Sending money internationally has never been easier thanks to the rise in technology. A growing number of money transfer services allow users to send money from Canada to other countries. While in the past you could only send money through cheques or money orders, now you can wire money electronically.
Whether you want to help a loved one living overseas, manage your investments abroad, or have any other reason to move money internationally, one financial service may work better for you than another.
Best International Money Transfer Companies
| Transfer Fee | Amount Limits | Transfer Time | ||
 | Varies by destination and amount | $5,000 CAD daily | 30+ minutes | Learn More |
 | None | $100 – $70,000 | 1 – 3 days | Learn More |
 | Depends on type of transfer and country. | Up to $40,000 | 0 – 7 days | Learn More |
 | Depends on type of transfer, transfer method, amount, and country. | Up to $7,500 | 0 – 4 day | Learn More |
 | Depends on type of transfer, transfer method, amount, and country. | Up to $990 | 0 – 1 day | Learn More |
 | Varies by currency and transfer amount (from 0.43%). | Up to $1,500,000 | 1 – 5 days | Learn More |
 | - $15 CAD for transfers less than $10,000 CAD - Free for transfers more than $10,000 CAD | $150+ | 1 – 5 days | Learn More |
 | Depends on type of transfer, transfer method, amount, and country. | Varies | 1 – 3 days | Learn More |
 | - Free for transfers over £3,000 - £10 for transfers under £3,000 | Up to £20,000 | Varies | Learn More |
 | Depends on type of transfer, transfer method, amount, and country. | Up to $75,00 | 1 – 3 days | Learn More |
 | Varies by transfer amount, payment method, and delivery option. | Varies | Varies | Learn More |
 | Depends on type of transfer, transfer method, amount, and country. | Varies | 0 – 4 days | Learn More |
 | Depends on type of transfer, transfer method, amount, and country. | $10 – $2,999 | Varies | Learn More |
 | $0 – $29.99 (depends on transfer method) | Up to $9,000 | 0 - 2 days | Learn More |
*certain conditions may apply
KOHO
KOHO is a digital banking platform that helps users save, budget, earn cash back, and build credit. It offers a no-fee spending and savings account with a reloadable prepaid Mastercard.
In addition, KOHO also offers a quick and easy way to send money abroad. Powered by Wise, KOHO’s money transfers come with low fees and low foreign exchange rates. Money can be transferred quickly and safely to over 190 countries.
Koho International Money Transfer Service Features
- Number Of Countries: 190+
- Transfer Fees: Varies by destination and amount.
- Delivery Speed: 30+ minutes
- Extra Perks:
- Transparent pricing
- Powered by Wise, enhancing security
Simplii Financial
Simplii Financial™ is an online-only bank and digital banking division of CIBC. They offer a number of personal banking solutions including bank accounts, investment accounts, and borrowing products. They’ve also introduced international money transfers to their suite of services.
The Simplii Financial Global Money Transfer (GMT) service offers international transfers without any transfer fees or deductions. Users can send money to over 130 countries, including Australia, China, India, France, the U.S, and Germany.
With Simplii Financial Global Money Transfer (GMT), users can send funds (certain limits may apply) which are transferred within 1 to 3 business days. Users can also use their Simplii™ No Fee Chequing Account, Personal Line of Credit, Secured Line of Credit or Cash Back Visa Card to fund their transfer.
Simply Financial International Money Transfer Service Features
- Number Of Countries: 130+
- Transfer Fees: $0
- Delivery Speed: 1 – 3 days
- Extra Perks:
- Cash pick-up service
- 0.5% cashback rewards when using a Simplii Cash Back Visa to pay for your transfers.
- your transfers.
| Welcome Bonus Get a $50 welcome bonus for Global Money Transfers when you make your first money transfer using promo code GMTEVENT. |
OFX
OFX is an international money transfer company that was founded in 1998. Since their establishment, they’ve managed over 1 million transfers and exchanged around $119 billion. Their services support 55 different currencies and transfer funds in as little as 1 day.
