The Best Money Transfer Companies in Canada in 2026

The best money transfer companies in Canada

If you are sending Canadian dollars to someone else in Canada, an Interac e-Transfer through your bank is normally all you need.

Simple bank transfers

9.2

Wise

Fees

0.1% - 2.6%

Exchange Rate Markup

0%

Transfer Speed

Minutes - 24 hours

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"Over 15 million customers use Wise, mostly for their excellent mobile app, transparent fee structure & use of mid-market rates. Now increasingly used for larger transfers."

Transfers home & flexible delivery

8.2

Remitly

Fees

None

Exchange Rate Markup

0.1% - 1.3%

Transfer Speed

Minutes - 3 days

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"Remitly focuses on sending money to friends and family in Asia, Africa and South America. Wide coverage and well-suited to regular transfers home."

Local deposit methods

5.6

Remitbee Read Review

Fees

None

Exchange Rate Markup

0.7% - 2%

Transfer Speed

Minutes - 2 days

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"Send money securely from Canada to 100+ countries worldwide."

Broad transfer options

8.6

Xe

Fees

$1.99 - $2.99

Exchange Rate Markup

0.3% - 2.1%

Transfer Speed

Minutes - 24 hours

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"Xe has over 30 years of currency exchange experience, and is one of the most reputable names on the market. 200 countries, 100 currencies, & funds often received in seconds."

Cash and in-person transfers

8.1

Western Union

Fees

None

Exchange Rate Markup

0.2% - 1.5%

Transfer Speed

1 - 5 days

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Transfers to Africa

8.3

Africhange

Fees

Exchange Rate Markup

Transfer Speed

Visit

"Africhange helps its customers send money to and from Africa, with licenses in Canada and the UK."

Large international transfers

8.9

Currencies Direct

Fees

None

Exchange Rate Markup

0.2% - 2%

Transfer Speed

Minutes - 24 hours

Visit

"Currencies Direct have over 30 years of global money transfer expertise. Award winning service with a TrustPilot rating of 4.9. Lock-in rates for the future or trade 24/7 on web or mobile."

Existing Simplii users

?

Simplii

Fees

Exchange Rate Markup

Transfer Speed

Visit

As you can see, the best company depends on what you need.

I would not use Western Union for a normal bank transfer just because it has more locations, and I would not open a Simplii account solely for one small transfer without comparing the rate first.

Wise is the simplest to start with

Wise is the easiest company here to understand.

It uses the mid-market exchange rate and shows its fee separately, so you can see the full cost before paying.

And most of the time (not always) it is very cheap:

The biggest downside is it does not offer cash pickup, which rules it out when your recipient needs physical cash.

For normal bank-to-bank transfers, Wise is the best place to start in my opinion.

If the recipient needs cash or a mobile wallet, Remitly is the better fit.

Remitly is best for flexible delivery

Remitly is my pick for sending money to family when the delivery method is more important than the transfer fees.

Depending on the destination, the money can go to a bank account, mobile wallet or cash-pickup location, and in some cases home delivery and card deposit.

From Canada, you can pay using Interac e-Transfer, a debit card or a credit card.

However, Remitly is usually a bit more expensive, and the price can change with the destination, payment method, and delivery option.

Here are the same destinations as with Wise above, you can see the amount you get with Economy option:

Remitly also promotes introductory rates, so always check the repeat-transfer price before deciding it is the cheapest (our live comparison will show you this).

It also offers Economy and Express transfer options:

• Express is faster but more expensive

• Economy is a bit slower but cheaper

In my opinion Remitly is good when your recipient needs a specific payout option like cash delivery, especially when it's urgent (express transfer is very fast).

If you need money delivered fast without racking up the price, have a look at our guide on fastest ways to send money from Canada.

But for a basic bank deposit, Wise or RemitBee may be simpler to start with.

RemitBee is best for Canadian funding options

RemitBee makes sense for repeat transfers funded from a Canadian bank account.

You can add money through e-Transfer, EFT or bill payment, with debit-card funding available for speed.

RemitBee says e-Transfer, EFT and bill-payment transfers of CAD$500 or more are free, and you get promo rates on certain destinations for the first 250 CAD sent.

We’ve collected their rates and run them through our comparison engine. Here’s how it looks for the same currencies as above:

Bill payment also depends on your bank.

RemitBee currently lists RBC, Scotiabank, BMO, PC Financial, Manulife and Meridian Credit Union, while TD and CIBC are not supported for this.

Recipients can get the money through a bank deposit, with other options available depending on the destination.

Our comparisons now show deposit and withdrawal methods, so run a live search to see what’s available for RemitBee.

I think RemitBee is a good option if you want to fund from a Canadian bank without using a card, for bill payments and for transfers under 250 CAD.

Xe is best for broad delivery options

Xe covers more use cases than most companies on this list.

You can send to a bank account, arrange cash pickup and use a mobile wallet on supported destinations.

And Xe supports 110 destination currencies for transfers from Canada. For comparison, Wise supports 103 and Remitly supports 109.

