Best international money transfer services

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Product	Offer	Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
OFX Finder Award		24 hours	From $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.	Go to site More info Compare product selection Compare	loading
Wise (TransferWise) Finder Award		24 hours	From 0.33%	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site More info Compare product selection Compare	loading
Xe Money Transfers Finder Award		Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to site More info Compare product selection Compare	loading
Remitly Finder Award		Within minutes	From $0	Special offers like free transfers and better exchange rates available for new customers. Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site More info Compare product selection Compare	loading
Airwallex	Get up to $500 in FX fees refunded for international money transfers sent within the first 3 months of opening a new account.		Within an hour	$0 - $35	Offer: Sign-up and get up to $500 in cash bonuses. Airwallex has transparent fees and fast transfers. Make business payments to 150+ countries in 60+ currencies.	Go to site More info Compare product selection Compare	loading
Loop		Within an hour	$0	Loop has 1 day transfers and low FX rates.	Go to site More info Compare product selection Compare	loading
RemitBee		Within minutes	From $0	Send money to 80+ countries via Debit Card, EFT, e-Transfer, and more or exchange USD/CAD between bank accounts online.	More info Compare product selection Compare	loading
Western Union		Within minutes	From $0	Western Union sends money online to friends and family in 200+ countries around the world.	More info Compare product selection Compare	loading

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Sending an international money transfer is easy, but it can also be expensive. That’s why it’s vital to shop around for the best rates for a money transfer.

In this guide, we’ll show you our Best picks and runners-up for the best international money transfer services. No matter whether you’re looking for the cheapest international money transfer, the fastest transfer speed or even the best global coverage, you’ll find what you need below.

Best international money transfers

• Xe: Best cheap money transfers
• Wise: Best easy money transfers
• RemitBee: Best fast money transfers
• Airwallex: Best business money transfers & multi-currency spending
• Remitly: Best money transfer app
• OFX: Best for large transfers
• OFX: Best money transfer with currency hedging
• Western Union: Best for coverage

Best cheap money transfers

• Best pick: Xe money transfer service

Searching for the best international money transfer? There are two costs you need to consider: the exchange rate and the transfer fee.

• Exchange rate. This is the rate at which the transfer service converts your Canadian dollars to foreign currency. Most money transfer providers make money by adding a markup on top of the mid-market (or true) exchange rate — so if the mid-market rate is 1 CAD = 0.74 USD, the transfer service might give you a rate of 1 CAD = 0.72 USD.
• Transfer fee. Some international money transfer services don’t charge any fee, instead relying on the exchange rate markup to make a profit. But many providers will charge a fee for each transfer, and this could either be a flat fee or a percentage of your transaction amount. The fee may also vary depending on how you pay for your transfer, where you’re sending money and how your recipient gets the funds.

It’s essential to compare money transfer rates and fees to find the best value for your money.

Best pick: Xe

Finder Award

Not yet rated

Go to site

$0
Transfer Fees

Within minutes
Fastest Transfer Speed

$1 – $560,000 online (no max offline)
Transfer Amount

• Our Take
• Pros + Cons
• Details

Xe is one of the best online money transfer providers in the business. It offers personal and business transfers in 100+ currencies, and you can send money online or via the Xe mobile app. Full Review

Why it's one of the best

• Send money to 200+ countries. Xe lets you send money just about anywhere in the world.
• Consistently competitive exchange rates. We found Xe to consistently offer some of the lowest exchange rate markups around.
• Transparent and low fees. Xe charges low transfer fees and provides clear fee information upfront.

