You can send money with a credit card or debit card, but not every transfer service allows this. While it’s convenient to pay for an international money transfer via credit card, it often costs more than paying via bank transfer.
The short answer is yes. You can send money with a credit card or debit card by using a money transfer service that accepts credit or debit card payments. Usually, this isn’t the cheapest transfer method. Many transfer services charge lower fees when you pay by directly transferring funds from your bank account.
Yes. There are several ways to pay for an international money transfer with your credit card including:
Even if you don’t have a credit card, you may be in luck: Many money transfer providers accept debit cards. The transfer fees may even be lower than if you pay by credit card.
A debit card is a great option for domestic money transfers. If you pick the right transfer provider, a debit card will let you send money online quickly and for free.
Consider using Google Wallet, which offers free transfers with a debit card. When your recipient receives the transfer, the money is automatically forwarded to the bank account linked to their debit card.
Some, though not all, companies accept credit card payments. But you may pay more for the convenience of paying with plastic. As of March 18, 2023, here’s what a number of popular transfer services charge in total for sending $1,000 to India, the Philippines and Mexico using the cheapest available option.
| Transfer service | India | Mexico | Philippines |
|---|---|---|---|
| WorldRemit | $2.99 CAD | $2.99 CAD | $2.99 CAD |
| Xoom | $21.49 CAD | $4.99 CAD | $21.49 CAD |
| MoneyGram ($990 max online transfer) | $4.99 CAD | $4.99 CAD | $4.99 CAD |
| Ria | $25 CAD | $13 CAD | $12 CAD |
| Western Union | $0 CAD | $0 CAD | $0 CAD |
| Remitly | $0 CAD | $2.99 CAD | $2.99 CAD |
| PayPal | Not available | $32.29 CAD | $32.39 CAD |
| Wise | $36 CAD | $35.69 CAD | $35.27 CAD |
When we checked 8 of the most popular money transfer services, Western Union, WorldRemit and Remitly charged the lowest fees for sending money with a credit card. But transfer fees aren’t the whole story.
It may be more convenient to transfer money with a credit card or debit card than by bank transfer. However, keep these potential pitfalls in mind.
When you transfer funds from a credit card, your card provider will probably treat the transaction as a cash advance. This comes with a cash advance fee and higher interest rate than you pay for ordinary credit card purchases. Interest is also likely to start accruing from the day you make the transfer — there’s no grace period.
Using your bank account to fund an international money transfer is typically the cheapest option. When you use your credit or debit card, your provider is likely to charge a higher transfer fee.
There are some reasons why it can be a good idea to send money with a credit card or debit card.
If you have a rewards credit card, you may earn travel miles or cash back after you fund your transfer. However, this works best if paying by credit card isn’t treated as a cash advance, which comes with extra costs that may offsets your rewards.
Credit and debit card transfers may be useful in an emergency. For example, you may need to send an urgent transfer to a loved one who’s gotten into a difficult circumstance while travelling and has no cash.
Before you initiate your transfer, check the transfer fees for both credit and debit cards. If there’s a difference, you’re likely to get a lower fee for debit card transfers.
Using a bank account is the standard funding source for money transfers. But if you don’t have a chequing account, you may need an alternative way to send funds like transferring from a credit card.
If you don’t have a credit card, bank account or debit card, consider picking up a prepaid debit card. You can purchase one at a local supermarket or retailer like Shoppers Drug Mart and use it to fund your transfer.
You can send money with a credit card or debit card, but it’s typically your more expensive option. It’s almost always cheaper to fund your transfer by transferring funds directly from your bank account.
An international money order may not be the best option for sending money overseas. Learn more about money orders in Canada, and find out about other ways to transfer funds abroad.
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