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MoneyTransfers aims to help users find the best money transfer provider for their needs. To support our free service, we may earn a commission from some of the providers listed in our search results. The commission may also impact the ordering of the providers shown. Our reviews are independent from this and are based on our research and testing of dozens of remittance providers on the market.
Table of contents
Europe uses several currencies, and the cheapest service will depend on the country and currency you choose.
A company that gives you the best CAD to EUR result may be more expensive for GBP, CHF or PLN.
The order can change again when you send a larger amount.
Use the form below to compare your destination and amount.
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At a glance
These are the best money transfer services for transfers to Europe:
Wise is my starting point for a normal transfer to a European bank account.
OFX is better for larger transfers when you want help before sending.
Xe is one of the fastest options in our comparisons for transfers to Europe.
Currencies Direct is a good option if you’re planning to move to Europe.
Also worth noticing, CAD$10,000 is a FINTRAC reporting threshold, not a transfer limit.
Start with the European country and currency
Europe, the European Union, the euro area and SEPA are not the same thing.
The euro is used across much of the EU, but the UK, Switzerland, Poland, Denmark, Sweden and Norway use their own currencies.
SEPA covers euro payments across participating European countries (including all EU countries, the UK, Switzerland and several others). But this does not mean every SEPA country uses euros.
But you still need a way to convert your Canadian dollars and deliver the money (be it a money transfer company, an app, or even your bank).
When sending from Canada, the money transfer company converts your CAD and may use SEPA to deliver EUR to the recipient's bank.
Confirm the currency
If you send EUR to a PLN account, for example, their bank may convert it again at its own rate.
This may cause a second conversion, and less money will land into their account.
Currencies used across the EU, the UK, Norway and Switzerland:
In many cases the recipient may have a EUR account in addition to their default one, so it is worth checking with them if they want their currency or EUR and relevant details.
Compare the result at the amount you want to send
The live results below use the same amounts across four European destinations.
Switch between them and look at the recipient amount.
As you can see the cheapest company can change even though the amount leaving Canada stays the same.
Here I’ve compared money transfer platforms for transfers from Canada to Europe that I think are the best overall.
Standard European bank transfers
9.2
Wise
Fees
0.1% - 2.6%
Exchange Rate Markup
0%
Transfer Speed
Minutes - 24 hours
"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."
Larger transfers with support
8.5
OFX
Fees
None
Exchange Rate Markup
0.4% - 1.5%
Transfer Speed
Minutes - 24 hours
"OFX have been helping individuals and businesses send money for over 25 years. Transfer in 50+ currencies to 170+ countries, with 24/7 phone access to currency experts."
Fast transfers to Europe
8.6
Xe
Fees
$1.99 - $2.99
Exchange Rate Markup
0.3% - 2.1%
Transfer Speed
Minutes - 24 hours
"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."
Relocating to Europe
8.9
Currencies Direct
Fees
None
Exchange Rate Markup
0.2% - 2%
Transfer Speed
Minutes - 24 hours
"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."
Wise is my starting point for a European bank transfer
Wise is the simplest (and usually the cheapest) to start with for a normal transfer to a European bank account.
It uses the mid-market exchange rate and shows the fee separately, and it supports EUR, GBP, CHF, PLN, RON and several other European currencies.
Here’s how much it would cost you to send money from Canada to the EU with Wise:
It’s particularly good if you’re planning a trip to Europe, since you get a multi-currency account and can get a Wise card to use abroad.
A Wise multi-currency account lets you hold several European currencies, including EUR, GBP, CHF, PLN and RON. You can also get EUR account details to receive euro payments.
You can fund the transfer using online bill payment, wire transfer, Interac e-Transfer, direct debit and cards.
The limits and costs are different for each one, and card payments are normally more expensive.
But for a straightforward bank deposit, I would default to it for transfers to Europe.
OFX is better for managed transfers to the EU
OFX makes more sense for moving savings, relocation or a large European payment when you want to speak to someone before sending.
You can fund a transfer by wire, direct debit or electronic bill payment through selected financial institutions.
OFX does not enforce a maximum transfer amount, although your bank may still limit how much you can send, so check this before arranging a large transfer.
Its cost is built into the exchange rate, and a third-party bank may still deduct a fee.
