Best international money transfer services

Compare money transfer rates and providers to get the best value.

Name Product CAFMT _compare_ Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Standout Features
OFX
Finder Award
OFX  logo
24 hours
$0
Large business transfers
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Wise logo
24 hours
From 0.33%
Easy to use
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Xe logo
Within minutes
$0
Low cost
Xe has fast transfers with low fees and a range of foreign currency tools.
Remitly
Finder Award
Remitly logo
Within minutes
From $0
Easy app
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.
Airwallex logo
Get up to $500 in FX fees refunded for international money transfers sent within the first 3 months of opening a new account.
Within an hour
$0 - $35
Fast transfers
Offer: Sign-up and get up to $500 in cash bonuses.
Airwallex has transparent fees and fast transfers. Make business payments to 150+ countries in 60+ currencies.
Loop logo
Within an hour
$0
Low FX rates
Loop has 1 day transfers and low FX rates.
Western Union logo
Within minutes
From $0
Coverage
Western Union sends money online to friends and family in 200+ countries around the world.
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How we chose the best international money transfers

The products on this page are based on providers available through Finder and online in the Canadian money transfers marketplace. These services are not representative of the entire market.

When researching the best money transfer services in Canada, we evaluated each provider’s fees and rates, supported currencies, supported countries, transfer amounts, transfer speeds, payment methods, delivery methods, app experiences, customer reviews, customer service options, special perks and rankings in Finder’s International Money Transfer Awards. No single money transfer service is best for everyone, so compare your options to find the right provider for your needs.

Sending an international money transfer is easy, but it can also be expensive. That’s why it’s vital to shop around for the best rates for a money transfer.

In this guide, we’ll show you our Best picks and runners-up for the best international money transfer services. No matter whether you’re looking for the cheapest international money transfer, the fastest transfer speed or even the best global coverage, you’ll find what you need below.

Best international money transfers

Best cheap money transfers

  • Best pick: Xe money transfer service

Searching for the best international money transfer? There are two costs you need to consider: the exchange rate and the transfer fee.

  • Exchange rate. This is the rate at which the transfer service converts your Canadian dollars to foreign currency. Most money transfer providers make money by adding a markup on top of the mid-market (or true) exchange rate — so if the mid-market rate is 1 CAD = 0.74 USD, the transfer service might give you a rate of 1 CAD = 0.72 USD.
  • Transfer fee. Some international money transfer services don’t charge any fee, instead relying on the exchange rate markup to make a profit. But many providers will charge a fee for each transfer, and this could either be a flat fee or a percentage of your transaction amount. The fee may also vary depending on how you pay for your transfer, where you’re sending money and how your recipient gets the funds.

It’s essential to compare money transfer rates and fees to find the best value for your money.

Best pick: Xe

Xe Money Transfers
Finder Award
Not yet rated
Go to site
$0
Transfer Fees
Within minutes
Fastest Transfer Speed
$1 – $560,000 online (no max offline) 
Transfer Amount
Xe is one of the best online money transfer providers in the business. It offers personal and business transfers in 100+ currencies, and you can send money online or via the Xe mobile app. Full Review

Why it's one of the best

  • Send money to 200+ countries. Xe lets you send money just about anywhere in the world.
  • Consistently competitive exchange rates. We found Xe to consistently offer some of the lowest exchange rate markups around.
  • Transparent and low fees. Xe charges low transfer fees and provides clear fee information upfront.
  • Has earned an average of 4.3 out of 5 stars from over 64,000 Trustpilot reviews
  • Supports a wide range of payment methods
  • Send to a bank account, mobile wallet or over 500,000 cash pickup locations
  • Transfers to bank accounts can take up to three business days
  • Transfer calculator on the Xe website shows the mid-market rate, not the rate you will get
  • You need to sign up for an account to get a quote
Transfer Amount $1 – $560,000 online (no max offline) 
Payout Method Bank account
Pay By Method Credit card
Debit card
Bank transfer
Transfer Methods By phone call
Through app
Online

