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).
Bank
Transfer Fee (CAD)
Exchange Rate Markup
Toronto-Dominion Bank (TD)
$9 – $30
2.64%
Canadian Imperial Bank of Commerce (CIBC)
Fee-free
3.34%
Bank of Nova Scotia (Scotiabank)
$9 plus 1% of principal
2.88%
Bank of Montreal (BMO)
$15+
2.65%
Royal Bank of Canada (RBC)
$13.50
2.60%
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.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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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