure and affordable way to send money home to her mother. Lucky for Kendra, she’s offered a position as a teaching assistant while she pursues her degree, and begins by comparing the costs to send a portion of her income back home with her bank versus a reputable money transfer service.

    BankMoney Transfer Service
    Exchange ratesCAD$1 = GBP 0.575
    CAD$1 = GBP 0.580
    Transfer fees$25$14
    Amount received (for $1,000)GBP 5,750GBP 5,800
    Transfer speed2 – 5 days1 – 2 days
    Options availableBank-to-bank transferBank-to-bank tranfer
    or cash pick-up

    Kendra realizes that she can save GBP 50 (around $85) in the exchange rate with the money transfer option, with an additional $11 in fees. If Kendra sends money home every month, this amounts to almost $1,152 over the course of one year.

    How to compare international money transfer services

    • Exchange rates. Compare the exchange rates offered by a number of transfer companies before you settle on a service. Some companies will offer less competitive exchange rates but charge lower fees while others may offer more competitive exchange rates alongside higher fees.
    • Transaction fees. Many transfer companies will charge a fee to send your money overseas, which will often vary depending on the method you use to transfer funds as well as the amount you send. The best way to make sure that you’re getting the best deal possible is to compare 3-4 services.
    • Bonus features. Some companies specialize in providing one-off transfers only, but others can offer flexible features such as forward contracts and limit orders which allow you to book a lower exchange rate in advance of your transfer.
    • Fast transfer times. Banks have a reputation for taking a considerable amount of time to process transfers (some up to five business days), while money transfer services can take around 1 – 3 days for a bank transfer, with cash pick-ups going through in a matter of minutes.

    Documentation you will need to process your transfer

    So you’ve made it to the last stage of the game, and have decided that a bank or money transfer service is your best option to send money overseas. Your next step is to set up an account which you can do by clicking ‘Go to Site’ on the interactive transfer comparison table at the top of the page.

    • Bank transfers. If you want to send the money to a bank account overseas from Canada, you’ll need your recipient’s bank account details which can include transit, branch and account number.
    • Cash collection. To send cash directly to your recipient, you’ll need to provide their full name and personal details like phone number and address. You’ll also need to provide them with a money transfer confirmation number so that they can pick up their cash at an agent location.
    • Mobile phone top-up. Money transfer companies like Western Union may also allow you to send money to your recipient’s mobile phone. In order for this to work, your recipient must have an activated Mobile Wallet, and you will need their mobile number and full name to complete your transfer.

    Frequently Asked Questions

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