• Has earned an average of 4.3 out of 5 stars from over 64,000 Trustpilot reviews
• Supports a wide range of payment methods
• Send to a bank account, mobile wallet or over 500,000 cash pickup locations

• Transfers to bank accounts can take up to three business days
• Transfer calculator on the Xe website shows the mid-market rate, not the rate you will get
• You need to sign up for an account to get a quote

Transfer Amount	$1 – $560,000 online (no max offline)
Payout Method	Bank account
Pay By Method	Credit card Debit card Bank transfer
Transfer Methods	By phone call Through app Online

Runner-up: Instarem

Go to site

From $0
Transfer Fees

N/A
Fastest Transfer Speed

$1 – $3,000
Transfer Amount

• Our Take
• Pros + Cons
• Details

Instarem is another of the best international money transfer services if you're searching for the best rates and lowest fees. It offers fast and secure transfers to over 60 countries, and your recipient can get the funds you send within minutes. Full Review

• Fast transfers
• Zero fees on transfers to many popular destinations
• Earn InstaPoints rewards on every transaction
• Scores an average of 4.3 out of 5 stars from over 8,000 Trustpilot reviews

• Maximum transfer limit of $3,000 per day
• Cash pickup transfers not available
• Doesn't support as many destinations as some other providers

Transfer Amount	$1 – $3,000
Payout Method	Bank account
Pay By Method	Bank transfer
Transfer Methods	Online

Best easy money transfers

• Best pick: Wise money transfer service

The best international money transfer services make sending money abroad easy. They offer user-friendly websites and mobile apps, allow you to initiate transfers with just a few clicks, and provide clear information about how much your transfer will cost. And if you ever have any problems with a transaction, they offer easily accessible and helpful customer service.

Best pick: Wise

Not yet rated

Go to site

From 0.42%
Transfer Fees

24 hours
Fastest Transfer Speed

$1 – $1,500,000
Transfer Amount

• Our Take
• Pros + Cons
• Details

International money transfer services don't get any more user-friendly than Wise. This popular provider offers a simple three-step transfer process, a clean online user interface and is transparent about its transfer fees. Full Review

Why it's one of the best

• Mid-market rate. Wise doesn't add exchange rate markups and instead gives you the mid-market rate for transfers.
• Easy to use. The Wise website and mobile app offer clean user interfaces, making it easy to sign up and send a transfer.
• High sending limits. You can send transfers of up to $1,500,000 with Wise.

• No hidden fees
• Simple and straightforward transfer process
• Send money to over 52 countries and the European region countries
• Has earned an average of 4.1 out of 5 stars from almost 200,000 Trustpilot reviews

• No cash pickup transfers
• Fees make your transfer more expensive
• Doesn't support as many destinations as some other providers

Transfer Amount	$1 – $1,500,000
Payout Method	Bank account Alipay (China only)
Pay By Method	Credit card Debit card Bank transfer Interac e-Transfer Online bill payment Direct debit (EFT)
Transfer Methods	Through app Online

Runner-up: Remitly

Go to site

From $0
Transfer Fees

Within minutes
Fastest Transfer Speed

$1 – $999
Transfer Amount

• Our Take
• Pros + Cons
• Details

Remitly is another solid option if you're looking for a simple way to send an international money transfer. You can send funds online or via an easy-to-use mobile app, and you have the option to send money to a bank account, mobile wallet or cash pickup location. Full Review

• Send money in over 129 currencies
• Competitive exchange rates
• It's possible to get money to your recipient within minutes
• Has an average of 4.1 out of 5 stars from over 40,000 Trustpilot reviews

• Low maximum transfer limits
• No hedging tools or recurring transfers
• Exchange rate margins can vary quite a bit between currencies

Transfer Amount	$1 – $999
Payout Method	Cash pickup location Bank account Mobile wallet Home delivery
Pay By Method	Credit card Debit card Bank transfer
Transfer Methods	Online Bank Account to Bank Account

Best fast money transfers

• Best pick: RemitBee money transfer service

Sometimes you need to send an urgent international money transfer. And when time is of the essence, there are many providers that let you send money overseas within minutes. The fastest transfers typically tend to be cash pickup and mobile wallet transfers, usually paid for with credit or debit card. However, fast transfers sometimes have higher fees and worse exchange rates.

