How to Send Money Internationally to and from Canada?
- 24/7 Customer Support
- iOS/Android apps
- Dedicated SME service
- Allows automated recurring payments
- 24/7 Customer Support
- iOS/Android apps
- Dedicated SME service
- Allows automated recurring payments
OFX is an international money transfer platform that lets you send money to over 170 countries, supporting 55 currencies. This makes it a robust solution for users with diverse transfer needs. Compared to platforms like XE, which offers more currencies (139) and slightly broader coverage (220 countries), OFX remains competitive for users who don't require that extensive reach, while still maintaining substantial global coverage.
OFX transfers don't have a minimum amount requirement, making it flexible for both small and large transfers. Transfer times are reasonably quick, ranging from 1 to 2 days, similar to competitors like Wise or XE. Where OFX truly shines is in its fees: transfers are free, with the margin included in the exchange rate. This simplifies cost understanding for the user. In contrast, platforms like CurrencyFair charge a flat fee of $3 per transfer, while Wise uses a combination of a fixed fee and a variable percentage based on the transfer amount.
- Available in over 170 countries with support for 55 currencies.
- No minimum transfer amount.
- Free transfers.
- 1-2 day transfer time.
- Transparent interface.
- Some competitors offer faster transfer times.
- Offers fewer currencies than some competitors.
- Real exchange rate, no mark-up
- Dedicated business service
- Optional Wise bank account
- Optional Wise card
- No branch network, all online
- Multi-currency accounts do not earn interest
- Real exchange rate, no mark-up
- Dedicated business service
- Optional Wise bank account
- Optional Wise card
The XE Money Transfer platform is one of the most popular on the market, with the ability to send money to over 220 countries and support for 139 currencies. XE clearly positions itself as an ideal solution for users who need geographic flexibility and numerous currency options. This extensive coverage far surpasses that of platforms like OFX, which offers 55 currencies and serves 170 countries. For users with complex needs, such as transfers to less common countries, XE offers undeniable added value.
Regarding costs, XE stands out with an advantageous fee structure. Transfers over $250 are free, which is an asset for regular users or those sending larger amounts. For smaller amounts, fees range from $0 to $2, which remains competitive compared to platforms like Wise, where fees include a fixed amount of $0.98 plus a variable percentage. In addition, XE is distinguished by very fast processing times: some transfers can be completed in 1 to 2 hours, which surpasses most competitors, including OFX which requires 1 to 2 days.
- Available in over 220 countries and offers 139 currencies.
- Free transfers for amounts over $250.
- Low fees for amounts under $250.
- Very fast transfer time.
- Transfer times can sometimes extend to 1 to 2 days depending on the countries and currencies involved.
- Less advantageous for frequent small transfers, compared to alternatives like Remitly which offers competitive options for smaller amounts.
- Shortest transfer times
- iOS/Android apps
- Ability to buy or sell when the currency reaches a target rate
- Rate alert option
- Shortest transfer times
- iOS/Android apps
- Ability to buy or sell when the currency reaches a target rate
- Rate alert option
Wise (formerly TransferWise) is one of the most popular money transfer platforms for its transparent and cost-effective approach to international transfers. Available in 160 countries and supporting 40 currencies, Wise stands out for its complete transparency regarding fees and exchange rates. Unlike many other platforms that include a margin in the exchange rate, Wise applies the real exchange rate (as displayed by financial markets) and charges separate fees, allowing users to clearly understand the cost of each transfer.
Wise applies competitive pricing, combining a fixed fee (generally $0.98) and a variable percentage of the transferred amount (around 0.48% depending on the currencies). This pricing model is particularly attractive for small to medium-sized transfers, as it guarantees great transparency and relatively low costs. Compared to other platforms like OFX, which includes the margin in the exchange rate, or CurrencyFair, which applies a fixed fee of $3, Wise offers a clear and advantageous structure for users who prioritize perfect cost readability.
In terms of transfer times, transfers via Wise generally take up to 2 business days, but some transactions can be processed in a few hours, depending on the currency and country. This timeframe is similar to most competitors, such as OFX or XE, although platforms like Remitly may offer faster options (less than 24 hours). However, for users who are not in a hurry, Wise remains an ideal option.
- Real exchange rate, no added margins.
- Competitive fees.
- Available in 160 countries.
- Complete transparency.
- Transfers can be processed in a few hours, depending on the currency and destination.
