Compare transfer fees for international money transfers

Use our guide to find out about transfer fees and exchange rates for major Canadian institutions.

While banks can help you send money from Canada to destinations all around the globe, that doesn’t mean that they should be your go-to. In comparison to international money transfer services, banks trade at the mid-market rate and then often raise the exchange rates when completing transactions for clients while also, in many cases, charging higher fees.

When it comes to transferring funds overseas, many Canadians opt instead to use an online transfer service specialized in offering safe and affordable international transfers. Since these companies trade in large volumes of currency every day, they are better-positioned to offer competitive exchange rates with lower fees than the bank.

Compare transfer fees for banks

The table below compares exchange rates and transfer costs for Canada’s five largest banks: Toronto-Dominion Bank (TD), Canadian Imperial Bank of Commerce (CIBC), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO) and Royal Bank of Canada (RBC).

BankTransfer Fee (CAD)Exchange Rate Markup
Toronto-Dominion Bank (TD)$9 – $302.64%
Canadian Imperial Bank of Commerce (CIBC)Fee-free3.34%
Bank of Nova Scotia (Scotiabank)$9 plus 1% of principal2.88%
Bank of Montreal (BMO)$15+2.65%
Royal Bank of Canada (RBC)$13.502.60%

Compare transfer fees for non-banks

The table below compares exchange rates and transfer costs for five of the major international money transfer services in Canada.

Money Transfer ServiceTransfer Fee (CAD)Exchange Rate Markup
TransferWise1% of principalLess than 1%
Canadian Forex$15Less than 3%
TorFXFee-freeLess than 2%
Currency SolutionsFee-freeLess than 1%
World First$10Less than 2%

Why choose international money transfer services

As outlined above, many banks offers international wires and money transfers, but these are often bogged down by hidden fees, hefty commissions or heavily marked up exchange rates. International money transfer services, on the other hand, make money by applying a small margin to the exchange rate and lowering transfer fees to compensate. It’s important, before transferring money overseas, to compare your options, to ensure that you get the most out of every transaction.

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Important Information*
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Logo for CurrencyTransfer
CurrencyTransfer

Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
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US International Money Transfer Offers

Important Information*
Logo for XE Money Transfer
XE Money Transfer

Offering no maximum and no minimum limit transfers with $0 fees.

Logo for WorldRemit International Money Transfers
WorldRemit International Money Transfers

Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

Logo for TransferWise
TransferWise

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

Logo for CurrencyTransfer
CurrencyTransfer

Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.

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