International Money Transfers from Canada: Real Costs Compared
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An international money transfer from Canada has two prices: the fee you see and the exchange rate margin you often do not. A "$0 fee" transfer can still cost more than a paid one if the provider converts your dollars at a worse rate. This guide compares banks, Wise, Remitly, Western Union, and Wealthsimple on what the recipient actually gets, using fees and rates published on each provider's site on October 20, 2026. For more on accounts and fees, see our banking guides.
If you recently moved to Canada and support family abroad, our newcomers hub covers the rest of the set-up, from opening an account to building credit.
How an international money transfer is priced
Every transfer that changes currency has two cost layers. Understanding both is the only way to compare offers fairly.
- The transfer fee: a fixed amount, a percentage, or both. Banks and apps display it before you confirm.
- The exchange rate margin: the gap between the rate you get and the mid-market rate, the midpoint between buy and sell prices on currency markets. It is rarely shown as a dollar amount.
The margin is where most of the cost hides. On a $1,000 transfer, every 1% of margin costs you $10, whatever the advertised fee. Banks say this openly in their terms: TD, for example, states that when you send funds in another currency, you buy that currency "at the exchange rate we set."
Two more costs can apply. Intermediary or receiving banks can deduct their own fees from a SWIFT transfer, which RBC and CIBC both mention. And paying a transfer service by credit card can trigger cash advance fees and interest from your card issuer.
Our test: $1,000 CAD sent abroad
To measure the real cost, we requested quotes for $1,000 CAD sent to a bank account in three common currencies: US dollars, euros, and Indian rupees.
We used each provider's own public pricing tool on October 20, 2026, without logging in: Wise, Remitly, and Western Union. As a neutral benchmark, we used the Bank of Canada daily exchange rate for October 19, 2026, the latest available:
- US dollar: 1 USD = 1.4097 CAD, so $1,000 CAD = 709.37 USD
- Euro: 1 EUR = 1.5810 CAD, so $1,000 CAD = 632.51 EUR
- Indian rupee: 1 INR = 0.01485 CAD, so $1,000 CAD = 67,340 INR
The Bank of Canada rate is a daily average, not a live trading rate, so small gaps of a few tenths of a percent are normal. Larger gaps reflect the provider's margin.
Results: what the recipient gets
The table shows the amount delivered to a bank account for $1,000 CAD. A higher number is better.
| Provider and payment method | To US dollars | To euros | To Indian rupees |
|---|---|---|---|
| Bank of Canada reference value (October 19, 2026, no fees) | 709.37 USD | 632.51 EUR | 67,340 INR |
| Wise, paid by bank transfer | 704.59 USD ($7.41 fee included) | 628.26 EUR ($6.34 fee included) | 66,910 INR ($7.78 fee included) |
| Wise, paid by Interac e-Transfer | 700.55 USD ($13.10 fee included) | 624.64 EUR ($12.06 fee included) | 66,526 INR ($13.47 fee included) |
| Remitly, standard rate | 706.20 USD ($0 fee) | 620.80 EUR ($0 fee) | 67,080 INR ($0 fee) |
| Western Union, Direct to Bank (payment methods other than credit card) | 693.64 to 705.68 USD (plus $0.99 fee) | 619.45 to 628.94 EUR (plus $0.99 to $1.49 fee) | 66,408 to 67,080 INR ($0 fee) |
What the numbers show
At $1,000, the best quotes from the three specialists landed within 0.3% of each other on US dollars and rupees. Remitly's standard rate delivered the most US dollars, with no transfer fee, and tied with Western Union's best payment option on rupees. On euros, Western Union's best option and Wise paid by bank transfer were nearly tied, while Remitly trailed by about 1.3%.
Remitly also offers new customers a promotional rate on a first transfer: on October 20, 2026, it applied to the first $1,500 sent to the US and the first $2,000 sent to India. We used its standard rate, since a promotion only helps once. Wise is the only one of the three that shows its fee separately and converts at the mid-market rate.
