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Find the best way to send money to Canada

Learn how to send money to Canada from Canada in our step-by-step guide.

Looking for the best way to send money from Canada to family, friends or businesses in Canada (or even to your own overseas bank account)?

Don't head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better CAD exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more Canadian dollars.

Of the companies we've compared, Xe Money Transfers is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in Canada within minutes.

Best ways to send money to Canada from Canada

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.
  • Bank transfer. Typically the cheapest option, bank transfers are an easy way to send money to Canada but are often slower than other methods.
  • Peer-to-peer (P2P) transfer. With this type of transfer, the transfer service matches people buying Canadian Dollars in one country with people who are selling it in another, potentially securing a more competitive exchange rate.

Compare the best money transfer companies to send money to Canada

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.
1 - 6 of 6
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
OFX
24 hours
$0
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 50+ currencies.
Xe Business Transfers
Xe Business Transfers
Within minutes
$0
Xe Money Transfer can help your business unlock international transfers. Forward contract and limit order options available.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
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 50+ currencies.
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Cheapest way to send money to Canada

Bank transfers are typically the cheapest way to get your money to Canada. Xe Money Transfers and OFX have some of the lowest bank transfer fees of the brands we've compared.

When you're hunting down the cheapest ways to send money to Canada, it's more important to look at the overall cost of your transfer. This has a couple of elements:
  • Transfer fees. While still cheaper than your Canadian bank, some money transfer services charge either a fixed or percentage-based fee for making your transfer.
  • Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market CAD/CAD exchange rate.

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. This means it is important to compare exactly how many Canadian dollars your recipient will end up with.

Fastest way to send money to Canada

Many online providers can offer transfers to Canada within minutes, although you're likely to pay a premium for the convenience.

Here are some of the fastest average transfer speeds to Canada:
  • Xe Money Transfers — within minutes
  • OFX — within hours

Actual transfer times from Canada to Canada can depend on several different factors including transfer amount, payment method and currency.

Safest way to send money to Canada

The safest way to get your 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 in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and 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.

Large money transfers to Canada

If you need to make a sizable money transfer to Canada, consider using a provider such as OFX or CurrencyTransfer to benefit from its expertise in handling larger transfer amounts.

Using a large transfer specialist can have the following advantages:
  • Tax guidance. Large transfers to Canada may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on CRA's latest advice.
  • Foreign exchange (forex) tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the CAD exchange rate you want.
  • Account manager. Some money transfer providers assign a personal account manager who can help and advise you on your transfer needs.
  • Phone service. If you want to talk your transfer through with someone, providers such as Xe Money Transfers and OFX can give you support over the phone.

How to send money to Canada from Canada

To send money to Canada, you'll need the necessary documentation, your recipient's details and a way to pay.

  1. Compare your options.
    Use our table to find a money transfer provider that sends funds to Canada. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site".
  2. Create an account.
    You'll need to give your name, address, contact details, proof of ID and method of payment.
  3. Provide your recipient's details.
    Enter your recipient's name and contact information. If you're sending straight to their Canadian bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
  4. Enter your transfer amount.
    Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total Canadian dollars your recipient gets.
  5. Complete your transfer.
    Send your money transfer to Canada. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.

Example: Ethan sends money to Canada

Ethan is working in Canada 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 Canada.

He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.

Bank Money transfer company
Exchange rate 1 CAD = 0.98 CAD 1 CAD = 1.00 CAD
Transfer fee $10 $2.50
Transfer method Bank account deposit Bank account deposit
Processing time 2 - 5 working days Next day
Amount received 1,954.18 CAD 1,987.51 CAD

The money transfer company enables Ethan to send an extra $33.33, which is transferred straight to his parents' Royal Bank of Canada account.

How to choose the best money transfer companies to send money to Canada

When choosing a money transfer provider to send money from Canada 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:

  • Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. It is the best rate you can get. However, not all money transfer providers offer you this mid-market rate so compare the CAD you're offered to the mid-market rate and look for the smallest difference.
  • Transfer fees. Are you being charged a flat fee or a percentage of your transfer amount? For example, a provider offering to transfer your money to Canada for a flat or low fee might work out better if you plan to send a large amount.
  • Transfer type. Does your recipient have a Canadian bank account or is cash or cell phone top-up a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
  • Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Some companies offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value and get your money to Canada faster and cheaper than banks.
  • Transfer purpose. Whether your transfer is for personal or business reasons influences which provider you want to use. If it is a one-off personal transfer, then fast and cheap may be the way to go. But if you make recurring transfers or send large amounts, a business transfer specialist like Xe Business Transfers may be more economical.
  • Transfer limits. Find out how much you can send with each service. For example, Xe Money Transfers allows transfers up to $500,000.
  • Customer support. If you're sending larger amounts or looking for some guidance, it's important to choose a provider you can contact by phone like Xe Money Transfers.
  • Discounts. Some providers may offer you a free transfer simply for signing up. Others may offer a discount if you transfer more than a specific amount of Canadian dollars.

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