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.

XE International Money Transfers

International Money Transfer Offer

XE specializes in a wide range of foreign currency solutions and offers an affordable option when you need to send money overseas.

  • Send money to 170+ countries
  • Competitive exchange rates that are often better than banks
  • Transfer up to $500,000 online
  • See exchange rates in real-time

    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.

    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
    USD 150 1 day CAD 15.00 0.708 USD
    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.
    Go to site Show details
    GBP 3,000 1 day CAD 0.00 0.708 USD
    Global Reach will match any competitor's exchange rates. Conditions apply.
    Get no fees for both business and personal transfers when you send your money overseas with Global Reach.
    Go to site Show details
    CAD 1 1 - 2 days CAD 1.99 0.708 USD
    Special offers like free transfers and better exchange rates available for new customers.
    Quick, affordable transfers around the world with both express and economy options.
    Go to site Show details
    CAD 0 Within an hour CAD 3.99 0.713 USD
    Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
    An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
    Go to site Show details
    CAD 1 1 - 2 days CAD 45.00 0.716 USD
    Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
    CAD 1 1 day CAD 0.00 0.712 USD
    Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details

    Compare up to 4 providers

    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.

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