International money transfer services are a quick and easy way to send money to friends, family, or businesses abroad. They make it simple to move funds across borders, often with lower fees and faster processing than banks.
Below, you'll find a comparison of the country's top money transfer options for sending money internationally.
Comparing the best international money transfer services in Canada
Here's an overview of the most popular international money transfer services in Canada:
| Option | Fees | Speed | Transfer limit | Notes |
|---|---|---|---|---|
| Xoom (PayPal) | As low as $3 - $5 (depends on host country) | Varies, with several influencing factors | $999 - $75,000 per day | Hidden FX conversion fee |
| Wise | From 0.48% of transfer amount, with several influencing factors | Varies, with several influencing factors | Varies, with several influencing factors | Transparent fees |
| Interac e-Transfer | Depends on bank | 1 - 2 business days | Typically $3,000 per transfer | Only offered through banks |
| Bank transfer | Varies, with several influencing factors | 1-5 business days, with several influencing factors | * Minimum $100 per transfer * Maximum varies (depends on bank) | Hidden FX conversion fee of 2.5% |
Please note: This table was last verified on November 8, 2024
How we picked the best international money transfer services
To evaluate international money transfer services, we analyze over 10 data points to generate a trustworthy Genius Rating. We consider all aspects of an international money transfer service, including transfer limits, fees, transfer options, customer satisfaction, and transfer speed, to assess its overall value. Then, the service’s features are rated based on how they stack up against other available options.
Best international money transfer service 2025 winner: Xoom
Mid-market Exchange Rate?
Hidden Fees?
Example Fees For $1,000
- USD: $0.00 to $21.49
- EUR: $0.00 to $21.49
- GBP: $0.00 to $21.49
- INR: $0.00 to $21.49
- CNY: $0.00 to $21.49
Transfer Limits
- Bank deposit: $999 - $75,000/day
- Cash pickup: $999 - $15,000/day
- All limits can be raised the more money you spend with Xoom
Xoom is an international money transfer service by PayPal, offering quick and easy money transfers for some surprisingly high fees in some cases. Payment options are flexible, with the option of transferring money from your PayPal account or bank account, or using your debit or credit card to pay. Of course, the recipient will also have to pay a fee on pickup as well, which makes Xoom an expensive option on both ends.
Pros
- Different delivery methods available
- Fast delivery
- Free transfers to many countries for some methods
- Current status updates available
- 24/7 customer service
- Secure transfers
- Money-back guarantee
Cons
- Not all delivery methods are available in all countries
- Fees are higher than some other options
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
4 different delivery methods available + Money-back gurantee.
Special Features
- Powered by PayPal
- Money-back guarantee
Mid-market Exchange Rate?
Hidden Fees?
Example Fees For $1,000
- USD: $0.00 to $21.49
- EUR: $0.00 to $21.49
- GBP: $0.00 to $21.49
- INR: $0.00 to $21.49
- CNY: $0.00 to $21.49
Example Transfer Speed For $1,000
- USD: Same day or next day
- EUR: Same day
- GBP: Same day
- INR: Same day to 2 days
- CNY: Same day or next day
Debit Transfer?
Credit Transfer?
Bank Account Transfer?
Paypal Transfer?
Transfer Limits
- Bank deposit: $999 - $75,000/day
- Cash pickup: $999 - $15,000/day
- All limits can be raised the more money you spend with Xoom
Our pick for the best international money transfer service for 2025 is Xoom. With extremely fast transfers, 24/7 customer service, secure transfers, and a money-back guarantee, it's a convenient and reliable money transfer service.
Anyone with a PayPal account can send money through Xoom. Funds can be sent to almost any bank that Xoom services and the recipient isn't required to have a PayPal account.
Xoom’s transfer limits increase as you use the service, which is perfect for users who need to send large amounts of money overseas. And because it's part of the PayPal system, Xoom uses state-of-the-art technology to protect the integrity of all transactions.
