Looking for the best way to send money to family, friends or businesses in Canada (or even to your own overseas bank account)?
Don’t head straight to your bank – compare specialist money transfer services instead. They nearly always offer better CAD exchange rates and lower fees. So, for whatever amount you send, your recipient will receive more Canadian dollars.
Of the companies we’ve compared, WorldRemit is among the cheapest, with competitive exchange rates and low starting fees. Need a really fast transfer? WorldRemit can get money to your recipient in Canada within minutes.
These services provide 4 of the best ways to send money to Canada:
WorldRemit has helped more than 5.5 million customers worldwide send money internationally. Since its founding in 2010, WorldRemit has expanded to have one of the largest selections of destination countries – including Canada. Some other nice perks is that it accepts a variety of payment options and provides 24/7 customer support in 6 different languages.
MoneyGram has been in business for over 80 years and has become one of the most well-known brands for money transfers in Canada. MoneyGram enables money transfers to more than 200 countries and supports bank account transfers, mobile wallet deposits, home delivery and even cash pickup at 430,000+ locations worldwide. You can send money transfers as small as $1 and up to $990.
XE was founded in 1993 and is headquartered in Ontario, Canada. It enables money transfers to 200+ countries in 100+ different currencies. Xe was founded in 1993 and then acquired in 2015 by major European securities trading company, Euronext. It has offices in Australia, New Zealand, the UK, the US and in other countries around the world.
OFX (also known as Forex) has been in business for over 20 years helping people transfer money in 52 currencies. It has offices in Canada, Australia, the US and five other countries across the world. A nice perk of opting for OFX is that it offers advanced tools to help you get the best exchange rate. Most OFX money transfers to Europe take 1-2 business days to be delivered.
|Transfer service||Fee for bank transfer||Transfer amount||Fastest transfer speed|
|WorldRemit||From $0||$1 – $40,000||Within minutes|
|MoneyGram||From $4.99||$1 – $990||Within minutes|
|Xe||$0||$1 – $750,000 online (no max offline)||Within minutes|
|OFX||$0||$250 – Unlimited||24 hours|
The cheapest way to send money to Canada is via a bank transfer through money transfer services, like WorldRemit and Xe Money Transfers, which have lower transfer fees compared to alternatives.
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate.
When you’re hunting down the cheapest ways to send money to Canada, look at the overall cost of your transfer. To do that, consider these factors:
Some of the providers offering the fastest average transfer speeds to Canada are WorldRemit (transfers within minutes), MoneyGram (within minutes) and Xe (within minutes). Many online providers can offer transfers to Canada nearly instantly, although you may pay a premium for the convenience.
The actual time it takes for a transfer to Canada to fully process can depend on several different factors including transfer amount, payment method and currency.
The safest way to send money to Canada is to use a provider registered with Canada’s industry regulator, the Financial Consumer Agency of Canada. All of the companies we’ve compared here are overseen by a local regulator and comply with the relevant laws and regulations in Canada.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
To send money to Canada, you’ll need the necessary documentation, your recipient’s details and a way to pay. Follow these steps to safely and quickly transfer money to Canada:
Each money transfer service will accept its own unique list of payment options for your money transfer to Canada. Still, you can expect most providers to accept transfer payments from at least debit cards, credit cards and bank transfers.
Some transfer services may also allow direct debits, online bill payments, Interac Online and Interac e-Transfers. Some companies, like WorldRemit, may even allow you to pay for your money transfer using Apple Pay.
The best way to send money to Canada depends on your payment method, how you want your money to be received and how fast you need it to arrive.
If you need to make a sizable money transfer to Canada, consider using a provider such as OFX to benefit from its expertise in handling larger transfer amounts.
Using a large transfer specialist can have the following advantages:
Ethan is working in the UK as a financial analyst and he stays in regular contact with his elderly parents back home in Canada. His parents need some funds to help pay off a mortgage, so Ethan plans to send them £2,000 from the UK to Canada.
Here is an example breakdown of how much a money transfer to Canada from the UK may cost.
|Money transfer company|
|Exchange rate||£1 GBP = $1.682 CAD|
|Transfer fee||£0.99 GBP|
|Transfer method||Bank transfer|
|Processing time||2 business days|
|Total to pay||£2,000.99 GBP|
The money transfer company only charges Ethan an extra £0.99 to transfer money straight to his parents’ Royal Bank of Canada account.
When choosing a money transfer provider to send money to Canada, it’s important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
Use our table to compare the best money transfer companies to send money to Canada. You can compare deposit and receiving options, fees and transfer speeds, then click the “Go to site” button when you’ve found the best one to get your money to Canada.
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