- Transfer times can take up to 2 business days, depending on the currency and destination.
- Only 40 currencies supported.
- Two transfer methods to choose from
- iOS/ Android Apps
- Cash Pickup Available
- 24/7 Customer Support in 18 Languages
- Limited Number of Sending Countries
- Two transfer methods to choose from
- iOS/ Android Apps
- Cash Pickup Available
- 24/7 Customer Support in 18 Languages
Remitly is a money transfer platform suited for users who need to send money quickly internationally, especially to developing countries. With coverage of over 100 currencies and transfers possible to 57 countries, Remitly positions itself as an ideal solution for people looking to transfer money to specific regions. Although its coverage is more limited than players like XE or OFX, it distinguishes itself by its speed and ease of use.
Remitly offers several transfer options depending on the user's urgency. The express transfer allows you to send money in less than 24 hours, often in minutes depending on the destination. In comparison, platforms like OFX or CurrencyFair can take between 1 and 5 days depending on the currency, which makes Remitly very competitive for immediate needs. The economical option, on the other hand, is slower but offers more advantageous exchange rates and reduced fees.
Regarding fees, these vary depending on the country and the transfer method chosen, with costs ranging between 0 and 2% of the amount sent. This flexibility allows users to choose the option that best suits their priorities, whether speed or savings. Compared to other platforms like Wise or TransferGo, which also offer low fees but with additional fixed fees, Remitly stands out with competitive pricing on small amounts and transfers to countries with limited financial infrastructure.
- Fast transfers, often in less than 24 hours.
- Over 100 currencies available.
- Flexible fees between 0 and 2%.
- Multiple ways to receive money, including cash pickup, bank deposit, or even home delivery.
- Ideal platform for migrant workers or expats who regularly send money to their families.
- Geographic coverage limited to 57 countries.
- Less suitable for large transfers.
- Fees can vary considerably depending on the country and transfer method.
- Unique and multipurpose marketplace
- iOS/Android apps
- Rate alert option
- Allows automated recurring payments
- Not all minor currencies are available
- Unique and multipurpose marketplace
- iOS/Android apps
- Rate alert option
- Allows automated recurring payments
CurrencyFair is a money transfer platform that stands out for its flexibility in currency exchange and transparent pricing. Supporting over 20 currencies and accessible in 150 countries, it might appear more limited compared to platforms like XE or OFX, which offer broader country and currency coverage. However, CurrencyFair focuses on transfer efficiency and optimized exchange rates, especially for users seeking secure money transfers with better cost control.
One of CurrencyFair's key strengths is its pricing model. The fee is fixed at $4.50 CAD, regardless of the transfer amount, providing cost predictability. Unlike other platforms that incorporate margins into exchange rates (like OFX), CurrencyFair offers competitive exchange rates directly accessible through their peer-to-peer marketplace. This allows users to find better rates, which can be particularly advantageous for large transfers. Compared to Wise, which applies a fixed fee plus a variable percentage, CurrencyFair is more transparent and straightforward for users who want to avoid variable fees.
In terms of transfer times, CurrencyFair can sometimes be slower than platforms like XE or TransferGo. Transfers can take up to 5 days depending on the currency, which might be inconvenient for users with urgent needs. However, for those prioritizing optimal exchange rates and willing to wait a bit longer, CurrencyFair remains an attractive option.
- Access to competitive exchange rates.
- Ideal for large money transfers.
- Available in 150 countries.
- Transparent fee structure with no variable fees.
- Limited coverage with only 20 currencies.
- Transfer times can be long, up to 5 days depending on the currency.
Sending money used to be expensive. Traditional banks charge a variety of fees in addition to offering bad exchange rates. Technological innovation has revolutionized how we send money and given birth to a new generation of international money transfer services.
Whether you’re wondering how to transfer money from Canada to the USA, Canada to India, or another country, or looking to avoid paying international money transfer fees, we’ve got you covered.
This guide covers everything you need to know about international money transfers and provides details on how you can send money quickly and cost-effectively.
Key takeaways: Money transfers
- You can transfer funds by money order, your bank or online.
- Online money transfer services offer some of the cheapest and fastest international transfers.
- Money transfers arrive within 2 to 7 business days
- Some transfers may be available instantly for a higher fee.
- The recipient can collect their transfer in person, to their bank account or online.
- You can send or receive funds abroad without a bank accountant.
What is an international money transfer?
