International Money Transfer Apps In Canada

International Money Transfer Apps In Canada

Written by Mark Gregorski
Fact-checked by Caitlin Wood
Last Updated October 6, 2021

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.

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
Learn More

Remitly   

Remitly offers fast transfers to over 50 countries. Payments can be made through a bank account, debit card, or credit card. Funds can be delivered via bank deposit, mobile wallet deposit, or arranged for cash pickup at over 140,000 locations worldwide. The maximum amount you can send per day varies based on which transfer tier you sign up for and your location. The lowest tier plan allows daily transfers of up to $999 CAD. 

Notable features:

  • Live exchange rates
  • Alerts provided on exchange rates
  • Money-back guarantee for failed deliveries
  • Transfer tracking with exact date and time of transfer completion
  • Swift transfer speed
  • Quality customer service – ability to speak directly to an agent 24/7
Learn More

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
Learn More

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
Learn More

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
Learn More

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
Learn More

Overview Of Best International Money Transfer Apps In Canada

Min. Transfer Amount Min. Transfer Speed Online Fees
Western Union$1Same dayFees vary based on the transfer amount, destination, and method of payment; there’s also a markup charged exchange rates.
Remitly$10Within an hourFees vary based on the transfer amount, destination, payment method and the transfer speed selected; there’s also a markup on exchange rates
World Remit$1Within 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$1Same dayNo fees, but there’s a markup on exchange rates 
OFX$150 USDOne dayNo fees, but there’s a markup on exchange rates
Wise
(Formerly Transfer Wise)
$11 – 2 business daysFees 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.

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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. 

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.

Check out more international money transfer companies.

International Money Transfer FAQs

Which international money transfer apps offer cash pick up?

Western Union, Remitly, and World Remit offer cash pickup for transferred funds.

Are international money transfer apps safe? 

Yes. Money transfer apps that process transactions through established and reputable financial institutions can be relied upon to keep your personal details safe and execute your transfers effectively. Like banks, money transfer firms are governed by regulations established by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).  Be aware that specific FINTRAC compliance provisions require the reporting of significant transfers. Money transfer companies must report transactions of $10,000 as part of an effort to track and prevent activities related to crime or terrorism.

How long does an international money transfer take?

On average, money transfers can be completed in one day. If speed is important to you, make your payment using a credit card rather than a bank transfer, which can take between 2 – 3 business days.

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.


Rating of 5/5 based on 1 vote.

Mark is a writer who specializes in writing content for companies in the financial services industry. He has written articles about personal finance, mortgages, and real estate and is passionate about educating people on how to make smart financial decisions. Mark graduated from the Northern Alberta Institute of Technology with a degree in finance and has more than ten years' experience as an accountant. Outside of writing, he enjoys playing poker, going to the gym, composing music, and learning about digital marketing.

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