Best Ways to Transfer Money to Canada

If you are looking to send money to Canada, there is no shortage of options. From traditional bank transfers to new-age online platforms, you can pick what works best for you. According to statistics from the Migration Data Portal, a portal developed by the International Organization for Migration’s Global Migration Data Analysis Centre (GMDAC), the global average cost of sending USD 200 in Q4 2023 was 6.4%. The average cost of digital remittances is 5%, and non-digital remittances cost about 7%. Read below to learn about the different ways you can send money to Canada and what they could cost you.

We compared several online platforms for sending CA$ 5,000 to Canada, and the table below shows the cheapest options for sending this amount from different countries.

Cheapest Online Services to Send $5,000 to Canada

Check out the country-specific sections in the text below to learn about other options for sending money from the above countries to Canada.

According to the World Bank, in 2023, Canada received USD 847 million in personal remittances from abroad. There are several ways to transfer money to Canada. While the methods may vary slightly depending on the country you are sending money from, the following transfer methods are widely available:

• 1. Bank Transfers: Bank transfers are straightforward and generally available worldwide. You will need the recipient’s bank details, such as the bank name, institution code, branch code, SWIFT/BIC code, and account number. You can transfer money by visiting a bank branch, or do it online using the online banking portal or mobile app. Bank transfers are extremely secure; however, they are among the most expensive international transfer methods, often costing between $15-$50 for a transfer.
• 2. Online Services: In recent years, online international money transfer services have become very popular. Some of the well-known services include Wise (formerly TransferWise), Western Union, Remitly, WorldRemit, Xoom by Paypal, etc. Some of these services, like Western Union, started as offline services, and they also have agent locations where you can pay by cash.
• 3. Mobile Apps: The advancement of technology has enabled sending money internationally easily through your mobile phone. Many online platforms have made their mobile applications available to senders.
• 4. Offline Money Transfer Companies and Forex Agents: Money transfer companies like Western Union and MoneyGram have been providing money transfer services for decades. In fact, Western Union was established over a century ago, in 1851. To transfer money through these services, one must visit an agent or office located near them. You may be able to pay using cash, your debit card, or your bank account. The recipient may also be able to collect cash from an office. Most cities have local forex agents or brokers who offer currency exchange and money transfer services.
• 5. International Cheque, Demand Drafts and Money Orders: You can send an international cheque, a demand draft or a money order to the recipient. Based on the instrument, the amount can be cashed or deposited into the recipient’s bank account.
• 6. Postal Services: The national postal services of many countries, such as Japan, India, and the United Kingdom, offer international money transfer services. However, there may be limitations to where you can transfer the money.
• 7. Cryptocurrency Transfers: While it is uncommon, you can also send a cryptocurrency to the recipient, who can then convert it to their local currency. Both the sender and the recipient must have a cryptocurrency wallet to use this mode of transfer.

Several online platforms have made it very easy to transfer money from USA to Canada. In fact, depending on the service you use, the recipient can even receive the money in less than 24 hours if you are sending a small amount or you’re paying a premium. The table below compares different platforms available for US-to-Canada transfers.