Xoom processing and wait time
One of the benefits of Xoom transfers is its speed – Xoom often has a quicker processing time than both the bank and Western Union Money Transfer.
Xoom associated fees
It’s free to send money to friends and family within Canada and the U.S., but sending to international locations can cost 2% - 5%, depending on the country.
Similar to regular domestic transfers, PayPal allows users to fund a transfer using a credit card, which can result in an additional cash advance fee – something better avoided.
Xoom international transfers also get converted at the PayPal rate, which is typically 2.5% higher than the rate they receive.
Xoom amount limits
Depending on your Xoom level, you can send anywhere from $999 to $75,000 in a day.
This may be lower depending on the recipient country so it’s best to check before making the transfer.
Wise international money transfer
Mid-market Exchange Rate?
Hidden Fees?
Example Fees For $1,000
- 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
Transfer Limits
- 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.
Pros
- 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)
Cons
- Your Wise account can be deactivated with no reason given
- Limits on the amount that can be transferred
- Relatively small list of countries
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Global money transfers that are up to 8x cheaper than banks + No hidden fees.
Special Features
- No hidden fees or markup
Mid-market Exchange Rate?
Hidden Fees?
Example Fees For $1,000
- 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
Example Transfer Speed For $1,000
- USD: Same day
- EUR: Same day
- GBP: Same day
- INR: Same day
- CNY: Same day
Debit Transfer?
Credit Transfer?
Bank Account Transfer?
Paypal Transfer?
Transfer Limits
- 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
Unlike Interac e-Transfers, Wise uses a separate platform from your bank so new users will need to make an account.
Once you register, you’ll also need to have the bank details of the recipient in order to send money. Depending on the amount of the transaction, you may need to verify your identity by scanning in a picture of your photo ID.
Payment options include using a credit card, debit card, or wire transfer.
Wise processing and wait times
Transactions with Wise typically take 1 - 5 business days.
The transfer time depends on a few factors like:
- Payment method
- Recipient country
- Time of day the transfer is made (normal banking hours is best)
- Any additional security checks required
Wise associated fees
Wise takes pride in having no hidden fees. On the homepage, you can enter the amount you wish to send and see exactly what the fees will be.
Wise advertises that their fees are lower than the big banks because of the exchange rate. That's because Wise users get the "real rate" instead of a bank rate, which typically has an additional premium attached to it in order for the bank to make a profit off of transfers.
Wise amount limits
Transfer limits can differ depending on the currency and bank. In some cases, a user may be restricted by the maximum transfer limit set by their bank. It's important to check with your bank beforehand to ensure you're able to transfer the desired amount without exceeding the limit.
Interac e-Transfer international money transfer
Interac e-Transfers are known in other countries as email money transfers (EMT) – since they're typically done by email – and they're sent internationally via Western Union Money Transfer or Wise.
Interac e-Transfer processing and wait times
These are much faster and easier than going to your bank for a certified cheque or wire transfer.
Once you hit "send" on the transfer, the money is taken from your account instantly. The recipient can then receive the money at a local Western Union Money Transfer location within 30 minutes (depending on the location).
Note that the recipient will need two things: valid identification and the unique MTCN.
Interac e-Transfer fees
The fee for each transaction varies between banks but is typically free or only $1 - $2 per transfer.
It’s also important to note that the currency gets converted from CAD to the receiving currency (paid out by the Western Union Money Transfer in the receiving country) at the current bank rate.
Banks typically charge an additional 2.5% foreign exchange fee. Depending on the amount of the transfer, the foreign exchange currency fee can be very high.
Western Union Money Transfer also charges a transfer fee when the recipient picks up the money. The fee can vary wildly depending on how the money is sent, where it’s being sent to, and the recipient currency and the amount.
Interac e-Transfer amount limits
While the transfer limits vary with each bank, there's usually a maximum amount in order to prevent fraud.
