How to send money to other countries from Canada? What is the best way to send money internationally?

What are you sending, and where?
Regular support to family — a low-fee, transparent-rate service saves the most over time.
Cash pickup needed — remittance-focused services often beat general transfer apps here.
One large transfer (e.g., $50,000+) — a currency specialist with a dealing desk may quote better than the online rate.
Your bank requires a wire specifically — sometimes unavoidable, but worth double-checking first.

Most people lose more money on the exchange rate markup than on the advertised transfer fee — understanding both numbers is the key to actually finding the cheapest option for your situation.

The Real Cost Has Two Parts

  • ▸The advertised transfer fee:Ranges from $0 to $80 depending on the provider — this is the number most people focus on, but it's often not the biggest cost.
  • ▸The exchange-rate markup:The gap between the real "mid-market" rate (what you'd see on Google or XE.com) and the rate your provider actually gives you. Banks typically mark this up 1.5–4%; specialist services like Wise disclose a small, transparent percentage instead.
On a $10,000 CAD-to-USD transfer, a typical Big Five bank wire costs $185–$405 all-in once you add the wire fee, the exchange-rate markup, and any receiving-bank deduction. The same transfer through Wise costs roughly $40. That gap is the real reason to look beyond your regular bank for anything beyond a small amount.

Comparing the Main Options

Service Fee structure Best for
Wise Mid-market rate + transparent variable fee
(typically around 0.3–1.0%, depending on the currency pair and payment method) 		Most everyday transfers; consistently among the cheapest options
Remitly Flat fee from $3.99
Fees vary by destination, payment method, and delivery speed. 		Cash pickup or mobile wallet delivery to the Philippines, India, Mexico, Nigeria
Western Union Varies by amount, destination, and delivery method Cash pickup in remote areas with limited banking access
CIBC / Scotiabank / TD Global Money Transfer Often free for existing bank clients via online banking Simple bank-to-bank transfers to 130+ countries if you already bank there
Big Five bank wire (SWIFT) $25–$80 fee + 2–4% markup + possible receiving-bank deduction Only when the recipient specifically requires a traditional bank wire
OFX / Knightsbridge FX Phone-based dealing desk, competitive on large transfers Large one-time transfers (e.g., $50,000+), where calling for a quote can beat the online rate

Traditional SWIFT wires may pass through intermediary banks, which can deduct additional fees before the money reaches the recipient.

Fees, promotional rates, and corridor-specific pricing change often — always check the live rate and fee in each provider's app before sending.




Step-by-Step: Choosing the Right Option

  • ▸Small, regular transfers (under $2,000):Compare Wise and Remitly directly for your specific destination — promotional corridor rates can shift which one wins.
  • ▸Cash pickup needed:Remitly and Western Union are purpose-built for this — mobile wallet options like GCash, UPI, and Mukuru are often available too, depending on the country.
  • ▸Large one-time transfers:Request quotes from two or three currency specialists (such as OFX or Knightsbridge FX) before sending a large transfer. Even a small improvement in the exchange rate can save hundreds of dollars on a CAD $50,000+ transfer.
  • ▸Already banking with CIBC, Scotiabank, or TD:Check their dedicated global transfer service first — some offer no-fee transfers to major corridors for existing clients.

Things Worth Knowing Before You Send

Compare the total received amountNot the fee alone — some "no fee" services simply build their cost into a worse exchange rate.
FINTRAC reporting thresholdInternational electronic funds transfers of CAD $10,000 or more are generally subject to FINTRAC reporting requirements by the reporting entity. Multiple transfers may also be reportable under FINTRAC's 24-hour aggregation rule. This is a standard anti-money-laundering requirement and does not mean the transfer is suspicious.
Verify the provider's licenseLegitimate money transfer businesses in Canada are registered with FINTRAC as Money Services Businesses — this is quick to confirm before trusting a new provider with your money.
Domestic transfers are a different toolFor sending money between Canadian bank accounts, Interac e-Transfer (typically $0–$2, arriving in minutes) has made wire transfers largely unnecessary.
Recipient information accuracy mattersIncorrect recipient bank details are the most common reason an international wire gets delayed or returned.
Rates shift dailyEven the "best" provider can vary day to day — for a large or time-sensitive transfer, check the live rate right before sending rather than relying on a rate you saw days earlier.


Frequently Asked Questions (FAQ)

Q. Is Wise cheaper than a bank wire from Canada?
In many cases, yes. Wise typically offers the mid-market exchange rate with a transparent fee, while traditional bank wires often include a transfer fee, an exchange-rate markup, and sometimes intermediary or receiving bank fees. For many everyday transfers, Wise can be significantly cheaper, but it's always worth comparing the total amount your recipient will receive before sending.

Q. How much money can I send internationally without paying tax?
Sending money itself is generally not taxable in Canada. There is no fixed limit on how much you can send abroad, although large transfers may require additional verification or reporting under anti-money-laundering regulations. If the money is a gift, loan, or support payment, the tax implications usually depend on the laws of the recipient's country rather than Canada. If you're transferring a substantial amount, it's a good idea to seek professional tax advice.

Q. Does a FINTRAC report mean I will be investigated?
No. A FINTRAC report is a routine compliance requirement for certain transactions, including many international transfers of CAD $10,000 or more. It is designed to help prevent money laundering and terrorist financing. Being reported does not mean you have done anything wrong or that you are under investigation.

Q. Which service is best for sending money to India or the Philippines?
It depends on how your recipient wants to receive the money. Wise is often one of the cheapest choices for direct bank deposits, while Remitly is a popular option for cash pickup, mobile wallets, and fast transfers. Since fees, exchange rates, and promotions vary by country and payment method, comparing both services before sending is usually the best approach.

Q. Can I use Interac e-Transfer for international transfers?
No. Interac e-Transfer is designed for sending money between Canadian financial institutions. To send money overseas, you'll need an international money transfer service such as Wise, Remitly, Western Union, or your bank's international transfer service. Some providers allow you to fund your international transfer using money from your Canadian bank account, but the transfer itself is not sent through Interac e-Transfer.


Transfer fees, exchange rates, and promotional pricing change frequently and vary by corridor — always check live rates directly with each provider before sending money. This post is general information, not financial advice.