Depending on your account and transfer destination, Xe may let you pay by EFT, bank or wire transfer, or debit/credit cards.

EFT is usually the cheapest, bank wire can take a day or two to process, and the recipient normally gets the money one to three business days after Xe receives your payment (but it depends on the destination).

Debit card payment is faster but comes with extra fees.

The main Xe limitation is that it is rarely the overall cheapest.

The fees are almost always displayed as zero, but the exchange rate markup is higher compared to Wise for example.

If you're looking the cheapest option, I've created a full guide on cheapest ways to transfer money overseas.

Here’s what you would get with Xe when sending money to the same destinations as above:

Of course this will depend on the amount and destination, so I’d suggest running a live search to get the best rate today.

In my opinion Xe works best for a larger online transfer, remote destinations, or when you want cash pickup / other local payout option without defaulting to Western Union.

Western Union is best for in-person transfers

Western Union is the easiest choice when either side of the transfer needs a physical location.

You can pay online, start online and finish in-store, or complete the whole transfer at an agent.

Recipients can collect cash or receive money into a bank account, mobile wallet or card where the route supports it.

Online transfers from Canada are generally limited to CAD$5,000 when you pay by card or bank account. A transfer started online and paid at an agent can go up to CAD$7,500.

However, I would double check this on the WU website, every time I send money with it (regardless of destination), the max limit changes, and I can’t seem to figure out if it's them or I’m doing something wrong.

Aside from the quirk on max limits, the main downside is cost.

Western Union's fee and exchange rate, payment method and payout option, and the amount all affect the cost of the transfer (with amount being the biggest factor).

So I would not assume the cash-pickup quote is also good for a bank deposit.

This is what you’d get for the same destinations as with other companies:

I think Western Union should be used only if you want to send cash in person, this is where they shine and its ability to start online and pay at the counter is really handy (I used it a few times now).

But otherwise, for bank-to-bank transfers I’d stick to Wise, RemitBee, or other money transfer apps.

Africhange is best for transfers to Africa

Africhange is the strongest Canada-based option for transfers to Africa.

You can fund it using Interac e-Transfer, and the company is registered with FINTRAC and licensed in Quebec.

Payout methods depend on the destination, with bank deposits available on the Nigeria route used here.

Of all the online options, I think Africhange is generally the cheapest for transfers to Africa.

Here’s how much your recipient can expect to get when sending money to Africa:

You can send up to CAD$30,000 per month on tier one and CAD$50,000 per month on tier two. That is enough for normal family transfers, but it can rule Africhange out for a large one-off payment.

The only company that could potentially offer more is TapTap Send, but I consider it an app rather than an online based company. I’ve included it in our list of best money transfer apps instead.

In my opinion, Africhange is a good option for sending money to Africa at a low price (in fact, it’s great for sending money from Nigeria to Canada too).

If your destination is not supported, I’d check TapTap Send and LemFi instead.

Currencies Direct is best for large transfers

Currencies Direct is my pick for making large international transfers abroad.

Things like property purchase abroad, tuition, relocation and other large transfers where you want to speak to a person before fixing the rate.

It supports bank and debit-card payments, pays into bank accounts, sends to more than 120 countries in 40+ currencies, and gives customers access to an account manager.

Most transfers have no separate fee, but no fee does not mean free.

Currencies Direct adds a variable margin to its exchange rate, and you need a quote to see the rate for your amount.

On a large transfer, even a 1% difference costs CAD$1,000 for every CAD$100,000 you exchange.

We have a deal with them and the rate you get with MoneyTransfers.com is exclusive. Here’s what you can expect at different amounts:

The rates above can be negotiated further with Currencies Direct directly, they will likely adjust the more you need to send.

I always suggest getting a few quotes from money transfer brokers before picking one, and then making a small test transfer (CAD$5 or CAD$10) to see how you like the process.

I would say compare Currencies Direct with MTFX and OFX, then use the quote that gives your recipient the most money with the support you need.

Simplii is best if you already bank with Simplii

Simplii Global Money Transfer is convenient if your money is already in an eligible Simplii account.

You can send up to CAD$75,000 in a 24-hour period to more than 130 countries, and Simplii does not charge a separate transfer fee.

There is still an exchange-rate cost.

Simplii sets the rate used for the transfer, so “no transfer fee” does not automatically make it cheaper than Wise or another money transfer service.

Recipients can get money through an international bank account, eligible Visa card or selected mobile wallets.

Current wallet options include GCash and Maya in the Philippines, WeChat Pay and Alipay in China, bKash in Bangladesh and M-Pesa in Kenya.

If you already use Simplii, it is a good option. Otherwise, starting with Wise or Remitly is simpler than opening another financial account for one transfer.

The cheapest company changes by destination

This is where most similar articles get it wrong in my opinion, not because they don't know about it, but because it’s difficult to show and keep updated.

A company can be cheapest for India today and fall several places for the Philippines, even when you send the same amount.

