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.
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.
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
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.
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.
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.
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.
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
If your business needs to make international payments on a regular basis, the best international money transfer services offer a host of key features. They have large maximum transfer limits, support hedging tools like forward contracts and limit orders, and offer better exchange rates than you’ll get from a bank. They may also offer multi-currency accounts, support the ability to set up recurring payments, and they provide fast access to customer support whenever you need it.
OFX is an Australian international money transfer service with offices in eight countries around the world, including Canada. It's been in business for over 25 years, supports transfers in over 52 currencies and offers bank-beating exchange rates. Full Review
Why it's one of the best
Send money to over 170 countries. OFX lets you send business transfers to a wide range of international destinations.
Risk management tools. Tools like forward contracts and limit orders help you get a better rate for your transfer.
OFX Global Currency Account. This account lets you hold funds in up to seven currencies, allowing you to get paid in the local currency wherever you do business and convert it to CAD when a good exchange rate becomes available.
No account fees
Easy-to-use online platform
Mobile app also available
Has earned an average of 4.3 out of 5 stars from over 6,000 Trustpilot reviews
You can only send transfers to bank accounts
Fee applies when you transfer less than $10,000
Transfer Amount
$250 – 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.
RemitBee offers fast money transfers to more than 80 countries. It's easy to transfer funds online or via the RemitBee mobile app, and the provider also offers unlimited CAD/USD exchanges at competitive rates. Full Review
Fast transfers
Tax-ready receipts and paperwork
No fees on transfers of over $500
You can't pay with a credit card
No advanced risk management 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
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.
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.
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
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.
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.
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
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.
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
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 – $750,000 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).
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
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 method
Description
Pros
Cons
Online money transfer service
Electronic 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 service
Cash 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
Bank
Wire 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
Cheque
Write 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)
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:
Create an account by entering personal details like your name, contact details and Social Insurance Number (SIN).
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.
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.
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
An online money transfer directly to a bank account is usually cheaper than sending funds for cash pickup. However, fees and options vary between service providers, so the cheapest option depends on which service you choose and the type of transfer you want to send.
It depends on the money transfer service and transfer method you choose. In general, if you pay with a credit or debit card, your money will arrive fast — often within the day. Paying by bank transfer is a lot slower and could take up to 2-5 days to process. Check out our guide on factors that can affect your transfer to learn more.
If you use a transfer service that offers cash pickup transfers, and if you pay with a credit or debit card, it's often possible for your recipient to collect the transfer within minutes. However, fast transfers often come at a cost of higher fees and poorer exchange rates.
Not all money transfer services accept the same payment methods, but you may be able to pay by the following:
Debit card
Credit card
Bank transfer (requires your account number)
Cash
If you want to pay in cash, you'll need to visit a bank branch or money transfer agent in person. If you transfer funds online or via mobile app, you can only pay electronically by card or bank transfer.
Receiving options vary between transfer services, but your recipient may be able to receive funds the following ways:
Bank account
Mobile wallet
Cash pick-up at a bank or money transfer location
Airtime top-up
Most transfer services impose minimum and maximum transfer amounts, but the exact amounts can vary. Check with your service provider to find out what limits apply to your transfer. Note that some services may raise your maximum transfer amount if you provide additional documents to verify your identity and employment.
When sending money overseas, the Canadian federal government tracks large sums ($10,000) through the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to prevent money laundering, terrorism funding, and related crimes.
Ultimately, no. Banks and money transfer services want to make a profit to continue providing transfer services. Some services offer zero transfer fees but charge a margin on the exchange rate. Others don't add a margin to the exchange rate, but you'll have to pay a transfer fee.
You may be able to find special promotions designed to attract new customers like zero fees on your first transfer. Learn more in our guide to free money transfers.
Money transfer services implement industry-standard measures for protecting your personal data and money, similar to banks. This can include data encryption, SSL certificates, multi-factor authentication and regular monitoring to detect and prevent fraudulent activity.
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.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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