Whether you're sending money to family abroad or paying international suppliers, here are the best and cheapest ways to transfer money from Canada internationally.
| Service | Transfer Fee | Exchange Rate | Speed | Best For |
|---|---|---|---|---|
| Wise | 0.4%–1.5% | Mid-market rate | 1–2 days | Most destinations |
| Remitly | $0–$3.99 | Competitive | Minutes–2 days | India, Philippines, Mexico |
| Western Union | $5–$15 | 1.5%–3% spread | Minutes–3 days | Cash pickup |
| PayPal / Xoom | 2.99%–4.99% | Poor | Minutes–3 days | PayPal users |
| Big 5 Banks | $40–$50 | 2%–4% spread | 1–5 days | Large amounts |
| Remitbee | Free on first 3 | Good | 1–2 days | Canadian-focused |
Wise uses the real mid-market exchange rate with no markup, charging only a small transparent fee (typically 0.4–1.5% depending on currency). Available in 80+ countries with multi-currency accounts. Best overall for most international transfers from Canada.
Remitly specializes in transfers to developing markets — India, Philippines, Mexico, Bangladesh, and more. Offers both Economy (cheaper, slower) and Express (faster, slightly pricier) options. Very competitive for high-volume corridors.
Best for cash pickup. Recipients can pick up cash at 500,000+ agent locations globally. Higher fees but unmatched reach for destinations without bank access.
Remitbee is a Canadian-based money transfer service that focuses on competitive rates for popular corridors. First 3 transfers are free for new users. Good for Canada-specific needs.
Convenient if you already use a Big 5 bank, but expensive. Expect $40–$50 in fees plus a 2–4% exchange rate markup. Only use for very large transfers where a fixed fee matters less.
| Service | Fees Paid | Rate Markup | Total Cost | Recipient Gets |
|---|---|---|---|---|
| Wise | ~$6.50 | 0% | ~$6.50 | Most INR |
| Remitly Express | $3.99 | ~0.5% | ~$9 | Very good |
| RBC Wire | $45.00 | ~3% | ~$75 | Much less |
| PayPal | $4.99 | ~3% | ~$35 | Less |
Wise is generally the cheapest for most countries because it uses the real exchange rate with no markup. For specific corridors like India or the Philippines, Remitly is often even cheaper.
Wise typically delivers in 1–2 business days. Remitly Express can be minutes for some corridors. Bank wire transfers take 1–5 business days depending on the destination.
There's no legal maximum, but transfers over $100 are reported to FINTRAC. Most services have their own per-transfer or daily limits. Wise allows up to $1,000,000+ per transfer for verified accounts.
Sending money internationally is not a taxable event in itself. However, if the money is investment-related or income, you may have reporting obligations. Consult a tax professional for your situation.
KOHO is primarily designed for domestic Canadian banking. For international transfers, pair it with Wise or Remitly.