How you pay changes the result. Wise charged $13.10 to send US dollars when paid by Interac e-Transfer, against $7.41 by bank transfer. Western Union's rate moved by up to 1.7% depending on the payment method, and its credit card option added a fee of $30 to $31.50.
These quotes change by the minute. Treat the table as a snapshot of how pricing works, not as a permanent ranking.
Big banks: $0 fees, unpublished rates
RBC, CIBC, Scotiabank, and TD all offer a digital international transfer with no transfer fee, as of October 20, 2026. What they do not publish is the exchange rate margin, which you only see in online banking once you enter an amount.
| Bank service | Transfer fee | Exchange rate | Stated delivery | Limits |
|---|---|---|---|---|
| RBC International Money Transfer | $0 (intermediary or receiving bank fees may apply) | RBC rate, shown in online banking | Most within 2 business days | $100 minimum, $50,000 per day |
| RBC outgoing wire (branch) | $45 from a CAD account | RBC rate | Not stated | Not stated |
| CIBC Global Money Transfer | $0 (account transaction fees may apply) | CIBC standard rate | 1 to 3 business days | $100 minimum, up to $100,000 per transaction for most countries |
| Scotiabank International Money Transfer | $0 | Scotiabank rate | Most within 1 hour | $15,000 per day, $25,000 per week |
| TD Global Transfer (bank transfer) | No TD transfer fee | TD rate | 1 to 5 business days | $10,000 per day |
That makes a fair comparison impossible from the outside. Before you confirm a bank transfer, note the rate shown, then compare it with the Bank of Canada rate of the day or a specialist's quote for the same amount. If the recipient would get noticeably less, the "free" transfer is not free.
A traditional wire is still useful for large sums or for accounts that require a SWIFT payment. It is also the most expensive option on fees: RBC charges $45 for an outgoing wire from a Canadian dollar account, as of October 20, 2026, and wires are sent from a branch.
Bank wire vs specialized services
A bank wire travels through the SWIFT network, sometimes through one or more intermediary banks. Each can take a fee, and delivery can take several business days. Specialized services such as Wise or Remitly usually pay out through local banking networks in the destination country, which explains their lower costs on everyday amounts.
Banks keep two advantages. Your money never leaves a regulated bank until it is sent, and there is no separate account to open. For a one-time transfer of a large amount, ask your branch whether the rate is negotiable before you compare.
Wealthsimple and other options
Wealthsimple lets chequing clients send money abroad through its partnership with Wise. According to its help centre, the fee depends on the currency and amount, uses the mid-market rate, and "can be as low as 0.46%" of the amount sent. The daily limit is $1,000,000 CAD.
Wise also has its own account and card. If you hold money in several currencies, our page on the best Wise cards compares the options. For spending abroad rather than sending money, a credit card with no foreign transaction fees is often the simpler tool.
How long a transfer takes
Speed depends on the provider, the destination, and how you pay. Here is what each provider states, as of October 20, 2026:
- Scotiabank International Money Transfer: most transfers completed within 1 hour
- CIBC Global Money Transfer: typically 1 to 3 business days
- RBC International Money Transfer: most received within 2 business days, up to 7 in some cases
- TD Global Transfer (bank transfer): typically 1 to 5 business days
- Wealthsimple: most transfers arrive in under a minute, though speeds vary
Remitly and Western Union quote delivery times per transfer in their apps. Cash pick-up through Western Union usually takes 2 to 4 hours, according to Scotiabank and TD.
Which option fits your situation
The right choice depends less on the brand than on how often you send, how much, and how your recipient wants to receive the money.
Regular small transfers to family
If you send $200 or $300 every month, the fee matters as much as the rate. A provider with no transfer fee and a narrow margin, paid by Interac e-Transfer or bank transfer, usually wins. Set up the recipient once, then compare the amount received every few months, because rates and promotions shift.
Large one-time transfers
For a down payment abroad or tuition, the margin dominates. On $20,000, a 1% gap equals $200. Get a quote from your bank in online banking and from at least one specialist on the same day, for the same amount. Check the daily limits too: TD caps its bank transfer at $10,000 per day and Scotiabank at $15,000, as of October 20, 2026, so a large amount may need several days or a different provider.
