Whether you're supporting family abroad, paying for overseas property, or sending remittances, Canadians have more options — and lower costs — than ever for international money transfers. Here's the definitive guide for 2026.
The international money transfer market has transformed over the past decade. Where bank wires at $25–$45 fees plus 2–3% exchange rate markups were once the only option, Canadians now have access to specialist services that dramatically reduce costs.
| Service | Best For | Typical Fee (CAD $1,000) | Rate | Speed |
|---|---|---|---|---|
| Wise | Best overall, bank transfers | $4–$18 | Mid-market | Minutes–1 day |
| OFX | Large transfers ($5,000+) | Low to zero (spread only) | ~0.5–1% above mid | 1–2 days |
| Remitly | Philippines, India, Mexico cash | $0–$3.99 | Competitive | Minutes |
| Western Union | Cash pickup worldwide | $5–$25 (+ spread) | 1–4% above mid | Minutes |
| Bank wire (RBC/TD/etc.) | Large regulated transfers | $25–$45 + 1.5–3% spread | 1.5–3% above mid | 1–5 days |
| PayPal International | Quick, small amounts | $0 + 2.5–4% spread | 2.5–4% above mid | Instant |
For most Canadians sending money internationally to bank accounts, Wise is the best option in 2026. It uses the real mid-market exchange rate and charges a transparent, low percentage fee. On a $2,000 CAD transfer to the US, Wise costs roughly $9–$10 total. A bank wire for the same amount costs $25 flat fee plus a 2% exchange rate markup — totaling roughly $65.
Currency brokers like OFX (Canadian operation) and Knightsbridge FX specialize in large international transfers. For amounts over $100 CAD, these brokers often offer better rates than Wise with no flat fee — just a small spread. They also offer forward contracts (lock in today's rate for a future transfer) and rate alerts.
If your recipient doesn't have a bank account or needs physical cash, Remitly and Western Union are the leading options. Remitly has competitive rates to the Philippines, India, Mexico, and other high-volume remittance corridors. Western Union has the broadest global agent network for cash pickup in rural and remote areas.
PayPal's international transfers are convenient but expensive — the FX markup of 2.5–4% makes it one of the worst-value options for significant amounts. Interac e-Transfer doesn't work internationally outside Canada. For small amounts under $200 CAD where convenience matters more than cost, PayPal is acceptable. For anything larger, use Wise.
KOHO's premium plans include no foreign transaction fees — save 2.5% on every US and international purchase. Perfect for snowbirds and frequent travellers.
Get KOHO Free — Code 45ET55JSYACanadians must report foreign property (including foreign bank accounts and assets) over $100,000 CAD on Form T1135. Large international transfers may trigger reporting requirements at your bank under FINTRAC anti-money laundering rules. These are standard compliance matters — if you're sending legitimate funds, declare appropriately and keep records.
See our Foreign Bank Account Reporting guide for more detail on T1135 requirements.
Wise is consistently the cheapest for bank-to-bank transfers — using the mid-market rate and charging under 1% on most corridors. For large amounts ($100+), compare OFX or Knightsbridge FX. For cash pickup, compare Remitly and Western Union based on the specific corridor.
Canadian bank wire transfers typically cost $25–$45 in flat fees plus a 1.5–3% exchange rate markup. On a $5,000 CAD transfer, that's $100–$175 total cost compared to $22–$30 with Wise.
Yes. Wise is regulated by FINTRAC in Canada and authorized by financial regulators in every country it operates. It's used by millions of people for large transfers. However, Wise is not a bank and funds are not CDIC-insured. For transfers over $100,000 CAD, consider using OFX which specializes in high-value transfers.
See also: Wise vs Bank Canada | Western Union vs Wise | Foreign Bank Account Reporting