Platforms Offering Online Money Transfer from USA to Canada

Provider	USD amount to send CAD 5,000*	Transfer Fee	Transfer Time	Methods of Transfer	Methods of Receiving	Transfer Limit
Wise (formerly TransferWise)	$3,627	From 0.33%	0 - 4 business days	Credit / Debit Card Connected Bank account Wire Transfer	Bank Account	Up to US$ 1 million
Western Union (WU)	$3,626	From US$ 0	0 - 8 business days	Bank Account	Bank Account Cash Pickup	Up to US$ 50,000
OFX	$3,677	From US$ 0	1 - 5 business days	Bank Account Wire Transfer	Bank Account	From US$ 150 (no upper limit)
WorldRemit	$3,679	From US$ 2.99	0 - 2 business days	Credit / Debit / Prepaid Card Apple Pay	Bank Account	Per Transaction: US$ 5,000 ($300 for Apple Pay), 24 hours: US$ 9,000
Remitly	$3,650	From US$ 0	0 - 5 business days	Credit / Debit / Prepaid Card Bank Account Apple Pay	Bank Account Cash Pickup	In 24 hours: Up to US$ 2,999 for tier 1, up to US$ 10,000 for tier 3
MoneyGram	$3,685	From US$ 0	0 - 2 business days	Credit / Debit / Prepaid Card Cash Apple Pay	Bank Account Cash Pickup	Up to US$ 10,000
XE	$3,649	From US$ 0	0 - 3 business days	Credit / Debit / Prepaid Card Bank Account Wire Transfer	Bank Account	Online: Up to US$ 535,000
Xoom by Paypal	$3,695	From US$ 0	0 - 1 business days	Credit / Debit Bank Account Paypal USD Paypal Balance	Bank Account Cash Pickup	In 24 hours: Up to US$ 2,999 for tier 1, up to US$ 50,000 for tier 3
CurrencyFair	$3,630	From C$ 4	1 - 5 business days	Bank Account	Bank Account	NA
paysend	$3,670	From US$ 1.99	0 - 3 business days	Bank Account	Bank Account (Interac)	In 24 hours: Up to US$ 999 for basic account (Can be increased up to $10,000)
ria	$3,647	From US$ 4 (waived for first transfer)	0 - 4 business days	Bank Account Credit / Debit Card Cash	Bank Account Cash Pickup	US$ 15,000 per 30 days

*As of Aug 1, 2024. The conversion includes the special rates and transfer fee waivers for the first transfer offered by the provider.

Other top ways to transfer money from US to Canada are:

• 1. Bank Transfers: It is easy to send money from a US bank account to a Canadian bank account through a wire transfer. One can send a SWIFT transfer through their bank and can possibly make a transfer through online banking or a mobile banking app.
• 2. Offline Money Transfer Companies: If you want to send cash to someone, you could send it through services such as Western Union and MoneyGram. For example, the US has over 61,000 Western Union agents across the country. You could visit an agent to pay in cash, and the receiver can collect the cash from a Western Union agent near them.

Platforms Offering Online Money Transfer from India to Canada

Provider	INR amount to send CAD 5,000*	Transfer Fee	Transfer Time	Methods of Transfer	Methods of Receiving	Transfer Limit
MoneyHop	₹308,350	Convenience and bank fees of ₹1,200 (waived with promo code)	12 - 48 hours	Debit Card Net Banking NEFT UPI	Bank Account	Min: ₹5,000
Western Union	₹310,874	From ₹0 (depending on the transfer method)	0 - 4 business days	Bank Account	Bank Account	Up to equivalent of US$ 10,000 for education and US$ 5,000 for all other purposes
Wise	₹311,939	From 0.33% (varies by currency)	0 - 4 business days	Credit / Debit Card Bank Transfer	Bank Account	Min: ₹5,000, Max: Equivalent of US$ 9,900 for education and up to ₹375,000
BookMyForex	₹308,698	Bank fee of ₹225 + GST (waived with promo code)	12 - 48 hours	Credit / Debit Card Net Banking	Bank Account	NA
Instarem	₹312,159	₹1,600	2 - 3 days	NEFT RTGS	Bank Account	CAD 3,000 per day, CAD 10,000 per week, CAD 20,000 per month

*As of Aug 8, 2024. The conversion includes the special rates and transfer fee waivers for the first transfer offered by the provider.

It is noteworthy that the Indian government has set some rules for sending money abroad. These are:

• Liberalised Remittance Scheme (LRS): Under this scheme, resident individuals are allowed to remit up to a maximum of USD 250,000 within a financial year.
• Tax Collected at Source (TCS): Remittances over the limit of ₹ 7,00,000 are subject to a 5% TCS. However, this tax can be claimed for a refund on the income tax return.

Other top ways of sending money from India to Canada include:

• 1. Bank Transfer: As with other countries, you may directly send the money from your bank account to the recipient's account in Canada securely using bank transfer. You will need the recipient’s bank account and SWIFT details to make the transfer. Most online banking portals and mobile banking apps allow foreign outward remittances, allowing you to make the transfer from the comfort of your home.
• 2. Western Union (WU): If you want to pay in cash, you may do so through a WU agent near you. You may also be able to arrange a cash pickup for your recipient at a WU agent location in Canada.
• 3. Currency Exchanges: Many currency exchanges also facilitate money transfers. You can find a currency exchange near you and check if they can help you with the transfer.