Runner-up: Instarem

From $0
Transfer Fees
N/A
Fastest Transfer Speed
$1 – $3,000
Transfer Amount
Instarem is another of the best international money transfer services if you're searching for the best rates and lowest fees. It offers fast and secure transfers to over 60 countries, and your recipient can get the funds you send within minutes. Full Review
  • Fast transfers
  • Zero fees on transfers to many popular destinations
  • Earn InstaPoints rewards on every transaction
  • Scores an average of 4.3 out of 5 stars from over 8,000 Trustpilot reviews
  • Maximum transfer limit of $3,000 per day
  • Cash pickup transfers not available
  • Doesn't support as many destinations as some other providers
Transfer Amount $1 – $3,000
Payout Method Bank account
Pay By Method Bank transfer
Transfer Methods Online

Best easy money transfers

  • Best pick: Wise money transfer service

The best international money transfer services make sending money abroad easy. They offer user-friendly websites and mobile apps, allow you to initiate transfers with just a few clicks, and provide clear information about how much your transfer will cost. And if you ever have any problems with a transaction, they offer easily accessible and helpful customer service.

Best pick: Wise

Wise (TransferWise)
Not yet rated
Go to site
From 0.42%
Transfer Fees
24 hours
Fastest Transfer Speed
$1 – $1,500,000
Transfer Amount
International money transfer services don't get any more user-friendly than Wise. This popular provider offers a simple three-step transfer process, a clean online user interface and is transparent about its transfer fees. Full Review

Why it's one of the best

  • Mid-market rate. Wise doesn't add exchange rate markups and instead gives you the mid-market rate for transfers.
  • Easy to use. The Wise website and mobile app offer clean user interfaces, making it easy to sign up and send a transfer.
  • High sending limits. You can send transfers of up to $1,500,000 with Wise.
  • No hidden fees
  • Simple and straightforward transfer process
  • Send money to over 76 countries
  • Has earned an average of 4.1 out of 5 stars from almost 200,000 Trustpilot reviews
  • No cash pickup transfers
  • Fees make your transfer more expensive
  • Doesn't support as many destinations as some other providers
Transfer Amount $1 – $1,500,000
Payout Method Bank account
Alipay (China only)
Pay By Method Credit card
Debit card
Bank transfer
Interac e-Transfer
Online bill payment
Direct debit (EFT)
Transfer Methods Through app
Online

Winner — Best International Money Transfer Service for Beginners

Wise was named the best money transfer service for beginners in the 2023 Finder Awards. It earned high scores for factors such as its customer support options, transfer speeds and handy features.

Runner-up: Remitly

From $0
Transfer Fees
Within minutes
Fastest Transfer Speed
$1 – $999
Transfer Amount
Remitly is another solid option if you're looking for a simple way to send an international money transfer. You can send funds online or via an easy-to-use mobile app, and you have the option to send money to a bank account, mobile wallet or cash pickup location. Full Review
  • Send money in over 129 currencies
  • Competitive exchange rates
  • It's possible to get money to your recipient within minutes
  • Has an average of 4.1 out of 5 stars from over 40,000 Trustpilot reviews
  • Low maximum transfer limits
  • No hedging tools or recurring transfers
  • Exchange rate margins can vary quite a bit between currencies
Transfer Amount $1 – $999
Payout Method Cash pickup location
Bank account
Mobile wallet
Home delivery
Pay By Method Credit card
Debit card
Bank transfer
Transfer Methods Online
Bank Account to Bank Account

Best fast money transfers

  • Best pick: RemitBee money transfer service

Sometimes you need to send an urgent international money transfer. And when time is of the essence, there are many providers that let you send money overseas within minutes. The fastest transfers typically tend to be cash pickup and mobile wallet transfers, usually paid for with credit or debit card. However, fast transfers sometimes have higher fees and worse exchange rates.

