Because Wise only supports bank-to-bank transfers and requires a Social Insurance Number (SIN), it may not be convenient for all of your money transfer needs. Its fees also depend on the amount of money you’re sending, which may be expensive if you’re transferring a large sum of money.
To help you find the best money specialist for your needs, compare popular alternatives to Wise here. These other money transfer services offer competitive pricing, secure transfers and fast transfer times compared to Wise.
Since its founding in 2010, WorldRemit has helped more than 5.5 million customers around the world send money internationally. It has one of the largest selection of destination countries and accepts a variety of payment options. WorldRemit provides 24/7 customer support in 6 different languages to help you troubleshoot any issues.
Costs: A base fee of $2.99-$4.99 will apply to most transfers. Keep in mind that the total fee you’ll pay will vary depending on the type of transfer, the transfer destination and your payment method. Also expect an exchange rate markup depending on the currency, which we found typically ranged between 0% and 2.9%.
Payment options: Credit card, Debit card, Bank transfer, Apple Pay
Receiving options: Cash pickup location, Bank account, Mobile wallet, Home delivery, Prepaid phone credit
Customer service: Phone, Live chat
Maximum transfer amounts: $40,000
Number of currencies: 70
Pros:
Able to transfer to cash pick-up locations or mobile wallets
100,000s partner cash pickup locations
Instant transfers available
Supports many exotic currencies
Cons:
Only sends mobile credit top-ups to some countries
You can’t send more than $40,000 CAD from Canada in a 24-hour period or more than $4,000 CAD in a single transaction
Instarem is great for small transfers and offers very competitive exchange rates on money transfers to more than 30 currenices around the world. It is licensed and regulated in 11 countries. We also like that Instarem is transparent about its fees and exchange rates, and offers same-day transfers.
Costs: No-fee money transfers available to many (but not all) destinations. You’ll have to pay an exchange rate markup that will vary based on the transfer destination. For example, we were quoted a $0 transfer fee and an exchange rate markup of approximately 1.7% when we tried to send $1,000 to the UK.
Payment options: Bank transfer
Receiving options: Bank account
Customer service: Phone, Live chat, Email
Maximum transfer amounts: $3,000
Number of currencies: 30
Pros:
Earn loyalty points on your transfers and redeem for discounts on future transfers
Transfers typically arrive within 1-2 business days (instant and same-day delivery for some transfers)
Send money and track transfers using Instarem’s mobile app for Android and iOS
Cons:
Low maximum transfer amount of $3,000 CAD per day and $20,000 CAD per month
Only supports transfers in 30 currencies (incl. PHP, INR, CNY, EUR, GBP and USD)
Also known as Forex, OFX has been in the money transfer business for over 20 years. It has offices in Australia, Canada, the US and five other countries around the world. OFX allows you to send funds to more than 170 countries and offers advanced tools to help you get the best exchange rate.
Costs: A flat fee of $15 applies to all transfers below $10,000, while any transfers above that threshold have are not charged a fee. There’s also an exchange rate markup – usually 1.5% or less – on top of the mid-market rate.
One of the most well-known transfer brands, MoneyGram has been operating for over 80 years and enables money transfers to more than 200 countries. Both MoneyGram and Wise let you send small transfers, with a minimum transfer amount of only $1. MoneyGram also supports cash pickup transfers, bank account transfers, mobile wallet deposits and home delivery, which is facilitated by its 430,000+ locations worldwide.
Costs: You’ll have to pay a transfer fee for international money transfers, which is typically higher if you pay with a debit or credit card. Keep in mind that you’ll also have to pay an exchange rate markup, the size of which will vary depending on how you pay for the transfer.
Payment options: Cash, Credit card, Debit card, Bank transfer
Receiving options: Cash pickup location, Bank account, Mobile wallet, Home delivery
Customer service: Phone, Email
Maximum transfer amounts: $990
Number of currencies: 136
Pros:
430,000+ cash pick-up locations in 200+ countries and territories
One of the largest ranges of currencies
Almost-instant transfers
Can pay by cash and in-person
Cons:
High transfer fees
Can’t send more than $990 online (can send more in person at an agent location)
Adds a bigger margin to the exchange rate than other, smaller transfer companies
Founded in 1993 and headquartered in Ontario, XE Money Transfer lets you send money to 200+ countries in 100+ different currencies. It supports multiple payment methods.
Costs: Transfers over $500 CAD come with zero transfer fees. Transfers under CAD $500 cost only $3.00. You’ll also have to pay an exchange rate markup depending on the currency pair, which we found typically ranges at or below 1% for most popular destinations.
