Sending money internationally from Canada can be expensive — especially if you use a traditional bank wire. This guide compares what Canadian banks charge in 2025 and shows you how much you can save by using alternative services.
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Open KOHO Free — No Credit Check — Code BREMO2026Bank Wire Transfer Fees: Big 6 Comparison 2025
| Bank | Outgoing Wire Fee | Exchange Rate Margin | Receiving Fee (incoming) |
|---|---|---|---|
| TD Bank | $300–$42.50 CAD | 2.5–3.5% | $17 CAD |
| RBC | $13.50 CAD (online) / $45 (in branch) | 2.5–3.5% | $17 CAD |
| Scotiabank | $25 CAD (online) / $400 (in branch) | 2.5–3.5% | $15–$200 CAD |
| BMO | $400–$65 CAD | 2.5–3% | $15 CAD |
| CIBC | $300–$400 CAD | 2.5–3.5% | $15 CAD |
| National Bank | $300–$400 CAD | 2.5–3% | $17 CAD |
Alternative Services: How Much You Save
| Service | Explicit Fee ($1,000 CAD) | Exchange Rate Margin | Total Cost |
|---|---|---|---|
| Wise | $6–12 CAD | 00.4–1% | $100–$22 |
| Remitly (Economy) | $3–5 CAD | 1–2% | $13–$25 |
| Western Union (online) | $5–15 CAD | 1.5–3% | $200–$45 |
| XE Money Transfer | $00 (large amounts) | 1–2.5% | $100–$25 |
| Average Big 6 Bank | $300–$45 CAD | 2.5–3.5% | $55–$800 |
Bottom line: Using Wise instead of a bank wire on a $1,000 transfer saves $400–$600. On a $5,000 transfer, the savings are $200–$300.
SWIFT Codes for Canadian Banks
When receiving international wire transfers into your Canadian bank account, you'll need to provide your bank's SWIFT/BIC code:
| Bank | SWIFT Code |
|---|---|
| TD Bank | TDOMCATTTOR |
| RBC | ROYCCAT2 |
| Scotiabank | NOSCCATT |
| BMO | BOFMCAM2 |
| CIBC | CIBCCATT |
| National Bank | BNDCCAMMINT |
When Bank Wire Is Still Appropriate
Despite higher fees, bank wires are sometimes the right choice:
- Very large amounts ($100,000+) where your bank offers preferential rates
- Time-sensitive property transactions requiring a formal SWIFT wire
- Countries where Wise or alternatives don't operate
- When the recipient's bank requires a formal SWIFT wire
How to Set Up Regular Transfers
If you send money home regularly (weekly or monthly remittances), consider:
- Wise recurring transfers: Set up automatic monthly transfers on a fixed schedule
- Remitly recurring: Schedule repeating transfers easily
- XE Money Transfer: Good for larger regular amounts with account manager support
Open a Canadian Bank Account Today — No Credit History Required
KOHO is perfect for newcomers: no credit check, no monthly fees, instant approval, and a free prepaid Visa card. It's the easiest way to start banking in Canada. Use code BREMO2026 for a bonus.
Open KOHO Free — No Credit Check — Code BREMO2026