International Wire Transfer from Canadian Banks — 2025 Guide

Everything you need to know about sending international wire transfers from Canadian banks — fees, SWIFT codes, processing times, and when to use cheaper alternatives.

How International Wire Transfers Work in Canada

An international wire transfer (also called an international EFT or SWIFT transfer) moves money from your Canadian bank account directly to a foreign bank account. The transfer travels through the SWIFT network — a global interbank messaging system — and may pass through one or more correspondent banks before reaching the destination. Each bank in the chain may deduct a fee, which is why the recipient sometimes receives less than you sent.

Wire transfers are reliable and available to any bank account globally, making them the gold standard for sending large amounts. However, their fees and exchange rate markups make them expensive for regular smaller transfers, where services like Wise or Remitly are significantly cheaper.

Canadian Bank Wire Transfer Fees Comparison

Bank	Outgoing Wire Fee	Exchange Rate Markup	Processing Time
RBC	$13.50–$45	2–3%	1–5 business days
TD	$30–$42	2–3%	1–3 business days
Scotiabank	$15–$40	2–3%	1–5 business days
BMO	$30–$40	2–3%	1–5 business days
CIBC	$30–$40	2–3%	1–5 business days
Wise (not a bank)	0.3%–1.5% of amount	0% (mid-market)	Same day–2 days

Information You Need to Send a Wire Transfer

To initiate an international wire transfer, you need the following information about the recipient and their bank:

• Recipient's full legal name — must match their bank account exactly
• Recipient's full address
• Recipient bank name and address
• SWIFT/BIC code — the recipient bank's international identifier (8 or 11 characters)
• IBAN — required for transfers to Europe and many other regions
• Account number or IBAN — the recipient's account number
• Routing/sort code — required for UK, Australia, and some other countries
• Purpose of transfer — banks may ask; common answers include family support, education, or invoice payment

Canadian Bank SWIFT Codes

Bank	SWIFT/BIC Code
Royal Bank of Canada (RBC)	ROYCCAT2
TD Canada Trust	TDOMCATTTOR
Scotiabank	NOSCCATT
BMO Bank of Montreal	BOFMCAM2
CIBC	CIBCCATT
National Bank of Canada	BNDCCAMMINT

Note: When receiving a wire transfer into your Canadian account, provide your bank's SWIFT code, your account number, and your bank's transit and institution numbers.

When to Use a Bank Wire vs. a Transfer Service

• Use bank wire when: Sending $20,000+ where security and bank-to-bank trust is important; the recipient can only receive bank wires; you need formal documentation for tax or legal purposes
• Use Wise/Remitly/XE when: Sending regular amounts under $100; you want the best exchange rate; you want transparency on exact fees and recipient amounts before sending

Receiving International Wires Into Your Canadian Account

When family members or foreign employers send money to your Canadian account, provide them with:

• Your full name as it appears on the account
• Your bank's SWIFT code (see table above)
• Your account number
• Your bank's institution number and transit number (found on a void cheque or in online banking)
• Your bank's full address

Incoming international wires typically arrive in 1–5 business days. Your bank may charge a receiving fee of $15–$20. For regular incoming transfers, consider setting up a Wise account — your Wise CAD account details can receive transfers like a local bank and at a much lower cost than a traditional wire.