Sending money overseas has never been easier, faster, and more convenient than it is today. Technological advancements have disrupted virtually every modern industry, and financial services are no exception. Mobile money transfer apps have transformed how we send funds internationally – all you need is a smartphone and a few clicks to send payments to virtually any corner of the world.
Learn how to get a cash pick-up with a money transfer.
Best International Money Transfer Apps in Canada
Though the merger of tech and finance has provided consumers with new ways to conduct financial transactions, you can sometimes feel overwhelmed with the abundance of choices. There’s a wide range of mobile money transfer apps to select from, all of which have their own unique features.
Read on to get acquainted with some of the top money transfer apps currently on the market.
Simplii Finanial™
Simplii Financial was founded in 2017 and is a digital banking division of CIBC. They offer a number of personal banking solutions from bank accounts to investment accounts to a number of different credit products. They also offer a low-cost way to send money internationally through their Simplii Financial Global Money Transfer (GMT) service. Users can send money to over 130 countries without incurring any transfer fees or deductions. Moreover, you can send money to different countries in their local currency or in US dollars.
Simplii Financial Global Money Transfer (GMT) service allows users to transfer up to $50,000 a day through international bank accounts, Visa debit, Visa credit card or China UnionPay card. Recipients can expect the funds 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 transfers.
Welcome Bonus
Simplii is also offering a promotion where users can earn up to $650 when they send their first Global Money Transfer (GMT) using Simplii. Simply use the promo code: GMTEVENT.
- $350 when you open a No Fee Chequing Account
- $50 cash back for transfers under $5,000
- $100 cash back for transfers from $5,000 to $1,499.99
- $175 cash back for transfers $1,500 to $24,999.99
- $300 cash back for transfers at and above $25,000
Cash Pickup Service
Simplli’s Cash Pickup service allows recipients of a Simplii GMT to pick up the money in cash at a MoneyGram location (currently supports over 40 countries). Simplii is the only bank in Canada that provides this service for a $0 transfer fee. The maximum daily transfer is $2999.99 ($2000 per transaction). Users can choose to pay with their Simplii credit card for no fees. The GMT will be considered a cash purchase which can be paid off within the following pay cycle.
Notable Features:
- Send money to over 130 countries
- No transfer fees or deductions
- Earn 0.5% cashback when you use your Cash Back Visa Card to pay for a Global Money Transfer.
- Get up to $300 on your first transfer
- Check the status of your transfer through their mobile app or online banking
Western Union
Western Union’s money transfer app allows you to send funds to over 200 countries. You can pay with a credit card, debit card, bank transfer, cash, or Apple Pay. Transferred funds can be arranged for cash pickup at one of 500,000 agent locations, which you can conveniently locate using the global agent map accessible through the app. You can also receive money via bank deposit or mobile wallet deposit. The maximum amount you can transfer per day is $7,500 CAD.
Find everything you need to know about money orders.
Notable Features:
- Alerts provided on exchange rates
- Live exchange rates
- Near-instantaneous transfers
- Recurring payment set up
- Many currencies to choose from
Remitly
Remitly offers fast transfers to over 170 countries. Payments can be made through a bank account, debit card or credit card (Visa or Mastercard). Funds can be delivered via bank deposit, home delivery, mobile money app, or arranged for cash pickup at over 435,000 locations worldwide.
The maximum amount you can send per day varies based on your and your recipient’s location. There are also limits on how much you can send in a 24-hour, 30-day and 180-day period.
Notable Features:
- Remitly is entirely online, so they have less overhead costs. This results in competitive exchange rates.
- Offers an Express delivery option when you need your money to get there fast.
- Quality customer service (speak directly to an agent between 5 am to 11 pm or via online live chat 24/7).
- Remitly is available in 15 different languages.
- Get updates on your transfers via the Remitly app. You can track every step of the process from when you send the funds to when the recipient receives it.
World Remit
Using World Remit, you can send money using over 70 currencies to over 130 countries worldwide. The app offers flexible payment options: credit card, debit card, bank account, prepaid cards from Visa or Mastercard, SOFORT, Trustly, POLi, and GooglePay. Recipients can accept transferred funds through bank deposit, mobile wallet deposit (including World Remit’s own mobile wallet), or cash pickup. Transfer limits vary based on your payment method, but the daily cap on international transactions is $40,000 CAD.
Notable Features:
- Same exchange rates offered irrespective of the transfer amount
- Delivery options include mobile airtime top-up, bill payments, and home delivery
- Fast transfer speed
- Live exchange rates
- Extensive network of transfer destinations
- Variety of payment methods and delivery options
XE Money Transfer
XE Money Transfer enables you to send funds overseas without incurring any fees or commissions, which sets it apart from its competitors. XE does, however, earn a profit by marking up the exchange rate on transactions. You can choose from over 200 countries to transfer to, in over 130 currencies. Acceptable payment methods include bank transfer, credit card, and debit card. Transferred funds can only be deposited into the recipient’s bank account – cash pickup is not available. Transfer limits are generous, offering you the ability to send up to $500,000 CAD. Larger amounts are permitted upon arrangement with XE’s currency experts.