Best pick: RemitBee

Not yet rated

From $0
Transfer Fees

Within minutes
Fastest Transfer Speed

$10 – No limit
Transfer Amount

• Our Take
• Pros + Cons
• Details

RemitBee offers international transfers to over 80 countries. When you need to send money quickly, it offers cash pickup, e-wallet and mobile top-up transfers so you can get funds to your recipient within minutes. Full Review

Why it's one of the best

• Fast transfer methods. Send a cash pickup transfer or deposit money into your recipient's mobile wallet in a matter of minutes.
• Competitive exchange rates. RemitBee's exchange rate markup ranges from 0.0050% to 3%, and you can find very competitive rates on some currencies.
• Easy to use. It's quick and easy to send a transfer online or via the RemitBee mobile app.

• Wide range of payment and payout methods
• Supports personal and business transfers
• No fees when you send more than $500
• Has scored an average of 4.2 out of 5 stars from 211 Trustpilot reviews

• Higher markups on some currencies
• You can't pay with a credit card
• No advanced transfer tools

Transfer Amount	$10 – No limit
Payout Method	Cash pickup location Bank account Mobile wallet e-Wallet Mobile Top-up (phone plans)
Pay By Method	Debit card Bank transfer Interac e-Transfer Online bill payment Direct debit (EFT) Interac Online
Transfer Methods	In person Online

Runner-up: MoneyGram

Go to site

From $0
Transfer Fees

within minutes
Fastest Transfer Speed

$1 – Not specified
Transfer Amount

• Our Take
• Pros + Cons
• Details

MoneyGram offers currency transfers to over 200 countries and territories. When you need to send an urgent transfer, you can initiate a cash pickup transfer that your recipient can access in minutes. Full Review

• Over 430,000 cash pickup locations worldwide
• Send money just about anywhere
• Supports online, mobile and in-person transfers
• Has an average of 4.5 out of 5 stars from over 37,000 Trustpilot reviews

• Low maximum transfer limits
• Watch out for high fees
• No hedging tools to help you save money

Transfer Amount	$1 – Not specified
Payout Method	Cash pickup location Bank account Mobile wallet Home delivery
Pay By Method	Cash Debit card Bank transfer
Transfer Methods	In person Online

Best business transfers & multi-currency spending

• Best pick: Airwallex money transfer service

If your business accepts customers or suppliers in different countries, a multi-currency account makes it easy to transact in local currencies and reduce hefty FX costs. In one account, you can hold multiple currencies with local bank details for each to send and receive international transfers. Plus, you’ll have a virtual card to make online and in-store purchases. Providers like Airwallex also provide business solutions like expense management software and payment integrations to help your enterprise operate more smoothly.

Best pick: Airwallex

Not yet rated

Go to site

$0 - $35
Transfer Fees

1 business day
Fastest Transfer Speed

US$10 – US$5,000,000
Transfer Amount

• Our Take
• Pros + Cons
• Details

Open and manage a global account with Airwallex. With no monthly account fees, you can hold and spend 20+ currencies and transfer 60+ currencies internationally while avoiding costly conversion and transaction fees. Full Review

Why it's one of the best

• Send, receive and hold many currencies. With one global account, hold and spend 20+ currencies, including AUD, CAD, DKK, CZK, CHF, GBP, HUF, MXN, NOK, RON, SEK, ZAR, EUR, HKD, CNY, USD, JPY, NZD, SGD, IDR and ILS. Send international money transfers in roughly 60 currencies.
• Special offer. Get up to $500 in FX fees refunded for international money transfers sent within the first 3 months of opening a new account.
• Access other banking products. Send global money transfers, issue multi-currency corporate cards, and seamlessly manage your business with expense management and accounting integration tools.

• Hold and spend 20+ currencies. Transfer 60+ currencies to 150+ countries.
• Local bank account details for multiple currencies
• Low exchange rate markup
• Batch transfers
• No monthly account fee
• Multi-currency spending account with virtual card

• No ATM access
• No physical card
• Fee for wire transfers
• Business use only

Transfer Amount	US$10 – US$5,000,000
Payout Method	Bank account
Pay By Method	Bank transfer
Transfer Methods	Online Bank Account to Bank Account

Runner-up: OFX

Go to site

From $0
Transfer Fees

24 hours
Fastest Transfer Speed

$200 – Unlimited
Transfer Amount

• Our Take
• Pros + Cons
• Details

OFX has been in business for over 25 years, supports transfers in over 50+ currencies and offers bank-beating exchange rates. Hold funds in up to seven currencies, get paid in the local currency wherever you do business and convert it to CAD when a good exchange rate becomes available. Full Review

