Pay Overseas Bills with a Cheap International Money Transfer

The secret of paying overseas bills from anywhere – and in a way that won’t break the bank.

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With the ongoing process of globalization, and the subsequent movement of people and goods across international borders, many people find themselves needing to cover expenses, like recurrent monthly bill payments, from across the globe. Individuals may need to send money to cover rent, utilities or even student loans, while businesses often need to set up more complex systems to pay staff and suppliers. When it comes to making overseas bill payments, Canadians and non-residents alike have a plethora of options to send money overseas. Check out our handy table below to make comparisons between some of the most prominent services being offered, and keep reading for helpful tips and tricks aimed to help you get the most out of every transaction.

XE International Money Transfers

International Money Transfer Offer

XE specializes in a wide range of foreign currency solutions and offers an affordable option when you need to send money overseas.

  • Send money to 170+ countries
  • Competitive exchange rates that are often better than banks
  • Transfer up to $500,000 online
  • See exchange rates in real-time
    Rates last updated April 2nd, 2020
    Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
    OFX International Money Transfers
    USD 150
    1 day
    Online, Phone, Agent
    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.
    Global Reach International Money Transfers
    GBP 3,000
    1 day
    Online, Phone, Bank Account to Bank Account
    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.
    Currencies Direct International Money Transfers
    Currencies Direct International Money Transfers
    CAD 2,000
    2 days
    Online, Phone
    $0 online transfer fee with access to a 24/7 online platform.
    TorFX International Money Transfers
    CAD 2,000
    1 day
    Online, Phone, Agent
    TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.

    Send money overseas in 45 currencies.
    Remitly International Money Transfers
    CAD 1
    1 - 2 days
    Online, Bank Account to Bank Account, Cash Transfer
    Special offers like free transfers and better exchange rates available for new customers.
    Quick, affordable transfers around the world with both express and economy options.
    WorldRemit International Money Transfers
    CAD 0
    Within an hour
    Online, Bank Account to Bank Account, Cash Transfer
    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.
    TransferWise International Money Transfers
    CAD 1
    1 - 2 days
    Make online transfers with transparent exchange rates, low fees and low minimum amounts.
    XE International Money Transfers
    CAD 1
    1 day
    Online, Phone, Bank Account to Bank Account
    Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
    CurrencyTransfer International Money Transfers
    GBP 5,000
    1 - 2 days
    Online, Phone, Bank Account to Bank Account, International Money Order
    Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate.
    The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

    Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

    Compare up to 4 providers

    What are some of the overseas bills that I might need to pay?

    • Household bills. These are often small amounts that need to be paid monthly and can include student loans, mortgage payments, car payments, utility bills, phone bills and other types of payments.
    • Corporate bills. These are often large amounts to be paid monthly, and can include property taxes, equipment rentals, staff salaries and inventory/supplies.

    What are some of the ways I can pay my international bills?

    When it comes to international bill payments, you can choose to make fixed or flexible payments, depending on whether the amount being paid each month is a set or fluctuating amount.

    • Fixed regular payments. These payment models are suitable for amounts that don’t fluctuate each month (ie. mortgage or car payments) because you can lock in competitive exchange rates over time, which will protect you from fluctuations in the market.
    • Non-fixed payments. Certain payments will fluctuate (ie. utility or phone bills) based on consumption or other variables, which means you will be unable to benefit from fixed exchange rates, but can track exchange rates to send payments when rates are most competitive.

    How to compare providers

    Before you select a company to help you pay your bills from overseas, it’s advisable to look into the following features, to make sure that you select the best service to suit your particular circumstances.

