Money Transfer Finder®

Find the best exchange rates and lowest fees when you send money overseas from Canada.

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Send money internationally with WorldRemit

An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.

  • Use promo code 3FREE to send your first three transfers with no fee.
  • Choose how you want to send your money - via bank transfer, cash pickup or mobile money
  • Instant money transfers available
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Compare money transfer services

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 Same day CAD 0.00 0.753 USD
3,767
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
USD 150 1 day CAD 15.00 0.75 USD
3,737
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 0.75 USD
3,748
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 0 Within an hour CAD 3.99 0.754 USD
3,768
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 0.757 USD
3,752
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details

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Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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Every service we compare has been assessed and reviewed by our editorial team.

What is an international money transfer?

An international money transfer is what happens when you send money to someone overseas. You provide funds and your recipient’s details to a bank or an independent transfer provider, which then exchanges the money into your desired currency and sends it to your recipient. You can send money over the phone, in person, through a mobile app or online.

You also have options when it comes to paying, depending on what the service you choose offers:

  • Cash
  • Credit or debit card
  • Bank transfer
And you have options for how your recipient receives the transfer:

  • Bank account
  • Mobile wallet
  • Cash pick-up
  • Door delivery

Learn more about money transfers for:

How to transfer money internationally

There are two main ways to send money out of Canada: a specialist money transfer service or your bank. Both banks and transfer services offer online transfers, with some offering in-branch transfers or the ability to send money over your phone via an app or calling an agent.

We’ll go through the steps each method takes if you were sending online.

Through a money transfer specialist

The following steps give a good example of a typical transfer using a money transfer company.

  1. Register online with the transfer service of your choice.
  2. Input transaction details, including the amount you want to transfer.
  3. Get approved by the transfer company. You may need to scan or email a copy of your ID for the first transaction.
  4. Transfer funds through your bank using the account details from your transfer company.
  5. Get your money. Your transfer service will deposit your funds in your destination account.
  • For you if
    You want a more competitive exchange rate and lower fees than a bank transfer.
  • Not for you if
    You want the familiarity and convenience of a known bank and don’t have time to be verified.

Through your bank

If you choose to use a bank to carry out your transfer, the process is a little different.

  1. Navigate to the international money transfers section of your account.
  2. You’ll usually need to know the address of the receiving bank, the account details of the receiving account, the account name and often the receiving bank’s SWIFT code (an international bank identification system).
  3. It’s a good idea to check with your bank about exchange rates.
  4. You can use this method to send an international money order online to your home bank account or to a third party.
  • For you if
    You want the convenience of sending money directly from your existing bank account immediately.
  • Not for you if
    You want fewer fees and a better exchange rate.

Tips for saving on your international transfer

While there’s no best way to transfer funds overseas, there are a few things you can do to make it cheaper.

  • Know your transfer currency’s mid-market rate. This rate is the midpoint between worldwide supply and demand for that currency – and the rate banks and transfer services use when they trade among themselves. Use it as a baseline to compare against the rates you’re being offered. The company that’s closest is offering you the best rate.
  • Send more money per transfer. Many services discount the fees or waive them altogether when you send larger amounts.
  • Use forward contracts and limit orders if sending money regularly. A forward contract allows you to 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, and then lock it in for your transfer.

What should you watch out for?

Keep an eye out for the following when you send money overseas:

  • Hidden fees. No transfer is truly free. If a service is advertising “fee-free transfers”, there’s probably a larger margin added to the exchange rate. Compare the rate you get quoted against the mid-market rate (which you can find on Google) to see if you’re getting a good deal.
  • Fake rates. If you see a great exchange rate advertised on a provider’s website, make sure the rate you see is the rate you will actually receive. Some companies advertise the mid-market exchange rate, which is the rate at which banks purchase foreign exchange, rather than the rate they actually offer their customers.
  • Failing to do your research. If you want to save some money, compare several transfer providers before choosing one to sell your transaction. Shop around for a company that offers reliable and affordable transfers, instead of just diving in head-first.
  • Scams. Scams cost Canadians $98 million in 2019. With this number increasing each year, it’s important to keep an eye out for the most common scams. In general, it’s best to only send money to someone you know personally.
  • Taxes and regulation. Each country regulates money transfers differently. Make sure you’ve read up on if your recipient needs to pay taxes on the money they’re being sent. In Australia, for example, money transfers over $10,000 get automatically reported to Australian Transaction Reports and Analysis Centre (AUSTRAC). But other countries, like India or the US, have stricter regulations.

Other frequently asked questions

Sending to a specific country? Learn more

Read more on this topic

  • Bank of America wire transfers review With Bank of America, you can send money to more than 200 countries worldwide with the funds arriving typically within two business days. Branches are located in the US only.
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  • Chase Bank wire transfer review Compare international and domestic money transfer options from Chase (available in the US).
  • How to find a Ria location Ria’s global network of over 435,000 agent locations allows for convenient cash pick up in 160 countries worldwide.
  • List of SWIFT codes for all banks in Mexico Sending an international money or wire transfer to a bank in Mexico? Find the SWIFT codes for all the banks in Mexico here.
  • How to find a WorldRemit location Find WorldRemit locations near you and abroad to send or receive cash in as little as a few minutes.
  • Find a MoneyGram location Send or pick up cash from over 350,000 locations in 200 countries around the globe.
  • HSBC wire transfers review Transfer funds around the globe quickly and easily with HSBC international money transfers. Learn how for your next secure money transfer.
  • How to use Facebook Pay Exactly how do you use Facebook Messenger to send or request money? Is it safe? Find out what happens when you use the app to send money to someone.
  • How to send door-to-door cash Learn how to take advantage of door-to-door cash by getting money delivered directly to your home or recipient’s doorstep.

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