Sending Money Internationally

One of the first things many newcomers to Canada want to do is send money back home — to support family, pay off a debt, or simply share the fruits of a new beginning. The good news is that sending money internationally from Canada is easier and more affordable than ever. But there are a few things worth understanding first: how transfers work, which services to use, and how to make sure every dollar goes as far as possible.

This guide walks you through everything you need to know, in plain language, so you can send money with confidence.

When you send money from Canada to another country, your money doesn't physically travel anywhere. Instead, a series of financial instructions moves between banks and transfer networks, and the recipient receives funds in their local currency on the other end.

Here's the basic flow:

The whole process can take anywhere from a few minutes to a few business days, depending on the service you use and the country you're sending to.

There are two main ways to send money internationally from Canada: through your bank, or through a dedicated money transfer service. Each has its place.

Almost every Canadian bank — including TD, RBC, Scotiabank, BMO, and CIBC — offers international wire transfers. The process is familiar and feels secure, especially if you already trust your bank.

The upside: It's convenient if you're already banking there, and it tends to work well for large transfers where security is the priority.

The downside: Bank wire transfers are often the most expensive option. Fees can range from $15 to $40 per transfer, and banks typically offer less favourable exchange rates than specialist services. That gap in the exchange rate is where they make most of their money — and it's easy to overlook.

Companies like Wise, Remitly, Western Union, and MoneyGram specialize in moving money across borders. Because that's all they do, they tend to offer lower fees and better exchange rates than traditional banks.

The upside: Lower cost, faster delivery, and often a better experience — many of these services have apps that make sending money as easy as sending a text.

The downside: You're using a separate platform from your regular banking, which means setting up a new account and going through identity verification. This is a one-time setup, though — after that, it's simple.

For most everyday transfers, a dedicated service will save you money. For very large or unusual transfers, your bank may be the safer choice.

This is where most people leave money on the table without realizing it. Two costs are at play every time you send money internationally:

1. Transfer fees This is the flat or percentage-based charge for sending the transfer. Some services advertise "no fees" — but they make it up in the exchange rate (see below).

2. Exchange rate margin The mid-market rate is the "real" exchange rate — the one you see on Google when you look up CAD to USD or CAD to PHP. Transfer services and banks add a markup on top of this rate, which is how they earn money on the transaction. A 2–3% markup might not sound like much, but on a $1,000 transfer, that's $20–30 that quietly disappears.

How to compare: Always look at the total your recipient will receive, not just the advertised fee. Most comparison tools and transfer apps will show you this clearly. Enter the amount you want to send and look at the destination amount — that's the number that matters.

A useful free tool for comparing services is Monito or Wise's comparison page.

Here's a quick overview of the most commonly used services among newcomers in Canada:

Wise is widely regarded as one of the most transparent money transfer services in the world. It uses the mid-market exchange rate and charges a small, clearly displayed fee. It's available as an app or website and supports transfers to most countries. Great for regular transfers.

Remitly is popular for sending money to the Philippines, India, Mexico, and many other countries. It often offers promotional rates for first-time users and is known for fast delivery times. It has a simple, easy-to-use app.

One of the oldest names in money transfers, Western Union has a huge global network and is especially useful when the recipient doesn't have a bank account — they can pick up cash at a local Western Union location. Fees can be higher, but the reach and convenience are unmatched.

Similar to Western Union, MoneyGram offers cash pickup options worldwide and is widely available at pharmacies and grocery stores across Canada. Useful for urgent, cash-based transfers.

A newer service that has become popular for fixed-fee international transfers. It charges a flat fee regardless of the amount, making it a good option for smaller transfers.

Best for large transfers where you want maximum security and already have the relationship in place. Not the most cost-effective for regular or smaller amounts.

International money transfers are unfortunately a common target for scammers, and mistakes can be difficult to reverse. Here's how to protect yourself:

Verify recipient details carefully. Double-check the bank account number, SWIFT/BIC code, and recipient name before confirming any transfer. Errors are hard to undo once a transfer is processed.

Only use regulated services. In Canada, legitimate money transfer businesses must be registered with FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada). Check that any service you use is registered before sending money. You can search the FINTRAC registry at fintrac-canafe.gc.ca.

Never send money to someone you haven't met in person. If someone online asks you to send them money — through a romance, a job offer, or a too-good-to-be-true opportunity — stop and talk to someone you trust. This is one of the most common scam patterns targeting newcomers.

Be cautious with urgent requests. Scammers often create pressure by saying someone is in danger or that you'll miss an opportunity if you don't act immediately. Legitimate situations rarely require you to transfer money within the hour.

Keep your confirmation numbers. Every transfer generates a tracking or confirmation number. Save these. If something goes wrong, you'll need them to trace the transfer.

Sending money internationally doesn't have to be expensive or stressful. Use these steps to get started on the right foot.

Before your first transfer:

When sending:

Ongoing:

Sending money home is one of the most meaningful things you can do for the people who matter to you. With the right service and a little know-how, you can make sure more of your money arrives where it belongs. Click here for more guides on living with confidence in Canada.