Save up to 5% when you transfer money with MTFX

MTFX operates in both Canada and the United States, and runs its Canadian headquarters out of Markham, Ontario (where it was founded in 1996). With an annual turnover of over $6 billion, MTFX offers competitive exchange rates and low transfer fees on a secure online platform. Since 1996, MTFX has become a leader in online foreign exchange services – managing over 100,000 transfers per year and offering both personal and business clients the best possible services and solutions. Canadians trust MTFX to transfer funds to over 100+ countries around the world.

How much does it cost to transfer money with MTFX ?

MTFX offers currency exchange rates that are 2-5% better than those offered by banks. Exchange rates fluctuate based on the mid-market rate (the rate that banks use to trade currency). The following comparison chart demonstrates how MTFX stacks up against another mid-size reputable money transfer provider.

Rates as of 14 April 2018

MTFX offers a transfer fee of $15 for transactions less than $10,000, with fee-free transfers for any amount over $10,000.

How do I send money through MTFX ?

Sending money with MTFX is a quick and easy process which takes only a few minutes from start to finish, with no obligation. Once you sign up, you’ll be assigned a currency specialist to help you with every aspect of your transaction. Follow this user-friendly process to send funds overseas:

1. Register for a free account. Input personal details into a simple online form and provide copies of identification for verification purposes.
2. Enter recipient and payout info. Enter recipient details, including name, address, account number and SWIFT code.
3. Fund your money transfer. Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT) or using Automated Clearing House (ACH) payment services for US-based funds.

What types of transfers can you carry out with MTFX?

MTFX offers several options for sending money overseas. Send an international money transfer immediately, or save money by booking your desired exchange rate for future transactions.

• Single transfers. Book a single transaction with up-to-the-minute exchange rates.
• Forward contract. Purchase currency for transfer at a later date to lock in your desired exchange rate.
• Limit order. Set a target rate for your transaction and MTFX will book the transfer when the market reaches that rate.

Pros and cons of using MTFX

Compare Xpress Money to other money transfer services

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Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
Wise (TransferWise) Finder Award		24 hours	From 0.48%	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site View details Compare product selection Compare	loading
RemitBee		Within minutes	From $0	View details Compare product selection Compare	loading
Xe Money Transfers		Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to site View details Compare product selection Compare	loading
Instarem		Within minutes	From $0	Enjoy a special exchange rate and zero fees on your first transfer between 50 CAD and 2,500 CAD. Valid until June 30, 2026.. T&Cs apply.	Instarem offers zero transfer fees on all transfers.	Go to site View details Compare product selection Compare	loading
Africhange		Within minutes	From $0	Send money in CAD to Africa on this blockchain and P2P powered provider.	Go to site View details Compare product selection Compare	loading
Remitly		Within minutes	From $0	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.	Go to site View details Compare product selection Compare	loading
WorldRemit		Within minutes	From $0	View details Compare product selection Compare	loading
MoneyGram		Within minutes	From $0	Go to site View details Compare product selection Compare	loading
OFX Exclusive		24 hours	From $0	Finder exclusive: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee. T&Cs apply.	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 45+ currencies.	Go to site View details Compare product selection Compare	loading
Xe Money Transfers		Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to site View details Compare product selection Compare	loading
Airwallex		Within an hour	$0 - $35	Get up to $500 in FX fees refunded for international money transfers sent within the first 3 months of opening a new account. T&Cs apply.	Go to site View details Compare product selection Compare	loading

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Frequently asked questions about Xpress Money

• How long do transfers take?

  Depending on banking hours and the time of transfer, cash is typically available within the day, although the process can take between 1 and 3 days.

• Is my money safe with MTFX?

  MTFX holds client funds in segregated accounts and does not release outgoing payments until client funds are received. MTFX is also a registered entity with regulatory authorities in Canada.

Written by

Claire Horwood

Associate editor

Claire Horwood was a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee. See full bio

Claire's expertise

Claire has written 333 Finder guides across topics including:

• Banking
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