*Currently the XE Money Transfer app does not allow you to transfer money. Instead, it offers useful resources for consumers to learn about currency.
Notable Features:
- Ability to lock in an exchange rate for future transfers
- Separate product available for business transfers
- Recurring payment set up
- Limit orders, allowing for automated transfers at pre-selected exchange rates
- Multiple currency pair monitoring and alerts available
OFX
OFX’s app offers money transfer services for both individuals and businesses with no fees attached, except for a markup on exchange rates. You can send funds to over 195 countries using over 50 currencies. The only acceptable payment method is bank transfer – cards are not supported. Likewise, receivers can only accept transferred funds via bank deposit. There aren’t any restrictions on the amount of money you can transfer.
Check out what is a wire transfer.
Notable Features:
- Currency monitoring
- Rate alerts
- Network of over 100 banks to send money to, thus minimizing bank fees
- Limit orders, allowing for automated transfers at specified exchange rates
- Ability to lock in an exchange rate for future transfers
- Live exchange rates
Wise
The Wise app offers a swift verification process, full transparency on fees before you initiate your transfer, and the ability to send large sums of money to over 60 countries in dozens of currencies. Multiple payment options are available: bank transfer, credit card, debit card, Google Pay and Apple Pay. Funds can only be sent to the receiver’s bank account. The transfer limit is capped at $1,500,000, but it could be lower depending on your payment method and the transfer’s destination.
Do you make a lot of international transfers? Check out if you should get a foreign currency bank account?
Notable Features:
- Currencies are offered at the mid-market rate
- A wide range of transfer sizes permitted
- Quick and easy to set up an account
- Recurring payment set up
- Multi-currency accounts available
- Accurate fee estimate provided before transaction execution
Overview Of Best International Money Transfer Apps In Canada
| Min. Transfer Amount | Transfer Speed | Online Fees | |
| Simplii Financial | $100 CAD | 1 – 3 business days | No transfer fees, foreign exchange rates apply. |
| Western Union | $1 | Same day | Fees vary based on the transfer amount, destination, and method of payment; there’s also a markup charged exchange rates. |
| Remitly | $10 | 0 – 5 days | Fees vary based on the transfer amount, destination, payment method and the transfer speed selected; there’s also a markup on exchange rates |
| World Remit | $1 | Within an hour | Fees vary based on the transfer amount, destination, and method of payment; there’s also a markup on exchange rates |
| XE Money Transfer | $1 | Same day | No fees, but there’s a markup on exchange rates |
| OFX | $150 USD | One day | No fees, but there’s a markup on exchange rates |
| Wise (Formerly Transfer Wise) | $1 | 1 – 2 days | Fees vary based on the transfer amount, destination, and payment method |
Features To Consider When Choosing A Money Transfer Company
Before choosing the app that will serve your money transfer needs, you should evaluate each one based on some essential features, including:
Fees
Fees are a primary concern when it comes to any financial apps, especially if you plan on conducting transactions frequently. Ensure you understand how the company levies fees and how they calculate them. Be wary of apps that claim transactions are free. The assertion is misleading, as you’ll incur an added cost somewhere else, such as a less favourable exchange rate.
Check out these common bank fees.
Exchange rates
Examine the exchange rates quoted on the app provider’s website to determine if they’re indeed the rates you receive when you process a transfer. Some apps offer the mid-market rate, which is the rate at which banks conduct foreign exchange transactions and is regarded as the fairest and most transparent. Other apps charge a markup on the exchange rate. To find the app with the lowest exchange rate, use your currency’s mid-market rate as the benchmark.
Send limits
Ensure you know the minimum and maximum amount you’re able to transfer at any given time. Some money transfer apps are better suited for larger transactions, while others are geared toward users who make infrequent transfers for small amounts.
Check out more international money transfer companies.
Speed
This is the length of time it takes for your transfer to reach its destination. Speed depends mainly on your method of payment. If you pay with a credit or debit card, your transaction will be processed relatively quickly on most apps, typically within one day. If you opt for a bank transfer, expect your funds to arrive within a few days.
Transfer options
Most money transfer apps offer several ways for the recipient to accept transferred funds. The most common methods include bank account deposit, cash pickup, and mobile wallet deposit. Some allow you to arrange delivery of funds to the receiver’s place of residence as well.
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Final Thoughts
There are many money transfer apps available, each with unique features designed to make sending funds overseas a breeze. While they all operate similarly and perform the same basic functions, there are still key differences to watch for. Some apps cater to individuals who make international payments seldomly and require only a few basic features. Others offer a wide range of options that frequent users and businesses would find appealing, such as the ability to send large sums of money and lock-in exchange rates for future transfers.
Conduct some research to narrow your search to the money transfer that best suits your needs. Find the ideal one by examining the most critical components, such as the exchange rates offered, fees, transfer limits, delivery options, and transfer speed.