Payment options: Credit card, Debit card, Bank transfer
Receiving options: Bank account
Customer service: Phone, Live chat, Email
Maximum transfer amounts: $750,000 online (no max offline)
Number of currencies: 100
Pros:
No transfer fees when you send $500 or more
100+ currencies available
High maximum transfer limits of $750,000 online (no max offline)
Cons:
Bank-to-bank transfers only
No option to pay in cash or for cash pickup
Exchange rate comparison tool not available until after you’ve registered with the site
Rates may vary and aren’t always the most competitive option
Western Union has been in business for over 100 years, and operates in over 200 countries around the world. It sometimes charges higher fees and weaker exchange rates than other dedicated money transfer services. However, Western Union offers multiple transfer options and accepts multiple payment options. You can do an in-person transfer at Western Union agent locations.
Costs: Fees start at $7 but vary based on how you pay for the transfer and whether you’re sending it internationally or domestically. There is a $0 fee for international bank transfers.
Payment options: Cash, Credit card, Debit card, Bank transfer
Receiving options: Cash pickup location, Bank account, Mobile wallet
Customer service: Phone, Live chat, Email, In person
Maximum transfer amounts: $7,500
Number of currencies: 128
Pros:
Almost instant transfers
200+ countries and territories
Multiple transfer options including paying with Cash, Credit card, Debit card, Bank transfer
Cash pick-up available at hundreds of thousands of agent locations globally
Cons:
Weak exchange rates that could be as high as 6% more than the mid-market rate
High fees, whereas other companies offer free transfers or low-fee transfers
Wise (formerly Transferwise) was founded in 2011 as an international money transfer service and payment network. It enables money transfers to 160 countries for a comparatively small fee and zero markup on the exchange rate. Wise also provides a multi-currency account where you can receive, hold and convert funds in multiple currencies.
Wise also offers a debit card for international travel. With the Wise card, you can take out up to $350 CAD per month from any international ATM with no fee. The Wise card is also compatible with both Google and Apple Pay.
In addition to personal money transfers, Wise offers business solutions for international money transfers, payroll and cash flow management.
Is Wise (Transferwise) in Canada?
Yes, although Wise was founded in Europe, it has since expanded to operate in countries all over the world, including Canada, Australia, India, China, Japan and the US. In Canada, Wise is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and Authorité des Marchés Financiers (AMF).
Is Wise money transfer safe?
Yes, in addition to following safety guidelines from financial regulatory agencies around the world, Wise has a number of other security features in place to ensure your money transfers are safe. Unlike banks, Wise doesn’t invest your money but instead holds it in dedicated accounts or high quality liquid assets.
Wise also provides dedicated anti-fraud and support teams along with 2-step account verification.
Did TransferWise change its name?
Yes, TransferWise changed its name to Wise in 2021. While TransferWise primarily offered international money transfer services from its founding in 2011, the company since added money accounts, a debit card and business solutions to its product lineup. In response to its expanded product offering, TransferWise changed its name to Wise a decade after its inception.
Can I use Revolut as an alternative to Wise in Canada?
Unfortunately, no. Although Revolut offers some similar services compared to Wise, Revolut is not available in Canada. Revolut was founded in the UK as a banking alternative app, which also provides money transfer options. However, after entering the Canadian market for a a short stint in 2019, it pulled out of Canada in 2021.
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Each year, Canadian residents send more than $5 billion in cash transfers to friends and family overseas, according to Statistics Canada.(1) The average amount sent, in 2017, was just over $2,800. However, data from the Finder: Consumer Sentiment Survey Q1(2) shows that this amount increased in the last few years.
Survey results from more than 1,845 respondents show that the average value of an international wire transfer increased 65.5% from 2017 to 2023, to just over $4,635. Men were more likely to send a larger amount with the average money transfer sent by male respondents at just under $7,450, compared to just under $2,045 sent by female respondents.
One risk, when sending money overseas, is to pay for the service but to make a mistake on who and where to send the money. According to data from the Finder: Consumer Sentiment Survey Q1, 26% of respondents admitted to sending money to the wrong person overseas, at least once. While just over half (54%) were able to get the wire transfer money back, 46% were not.
Frequently asked questions about Wise alternatives
It depends on how much you want to transfer and where, but there can be better alternatives to Wise. Because Wise only allows bank-to-bank transfers, you may need a more convenient money transfer service. That's why it's worth comparing some safe, cheap and fast Wise alternatives, like the ones listed here, to make sure you're getting the best deal for your needs.
Some of Wise's best competitors include WorldRemit, Instarem and OFX, which all offer competitive fee structures and fast money transfer times.
Since Wise offers the mid-market rate, it can often be cheaper than alternatives that charge an exchange rate markup along with a service fee. That said, Wise relies on transfer fees to make a profit, which means that unlike some competitors, Wise does not offer fee-free transfers.
While Revolut has more financial product offerings compared to Wise, it is not available in Canada. That means that Canadians considering Revolut for money transfers will have to consider alterntaives like Wise, WorldRemit, and OFX.
If you're looking for alternatives to the Wise card for international travel, consider debit cards that come with no foreign transaction (admin) fee and a large global ATM network, like EQ Bank or Scotiabank debit cards. Learn more about the best debit cards for international travel in our full guide here.
Chelsey Hurst is an associate editor at Finder. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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What is Wise money transfer?
What is Wise money transfer?