Big bank international money transfer services
Here's a summary of details regarding international money transfers with Canada's big banks:
| Bank | Transfer fee | Transfer limit | Processing time | Special features |
|---|---|---|---|---|
| RBC International Money Transfer | $0 | $50,000 per day | 2 - 7 business days | Send to over 200 countries |
| CIBC Global Money Transfer | $0 | $100 min, $75,000 max per transfer (for most countries) | 1 - 3 business days | Can pay with eligible credit cards |
| TD Global Transfer | Up to $25 | $6,500 per day | 1 - 5 business days | Cash pickup option available at Western Union Agent locations |
| Scotiabank International Money Transfer | $0 - 1.99 | $100 min per transfer, $10,000 max per day | Up to 5 business days | Free for Scotiabank Ultimate Package clients |
| BMO Global Money Transfer | $5 | $100 min per transfer, max depends on your chosen BMO account | 2 - 5 business days | Free for BMO Premium Chequing Account, BMO Performance Chequing Account, and BMO Platinum clients |
Please note: This table was last updated on November 8, 2024
Big bank processing and wait times
Processing times vary wildly between banks, taking anywhere from 1 to 7 business days.
Rather than make specific promises, banks tend to offer a significant range for delivery. As shown in the table above, each bank has a wide delivery window.
Big bank associated fees
Banks use the SWIFT network – the Society for Worldwide Interbank Financial Telecommunication – to pass money from one bank to another. This network is international and uses a security protocol to make sure the money gets transferred safely.
Each intermediary involved (and there can be several) usually charges a fee, so it’s difficult to estimate the total cost of any transfer without knowing these and other specifics.
That said, most big banks charge low or no fees at all, but you'll also need to consider the foreign exchange conversion fee of 2.5% which gets added to the conversion rate.
There may also be fees associated with the recipient, either through their own bank or through Western Union – depending on how they choose to receive the funds. Both fees vary depending on what country they're in and how much money is sent.
Big bank amount limits
Unlike third-party services, some big banks have restrictions on the minimum amount you can send (usually $100).
Otherwise, the maximum amount is often a daily limit and it can vary considerably between institutions. It can be anywhere from $6,500 to $75,000.
An example transfer
In order to put these fees in context, here's how much it would cost you to send $1,000 from Canada to the U.S., paying straight from a bank account.
Since bank transfers vary so widely, they weren’t included in the comparison. Just keep in mind it's generally accepted that they're the most expensive option.
The cheapest fee given on the service's site was included here, but prices could go up depending on how you want to send and receive your money.
At the time of writing, the exchange rate was CA$1 to US$0.72.
| Method | How much they'll receive | Fees | Total cost | How long? |
|---|---|---|---|---|
| Xoom | US$702.40 | CA$0 | CA$1,000 | Minutes |
| Wise | US$713.10 | CA$7.40 | CA$1,007.40 | 3 days (1 business day) |
| Simplii Financial Global Money Transfer | US$692.53 | CA$0 | CA$1,000 | Minutes |
Please note: This table was last updated on November 8, 2024
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
FAQ
What are some options for completing an international money transfer?
Some of the top options for sending an international money transfer include Xoom, Interac e-Transfers, Western Union Money Transfer, Wise, and a transfer from your bank. Each option has its unique advantages, disadvantages, and features.
How long does it take to send an international money transfer?
It depends on the service and the destination country. As an example, sending via an Interac e-Transfers can take between 30 minutes and a few days. With Wise, it can take as long as 5 days.
Is there a limit on how much you can transfer?
There are limits on how much can be transferred at once, but it largely depends on your currency, the recipient's currency, and what method you're using to make your international money transfer.
Do any bank accounts offer free international money transfers?
There are a few banks and accounts that offer this. The BMO Performance Chequing Account, for instance, provides account holders with free access to BMO's Global Money Transfer service, allowing them to send funds to 50 different countries.
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