Cash pick-up without a bank account
If your recipient has no bank account, cash pick-up through an agent network is the main option. Scotiabank and TD both offer Western Union cash pick-up in their apps. Scotiabank lists a fee of $5 plus 1% of the amount, and TD says it adds no fee of its own while Western Union applies its fees and exchange rate. Both cap online cash transfers below $1,000 per day.
How to cut the cost of each transfer
A few habits make a measurable difference on every transfer. The biggest one is to compare the amount received, not the fee.
- Compare the amount received: enter the same amount with each provider and compare what lands in the recipient's account, not the fee line.
- Check against the Bank of Canada rate: divide what the recipient gets by what you send, then compare with the daily rate to see the margin.
- Pay from your bank account: at Wise, paying by bank transfer cost $5.69 less than Interac e-Transfer on our US dollar quote.
- Avoid paying by credit card: transfer services charge more, and your card issuer may treat it as a cash advance with fees and interest.
- Group small transfers: fixed fees weigh more on small amounts, so one larger transfer often costs less than several small ones.
- Send in the recipient's currency: let one provider do the conversion, so the receiving bank does not convert it again at its own rate.
Conclusion
The cheapest international money transfer is the one that delivers the most money to your recipient, not the one with the lowest fee. On $1,000 sent on October 20, 2026, specialists such as Remitly, Wise, and Western Union all beat a $45 bank wire, but their order changed by currency and payment method.
Bank transfers with a $0 fee can be competitive, yet their exchange rate is only visible in online banking. Check it against the Bank of Canada rate before you confirm, and run the same comparison each time you send.
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Frequently asked questions about international money transfers
What is the cheapest way to send money abroad from Canada?
It depends on the currency, the amount, and how you pay. In our October 20, 2026 test on $1,000 CAD, Remitly's standard rate delivered the most US dollars and tied with Western Union on rupees, while Western Union and Wise paid by bank transfer were nearly tied on euros. Always compare the amount the recipient gets, including the exchange rate. Our bank fees guide explains the other charges to watch on your account.
Are bank international transfers really free?
Many Canadian banks now charge no transfer fee for digital international transfers, including RBC, CIBC, Scotiabank, and TD. However, each bank converts your money at its own exchange rate, which includes a margin it does not publish in advance. Intermediary and receiving banks can also deduct fees. Check the rate in online banking before you confirm. Our banking guides compare accounts and fees in more detail.
How much does a wire transfer cost in Canada?
Bank wire fees vary by bank and are set out in each fee schedule. As of October 20, 2026, RBC charges $45 for an outgoing wire from a Canadian dollar account, and wires are done in a branch. Receiving banks may charge too: RBC lists incoming wire fees starting at $17 for larger amounts. For everyday amounts, a digital transfer service usually costs less. See our bank fees guide.
Is it safe to use Wise, Remitly, or Western Union?
Since September 8, 2025, payment service providers operating in Canada must meet Bank of Canada requirements for risk management and safeguarding customer funds under the Retail Payment Activities Act. The Bank of Canada publishes a registry of registered providers, so you can check a company before you use it. Money held with these providers is not a bank deposit, so check our CDIC coverage guide to see what deposit insurance does and does not cover.
How can a newcomer send money home cheaply?
Open a Canadian chequing account first, then compare a bank's digital transfer with at least one specialist for the amount you send most often. Paying by bank transfer or Interac e-Transfer is usually cheaper than paying by card. Our guide to managing home-country bank accounts and our newcomers hub cover the rest of the set-up.
Can I cancel an international transfer after sending it?
Usually not. Wealthsimple, for example, states that you cannot cancel a transfer after it is sent, and most providers apply a similar rule once the money is paid out. Check the recipient's name, account number, and bank details before you confirm, and send a small test amount first if the account is new. If you are asked to send money urgently by someone you have not met, stop and verify: it may be a scam.
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