• No account fees
• Easy-to-use online platform
• Supports forward contracts and limits orders
• Mobile app also available
• 24/7 phone support

• You can only send transfers to bank accounts
• Fee applies when you transfer less than $10,000

Transfer Amount	$200 – Unlimited
Payout Method	Cash pickup location Bank account
Pay By Method	Debit card Bank transfer Direct debit (EFT) Money order
Transfer Methods	By phone call Through app Online

Best money transfer apps

• Best pick: Remitly money transfer service

The best money transfer apps make it simple and convenient to send money overseas. Apps are free to download, easy to use and provide clear information about how much your transfer will cost. They allow you to send money with just a few taps and initiate transfers on the go.

Best pick: Remitly

Not yet rated

Go to site

From $0
Transfer Fees

Within minutes
Fastest Transfer Speed

$1 – $999
Transfer Amount

• Our Take
• Pros + Cons
• Details

Remitly offers international transfers to over 129 currencies. You can send a bank account, mobile wallet or cash pickup transfer, and transactions are quick and affordable. Full Review

Why it's one of the best

• User-friendly app. The Remitly app is simple and intuitive, making it quick and easy to move money across borders.
• Large transfer network. If you want to send a cash pickup transfer, your recipient can collect cash from over 460,000 cash pickup locations worldwide.
• 24/7 support. If you need help with a transaction, customer support is available 24/7.

• Competitive exchange rates
• Express transfer options available
• Has an average of 4.1 out of 5 stars from over 43,000 Trustpilot reviews

• Low maximum transfer limits
• No hedging tools
• Rate markups vary between currencies

Transfer Amount	$1 – $999
Payout Method	Cash pickup location Bank account Mobile wallet Home delivery
Pay By Method	Credit card Debit card Bank transfer
Transfer Methods	Online Bank Account to Bank Account

Runner-up: WorldRemit

From $0
Transfer Fees

Within minutes
Fastest Transfer Speed

$1 – $40,000
Transfer Amount

• Our Take
• Pros + Cons
• Details

WorldRemit offers online and mobile app transfers to over 130 countries worldwide. You can send a bank transfer, cash pickup, mobile money or airtime top-up transfer, and pay for your transaction by bank deposit, credit card or debit card. Full Review

• Simple to send money via the app
• No minimum transfer amount
• Wide range of payment and payout methods
• Has an average score of 4 out of 5 stars from over 84,000 Trustpilot reviews

• Low maximum transfer limits
• No currency hedging options
• Fees vary depending on currency, payment method and type of transfer

Transfer Amount	$1 – $40,000
Payout Method	Cash pickup location Bank account Mobile wallet Home delivery Prepaid phone credit
Pay By Method	Credit card Debit card Bank transfer Apple Pay
Transfer Methods	Through app Online

Best for large transfers

• Best pick: OFX money transfer service

If you need to send a large amount of money overseas, for example if you’re buying a house or relocating to another country, check the maximum transfer limit available. The best international money transfer services in Canada will have high maximum send limits, or no upper limit at all. They will also waive fees on large transfers and offer better exchange rates for big transfers.

Best pick: OFX

Finder Award

Not yet rated

Go to site

From $0
Transfer Fees

24 hours
Fastest Transfer Speed

$200 – Unlimited
Transfer Amount

• Our Take
• Pros + Cons
• Details

OFX offers personal and business transfers to over 190+ countries around the world. It has a self-serve online platform and user-friendly mobile app, making it simple to send money to your recipient's overseas bank account. Full Review

Why it's one of the best

• No maximum transfer limit. OFX doesn't impose any limit on the maximum amount you can send with an international money transfer.
• Currency hedging tools. OFX supports forward contracts and limit orders to help you lock in a better rate for your transfer.
• 24/7 support. You can access 24/7 customer support when you need help with your large transfer.