Platforms Offering Online Money Transfer from UK to Canada

Provider	GBP amount to send CAD 5,000*	Transfer Fee	Transfer Time	Methods of Transfer	Methods of Receiving	Transfer Limit
Western Union (WU)	£2,859	From £0	0 - 4 business days	Credit/Debit card Bank Transfer Google Pay Pay cash in store	Bank Account Cash Pickup Mobile Wallet	Up to £50,000
Wise	£2,864	From 0.33% (varies by currency)	0 - 4 business days	Credit / Debit card Bank transfer Google Pay Pay cash in store	Bank Account	Up to £1 million
Revolut	£2,882	Intermediary bank fee: US$ 15-30	3 - 5 business days	Revolut Account	Bank Account	NA
CurrencyFair	£2,885	From C$ 4	1 - 5 business days	Bank Transfer Open Banking	Bank Account	NA
Remitly	£2,889	Below £1,000: £2.99 (waived for first transfer), £1,000 or more: £0	0 - 5 business days	Credit / Debit / Prepaid Card Apple Pay Bank Transfers (Faster Payments)	Bank Account Cash Pickup	In 24 hours: Up to £5,000 for tier 1, up to £25,000 for tier 3
ria	£2,887	From £4.50 (waived for first transfer)	0 - 4 business days	Credit / Debit card	Bank Account Cash Pickup	£4,999 a day and per month

*As of Aug 8, 2024. The conversion includes the special rates and transfer fee waivers for the first transfer offered by the provider.

Other top ways to transfer money from UK to Canada are:

• 1. Bank Transfer: Using the recipient’s bank details, you can send an international transfer directly from your bank account.
• 2. Western Union (WU) or MoneyGram: If you want to pay in cash, you can find a WU or MoneyGram agent location near you. You can also arrange for a cash pickup for the receiver at an agent location in Canada.

Several people transfer money from Philippines to Canada to support families, fund education, for special occasions and many other reasons. Filipinos make up one of the major immigrant communities in Canada, with many of them having relatives and friends in the Philippines. While there are many options to send money from Canada to the Philippines, there are limited options to send money from the Philippines to Canada. The top ways to send money are:

• 1. Bank Transfer: Most banks in the Philippines allow sending a SWIFT transfer to Canada. You will need the recipient’s bank account details, including the bank name, institution code, branch code, SWIFT/BIC code, and account number. This is the most secure way to transfer money, but it may be a bit expensive.
• 2. Western Union and MoneyGram: You can transfer money from Philippines to Canada through Western Union (WU) or MoneyGram by visiting an agent near you. While the two platforms offer online transfer services, they currently do now allow sending money from the Philippines to Canada online.
• 3. Local Currency Exchanges: Several local currency exchange agents also offer international money transfer services. You can talk to an agent near you to avail their services.

Similar to senders from the Philippines, senders from Pakistan also have limited options to transfer money from Pakistan to Canada. The best options are:

• 1. Bank Transfer: Similar to other countries, senders from Pakistan can also send money to a Canadian bank account through their bank using the recipient’s SWIFT details.
• 2. Western Union (WU) and MoneyGram: You can transfer money from Pakistan to Canada with WU or MoneyGram agents near you. You can visit an agent’s office to initiate a transfer. The agent may allow you to pay in cash or using other methods, such as credit/debit cards, and mobile wallets.
• 3. Local Currency Exchanges: Several local currency brokers offer currency conversion and international transfer services.

Fees for sending money to another country depend on numerous factors, such as:

• Service used
• Amount transferred
• Sender’s country
• Receiver’s country
• Extra charges for urgent transfer

It should be noted that while some money transfer companies may offer zero-fee transfers, their exchange rate might be higher than others. This is because money transfer companies and banks add an FX markup to the actual currency exchange rate. This can be a significant added cost based on the amount you are sending. Meanwhile, many transfer companies have ongoing promotional offers, such as first transfer fee waivers and special rates for the first transfer.

When you send a SWIFT transfer, the recipient’s bank may also charge a foreign correspondent fee. This fee typically ranges between C$ 10 and C$ 40.

If you are the receiver of money in Canada, you don’t need to pay any taxes when someone sends you money from abroad. However, if you have received over $10,000 in one transaction or multiple transactions in a short duration, the transfer will be reported to FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). This is done to prevent money laundering, and the transfer facilitator is responsible for reporting the transaction.