Compare the cheapest and fastest ways to send money from Canada abroad
Whether you're supporting family back home or saving internationally, sending money from Canada is a regular activity for millions of newcomers. With the right service, you can save hundreds of dollars annually on transfer fees and exchange rate markups.
This guide compares every major money transfer service available from Canada, including which is cheapest for each corridor and tips to maximize the value of every transfer.
KOHO Premium has no foreign exchange markup on card purchases. Combined with a transfer service like Wise, you can minimize costs on international money movement.
Open KOHO Free — Code 45ET55JSYA| Service | Fees | Exchange Rate | Speed | Best For |
|---|---|---|---|---|
| Wise | 0.4–1.5% of transfer | Mid-market rate | 1–3 days | Best rates for large transfers |
| Remitly | $0–$4 (promo $0) | Slight markup 0.5–2% | Minutes–1 day | Fast mobile transfers, first-timer promos |
| WorldRemit | $2–$5 | 0.5–3% markup | Minutes–1 day | Mobile money delivery, wide country reach |
| Western Union | $5–$20 | 2–5% markup | Minutes | Cash pickup, agent locations |
| MoneyGram | $5–$15 | 2–4% markup | Minutes–1 day | Cash pickup option |
| Xe Money Transfer | $0 (rate spread) | 0.5–2% markup | 1–3 days | No-fee option for large amounts |
| Bank Wire | $15–$40 | 2–5% markup | 3–5 days | Official/legal transfers, documentation |
Most services advertise "$0 fees" but make money on the exchange rate markup. Here's what that actually costs on a $1,000 CAD transfer:
On $1,000/month x 12 months, the difference between Wise and a bank wire is over $400 CAD per year.
Best services: Wise, Remitly, ICICI Money2India. Wise offers the best CAD-to-INR rates. Remitly frequently has first-transfer promotions of $0 fee. See our full guide: Sending Money Canada to India.
Best services: Remitly, WorldRemit, Western Union. Remitly and WorldRemit both offer GCash delivery (instant to mobile wallet). See: Sending Money Canada to Philippines.
Best services: Remitly, WorldRemit, LemFi (specifically built for African corridors). LemFi is popular with Nigerian-Canadians for competitive NGN rates.
Best services: Wise, Alipay International (where available). Note: transfers to China are subject to Chinese capital controls. The recipient in China can receive up to USD $50,000/year from abroad.
Best services: Wise, Remitly. UAH transfers work well via Wise and can be received directly at Ukrainian banks or PrivatBank.
If you send or receive more than $100 CAD in a single transaction or a series of related transactions, it must be reported to FINTRAC (Canada's financial intelligence unit). This is done automatically by the transfer service or bank — you don't need to do anything extra. Just ensure your funds are from legitimate sources.
There are no taxes on sending money abroad from Canada. However, if you're transferring money that represents income earned in Canada, that income is taxed when you earn it (via payroll deductions), not when you transfer it.
KOHO accepts newcomers with no credit history required. Get a free Visa prepaid card, earn cash back, and start building your Canadian credit profile. No monthly fees.
Open KOHO Free — Code 45ET55JSYA