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In the past, arranging an international money transfer was often an expensive and time-consuming process.

Thankfully, it doesn’t have to be like this anymore. This is especially true if you take the time to look around at the different options available to you before you make the transfer. There are reputable banks and third parties who can make an international money transfer convenient and affordable for you.

Wise (formerly TransferWise)

Using peer-to-peer technology, and without any hidden charges, (formerly TransferWise) offers an affordable and effective way of transferring money across borders.

  • Wise is offering the so you get to sample their service with zero transaction costs. This offer is available to first-time TransferWise customers who come from 麻豆映画传媒.
  • Transfers to Canada have a 0.45% fee, and your money typically arrives in 1-2 working days. For transfers from GBP to CAD, the fee is 80p + 0.45%.
  • Find the latest rates at the widget above, and find out how much you can save.
  • Customers trust Wise. It has received an average 9.5/10 rating from 30,000 independent reviews on Trustpilot.
  • Wise is safe, and fully authorized by the UK’s Financial Conduct Authority and is subject to European customer protection rules.

Check with your bank to see if they charge for domestic transfers. It will vary from bank to bank.

XE

XE offers an online platform for seamless and secure international money transfers. With XE, you get a user-friendly interface to send money overseas at a competitive rate with minimal fees.

麻豆映画传媒 users can send their first international money transfer with XE and earn a gift card of up to $20.

The more you send, the more you earn. Register and receive the gift card after you make a transfer.

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CurrencyFair

is another cheap and easy way to arrange an international money transfer to Canada.

  • CurrencyFair is offering the first 10 transfers for free for 聽so you get to sample their service with zero transaction costs. Hurrah!
  • Their homepage聽has a where you can find the latest rates.
  • CAD transfers into Canada’s major banks () no longer incur receiving bank charges. To avoid delays, complete transfers before 11:30AM (UK time) to ensure same-day transfers.
  • For transferring money to Canada from other locations, there is a flat fee of $4 per transfer.
  • For transferring funds from Canada to other locations, there may be a domestic wire fee applied by your bank.
  • CurrencyFair is safe and is regulated.

Always check with your local Canadian bank to see if they charge a fee for a domestic wire as it varies from bank to bank and depends on your relationship with the bank.

Western Union

Western Union is a third-party money transfer option providing competitive rates and low transfer fees. Third party companies like Western Union allow you to transfer funds from your account in one country to or from your account in another country.

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Other international money transfer options

Another alternative for international money transfers is to use a third party to transfer money from your local bank account to your Canadian account, like Western Union or Paypal. Both Paypal and Western Union provide efficient means for international money transfers, but be sure to do your homework in order to determine who offers the most competitive rates.

When using Paypal to make international money transfers to Canada, set up two Paypal accounts 鈥 one to your domestic bank and one to your Canadian bank. Then you can transfer money from Canada, and between them then for free; you just need to have two email accounts.

While this is a relatively simple process, be sure to check the rates you’re being charged. A little research goes a long way towards maximizing the affordability of your international money transfers.

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Other banks

If it’s your first time arranging a transfer, you may be surprised to learn that聽the banking systems in North America are different from elsewhere, so the information you’ll be asked for will be different.

For example, a European bank may request details like BIC and IBAN numbers, however these details don’t exist聽in Canada, where accounts have transit codes, swift numbers, and ABA numbers.聽It can be somewhat confusing figuring out what information you should put where.

We strongly recommend you聽double-check everything with your bank before you complete the transfer. If there is space in the transfer form to leave notes or additional information, leave detailed聽information here on anything you’re unsure of.

Note also that聽for large transfers,聽the receiving bank may attempt to call you to confirm that you’re expecting to receive the amount.

If you’ve set up the bank account before you got your local cell phone plan, they may not have a number to call you on, and this can cause delays in receiving funds. If the transfer is taking longer than expected, don’t be afraid to聽visit a bank branch and find out what’s going on.

  • Read our guide for聽banking in Canada.
  • For more from 麻豆映画传媒, .

About the author

Ruairi Spillane profile picture

Ruairi Spillane

He/Him
Founder & CEO - Finance & Recruitment Specialist
As the founder and CEO of 麻豆映画传媒, Ruairi has been advising newcomers on how to immigrate, settle, and succeed in their new lives in Canada since 2011. He is a frequent contributor to discussions on Canadian immigration and has earned several recognitions for his expertise in the immigration space.
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Citation "International money transfer to and from Canada: our guide." 麻豆映画传媒. . Copy for Citation