Updated: April 2025  |  bremo.io financial guides

International Wire Transfers from Canada: Costs + Options

Whether you're sending money to family, paying a foreign invoice, transferring savings to a home-country account, or funding a real estate purchase abroad, you'll need to understand how international wire transfers work from Canada. This guide explains the mechanics, the costs, the information you need, and the cheaper alternatives that most Canadians — including newcomers — should be using instead of bank wires.

How Bank Wire Transfers Work in Canada

A bank wire transfer (also called a SWIFT transfer) is an electronic transfer of funds between financial institutions using the SWIFT network. When you initiate a wire from a Canadian bank, the money moves through SWIFT's messaging system, often through one or more correspondent banks, before arriving at the recipient's bank. The process takes 1–5 business days depending on the destination and intermediary banks involved.

What Information You Need to Send an International Wire

To send a wire transfer from a Canadian bank, you'll need:

• Recipient's full name — exactly as it appears on their bank account
• Recipient's bank name and address
• SWIFT/BIC code — the bank's international identifier (e.g., CHASUS33 for Chase in the US)
• Account number or IBAN — IBAN is used in Europe, the UK, and many other regions; account number is used in the US, Canada, and many developing countries
• Routing number or sort code — used in the US (ABA routing number) and UK (sort code) to identify the specific branch
• Transfer amount and currency
• Purpose of transfer — many banks ask for this for compliance purposes

Canadian Bank Wire Transfer Fees

Wire transfer fees at Canada's major banks in 2025:

• RBC: $13.50 online, $25+ at branch
• TD: $25–$30 per wire (online or branch)
• Scotiabank: $20–$25 per wire
• BMO: $25 per wire outgoing
• CIBC: $25 per wire outgoing

These are the flat fees. On top of this, banks apply a foreign exchange markup of 2–4% above the mid-market rate. For a $5,000 CAD transfer, this markup alone can cost $100–$200 extra on top of the flat wire fee.

Incoming Wire Transfer Fees

Receiving a wire transfer at a Canadian bank also has fees:

• Most major Canadian banks charge $15–$18 to receive an international wire
• Some banks waive this fee for certain account types or if you have a premium account
• Your correspondent banks along the route may also deduct fees from the transfer amount before it arrives

Alternatives to Bank Wire Transfers

Wise (formerly TransferWise)

Wise uses a peer-to-peer matching system to move money between countries without actually crossing borders in many cases. The result is that they can offer the mid-market exchange rate plus a small transparent fee. For most transfers, Wise is 4–8x cheaper than a bank wire. It's the preferred option for large transfers where the exchange rate difference alone can save hundreds of dollars.

OFX (OzForex)

OFX specializes in larger transfers (typically $1,000+ CAD) and is popular for business transfers, real estate transactions abroad, and large personal transfers. They offer competitive exchange rates with no transfer fee for amounts over a certain threshold. OFX has a Canadian license and is a good option for five-figure transfers.

XE Money Transfer

XE is widely recognized for its currency data and also offers money transfers from Canada. Rates are competitive, especially for major currency pairs. Good for one-off larger transfers.

Remitly

Best for sending smaller amounts to developing countries quickly. Not ideal for large business transfers but excellent for personal remittances.

When Bank Wires Still Make Sense

Despite higher costs, bank wire transfers remain appropriate in some situations:

• Very large transactions where your bank's established relationship provides security guarantees
• Transfers to countries with limited third-party service coverage
• Transfers where the recipient's institution only accepts SWIFT wires
• Real estate transactions in some jurisdictions where lawyers require bank wire confirmation

FINTRAC Reporting Requirements

Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) requires financial institutions to report international transfers of $100 CAD or more. This is not a tax — it's simply a record-keeping requirement to combat money laundering and terrorism financing. If you're sending a large transfer, expect your bank to ask questions about the purpose of the transfer. This is normal and legal. Have documentation ready (e.g., if it's for a property purchase, have the purchase agreement).