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Compare transfer fees for international money transfers

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


XE Money Transfers

XE Money Transfers logo
  • Send money to 130+ countries
  • Competitive exchange rates that are often better than banks'
  • XE doesn’t charge any transaction fees, commissions or ongoing fees
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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
Wise1% 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
CAD 1 Same day CAD 0.00 0.781 USD
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
CAD 10 Within an hour CAD 1.99 0.776 USD
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
CAD 1 1 - 2 days CAD 45.00 0.785 USD
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. 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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