• Transfer funds to over 50+ currencies
• No fee on transfers over $10,000
• Easy to use

• Markup varies depending on the currency you send
• Doesn't accept credit card payments

Transfer Amount	$200 – Unlimited
Payout Method	Cash pickup location Bank account
Pay By Method	Debit card Bank transfer Direct debit (EFT) Money order
Transfer Methods	By phone call Through app Online

Runner-up: RemitBee

From $0
Transfer Fees

Within minutes
Fastest Transfer Speed

$10 – No limit
Transfer Amount

• Our Take
• Pros + Cons
• Details

RemitBee offers secure money transfers from Canada to over 80 countries. You can send money online or via the mobile app, and multiple payment methods are supported. Full Review

• No fees on transfers of over $500
• Easy to use
• Competitive rates

• You can't pay with a credit card
• No advanced risk management tools
• Daily and monthly sending limits apply

Transfer Amount	$10 – No limit
Payout Method	Cash pickup location Bank account Mobile wallet e-Wallet Mobile Top-up (phone plans)
Pay By Method	Debit card Bank transfer Interac e-Transfer Online bill payment Direct debit (EFT) Interac Online
Transfer Methods	In person Online

Best money transfer services with currency hedging

• Best pick: OFX money transfer service

Exchange rates constantly fluctuate, and with that comes a level of risk — the exchange rate you get today might be lower than the rate you could be offered tomorrow. So if you make regular international payments, it makes sense to search for a provider that offers currency hedging tools.

One example of a currency hedging tool is a forward contract, which allows you to lock in an exchange rate for a transfer that could be sent up to 12 months in the future. Another example is a limit order, which allows you to specify the minimum exchange rate you want for your transfer, then automatically sends the funds when that rate becomes available.

But if you’re comparing international money transfer services that offer currency hedging, remember to check whether these tools are available for both personal and business accounts.

Best pick: OFX

Finder Award

Not yet rated

Go to site

From $0
Transfer Fees

24 hours
Fastest Transfer Speed

$200 – Unlimited
Transfer Amount

• Our Take
• Pros + Cons
• Details

Founded in 1998, OFX offers personal and business transfers in over 50+ currencies. You can send money online or via a user-friendly mobile app, plus set up rate alerts to find out when the exchange rate you want becomes available. Full Review

Why it's one of the best

• Forward contracts. You can use an OFX forward contract to lock in an exchange rate up to 12 months in advance.
• Limit orders. Place a limit order up to six months in advance to set a target rate for your transfer.
• No maximum transfer limit. There is no maximum limit on the amount you can transfer.

• 24/7 support
• No minimum transfer amount
• Send money to over 190+ countries

• $15 transfer fee applies if you send less than $10,000
• Doesn't accept credit card payments

Transfer Amount	$200 – Unlimited
Payout Method	Cash pickup location Bank account
Pay By Method	Debit card Bank transfer Direct debit (EFT) Money order
Transfer Methods	By phone call Through app Online

Runner-up: Xe

Go to site

$0
Transfer Fees

Within minutes
Fastest Transfer Speed

$1 – $560,000 online (no max offline)
Transfer Amount

• Our Take
• Pros + Cons
• Details

Xe is one of the best online money transfer services and lets you send funds to 100+ countries. Sign up online to get an instant quote, and access Canada-based customer support when needed. Full Review

• Supports forward contracts and limit orders
• Competitive exchange rates
• Supports recurring transfers

• Transfer fee applies if you send less than $500
• You need to sign up for an account to get a quote
• Transfers to bank accounts can take up to three business days

Transfer Amount	$1 – $560,000 online (no max offline)
Payout Method	Bank account
Pay By Method	Credit card Debit card Bank transfer
Transfer Methods	By phone call Through app Online

Best for coverage

• Best pick: Western Union

Do you need to send money to loved ones in all four corners of the globe? If so, you’ll need to look for a money transfer service that supports transfers to all your regular transfer destinations. You’ll also need to find a service that offers the type of transfer you want to send, such as a mobile wallet transfer. And if you’re sending money for cash pickup, make sure the money transfer company has agents conveniently located close to your recipient(s).