    • Exchange rates. Even a marginal increase in the exchange rate can impact how much you have to pay out of pocket, particularly when it comes to hefty bill payments. Make sure that the service you choose offers exchange rates close to the mid-market rate (which you can find by conducting a simple Google search).
    • Fees. Transfer fees can be tricky business as they can add double-digit costs to your transaction. It’s best to look for a service that can arrange regular payments with low to no fees.
    • Speed of transfers. Some transfer companies can complete transfers in a matter of minutes while others can take 2–3 days. Make sure that your bill payments are set up with enough time to spare so that you know the transfer will complete on time.
    • Minimum amount. Certain providers will ask that you transfer a minimum amount (which can be as high as $1,000) in order to use their services. Make sure to read the fine print before you invest time into the registration and set-up process.
    • Customer service. Reputation means a great deal in the financial industry. Make sure that the service you choose offers top-tier customer service, with both telephone and live chat support options available.

    International money transfer comparison for banks

    The table outlined below compares exchange rates and transfer costs for Canada’s five largest banks: Toronto-Dominion Bank (TD), Canadian Imperial Bank of Commerce (CIBC), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO) and Royal Bank of Canada (RBC).

    BankTransfer Fee (CAD)Exchange Rate Markup
    Toronto Dominion Bank (TD)$9 – $302.64%
    Canadian Imperial Bank of Commerce (CIBC)Fee-free3.34%
    Bank of Nova Scotia (Scotiabank)$9 plus 1% of principal2.88%
    Bank of Montreal (BMO)$15+2.65%
    Royal Bank of Canada (RBC)$13.502.60%

    Rates current as of 20 February 2018

    International money transfer comparison for non-banks

    The table below compares exchange rates and transfer costs for seven of the major international money transfer services in Canada

    Money Transfer ServiceTransfer Fee (CAD)Exchange Rate Markup
    TransferWise1% of principalLess than 1%
    Canadian Forex$15Less than 2.5%
    TorFXFee-freeLess than 2.5%
    Currency SolutionsFee-freeLess than 1%
    World First$10Less than 2.5%
    XE Money TransferFee-freeLess than 1%
    WorldFirst$10 (less than $10,000); fee-free (over $10,000)Less than 2.5%

    Rates current as of 20 February 2018

    Pros and cons


    • Pay bills from anywhere. If you set payments up in advance, you can travel with a clear conscience, knowing that your bills will be paid on schedule.
    • Say goodbye to late charges. When you set up regular, scheduled payments, you can rest easy knowing that your bill payments will clear before their due dates, meaning you won’t pay through the nose in late charges.
    • Avoid exchange rate fluctuations. While fixed payments can only be arranged for fixed amounts, they can lock in a favourable exchange rate over the long term to protect you from the volatile marketplace.


    • Fees apply. As if bills aren’t annoying enough, tacking on a transfer fee ends up costing you more than if you were to pay your bills in-country.

    Frequently asked questions

    You should be able to find a money transfer provider to send your funds almost anywhere. But certain countries may be excluded from transfer destinations, including North Korea and Iran.

    Many online transfer companies allow you to schedule recurring transfers as far as one year in advance, which makes it easier to stay on top of your bill payments.

    The exchange rate that you settle on will determine how much it will cost to make bill payments overseas. For example, if you’re looking to send $1,000 from Canada to France, and one transfer company offers an exchange rate of 1 CAD = EUR 0.59 , while the other offers 1 CAD = EUR 0.62, then you will save EUR 30 (almost $50) on every payment if you select the service with the more competitive rate.

    This essentially depends on provider you choose to deal with, because certain providers have such limitations in place.

    Ask an Expert

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    2 Responses

    1. Default Gravatar
      KeithApril 16, 2015

      I want $1045 US dollars to be received in the USA and Im sending this from Australia. How do I enter the calculate question please?

      • Avatarfinder Customer Care
        MarcApril 17, 2015Staff

        Hi Keith,
        thanks for the question.

        While our calculator doesn’t specifically allow you to work back from the amount you want to be received, you can try entering in different transfer amounts until you arrive at the $1045 amount. At the time of writing, it looks as though sending approximately $1,360 AUD would see you send amounts close to $1,045.

        I hope this helps,

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