Find the best way to send money to Europe

Looking for the best way to send money from Canada to family, friends or businesses in Europe (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 EUR exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more euros.

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 Europe within minutes.

Best ways to send money to Europe from Canada

The best way to send money to Europe depends on your payment method, how you want your money to be received and how fast you need it to arrive.

• Online money transfer provider. When buying Canadian dollars or euros money transfer specialists typically offer better rates and cheaper fees than a local bank.
• Bank transfer. Bank transfers are an easy way to send money to Europe but they charge extra for the convenience and are often slower than other methods.

Compare the best money transfer companies to send money to Europe

Use our table to compare the best money transfer companies to send money to Europe. 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 Europe.

Cheapest way to send money to Europe

Bank transfers are typically the cheapest way to get your money to Europe. 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 Europe, 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/EUR 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 euros your recipient will end up with.

Fastest way to send money to Europe

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

Here are some of the fastest average transfer speeds to Europe:

• Xe Money Transfers — within minutes
• Wise (TransferWise) - Under 10k — within hours
• OFX — within hours

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

Safest way to send money to Europe

The safest way to get your money to Europe 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 Europe.

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 Europe

If you need to make a sizable money transfer to Europe, 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 Europe 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 EUR 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 OFX and CurrencyTransfer can give you support over the phone.

How to send money to Europe from Canada

To send money to Europe, 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 Europe. 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 European 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 euros your recipient gets.
5. Complete your transfer.
   
   Send your money transfer to Europe. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.

Example: John sends money to Europe

John is working in Canada as a film producer and he stays in regular contact with his elderly parents back home in Europe. His parents need some funds to help pay off a mortgage, so John 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 = 0.67 EUR	1 CAD = 0.68 EUR
Transfer fee	$10	$2.50
Transfer method	Bank account deposit	Bank account deposit
Processing time	2 - 5 working days	Next day
Amount received	1,339.79 EUR	1,362.64 EUR

The money transfer company enables John to send an extra €22.85, which is transferred straight to his parents' account.

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

When choosing a money transfer provider to send money from Canada to Europe, 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 EUR 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 Europe for a flat or low fee might work out better if you plan to send a large amount.
• Transfer type. Does your recipient have an European 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 Europe faster and cheaper than banks.
• Transfer limits. Find out how much you can send with each service. For example, Xe Money Transfers has a transfer limit of $500,000 while OFX allows unlimited 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 euros.

Frequently asked questions

• How can I pay for my transfer to Europe?

  There are multiple ways to pay for your money transfer to Europe. The most common payment methods include bank transfer, credit card and debit card.

  How you pay can influence how quickly your euros arrive and the total cost of your transfer, so consider both when deciding.

• What details do I need to send money to Europe?

  • Photo identification: Most providers require a driver's license, passport or other Canadian government-issued ID.
  • A way to pay: Your options depend on the provider's services. Popular methods include cash, debit or credit card and bank account transfers.
  • Recipient information: You'll need their name (matching their ID) plus contact details. If sending to a European bank account, you'll need their account number, SWIFT and branch details.

• What is required to receive money in Europe?

  • Transfer number: The reference number – sometimes called a PIN, MTCN or tracking number.
  • Government-issued ID: An official ID, such as a European passport or driver's license.
  • The transfer amount: To know how much has been sent, usually to within 10% of the total.
  • Sender information: The sender's name and address and the transfer's country of origin.

• How much money can I send online to Europe?

  This depends on the provider you choose as each will have its own sending limit. For example, services such as Xe Money Transfers and Wise (TransferWise) - Under 10k allow you to transfer as little as $1 while others will have a significantly higher minimum threshold.

  Remember that some providers will have maximum transfer amounts as well, either as a result of Canadian tax policies or because their service is more limited. If you need to send a large transfer, look for a provider that has higher or no sending limits to Europe.

• How long will it take for my money to arrive in Europe?

  The turnaround time for a money transfer to Europe depends on the provider and how you pay for the transfer. Expect your transfer to arrive within minutes if you pay using cash or with a debit or credit card. Paying by bank transfer can take longer – usually 2–5 days.

• Can I send money to Europe without a bank account?

  Yes, you can still send a money transfer if neither you nor your recipient in Europe has a bank account. Look at cash transfer providers where you can pay with cash and your recipient can collect it as cash or as mobile phone reload on the other end.