Best pick: Western Union

Not yet rated

From $0
Transfer Fees

N/A
Fastest Transfer Speed

$1 – $7,500
Transfer Amount

• Our Take
• Pros + Cons
• Details

Western Union offers an extensive range of international transfer payment and payout methods. You can send a transfer in-person, online or via a mobile app, and your recipient can get the funds within minutes if you're in a hurry. Full Review

Why it's one of the best

• Huge transfer network. Western Union has over 500,000 agent locations globally, and allows you to send funds to more than 200 countries and territories around the world.
• Wide range of transfer methods. You can choose a cash pickup transfer, bank account deposit, mobile wallet transfer or send money straight to your recipient's debit card.
• Positive customer reviews. Western Union has earned an average of 4.0 out of 5 stars from over 61,000 Trustpilot reviews.

• Easy to use
• Send money just about anywhere in the world
• Wide range of payment and payout methods available
• Low minimum transfer amount

• Fees vary based on transaction details
• No currency hedging tools for personal transfers

Transfer Amount	$1 – $7,500
Payout Method	Cash pickup location Bank account Mobile wallet
Pay By Method	Cash Credit card Debit card Bank transfer
Transfer Methods	In person By phone call Through app Online

Runner-up: MoneyGram

Go to site

From $0
Transfer Fees

within minutes
Fastest Transfer Speed

$1 – Not specified
Transfer Amount

• Our Take
• Pros + Cons
• Details

MoineyGram supports transfers in over 136 currencies and has a global network of more than 400,000 agent locations. Supported transfer methods include bank account deposits, mobile wallet deposits and cash pickup transfers. Full Review

• Large global transfer network
• Send to over 200 countries

• No currency hedging tools

Transfer Amount	$1 – Not specified
Payout Method	Cash pickup location Bank account Mobile wallet Home delivery
Pay By Method	Cash Debit card Bank transfer
Transfer Methods	In person Online

How do I send money overseas?

There are multiple options to consider when sending money overseas:

What are the benefits of using an online money transfer service?

The first option many of us think of when we need to send money internationally is to go through our bank. But while using your bank is easy and convenient, there are several reasons why an online money transfer service might be just as good if not better:

• Cheaper. Online transfer services tend to offer better exchange rates and lower fees than the banks. This means more of the money you send ends up in your recipient’s pocket (or bank account).
• Secure. Similar to banks, online transfer services usually follow industry-standard security practices to protect your money and personal information. This often includes encrypted data transfer, SSL certificates, two-factor authentication, security questions/answers and personal identity verification.
• Fast. Online money transfer companies often use the latest financial technology to get your money where it needs to go fast.
• Easy. Mobile apps and convenient online platforms make it easy to send money anytime from anywhere. Additionally, many money transfer services offer features that let you set up recurring transfers, making it easy to pay bills, send regular remittances, manage international business payments and more.

How to send an international money transfer

Sending an international money transfer through an online service is simple. Here’s what you need to do:

1. Compare services, and select one that suits your needs.
2. Create an account by entering personal details like your name, contact details and Social Insurance Number (SIN).
3. You may need to submit a scanned copy of your personal ID (i.e. passport photo page or driver’s licence) to qualify for higher transfer limits.
4. Link your bank account, debit card or credit card to your newly created account so you can pay for transfers. Alternatively, you may need to transfer funds from your bank account.
5. To send a transfer, enter the amount you want to send, in what currency and your recipient’s details. Review all the details before submitting your transfer.

Most of the time, you can access your account immediately after submitting all the required information. For some services (particularly transfer services for businesses), there may be a delay while your information is reviewed and a transfer specialist is assigned to your account.

What information and documents do I need to send an international money transfer?

Make sure you have the following on hand when sending an international money transfer.

• Your personal details. Name, phone number, and government-issued identification like a driver’s license or passport. Additional details may be required for security purposes, particularly for very large transfers.
• Your recipient’s personal details. Name, phone number and residential address. If your recipient is collecting the cash in person, it’s essential that the name you provide to the transfer service is the same as it appears on your recipient’s ID.
• Your recipient’s bank information. Bank name, address, routing number, SWIFT code and your recipient’s account number.
• Payment. Check beforehand what types of payment methods are acceptable. For example, not all money transfer services accept credit cards.