Best pick: RemitBee

RemitBee
Not yet rated
From $0
Transfer Fees
Within minutes
Fastest Transfer Speed
$10 – No limit
Transfer Amount
RemitBee offers international transfers to over 80 countries. When you need to send money quickly, it offers cash pickup, e-wallet and mobile top-up transfers so you can get funds to your recipient within minutes. Full Review

Why it's one of the best

  • Fast transfer methods. Send a cash pickup transfer or deposit money into your recipient's mobile wallet in a matter of minutes.
  • Competitive exchange rates. RemitBee's exchange rate markup ranges from 0.0050% to 3%, and you can find very competitive rates on some currencies.
  • Easy to use. It's quick and easy to send a transfer online or via the RemitBee mobile app.
  • Wide range of payment and payout methods
  • Supports personal and business transfers
  • No fees when you send more than $500
  • Has scored an average of 4.2 out of 5 stars from 211 Trustpilot reviews
  • Higher markups on some currencies
  • You can't pay with a credit card
  • No advanced transfer tools
Transfer Amount $10 – No limit
Payout Method Cash pickup location
Bank account
Mobile wallet
e-Wallet
Pay By Method Debit card
Bank transfer
Interac e-Transfer
Online bill payment
Direct debit (EFT)
Interac Online
Transfer Methods Online

Winner — Best International Money Transfer Service for Fast Transfers

RemitBee was voted the best international money transfer service for fast transfers in the 2023 Finder Awards. The provider impressed consumers with its ability to get money to an overseas recipient in a matter of minutes.

Runner-up: MoneyGram

From $4.99
Transfer Fees
within minutes
Fastest Transfer Speed
$1 – $990
Transfer Amount
MoneyGram offers currency transfers to over 200 countries and territories. When you need to send an urgent transfer, you can initiate a cash pickup transfer that your recipient can access in minutes. Full Review
  • Over 430,000 cash pickup locations worldwide
  • Send money just about anywhere
  • Supports online, mobile and in-person transfers
  • Has an average of 4.5 out of 5 stars from over 37,000 Trustpilot reviews
  • Low maximum transfer limits
  • Watch out for high fees
  • No hedging tools to help you save money
Transfer Amount $1 – $990
Payout Method Cash pickup location
Bank account
Mobile wallet
Home delivery
Pay By Method Cash
Credit card
Debit card
Bank transfer
Transfer Methods In person
Online

Best business transfers & multi-currency spending

  • Best pick: Airwallex money transfer service

If your business accepts customers or suppliers in different countries, a multi-currency account makes it easy to transact in local currencies and reduce hefty FX costs. In one account, you can hold multiple currencies with local bank details for each to send and receive international transfers. Plus, you’ll have a virtual card to make online and in-store purchases. Providers like Airwallex also provide business solutions like expense management software and payment integrations to help your enterprise operate more smoothly.

Best pick: Airwallex

Airwallex
Not yet rated
Go to site
$0 - $35
Transfer Fees
1 business day
Fastest Transfer Speed
US$10 – US$5,000,000
Transfer Amount
Open and manage a global account with Airwallex. With no monthly account fees, you can hold and spend 20+ currencies and transfer 60+ currencies internationally while avoiding costly conversion and transaction fees. Full Review

Why it's one of the best

  • Send, receive and hold many currencies. With one global account, hold and spend 20+ currencies, including AUD, CAD, DKK, CZK, CHF, GBP, HUF, MXN, NOK, RON, SEK, ZAR, EUR, HKD, CNY, USD, JPY, NZD, SGD, IDR and ILS. Send international money transfers in roughly 60 currencies.
  • Special offer. Get up to $500 in FX fees refunded for international money transfers sent within the first 3 months of opening a new account.
  • Access other banking products. Send global money transfers, issue multi-currency corporate cards, and seamlessly manage your business with expense management and accounting integration tools.
  • Hold and spend 20+ currencies. Transfer 60+ currencies to 150+ countries.
  • Local bank account details for multiple currencies
  • Low exchange rate markup
  • Batch transfers
  • No monthly account fee
  • Multi-currency spending account with virtual card
  • No ATM access
  • No physical card
  • Fee for wire transfers
  • Business use only
Transfer Amount US$10 – US$5,000,000
Payout Method Bank account
Pay By Method Bank transfer
Transfer Methods Online
Bank Account to Bank Account