OFX International is a great choice for those who want to send a large amount. OFX does not charge any fees and has no maximum transfer limits. You can send money online, by phone or via bank account to bank account transfer.
OFX International Money Transfer Service Features
- Number Of Countries: 170+
- Transfer Fees: $15 CAD for transfers less than $10,000 CAD; Free for transfers over $10,000 CAD
- Delivery Speed: 1 – 2 days
- Extra Perks:
- Rate alerts and currency monitoring
- Bank-level security and encryption
WorldRemit
WorldRemit is an international money transfer company that helps users send money to over 150 countries as a bank transfer, cash pick-up and mobile wallet. If needed, you can also use WorldRemit’s Airtime top-up service to use your funds to pay a phone service provider for phone bills.
WorldRemit has a range of payment methods including credit cards, debit, prepaid cards, Apple Pay and more. However, depending on the country you’d like to send money to, options may differ.
WorldRemit International Money Transfer Service Features
- Number Of Countries: 130+
- Transfer Fees: Varies by destination and delivery method.
- Delivery Speed: Within 1 business day (depending on destination)
- Extra Perks:
- Multiple transfer options, including bank deposit, cash pickup, mobile wallet, and airtime top-up
- Live currency exchange rates
MoneyGram
MoneyGram is one of the biggest money transfer companies in the world. You can send or receive money in over 200 different countries via bank accounts, mobile wallets, at MoneyGram locations or through its online services.
MoneyGram offers a wide variety of funding options that provide flexibility. Depending on which payment method you choose and how much you send, the amount charged will vary. That said, your first money transfer is free, as are money transfers between MoneyGram Accounts.
MoneyGram International Money Transfer Service Features
- Number Of Countries: 200+
- Transfer Fees: Depends on type of transfer, transfer method, amount, and country.
- Delivery Speed: As little as a few minutes
- Extra Perks:
- No fees for money transfers between other MoneyGram Accounts
- No fees on your first transfer from Canada
Western Union
Western Union is a money transfer organization that allows you to send and receive money through Western Union. They offer their services in over 500,000 locations in more than 200 different countries. Through Western Union, you can send money to a bank account, cash pick-up location, or even a mobile wallet.
Some locations even offer cash pick-up delivery, where they’ll send the funds to your recipient’s address. The cost of using Western Union will depend on where you send your money, how much you want to send and your method of payment.
Western Union International Money Transfer Service Features
- Number Of Countries: 200+
- Transfer Fees: Varies
- Delivery Speed: Same day
- Extra Perks:
- Multiple transfer options, including bank deposit, cash pickup, mobile wallet, or debit card
- Advanced encryption and fraud prevention for enhanced security
Currency Solutions
Currency Solutions is an international payment company with services available in over 30 countries. You can send up to £20,000 online for personal accounts. Otherwise, there are no transfer limits when requests are made via telephone.
Currency Solutions is unique as it offers both personal and business international money transfers. You can use Currency Solutions to manage your international finances by paying your suppliers and clients abroad. Overall, Currency Solutions is a better option than banks as it can save you a few percent on the exchange rates.
Currency Solutions International Money Transfer Service Features
- Number Of Countries: 30+
- Transfer Fees: Free for transfers over £3,000; £10 for transfers under £3,000
- Delivery Speed: Varies
- Extra Perks:
- Real-time exchange rates with little markup
- Hold and transfer money in several currencies
Wise
Wise is a financial transfer service company that allows users to transfer money to a bank account both domestically and internationally. You can transfer funds up to $25,000 to over 160 countries by creating an account on their website.
Wise boasts a very user-friendly interface which makes account set-up and money transfer easy. Moreover, they offer low transfer fees and competitive exchange rates. Payment methods vary, including bank transfers, debit and credit cards, Interac e-Transfer, Google Pay, and Apple Pay.
Wise International Money Transfer Service Features
- Number Of Countries: 160+
- Transfer Fees: Varies by currency and transfer amount
- Delivery Speed: 1 – 3 days
- Extra Perks:
- Competitive exchange rates
- User-friendly with quick and easy account set-up
XE Money Transfer
XE Money Transfer is a well-established money transfer company that offers you the ability to transfer money from Canada to over 190 countries. You can send money up to $600,000 by creating an account on their website.