Tips to save money on your international transfer

Looking for low fees and strong exchange rates isn’t the only way to save on your next international money transfer. The following tips can also help keep your costs down:

• Know the mid-market rate. When they exchange currency to complete your transfer, most transfer services will add a markup to the actual exchange rate (known as mid-market or interbank rate. So if you check the current mid-market rate on Google, you can work out if the rate you’re being offered is good value.
• Send larger transfers. Some services offer discounted or waived transfer fees if you send more than a minimum amount.
• Use forward contracts and limit orders. A forward contract lets you lock in a favourable exchange rate for future transfers. This means you’ll avoid unpredictable movements in exchange rates. A limit order allows you to wait until a favourable exchange rate is found before locking in your transfer.
• Watch out for scams. With the number of scams increasing each year, it’s important to keep an eye out for the most common money transfer scams. It’s usually best to avoid sending money to anyone you don’t know personally.
• Pay attention to taxes and regulations. Every country regulates money transfers differently. Make sure your recipient is aware of any tax or reporting obligations that apply to your transfer.

Bottom line

You’re spoiled for choice when searching for the best international money transfer service in Canada. But the best international money transfer provider for you depends on your number-one priority — value, speed, ease of use, coverage or the ability to use currency hedging tools to save money. Compare a range of money transfer services to find one that’s right for you.

Frequently asked questions

• What's the cheapest way to send an international money transfer?

  An online money transfer directly to a bank account is usually cheaper than sending funds for cash pickup. However, fees and options vary between service providers, so the cheapest option depends on which service you choose and the type of transfer you want to send.

• How long does an international money transfer take?

  It depends on the money transfer service and transfer method you choose. In general, if you pay with a credit or debit card, your money will arrive fast — often within the day. Paying by bank transfer is a lot slower and could take up to 2-5 days to process. Check out our guide on factors that can affect your transfer to learn more.

• Can I send money internationally instantly?

  If you use a transfer service that offers cash pickup transfers, and if you pay with a credit or debit card, it's often possible for your recipient to collect the transfer within minutes. However, fast transfers often come at a cost of higher fees and poorer exchange rates.

• How can I pay for an international money transfer?

  Not all money transfer services accept the same payment methods, but you may be able to pay by the following:

  • Debit card
  • Credit card
  • Bank transfer (requires your account number)
  • Cash

  If you want to pay in cash, you'll need to visit a bank branch or money transfer agent in person. If you transfer funds online or via mobile app, you can only pay electronically by card or bank transfer.

• How can my recipient receive the money I send?

  Receiving options vary between transfer services, but your recipient may be able to receive funds the following ways:

  • Bank account
  • Mobile wallet
  • Cash pick-up at a bank or money transfer location
  • Airtime top-up

• Are there minimum and maximum sending limits for international money transfers?

  Most transfer services impose minimum and maximum transfer amounts, but the exact amounts can vary. Check with your service provider to find out what limits apply to your transfer. Note that some services may raise your maximum transfer amount if you provide additional documents to verify your identity and employment.

  When sending money overseas, the Canadian federal government tracks large sums ($10,000) through the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to prevent money laundering, terrorism funding, and related crimes.

• Are there free international money transfers?

  Ultimately, no. Banks and money transfer services want to make a profit to continue providing transfer services. Some services offer zero transfer fees but charge a margin on the exchange rate. Others don't add a margin to the exchange rate, but you'll have to pay a transfer fee.

  You may be able to find special promotions designed to attract new customers like zero fees on your first transfer. Learn more in our guide to free money transfers.

• How can I make sure my international money transfer is safe?

  Money transfer services implement industry-standard measures for protecting your personal data and money, similar to banks. This can include data encryption, SSL certificates, multi-factor authentication and regular monitoring to detect and prevent fraudulent activity.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

Tim's expertise

Tim has written 456 Finder guides across topics including:

• Banking
• Personal Loans
• Car Loans
• Stock Trading
• Cryptocurrency