Runner-up: OFX

$0
Transfer Fees
24 hours
Fastest Transfer Speed
$200 – Unlimited
Transfer Amount
OFX has been in business for over 25 years, supports transfers in over 52 currencies and offers bank-beating exchange rates. Hold funds in up to seven currencies, get paid in the local currency wherever you do business and convert it to CAD when a good exchange rate becomes available. Full Review
  • No account fees
  • Easy-to-use online platform
  • Supports forward contracts and limits orders
  • Mobile app also available
  • 24/7 phone support
  • You can only send transfers to bank accounts
  • Fee applies when you transfer less than $10,000
Transfer Amount $200 – Unlimited
Payout Method Bank account
Pay By Method Debit card
Bank transfer
Transfer Methods By phone call
Through app
Online

Winner — Best International Money Transfer Service for Business

OFX was named the best money transfer service for businesses in the 2023 Finder Awards. It earned high scores for factors such as its account management features, payment options and low costs.

Best money transfer apps

  • Best pick: Remitly money transfer service

The best money transfer apps make it simple and convenient to send money overseas. Apps are free to download, easy to use and provide clear information about how much your transfer will cost. They allow you to send money with just a few taps and initiate transfers on the go.

Best pick: Remitly

Remitly
Not yet rated
Go to site
From $0
Transfer Fees
Within minutes
Fastest Transfer Speed
$1 – $999
Transfer Amount
Remitly offers international transfers to over 129 currencies. You can send a bank account, mobile wallet or cash pickup transfer, and transactions are quick and affordable. Full Review

Why it's one of the best

  • User-friendly app. The Remitly app is simple and intuitive, making it quick and easy to move money across borders.
  • Large transfer network. If you want to send a cash pickup transfer, your recipient can collect cash from over 460,000 cash pickup locations worldwide.
  • 24/7 support. If you need help with a transaction, customer support is available 24/7.
  • Competitive exchange rates
  • Express transfer options available
  • Has an average of 4.1 out of 5 stars from over 43,000 Trustpilot reviews
  • Low maximum transfer limits
  • No hedging tools
  • Rate markups vary between currencies
Transfer Amount $1 – $999
Payout Method Cash pickup location
Bank account
Mobile wallet
Home delivery
Pay By Method Credit card
Debit card
Bank transfer
Transfer Methods Online
Bank Account to Bank Account

Winner — Best International Money Transfer Service App

Remitly was voted the best international money transfer service app in the 2023 Finder Awards. It impressed consumers for allowing them to do everything they can do on the Remitly website, and for making it easy to manage transfers.

Runner-up: WorldRemit

WorldRemit

From $0
Transfer Fees
Within minutes
Fastest Transfer Speed
$1 – $40,000
Transfer Amount
WorldRemit offers online and mobile app transfers to over 130 countries worldwide. You can send a bank transfer, cash pickup, mobile money or airtime top-up transfer, and pay for your transaction by bank deposit, credit card or debit card. Full Review
  • Simple to send money via the app
  • No minimum transfer amount
  • Wide range of payment and payout methods
  • Has an average score of 4 out of 5 stars from over 84,000 Trustpilot reviews
  • Low maximum transfer limits
  • No currency hedging options
  • Fees vary depending on currency, payment method and type of transfer
Transfer Amount $1 – $40,000
Payout Method Cash pickup location
Bank account
Mobile wallet
Home delivery
Prepaid phone credit
Pay By Method Credit card
Debit card
Bank transfer
Apple Pay
Transfer Methods Through app
Online

Best for large transfers

  • Best pick: OFX money transfer service

If you need to send a large amount of money overseas, for example if you’re buying a house or relocating to another country, check the maximum transfer limit available. The best international money transfer services in Canada will have high maximum send limits, or no upper limit at all. They will also waive fees on large transfers and offer better exchange rates for big transfers.

