Enjoy safe and reliable international money transfers worldwide with TransferWise.
TransferWise makes it easy to send and receive international payments with outstanding mid-market exchange rates and a user-friendly pay portal. Whether you’ve got one large lump sum to send abroad or regular overseas payments to manage, this reputable international money transfer provider offers a wide range of options so that you can maximize every transaction.
How much does it cost to transfer money?
How much a transfer costs depends on three things — the amount you’re sending, how you pay, and the exchange rate. TransferWise charges a flat fee of $3 CAD to transfer amounts below $350 CAD. For any transfer between CAD351 and CAD9,500, you’ll be charged a 1% fee, with an additional 0.7% on any amount above the initial $9,500. Card processing fees are added to the transfer amount charged to the card and vary depending on whether you pay with a debit (1.15%) or credit (1.75%). For an estimate of fees, you can access the TransferWise Transfer Calculator.
Transferwise foreign exchange rates
Transferwise uses the mid-market exchange rate (also known as the interbank rate or spot rate) which represents the midpoint between the buy and sell rates on global currency markets. While many banks trade with other banks at the mid-market rate, they almost unanimously inflate these rates when completing transfers for clients, which means you get less bang for your buck on the other end.
TransferWise, on the other hand, offers a mid-market or best rate guarantee, which means you will never pay more than the banks. As an added benefit, for most currencies, you can lock in the rate offered when you set your transfer up — and you’re guaranteed to get it, as long as you pay for your transfer in a stated time frame (normally 24 or 48 hours).
The registration and transfer process
TransferWise makes sending money overseas a piece of cake with a simple, user-friendly process that takes only a few minutes from start to finish. In the top right hand corner of this page, click “Sign Up” and when prompted, input a username and password. Once you gain access to the pay portal, simply fill out your personal or business profile to automatically populate logistical details for payments*.
When you’re ready to make a transfer, input amount you wish to send and specify currency. Double check personal details and manually enter your credit card or bank account information into the system to complete the payment. Depending on the method of payment, deposits tend to reach TransferWise between 1 and 5 working days.
*Keep in mind that your personal details, such as name and address, are subject to verification and must match the details linked to the bank account or credit card you are using for payment. When you make transfers from Canada, you may also be asked to upload a certified ID copy signed by a guarantor.
How long will my transfer take?
While transfers are normally completed between 1 and 5 business days, transfer times will vary depending on four factors:
- Location of sender and recipient
- Method of payment (card or bank transfer)
- Time of processing (during or outside of bank hours)
- Status of security checks (completion of identity verification)
For an estimate of processing times, check out the TransferWise Transfer Calculator.
Why choose Transferwise?
Transferwise offers an affordable, reliable and transparent money transfer service offering reasonable fees on transfers at the mid-market exchange rate. It’s quick and easy to transfer money, and the whole process is designed to be as user-friendly as possible.
Frequently asked questions
Your money should arrive to your nominated recipient within one to four business days.
A bit about the history of Transferwise
In 2011, Taavet Hinrikus and Kristo Käärmann were two Estonian expats living in London. Though he lived in London, Taavet was getting paid in Euros for work he’d done in Estonia. Meanwhile, Kristo lived in London but had a mortgage in Euros back in Estonia. Frustrated by hidden bank fees and fluctuating global currencies, the two friends devised a scheme to transfer funds overseas without losing any of their money, and from this endeavor, TransferWise was born.