You can transfer money to and from Canada using the services of your normal bank or a money transfer company which exclusively sends money abroad.
If you are looking for the most efficient way to transfer money from one country to another then you need to consider multiple factors such as the amount of money to send and the time it takes to send the money.
Depending on the needs, money transfer companies exist that offer various services from international money orders, to international bank transfers and online international money transfer services.
A summary of the different types of money transfer options can be seen below along with some key features. A full breakdown of each different type of money transfer service is detailed after the table.
| Money Transfer Option | Transfer Service Company | Transfer Time | Money Transfer Cost |
|---|---|---|---|
| Money Order |
| Depending on service between 1 to 10 days | Typically $7.50 or more. The exchange rate varies. |
| International Bank Transfer | Any banking institution | 3-5 business days | Transfer fees of up to $30. Varied exchange rate. |
| Traditional Transfer Agency |
| Anywhere from a few minutes up to 5 days | Transfer fees vary between $0-$50 depending on transfer type. Sometimes the transfer fee may be hidden in the exchange rate. |
| Online Transfer Service |
| Anywhere from a few minutes up to 5 business days | Low-cost alternative with either low fixed transfer fees or incorporated into the exchange rate. |
What are international money orders?
An international money order is essentially a cheque that is issued by the postal service, bank or another remittance provider, which can be used to send money abroad.
International money orders are a safe alternative to cash since the money order can only be cashed by either the sender or payee. The money order is pre-paid at issuance by the sender and then paid out to the beneficiary at another location, with all the details of the recipient and the amount being listed on the money order form.
Popular issuers of international money orders in Canada are:
- MoneyGram
- Western Union
- Bank of Montreal (BOM)
- Scotiabank
- CIBC
- Royal Bank of Canada (RBC)
- Canada Post - They partner with MoneyGram to facilitate sending money abroad
Just like any other international money transfer service, money orders have their pros and cons.
Advantages of money orders:
- They are safer than sending cash and even if the money order is lost, it can be re-issued by the issuer
- Money is guaranteed since the amount is prepaid by the sender
- The recipient does not need to have a bank account since the money can be withdrawn in cash
Disadvantages of money orders:
- The process can be slow since the money order often has to be physically sent to the recipient and is therefore reliant on international postal services
- Money order issuers often use poor exchange rates
- There are often limits on the amount of money that can be sent
- Money orders come with high fees that are paid for by the sender, and also sometimes by the recipient
What are international bank transfers?
An international bank transfer, or international wire transfer, is one of the most common ways to send money internationally. Both the sender and the beneficiary need to have bank accounts.
Nearly all banks in the world offer international bank transfers to their account holders but the way an international wire transfer can be issued may vary. Some banks may require the transfer to be made in person, over the phone or directly through online banking. While international bank transfers are the most common, the pros and cons should be considered since other alternative transfers may suit the sender better.
Advantages of international bank transfers
- Security since the transfer is made directly from your bank to the recipient's bank
- There is no need for the money to be cashed by the recipient
- Fairly fast and only take a few days
- There are rarely any limits on the size of the transfer
Disadvantages of international bank transfers
- 2-3 days may be too slow if the money is needed immediately
- The beneficiary must have a bank account
- The transfer fees are often quite high and often fees are debited from both the sender and recipient
- The transfer is subject to the bank’s exchange rates which are often set in advance and not in the user’s favour
What are traditional money transfer agencies?
Traditional money transfer agencies are another service facilitating money transfers abroad without a need for banks. Two of the best money transfer companies in Canada are MoneyGram and Western Union which are also the two biggest money transfer companies in the world.
You can send money with Western Union and MoneyGram by using money orders, but both have transitioned online too allowing you to send or receive money 24/7. If you are wondering how to send money abroad with Western Union or MoneyGram all you need to do is:
- Visit their website
- Provide information about the recipient
- Select how much you wish to send
- Select how you want the recipient to receive the funds
- Pay the amount that will be sent plus any transfer fees using a debit or credit card
The time it takes to transfer money internationally can range from a few minutes to a couple of days depending on the service and the fees you are willing to pay. If you transfer money with Western Union or MoneyGram for cash pick-up, the money transfer time may only be a few minutes, whereas if you send money with Western Union it may take up to 2-5 days. MoneyGram money transfers to bank accounts can take as little as a few hours, or one business day.
