Wire transfer fees can range from $16 to $135 depending on the bank and the specific details of the transfer, such as the amount being sent and whether the transfer is domestic or international. Some banks charge a flat rate while others adjust their fees based on the transferred amount.
Wire transfers are a quick and secure method of sending money from one bank account to another, both domestically and internationally. This service allows individuals and businesses to transfer funds directly between banks, ensuring fast and reliable transactions.
Understanding the wire transfer fee is crucial for anyone looking to use this service, as it can significantly affect the total cost of the transaction. In this article, we cover the fees at each bank and strategies for avoiding these charges.
Key Takeaways
- A wire transfer is a speedy and secure way to send money to another bank account.
- Wire transfer fees are anywhere between $16 to $135 at the big banks.
- Fees can vary based on the amount you’re sending and whether the transfer is within Canada or outside the country.
- Avoid high wire transfer fees by trying an alternative transfer method, such as e-Transfer, PayPal, or Wise.
Wire transfer fees by bank
Here’s a summary of the outgoing wire transfer fees charged by the big Canadian banks:
| Bank | Outgoing wire transfer fee |
|---|---|
| RBC | * Starting at $45 |
| TD | * $16 to send to another TD customer * $50 to send to a non-TD customer |
| CIBC | * $30 to $80 depending on the amount of transfer |
| Scotiabank | * $20 |
| BMO | * $25 to $135 depending on the amount of the transfer |
What is a wire transfer?
A wire transfer is a method of electronically moving money from one person or institution to another, across banks or transfer services. It's a fast and secure way to send funds, often used for large transactions, international payments, or when quick delivery is important.
Unlike cheques or online payments that might take days to clear, wire transfers can be completed almost instantly or within a few hours, making them ideal for urgent transactions. This process involves a fee, which varies based on factors like the amount being sent and the destination.
How to avoid wire transfer fees
While wire transfers are a quick and reliable way to move money, the fees can add up quickly. Fortunately, there are several ways to reduce or avoid these costs altogether. Here are some alternatives and strategies:
- Consider money transfer services, such as Wise, for international transfers to get better rates.
- Use digital payment apps like PayPal or Venmo for free or low-cost transfers.
- Look into the perks that come free with your bank account, as some offer fee waivers.
- Transfers to an account within the same bank might have lower or no fees.
- Domestic transfers can often be completed via Interac e-Transfer which is often included in the number of free transactions provided by your bank.
- Try negotiating fees with your bank, especially if you send large amounts frequently.
If you’re interested in learning more about Wise, find more details here:
- USD: Start at $7.40
- EUR: Start at $6.34
- GBP: Start at $6.78
- INR: Start at $8.21
- CNY: Start at $15.66
- Direct debit: $9,500/day, $30,000/week
- Debit/credit: $3,000/transfer
- Interac e-Transfer: $25,000
- Bill payment/wire transfer: $1.5 million
Wise, formerly known as Transferwise, is an international money transfer service that allows users to send funds to 80+ countries, including Wise transfers in Canada. Transferwise was launched in 2011 by two friends from Estonia. The company started out offering international money transfers, and soon grew to include multi-currency accounts, business accounts, and a debit card. In 2021, Transferwise changed its name to Wise.
- Cheap international money transfers
- Transparent fee structure
- Free multi-currency account to hold over 40 currencies
- FINTRAC regulated in Canada
- Ability to enable two factor authentication (2FA)
- Your Wise account can be deactivated with no reason given
- Limits on the amount that can be transferred
- Relatively small list of countries
- No hidden fees or markup
- USD: Start at $7.40
- EUR: Start at $6.34
- GBP: Start at $6.78
- INR: Start at $8.21
- CNY: Start at $15.66
- USD: Same day
- EUR: Same day
- GBP: Same day
- INR: Same day
- CNY: Same day
- Direct debit: $9,500/day, $30,000/week
- Debit/credit: $3,000/transfer
- Interac e-Transfer: $25,000
- Bill payment/wire transfer: $1.5 million
FAQ
Is there a wire transfer fee?
Most banks do charge significant fees to complete wire transfers, both domestic and international. These fees can range anywhere from $16 to $135, depending on where you bank and how much money you’re transferring.
What is the average wire transfer fee?
Wire transfer fees can be as low as $16 and as high as $135, but most banks charge between $30 - $50. Assess whether there’s a less expensive way to transfer the funds like through PayPal or Interac e-Transfer.
Is there a wire transfer limit in Canada?
No. However, any transfer exceeding $10,000 must be reported to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Generally, banks and money transfer services handle this reporting, not the individuals making the transfer.
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