Best pick: OFX

OFX
Finder Award
Not yet rated
Go to site
$0
Transfer Fees
24 hours
Fastest Transfer Speed
$200 – Unlimited
Transfer Amount
OFX offers personal and business transfers to over 170+ countries around the world. It has a self-serve online platform and user-friendly mobile app, making it simple to send money to your recipient's overseas bank account. Full Review

Why it's one of the best

  • No maximum transfer limit. OFX doesn't impose any limit on the maximum amount you can send with an international money transfer.
  • Currency hedging tools. OFX supports forward contracts and limit orders to help you lock in a better rate for your transfer.
  • 24/7 support. You can access 24/7 customer support when you need help with your large transfer.
  • Transfer funds to over 52 currencies
  • No fee on transfers over $10,000
  • Easy to use
  • Markup varies depending on the currency you send
  • Doesn't accept credit card payments
Transfer Amount $200 – Unlimited
Payout Method Bank account
Pay By Method Debit card
Bank transfer
Transfer Methods By phone call
Through app
Online

Runner-up: RemitBee

RemitBee

From $0
Transfer Fees
Within minutes
Fastest Transfer Speed
$10 – No limit
Transfer Amount
RemitBee offers secure money transfers from Canada to over 80 countries. You can send money online or via the mobile app, and multiple payment methods are supported. Full Review
  • No fees on transfers of over $500
  • Easy to use
  • Competitive rates
  • You can't pay with a credit card
  • No advanced risk management tools
  • Daily and monthly sending limits apply
Transfer Amount $10 – No limit
Payout Method Cash pickup location
Bank account
Mobile wallet
e-Wallet
Pay By Method Debit card
Bank transfer
Interac e-Transfer
Online bill payment
Direct debit (EFT)
Interac Online
Transfer Methods Online

Best money transfer services with currency hedging

  • Best pick: OFX money transfer service

Exchange rates constantly fluctuate, and with that comes a level of risk — the exchange rate you get today might be lower than the rate you could be offered tomorrow. So if you make regular international payments, it makes sense to search for a provider that offers currency hedging tools.

One example of a currency hedging tool is a forward contract, which allows you to lock in an exchange rate for a transfer that could be sent up to 12 months in the future. Another example is a limit order, which allows you to specify the minimum exchange rate you want for your transfer, then automatically sends the funds when that rate becomes available.

But if you’re comparing international money transfer services that offer currency hedging, remember to check whether these tools are available for both personal and business accounts.

Best pick: OFX

OFX
Finder Award
Not yet rated
Go to site
$0
Transfer Fees
24 hours
Fastest Transfer Speed
$200 – Unlimited
Transfer Amount
Founded in 1998, OFX offers personal and business transfers in over 52 currencies. You can send money online or via a user-friendly mobile app, plus set up rate alerts to find out when the exchange rate you want becomes available. Full Review

Why it's one of the best

  • Forward contracts. You can use an OFX forward contract to lock in an exchange rate up to 12 months in advance.
  • Limit orders. Place a limit order up to six months in advance to set a target rate for your transfer.
  • No maximum transfer limit. There is no maximum limit on the amount you can transfer.
  • 24/7 support
  • No minimum transfer amount
  • Send money to over 170+ countries
  • $15 transfer fee applies if you send less than $10,000
  • Doesn't accept credit card payments
Transfer Amount $200 – Unlimited
Payout Method Bank account
Pay By Method Debit card
Bank transfer
Transfer Methods By phone call
Through app
Online

Runner-up: Xe

$0
Transfer Fees
Within minutes
Fastest Transfer Speed
$1 – $560,000 online (no max offline) 
Transfer Amount
Xe is one of the best online money transfer services and lets you send funds to 100+ countries. Sign up online to get an instant quote, and access Canada-based customer support when needed. Full Review
  • Supports forward contracts and limit orders
  • Competitive exchange rates
  • Supports recurring transfers
  • Transfer fee applies if you send less than $500
  • You need to sign up for an account to get a quote
  • Transfers to bank accounts can take up to three business days
Transfer Amount $1 – $560,000 online (no max offline) 
Payout Method Bank account
Pay By Method Credit card
Debit card
Bank transfer
Transfer Methods By phone call
Through app
Online

