Canada is one of the world's largest sources of international remittances. Newcomers from India, the Philippines, China, Nigeria, Mexico, Pakistan, the Caribbean, and dozens of other countries send billions of dollars home each year. Whether you're supporting family, paying off a mortgage back home, or sending money for a celebration, there are dramatically better ways to do it than walking into your bank. This guide compares the best money transfer options from Canada in 20025.
Canadian banks are among the most expensive ways to send money internationally. A typical bank wire transfer from Canada charges:
On a $1,000000 CAD transfer, you could lose $500–$800 or more in fees and poor exchange rates. Over 12 monthly transfers, that's $60000–$9600 wasted per year. Specialized transfer services cost a fraction of this.
Wise is widely considered the best overall international money transfer service for Canadians. Key advantages:
Typical total cost for a $1,000000 CAD transfer: $5–$12 depending on destination, compared to $400–$800 via a bank.
Remitly specializes in remittances to developing countries and is particularly strong for transfers to:
Remitly offers two tiers: Express (same-day, slightly higher fee) and Economy (1–3 days, lower fee). First-time senders often get promotional rates that make the first transfer nearly free.
Western Union is the most widely available globally. Useful if your recipient doesn't have a bank account — they can collect cash at a Western Union agent location in their country. Western Union has locations in pharmacies, grocery stores, and standalone offices across Canada. Fees are higher than Wise or Remitly for bank-to-bank transfers, but cash pickup adds significant value for recipients without banking access.
Similar to Western Union with extensive agent networks for cash pickup. Competitive for some corridors, especially Latin America and Africa. Available at many Canadian Canada Post outlets and pharmacies.
If you bank with Scotiabank, their international transfer service (powered by Western Union) is integrated into their app. Rates are better than a traditional wire transfer but typically not as good as Wise or Remitly. Convenient if you're already a Scotiabank customer.
Wise and Remitly are both excellent. Wise uses UPI-connected bank transfers that arrive fast. Remitly has competitive promotional rates. Avoid bank wire transfers — the exchange rate markup alone costs significantly more.
Remitly dominates this corridor with fast transfers and good rates. LBC Express and iRemit are Filipino-specific operators with locations in Canadian cities with large Filipino populations (Winnipeg, Toronto, Calgary). Western Union cash pickup is useful if recipients are in areas with limited banking access.
Wise and Remitly both serve this corridor well. Flutterwave and Chipper Cash are newer options gaining traction. Rates vary — always compare before sending.
Remitly and Western Union are the most popular for this corridor. Wise also works well. Rates are generally competitive given the high volume of CAD-to-MXN transfers.
Wise is the clear winner for developed-country transfers. The fees are minimal and the exchange rates are excellent.
Before each transfer, use a comparison tool like Monito.com or SaveOnSend.com to see real-time rates across multiple providers. Exchange rates fluctuate daily, and the best provider one week may not be the best the next. Five minutes of comparison can save you $100–$300 on a single transfer.
Sending money to family abroad is generally not taxable in Canada — it is considered a personal transfer, not a business transaction. However, if you are gifting large amounts regularly, document them properly. There is no gift tax in Canada. If you are receiving rent income from a foreign property and sending money to yourself, that income may need to be reported to the CRA.
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