Advantages of traditional money transfer agencies
- Secure - they are regulated within every country they operate
- Can transfer money abroad for cash pick-up or to a bank account
- Lower fees than traditional bank transfers
- Transfers to cash can be picked up within minutes
- The top two companies Western Union and MoneyGram operate in over 200 countries and territories
Disadvantages of traditional money transfer agencies
- Fees are higher than online money transfer services
- They often offer poor exchange rates as the fee is built into the exchange rate structure
- You may face limits on transactions based on your history with the company, local regulations and the type of money transfer
What are online money transfer services?
Online money transfer services have boomed in the last few decades as the rise in international online transactions and money transfers has soared.
Fintech companies such as PayPal, Venmo, Stripe, Shopify and Square were created to facilitate online purchases and quick international transfers of smaller amounts of money for goods and services. Some of these have since developed into facilitating international online transfers between individuals to compete alongside Western Union and MoneyGram.
Subsequently, online money transfer services took off and many companies launched to fill the need for alternative low-cost money transfer solutions. You can now send money abroad with any number of secure online money transfer companies that offer various solutions depending on your needs.
What are the best money transfer services?
The best money transfer service depends on your needs, the recipient's location and the amount sent. Compare money transfer rates, fees and exchange rates to find the best service for your money transfer. Our calculator tool at the top will let you compare rates for these services now.
Here are some of the best money transfer services :
Advantages of online money transfer service
- A low-cost alternative to traditional transfer options
- Accessible online 24/7
- Flexible services
- Security through regulation
- Discounts for signing up
Disadvantages of online money transfer service
- Don’t have a physical office or address
- Limited local pick-up options
- Varying quality of customer service
How do you send money through email?
Email money transfers, or EMTs, let you send money to someone’s email address. It is an easy and fast way of transferring money between individuals and businesses.
This instant money transfer is growing in popularity in Canada. The money transfer company in Canada that offers email money transfers is known as Interac E-transfer and has partnered with over 200 Canadian banks, credit unions and other institutions.
To send money via email using Interac E-transfer the user needs to:
- Create and log into your Interac account
- Choose a current recipient, or add a new beneficiary by inputting the recipient’s email address
- Enter the amount you want to send
- Answer the security question to confirm the transaction
Once the email money transfer has been initiated, both the sender and beneficiary receive email notifications of the transactions. However, while the transfer is initiated using emails and the Interac E-transfer service, the money is still transferred through the banks’ normal and secure platforms.
Tips for transferring money internationally:
There are a few things you need to consider before sending money abroad revolving around how you transfer the money and the cost of sending the money abroad. Below we’ve outlined a few key things to think about when sending money internationally.
Identify the needs of the recipient
Before transferring money to an individual or business ask yourself the following questions. The answers will dictate the type of service you should use.
- Does the beneficiary have a bank account or prefer a cash pickup?
- Is it a one-off transfer or will it be recurring?
- Is the beneficiary an individual or business?
- Where is the recipient located?
- In what time frame does the recipient need the money?
- How much money does the recipient need?
Compare money transfer fees
While the needs of the recipient will dictate how you will be transferring money internationally, you always have to factor in the cost. For example, if the recipient can only accept money in cash then you will need to review the costs of companies that issue money orders or traditional money transfer agencies, such as Western Union or MoneyGram.
Below you can see a breakdown when sending money to India from Canada using both MoneyGram and Western Union. The example considers the payment is made with either a debit or credit card, with the recipient collecting the money via a cash pick-up.
| Money Transfer Company | Payment Method | Transfer Fee (CAD) | Collection Method | Currency Conversion Offered | Amount Sent (CAD) | Money Received (INR) |
|---|---|---|---|---|---|---|
| MoneyGram | Debit/Credit Card | $4.99 | Cash Pickup | 1.0000 CAD = 59.7087 INR | $990.00 | 59,111.62 |
| Western Union | Debit/Credit Card | $10.00 | Cash Pickup | 1.0000 CAD = 59.3042 INR | $990.00 | 58,711.12 |
It is important to note that the best money transfer service is not always the one with the lowest exchange rate or fee. Review the overall quality of the transfer service in addition to the cost. You can do this by taking a minute to review numerous options through our free money transfer comparison tool.
Want to keep reading about money transfer services? See our articles below:
- Ria Money Transfer Review (2025)
- Wise Reviewed (Updated 2025)
- OFX reviewed: A better, fairer way to move money
- Our guide to PayPal
- WorldRemit: Your first four transfers are free with the promo code - 4FREE