Best for coverage

  • Best pick: Western Union

Do you need to send money to loved ones in all four corners of the globe? If so, you’ll need to look for a money transfer service that supports transfers to all your regular transfer destinations. You’ll also need to find a service that offers the type of transfer you want to send, such as a mobile wallet transfer. And if you’re sending money for cash pickup, make sure the money transfer company has agents conveniently located close to your recipient(s).

Best pick: Western Union

Western Union
Not yet rated
From $0
Transfer Fees
N/A
Fastest Transfer Speed
$1 – $7,500
Transfer Amount
Western Union offers an extensive range of international transfer payment and payout methods. You can send a transfer in-person, online or via a mobile app, and your recipient can get the funds within minutes if you're in a hurry. Full Review

Why it's one of the best

  • Huge transfer network. Western Union has over 500,000 agent locations globally, and allows you to send funds to more than 200 countries and territories around the world.
  • Wide range of transfer methods. You can choose a cash pickup transfer, bank account deposit, mobile wallet transfer or send money straight to your recipient's debit card.
  • Positive customer reviews. Western Union has earned an average of 4.0 out of 5 stars from over 61,000 Trustpilot reviews.
  • Easy to use
  • Send money just about anywhere in the world
  • Wide range of payment and payout methods available
  • Low minimum transfer amount
  • Fees vary based on transaction details
  • No currency hedging tools for personal transfers
Transfer Amount $1 – $7,500
Payout Method Cash pickup location
Bank account
Mobile wallet
Pay By Method Cash
Credit card
Debit card
Bank transfer
Transfer Methods In person
By phone call
Through app
Online

Runner-up: MoneyGram

From $4.99
Transfer Fees
within minutes
Fastest Transfer Speed
$1 – $990
Transfer Amount
MoineyGram supports transfers in over 136 currencies and has a global network of more than 400,000 agent locations. Supported transfer methods include bank account deposits, mobile wallet deposits and cash pickup transfers. Full Review
  • Large global transfer network
  • Send to over 200 countries
  • No currency hedging tools
Transfer Amount $1 – $990
Payout Method Cash pickup location
Bank account
Mobile wallet
Home delivery
Pay By Method Cash
Credit card
Debit card
Bank transfer
Transfer Methods In person
Online

How do I send money overseas?

There are multiple options to consider when sending money overseas:

Transfer methodDescriptionProsCons
Online money transfer serviceElectronic funds transfer through an online money transfer service.
  • Can be done from anywhere via mobile app
  • Low cost (compared to banks)
  • Fast
  • Cannot pay in cash
  • Many online services don’t support cash pickup (some like WorldRemit and Remitly do)
In-person money transfer serviceCash or electronic transfer by visiting a money transfer service location in person.
  • Multiple transfer options
  • In-person customer service
  • Requires local travel
  • Can only be done within business hours
BankWire transfer or international money transfer through a bank.

(Note: All major banks support wire transfers, but not all offer additional in-house money transfer services.)

  • Considered a very secure way to send money
  • Can be expensive
  • Can only be funded through your bank account
ChequeWrite a check and mail it to your recipient.
  • Can be postdated to delay payment.
  • Can be cancelled in transit.
  • No transaction fee (assuming you already own cheques)
  • Additional time for delivery
  • Cheque could get lost in the mail
Money orderGet a certified money order printed and mail it to your recipient.
  • Difficult to cash fraudulently
  • Can be cancelled in transit
  • Additional time for delivery
  • Money order could get lost in the mail

Make sure you transfer your funds to the right account

  • One in four (26%) Canadians have sent money to the wrong bank account.
  • Just over half of those people (14% of total population) were able to retrieve their funds.
  • The remaining 12%, the equivalent of 3.7 million people, lost their money due to an incorrect transfer.
  • Canadians lost around $1,500 on average due to a transfer mistake, with a total national estimated cost of $5.4 billion due to incorrect transfers.
  • Protect your funds by using a trusted provider and double-check the transfer details.

