Best Ways to Transfer Money to Canada

This Page's Content Was Last Updated: October 28, 2024
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What You Should Know

  • While most banks allow international remittances via wire transfer and online banking, it is often expensive to send money abroad through a bank.
  • In recent times, many online international money transfer platforms have emerged that make sending money to Canada quick, cheap, and convenient.
  • Other options for sending money to Canada include money orders, sending money through postal services, and sending money through a forex broker. However, these may be time-consuming options.
  • Money transfer service providers are required to report transfers of over $10,000 to FINTRAC.
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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.

Best Online Options to Transfer Money to Canada

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

Transfer FromProviderTransfer TimeTransfer LimitTransfer Fee
USAWISE, Western UnionUsually 0-4 business daysWise: US$ 1 million
Western Union: US$ 50,000
Wise: From 0.33% (varies by currency)
Western Union: From US$ 0
IndiamoneyHop12 - 48 hoursMin: ₹5,000
Max: USD 250,000 a year
Convenience and bank fees of ₹1,200 (waived with promo code)
UKWestern Union0-4 business daysUp to £50,000From £0

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

How to Send Money 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.

Send Money from USA to Canada

The USA shares close economic and social ties with Canada. Many Canadians work in the US or for US companies. The two countries also engage in extensive cross-border trade and business. Many Canadians also have close relatives in the US. All these factors contribute to money transfers between the US and Canada. In fact, in 2021, the US accounted for approximately 63% of inward remittances in Canada, the largest share of incoming transfers from abroad.

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

ProviderUSD amount to send CAD 5,000*Transfer FeeTransfer TimeMethods of TransferMethods of ReceivingTransfer Limit
$3,627From 0.33%0 - 4 business days
  • Credit / Debit Card
  • Connected Bank account
  • Wire Transfer
  • Bank Account
Up to US$ 1 million
$3,626From US$ 00 - 8 business days
  • Bank Account
  • Bank Account
  • Cash Pickup
Up to US$ 50,000
$3,677From US$ 01 - 5 business days
  • Bank Account
  • Wire Transfer
  • Bank Account
From US$ 150 (no upper limit)
$3,679From US$ 2.990 - 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
$3,650From US$ 00 - 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
$3,685From US$ 00 - 2 business days
  • Credit / Debit / Prepaid Card
  • Cash
  • Apple Pay
  • Bank Account
  • Cash Pickup
Up to US$ 10,000
$3,649From US$ 00 - 3 business days
  • Credit / Debit / Prepaid Card
  • Bank Account
  • Wire Transfer
  • Bank Account
Online: Up to US$ 535,000
$3,695From US$ 00 - 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
$3,630From C$ 41 - 5 business days
  • Bank Account
  • Bank Account
NA
$3,670From US$ 1.990 - 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)
$3,647From US$ 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.

Send Money from India to Canada

According to data from the Canadian Bureau of International Education (CBIE), at the end of 2023, about 41% of international students in Canada were from India. Many of these students receive money from their families in India regularly. Meanwhile, Canada is also home to many immigrants from India, who send and receive money from India often. Thus, there is a significant transfer of money from India to Canada and vice versa. Listed below are some of the online services you could use to transfer money from India to Canada.

Platforms Offering Online Money Transfer from India to Canada

ProviderINR amount to send CAD 5,000*Transfer FeeTransfer TimeMethods of TransferMethods of ReceivingTransfer Limit
308,350Convenience and bank fees of ₹1,200 (waived with promo code)12 - 48 hours
  • Debit Card
  • Net Banking
  • NEFT
  • UPI
  • Bank Account
Min: ₹5,000
310,874From ₹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
311,939From 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
308,698Bank fee of ₹225 + GST (waived with promo code)12 - 48 hours
  • Credit / Debit Card
  • Net Banking
  • Bank Account
NA
312,159₹1,6002 - 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.

Send Money from UK to Canada

Canada was once a British colony, and many people with British lineage have settled in Canada. Many of them still have family ties with the UK. In fact, due to historical and cultural ties, Canadians are eligible to apply for special visas in the UK, such as the UK ancestry visa and the youth mobility visa, subject to meeting the eligibility criteria. The two countries continue to have close ties, which also means monetary transactions continue as well.

The UK accounts for the second-largest share of incoming international money transfers in Canada. According to statistics from the Migration Data Portal, 7% of the inward remittances in Canada came from the UK.

Platforms Offering Online Money Transfer from UK to Canada

ProviderGBP amount to send CAD 5,000*Transfer FeeTransfer TimeMethods of TransferMethods of ReceivingTransfer Limit
£2,859From £00 - 4 business days
  • Credit/Debit card
  • Bank Transfer
  • Google Pay
  • Pay cash in store
  • Bank Account
  • Cash Pickup
  • Mobile Wallet
Up to £50,000
£2,864From 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
£2,882Intermediary bank fee: US$ 15-303 - 5 business days
  • Revolut Account
  • Bank Account
NA
£2,885From C$ 41 - 5 business days
  • Bank Transfer
  • Open Banking
  • Bank Account
NA
£2,889Below £1,000: £2.99 (waived for first transfer), £1,000 or more: £00 - 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
£2,887From £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.

Send Money from Philippines to 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.

Send Money from Pakistan to Canada

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 International Money Transfers

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.

Taxes on Receiving International Transfers in Canada

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.

Disclaimer:

  • Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
  • The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
  • Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
  • Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.