One of the main benefits of XE Money Transfer is that it charges no account fees or transfer fees. As such, if you need to send a large sum of money, XE Money Transfer can save you a lot of money. With XE Money Transfer, you can save even more by locking in a rate today for a future transfer.
XE Money Transfer Service Features
- Number Of Countries: 190+
- Transfer Fees: Varies based on destination, currency, and payment method
- Delivery Speed: Same day
- Extra Perks:
- Real-time exchange rates and no hidden fees
- Transfer money in 130 currencies
Remitly
Remitly is a money transfer service provider that has served millions of customers. With Remitly, you can send money to over 170 different countries worldwide. Recipients can then accept the funds via bank deposit, cash pickup, or home delivery.
Remitly is an affordable international money transfer service with competitive exchange rates and no hidden fees. They also offer their product in several languages, so you can send money in the language you’re most comfortable with. Overall, Remitly is a safe and great choice for anyone looking to send money quickly with affordable rates.
Remitly International Money Transfer Service Features
- Number Of Countries: 170+
- Transfer Fees: Varies by transfer amount, payment method, and delivery option.
- Delivery Speed: Up to 5 days
- Extra Perks:
- Real-time updates on transfers
- Express delivery option
Ria
Ria is one of the largest and most well-established money transfer providers in the world, with its history dating back to 1987. Users can send up to $3,000 per day to over 190 countries using Ria through their online account or by visiting a Ria location.
Depending on where you send your money, the amount you’ll be charged will vary. That said, Ria offers competitive exchange rates, helping you keep more money in your pocket with each transfer. With more than 600,000 locations, Ria is a great option for those looking to send a cash pick up.
Ria International Money Transfer Service Features
- Number Of Countries: 190+
- Transfer Fees: Depends on type of transfer, transfer method, amount, and country.
- Delivery Speed: 0 – 4 days
- Extra Perks:
- Multiple transfer options, including bank deposit, cash pickup, and mobile wallet
- Competitive exchange rates
Xoom
Xoom is an international money transfer service that is owned and operated by Paypal. They currently allow users to send money to nearly 100 countries, ranging from North America to Asia and South America to Africa. Unlike other money transfer services, Xoom is able to offer a unique money transfer service where you can send a transfer from one country and have it either picked up or delivered to the doorstep of the recipient.
With Xoom, you can send up to $75,000 per day, depending on the delivery method and where you live. Recipients of a bank deposit can expect their funds within 1- 3 business days, while cash pickups can be collected immediately.
Xoom International Money Transfer Service Features
- Number Of Countries: Nearly 100
- Transfer Fees: Depends on type of transfer, transfer method, amount, and country.
- Delivery Speed: 1 – 3 days
- Extra Perks:
- Multiple transfer options, including bank deposit, debit card, mobile wallet, or cash pickup
- Clear upfront pricing with no hidden charges
Payoneer
Payoneer is an online payment platform that allows businesses to send and receive funds in over 190 countries. Businesses can use Payoneer to accept payments in different currencies and to make payments to vendors, contractors and other employees globally. Moreover, independent business owners who use online marketplaces like Amazon, Etsy or Wish can use Payoneer to receive their funds quickly.
Payoneer is popular among businesses due to the ease and speed of the platform. Bank deposits and transactions can take as little as 2 business days to process. Moreover, it has a variety of payment options, including credit card, ATC bank debit, and local bank transfer. If you’re a business, check out Payoneer to process your next invoice.
Features
- Number Of Countries: 190+
- Transfer Fees: Varies based on the currency of the bank account to which you’re withdrawing
- Delivery Speed: 2 days
- Extra Perks:
- Transfer global earnings into your local currency
- Add as many bank accounts as required
N2Xpress
N2Xpress is an online money service provider that allows users to send money from Canada to seven different countries, including India, Nigeria, Kenya, Ghana, West Africa, South Africa, and the Philippines.