What are the benefits of using an online money transfer service?

The first option many of us think of when we need to send money internationally is to go through our bank. But while using your bank is easy and convenient, there are several reasons why an online money transfer service might be just as good if not better:

  • Cheaper. Online transfer services tend to offer better exchange rates and lower fees than the banks. This means more of the money you send ends up in your recipient’s pocket (or bank account).
  • Secure. Similar to banks, online transfer services usually follow industry-standard security practices to protect your money and personal information. This often includes encrypted data transfer, SSL certificates, two-factor authentication, security questions/answers and personal identity verification.
  • Fast. Online money transfer companies often use the latest financial technology to get your money where it needs to go fast.
  • Easy. Mobile apps and convenient online platforms make it easy to send money anytime from anywhere. Additionally, many money transfer services offer features that let you set up recurring transfers, making it easy to pay bills, send regular remittances, manage international business payments and more.

How to send an international money transfer

Sending an international money transfer through an online service is simple. Here’s what you need to do:

  1. Compare services, and select one that suits your needs.
  2. Create an account by entering personal details like your name, contact details and Social Insurance Number (SIN).
  3. You may need to submit a scanned copy of your personal ID (i.e. passport photo page or driver’s licence) to qualify for higher transfer limits.
  4. Link your bank account, debit card or credit card to your newly created account so you can pay for transfers. Alternatively, you may need to transfer funds from your bank account.
  5. To send a transfer, enter the amount you want to send, in what currency and your recipient’s details. Review all the details before submitting your transfer.

Most of the time, you can access your account immediately after submitting all the required information. For some services (particularly transfer services for businesses), there may be a delay while your information is reviewed and a transfer specialist is assigned to your account.

What information and documents do I need to send an international money transfer?

Make sure you have the following on hand when sending an international money transfer.

  • Your personal details. Name, phone number, and government-issued identification like a driver’s license or passport. Additional details may be required for security purposes, particularly for very large transfers.
  • Your recipient’s personal details. Name, phone number and residential address. If your recipient is collecting the cash in person, it’s essential that the name you provide to the transfer service is the same as it appears on your recipient’s ID.
  • Your recipient’s bank information. Bank name, address, routing number, SWIFT code and your recipient’s account number.
  • Payment. Check beforehand what types of payment methods are acceptable. For example, not all money transfer services accept credit cards.

Tips to save money on your international transfer

Looking for low fees and strong exchange rates isn’t the only way to save on your next international money transfer. The following tips can also help keep your costs down:

  • Know the mid-market rate. When they exchange currency to complete your transfer, most transfer services will add a markup to the actual exchange rate (known as mid-market or interbank rate. So if you check the current mid-market rate on Google, you can work out if the rate you’re being offered is good value.
  • Send larger transfers. Some services offer discounted or waived transfer fees if you send more than a minimum amount.
  • Use forward contracts and limit orders. A forward contract lets you lock in a favourable exchange rate for future transfers. This means you’ll avoid unpredictable movements in exchange rates. A limit order allows you to wait until a favourable exchange rate is found before locking in your transfer.
  • Watch out for scams. With the number of scams increasing each year, it’s important to keep an eye out for the most common money transfer scams. It’s usually best to avoid sending money to anyone you don’t know personally.
  • Pay attention to taxes and regulations. Every country regulates money transfers differently. Make sure your recipient is aware of any tax or reporting obligations that apply to your transfer.

Bottom line

You’re spoiled for choice when searching for the best international money transfer service in Canada. But the best international money transfer provider for you depends on your number-one priority — value, speed, ease of use, coverage or the ability to use currency hedging tools to save money. Compare a range of money transfer services to find one that’s right for you.

Frequently asked questions

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Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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