- Make international payments in more than 100 currencies
- Pay up to 1,000 payees using one mass payment
- Work with an account manager to develop the best payment strategies for your business
It’s fairly common to send large amounts of money abroad from Canada. Popular methods include money transfer services, bank transfers, prepaid debit cards and crypto transfers, but the best way to send large amounts of money depends on your circumstances.
You’ll find that money transfer services often offer the most competitive exchange rates for your transfer and charge lower fees than what you’d get at your bank. Some services like OFX and Currencies Direct specialize in transferring large sums of money internationally.
These types of companies exist to make the process of sending money overseas faster and more straightforward.
We’ve compared popular money transfer specialists to help you save time and money. However, if you would rather compare providers yourself, you can use our comparison table to look at transfer speeds, fees and exchange rates. When you have made your choice, simply click Go to site.
Banks are typically more expensive than international money transfer services. But for small transfers, the ease of using your local bank might be worth the fees and unfavourable exchange rates. For large transfers, these costs add up.
You have 2 choices when sending a bank-to-bank transfer:
Sending money for cash pickup is a convenient way to make an international money transfer, particularly if you or your recipient is under or unbanked. There are several companies that offer cash-to-cash transfers including Ria, MoneyGram and Western Union. Finding the right company for your transfer is important, so make sure to compare your options.
An international bank draft is issued by a bank on behalf of the payer. It allows another bank, typically in another country, to draw funds directly from the issuing bank. The exchange rate is determined at the time of sending, eliminating the need to speculate on future rates.
Except for the foreign currency involved, sending an international bank draft is like sending a bank draft in Canada.
With some services, you can send funds via a prepaid debit card. The sender loads a prepaid debit card with cash funds. The recipient can then withdraw money using the prepaid debit card. Alternatively, you can transfer money from the prepaid card to a bank or card account.
Prepaid debit cards tend not to come with transfer fees. However, you’ll most likely have to pay an activation fee or monthly service fee.
If you hold cryptocurrency, you can send it to a wallet anywhere in the world. Many cryptocurrencies will also let you trade cryptocurrency for fiat currency (a government-issued currency like Canadian dollars or euros). This means it’s possible to exchange CAD for a cryptocurrency like Bitcoin, then trade your cryptocurrency for euros.
However it’s not a simple process, and you’ll likely encounter percentage-based fees at each step, which can get expensive. Here are the key steps to take when transferring money overseas using bitcoin:
Foreign businesses can manage Canadian funds with a multicurrency spending account offered by an international transfer service.
Find out how to buy a car overseas by sending a safe and affordable international money transfer.
Enjoy zero transfer fees and a special signup offer when you send a Simplii Global Money Transfer.
Browse money transfer services like Remitly to see if you can send send money overseas faster and cheaper.
We compare the best international money transfer services available in Canada to help you find the best money transfer app for your needs.
The CRA won’t hit you with taxes for receiving funds from overseas—as long as it’s a gift.
Expect a wire transfer fee of $15-$50 or more for bank wire transfers—but you could pay less with an online money transfer service.
Learn more about transferring money overseas quickly, easily and safely in an emergency.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.
Find an affordable and easy way to manage your overseas bill payments with international money transfers.
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