We automatically collect all the rates and fees (either using APIs or manually) and display them here (updated weekly).

To get the live rates, use the form above or click here to run a live search.

Here are a few examples from our latest live comparisons for different destinations when sending 1,000 CAD.

Last updated at 2026-09-11

CAD PHP

Mid Market Rate $1 = ₱45.2834

Transfer Amount $1,000

1

Western Union

2

Instarem

3

Koho

They get

Exchange rate

Markup

Cheapest payment method

Transfer fee

₱45,804.23

45.8042

-1.14%

Debit Card

$0.00

Visit

₱45,182.10

45.1821

0.22%

-

$0.00

Visit

₱45,072.78

45.2500

0.07%

Bank Transfer

$3.92

Visit

CAD INR

Mid Market Rate $1 = ₹68.9191

Transfer Amount $1,000

1

Western Union

2

TapTap Send

3

Koho

They get

Exchange rate

Markup

Cheapest payment method

Transfer fee

₹69,234.00

69.2330

-0.45%

Debit Card

$0.00

Visit

₹69,000.00

69.0000

-0.12%

Debit Card

$1.99

Visit

₹68,749.28

68.9605

-0.06%

Bank Transfer

$3.06

Visit

CAD PKR

Mid Market Rate $1 = Rs 200.9507

Transfer Amount $1,000

1

Western Union

2

TapTap Send

3

Koho

They get

Exchange rate

Markup

Cheapest payment method

Transfer fee

Rs 201,214.40

201.2144

-0.13%

Debit Card

$0.00

Visit

Rs 200,600.00

200.6000

0.17%

Debit Card

$0.00

Visit

Rs 200,221.05

201.2100

-0.13%

Bank Transfer

$4.92

Visit

CAD NGN

Mid Market Rate $1 = ₦958.1476

Transfer Amount $1,000

1

Wise

2

Remitly

3

TapTap Send

They get

Exchange rate

Markup

Cheapest payment method

Transfer fee

₦984,121.97

992.7790

-3.55%

Bank Transfer

$8.72

Visit

₦981,440.00

981.4400

-2.40%

Bank Transfer

$0.00

Visit

₦980,000.00

980.0000

-2.25%

Debit Card

$0.00

Visit

CAD USD

Mid Market Rate $1 = $0.7244

Transfer Amount $1,000

1

Africhange

2

Koho

3

Remitly

They get

Exchange rate

Markup

Cheapest payment method

Transfer fee

$722.19

0.7222

0.30%

Bank Transfer

$6.00

Visit

$721.46

0.7243

0.01%

Bank Transfer

$3.92

Visit

$720.50

0.7205

0.53%

Bank Transfer

$0.00

Visit

CAD EUR

Mid Market Rate $1 = €0.6223

Transfer Amount $1,000

1

Instarem

2

Western Union

3

Remitly

They get

Exchange rate

Markup

Cheapest payment method

Transfer fee

€621.40

0.6214

0.15%

-

$0.00

Visit

€621.04

0.6210

0.21%

Debit Card

$0.00

Visit

€619.40

0.6194

0.47%

Bank Transfer

$0.00

Visit

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*All rates are collected manually or via APIs. List refreshed weekly, as we add more companies, the list will update to include the cheapest options available.*

How to choose a money transfer company

Start with what your recipient needs. Price matters, but the cheapest bank deposit is useless if they need cash today.

How to pay for an international transfer from Canada

Interac e-Transfer itself is a Canadian domestic payment method.

It does not send money abroad, but Wise, Remitly, RemitBee and Africhange let you use it to fund an international transfer.

If you have a choice, compare the bank-funded result first.

Wise's current CAD$1,000 to EUR example costs CAD$6.34 by bank transfer and CAD$32.14 by credit card.

The destination is the same, but the funding method changes the fees by a lot!

Sending CAD$10,000 or more

CAD$10,000 is not a legal transfer limit, it is just a reporting threshold for certain international electronic funds transfers abroad.

Canadian banks and money services businesses must report qualifying international electronic funds transfers of CAD$10,000 or more to FINTRAC.

Transfers below CAD$10,000 can also be grouped under the 24-hour rule when they total CAD$10,000 or more and meet the reporting conditions.

This does not mean you have done anything wrong, but the bank or transfer company may ask for identification and proof of where the money came from.

Just in case, have bank statements, a sale agreement, tuition invoice or other relevant documents ready.

And never split a large payment into many small ones to avoid checks, it can delay the transfer and create a much bigger compliance problem.

For a large transfer from Canada, I would do this:

1. Get quotes from Currencies Direct, MTFX and at least one self-service option such as Wise.

2. Compare the final recipient amount, receiving-bank deductions and support.

3. Make a small transfer (CAD$1 or CAD$5) to get the feel of the process

4. Confirm the recipient details and do a full transfer.

How to check whether a money transfer company is safe

Start with the legal company name, not the logo in the app.

To find the best money transfer company for your destination, run a quick live search using the form below.