While the number of countries is quite limited in comparison to other money service providers, it does have an extensive list of countries for overseas bill payments. You can use N2Xpress to pay your family or friend’s utility bill, tuition, taxes, groceries and more. Overall, N2Xpress provides a safe, affordable and efficient way of sending money and paying bills internationally.
N2Xpress International Money Transfer Service Features
- Number Of Countries: 30+
- Transfer Fees: Varies
- Delivery Speed: In as little as a few minutes
- Extra Perks:
- Multiple transfer options, including bank transfer, debit card, or credit card
- Competitive fees with transparent pricing
Remitbee
Remitbee is an international money transfer company that was founded by Canadian immigrants who understand the importance and struggles of needing to send money overseas. You can send money to 86 countries as a cash pick-up, doorstep delivery, bank transfer, or mobile wallet transfer.
The cost of sending money through Remitbee varies based on the amount you send and the method of payment. That said, transfer fees can range from $0 to $29.99, depending on the transfer method.
Remitbee International Money Transfer Service Features
- Number Of Countries: 100+
- Transfer Fees: $0 – $29.99 (depends on transfer method and amount)
- Delivery Speed: 0 – 2 days
- Extra Perks:
- Multiple payment methods, including debit card, bank transfer, Interac e-Transfer, and online bill payment
- Money-back guarantee if transfers are unsuccessful
Can You Send Money Overseas Through A Bank?
Yes, you can send funds internationally through a bank. Here are a few big banks in Canada that offer international bank transfers:
| CIBC Global Money Transfer | -Transfer up to $75,000 -Send money to 130+ countries -$0 transfer fees -Send money via bank deposit, Visa Debit, credit card, cash pickup, or UnionPay -Transfers in as little as 24 hours |
| RBC International Money Transfer | -$0 transfer fees -Send money to over 200 countries -Transfer up to $50,000 per day -Transfers made in as little as 2 business days |
| TD Global Transfer | -Send money to over 200 countries -Send money via bank transfer, Visa card, or cash pickup. -Transfers made within 1-5 business days -Transfer up to $6,500 per day |
Other Ways To Transfer Money Overseas
Besides wire transfers using banks and third-party money transfer services, there are other ways to send money abroad:
Paypal
Paypal is an online payment platform that lets users send and receive money securely via linked bank accounts. To use Paypal, you’ll need to set up an account. Then, simply enter the recipient’s information, choose the amount and currency to send, and choose your payment method.
PayPal also offers Xoom, a service that you can use to transfer money via mobile wallet, bank transfer, or cash pickup.
Money Orders
A money order is a prepaid financial tool you can use to send money securely. Unlike a standard cheque, a money order is issued only after verifying that the funding account has enough money to cover the money order amount. That way, there’s no risk of the money order bouncing.
Money orders can be used to make international money transfers. Simply mail it to the recipient, who can then cash or deposit it in their country.
Learn more: How To Send Money Overseas From Canada
Can You Send An e-Transfer To An Overseas Account?
Yes, you can use Interac e-Transfer to send money to an account overseas. However, you’ll typically need to send funds this way with a partner, such as Wise or Western Union, or a big bank through their online banking platform.
Some banks, such as National Bank, allow global Interac e-Transfers using Mastercard integration, while others have their own international transfer services rather than e-Transfers.
Documents Required To Send An International Money Transfer
When sending money internationally through an online payment site, bank, or money transfer company, the information required will usually be the same. In most cases, you will need to provide:
- The amount you’d like to transfer and in which currency
- Which country you’re sending the money to
- The purpose for sending the money
- Details regarding the receiver, including name, address, account name and account number.
Moreover, you’ll need to provide any of the following, depending on where you’re sending the money:
- Bank and branch number
- Bank routing number
- Society for Worldwide Interbank Financial Telecommunication (SWIFT)
- International bank account number (IBAN)
- Indian Financial System Code (IFSC)
International Money Transfer: Sending And Receiving Options
Depending on your money transfer service provider, you’ll not only be able to select the form you’d send the money, but you’ll also be able to pick how your recipient will receive the money.
| International Money Transfer Payment Options | International Money Transfer Receiving Options |
| Cash Cheque Credit card Prepaid card Money order Debit | Cash Bank account Credit card Prepaid card |
Costs Involved With International Money Transfers
Fees are usually charged to continue operations, pay employees, grow products, and maintain bank relations to offer you money transfer services. The fees involved with money transfers can make them expensive.
