Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
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).
| 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.
| Money Transfer Service | Transfer Fee (CAD) | Exchange Rate Markup |
| Wise | 1% of principal | Less than 1% |
| Canadian Forex | $15 | Less than 3% |
| TorFX | Fee-free | Less than 2% |
| Currency Solutions | Fee-free | Less than 1% |
| World First | $10 | Less than 2% |
Why choose international 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
{"niche":"CAFMT"}
More guides on Finder
-
Best bad credit loans in PEI
Compare some of the best bad credit loans in PEI.
-
Credito review
Your guide to the features, interest rates and fees to expect when you apply for a short-term loan with Credito.
-
5 apps like Bree in Canada
Pay for unexpected bills and avoid overdrafts when you sign up for apps like Bree.
-
Debt Relief Canada (reliefcanada.ca) review
Take a closer look at the debt relief solutions, features and fees of Debt Relief Canada.
-
Desjardins Online Brokerage (Disnat) review 2023
Learn more about Desjardins Online Brokerage (Disnat) to see if it’s the right broker for you.
-
Guide to finding the best prepaid card in Canada in May 2023
We show you the best prepaid credit cards in Canada, whether you’re looking for a prepaid card with no fees, cash back rewards, or travel perks, or more.
-
How to buy Sui (SUI) in Canada
This guide provides step-by-step instructions on how to buy Sui, lists some exchanges where you can get it and provides daily price data on (SUI).
-
5 apps like Nyble in Canada
Compare apps like Nyble in Canada to access emergency funding.
-
RightRide review
Your guide to buying and financing a car in Canada with RightRide.
-
Compare bad credit car loans in BC
Your guide to bad credit car loans in BC and how to find the right financing for your needs.