Fees To Send Money: Some financial institutions or money transfer companies charge a flat fee, while others may charge based on how much you send or your method of payment. Be sure to evaluate your options before making a choice.
Fees To Receive Money: When your recipient goes to retrieve the funds, they may have to pay a fee or tax as well, which will reduce the amount of money they receive.
Exchange Rate: Many businesses charge an exchange rate that is higher than what it currently is, in order to make a profit. Moreover, money transfer companies often display mid-market exchange rates, which are different from what they actually charge.
| Tip: To ensure you get the best exchange rate, you can: -Ask your provider for a free quote -Secure a forward contract (Allows you to lock in a rate today for a future transfer) -Find price-matching companies |
Benefits Of Online Money Transfer Companies
Money transfer companies are extremely popular compared to banks due to the benefits it provides.
- Better Value: Unlike banks, online money transfer companies often have lower fees and more competitive exchange rates.
- Security Online money transfer companies also provide the same security as a bank.
- Electronic: Many money transfer companies provide accounts that you can access and manage your transfers online. Moreover, if you have family or friends you send money to regularly, you can automate your transfers for extra convenience.
- Fast: Money transfer companies are often preferred over banks as they are able to process and send money within a couple of hours to a few business days.
- Options: No matter what currency or country you need to send money to, there are dozens of money transfer service providers available.
How To Choose The Best International Money Transfer Service
No matter which money transfer provider you choose, there are several features to compare when deciding who to go with.
- Amount You Can Send: Some money transfer providers have limits on how much money you can send at a time.
- Processing Time: While some money transfer providers are able to send money the same day, others may take 3 – 5 business days. Depending on the urgency of your situation, this may play a factor in your decision.
- In-Person Collection: If your recipient will be collecting the money in person, you should check to see if your provider has available locations near your recipient.
- Fees: As mentioned above, fees can be a flat price or be based on the amount you send or the payment method you choose. Be sure to compare your options to get the best value.
- Exchange Rate: All money transfer providers use an exchange rate that is marked up by some amount. Do a little digging to see how much it will affect the amount you send.
What To Watch Out For When Sending Money Internationally
Before choosing a money transfer platform to send money, be sure to consider the following factors:
Fee-Free Transfer
While some providers may not charge a fee, they often have a larger margin added to the exchange rate to compensate for the lack of fees. You can ask your provider for a quote to compare costs.
Mid-Market Rates
As mentioned, many money transfer companies will display the mid-market exchange rates rather than the actual rate they charge. A mid-market exchange rate represents the fairest and most transparent currency value at any given time, and doesn’t include any additional fees that a money transfer service might charge.
Money transfer services typically mark up this rate to make a profit. It’s important to be aware that the mid-market exchange rate displayed likely won’t be the rate you’re inevitably charged.
Recipient Fees
Each country has its own laws and regulations when it comes to money transfers. It’s important to do your research and see if there are any taxes or fees the recipient will have to pay, as it can affect the amount of money they receive.
Taxes
If you’re on the receiving end of a money transfer in Canada, it’s important to understand how transferred funds from another country may be treated for tax purposes.
If the money received is gift money, it’s typically not taxed when it’s brought into Canada. However, international funds brought into Canada from a sale transaction may be subject to capital gains taxes. Right now, the capital gains tax applies to 50% of your capital gains.
Further, if you’re receiving at least $10,000 CAD, you must report this money to the Financial Transactions and Reports Analysis Center of Canada (FINTRAC). That said, your bank will typically report this received money, not you.
| Note: The federal government recently announced that the capital gains inclusion rate will change effective January 1, 2026. At this time, the inclusion rate will change to include 50% of gains up to $250,000 and 66.7% of gains exceeding $250,000. |