Here’s how much it would cost you to send money from Canada to the EU with OFX:
I would check Xe when the transfer needs to be delivered fast, but still compare the amount received.
Currencies Direct is best if you are moving to the EU
Currencies Direct makes the most sense when you are moving from Canada to the EU and need to transfer your savings, pension, pay legal fees, or send a housing deposit.
Just like with OFX, you also get access to an account manager, which is useful when you have several payments or a fixed moving date.
Currencies Direct does not normally charge a separate transfer fee, but it adds a margin to the exchange rate.
Here’s how much it would cost you to send money from Canada to the EU with Currencies Direct:
As always, I’d suggest getting quotes from multiple currency brokers like OFX and Currencies Direct.
But in my opinion, Currencies Direct has a much better mobile app than OFX.
If you’re planning to mix large and medium-sized payments, it might be more convenient than OFX.
Your bank is the convenience baseline
Your bank may seem like the most convenient option, but it is usually more expensive than a specialist transfer company.
Banks will often advertise zero transfer fees while adding a high markup to the exchange rate.
For example, sending CAD$1,000 to Spain with TD Bank will cost you CAD$0 in fees but it will add 2.89% on top of the CAD/EUR interbank rate.
This will get you CAD$604.6 vs CAD$618.32 with Wise (after $CAD6.34 in fees and 0.00% markup)
How to send money from Canada to a European bank account
Sending money from Canada to Europe is easy once you know the cheapest company.
Confirm the country and account currency
Ask whether the recipient's account is in EUR, GBP, CHF, PLN or another currency.
Collect the bank details
You will normally need the recipient's legal name and account details. The company will tell you whether it needs an IBAN, BIC/SWIFT code or both.
Compare your exact amount
Check the transfer fee, exchange rate and final amount the recipient gets.
Create and verify your account
Complete the identity checks before an urgent payment date.
Choose how to pay
The available options may include bank transfer, EFT, Interac e-Transfer, debit card or wire.
Check everything before confirming
Review the recipient name, account currency, amount received and estimated arrival time.
Save the reference
Keep the receipt and tracking details until the recipient confirms the money arrived.
If the recipient is someone new and timing allows, send a small test payment first.
It can help you spot an input mistake, but it does not guarantee that a later large transfer will avoid extra verification.
What does it cost to send money to Europe from Canada?
The total cost can include a combination of:
The company's transfer fee
The markup added to the exchange rate
The cost of the funding method
Intermediary or recipient-bank deductions
The exchange-rate markup is known as the “hidden fee” since it's really easy to miss.
But it simply means, if the mid-market rate is better than the rate in your quote, the difference is part of the cost.
This is why you’ll see many companies advertise “no fees”, but it is not automatically cheaper.
I’ve already mentioned this, but using your bank is more expensive.
A traditional international bank transfer uses SWIFT and passes through intermediary banks. Some may deduct additional fees before the money reaches the recipient.
Avoid funding with credit cards where possible
Card funding can be faster, but a credit-card issuer may treat the payment as a cash advance.
This can add a separate fee and interest from the transaction date.
How long does a transfer from Canada to Europe take?
The time you see displayed when making a transfer usually starts after the company receives your money.
So if it says it will take 2 hours to send money from Canada to Europe, it means 2 hours from the moment your deposit arrives to the company's account.
So if it takes 24 hours for the money to arrive, your transfer can take 26 hours.
Bank and Interac payments can take longer to reach the provider, while debit card payments are often faster.
Weekends, bank cut-off times, a first-transfer review, an unusually large amount can all delay the transfer.
If you have a property, tuition or another fixed deadline, verify your account early and allow extra time for the Canadian payment to clear.
Sending CAD$25,000 or more to Europe
Compare several quotes at the amount you actually plan to send.
For a larger European payment, I would compare Wise, OFX, Xe and Currencies Direct where they all support the destination.
Before choosing, check:
The final amount received
When the exchange rate is fixed and how long it is held
The Canadian funding method and bank limit
Who you can contact if the payment is delayed
Whether another bank can deduct a fee
Which source-of-funds documents are needed
You may be asked for government-issued ID, a bank statement, proof of where the money came from and evidence of the payment purpose.
A property contract, tuition invoice, investment statement, etc. can help here.
And before sending the full amount, make a small test transfer to your own account to get the feel of the process and check if you’re comfortable moving a bigger sum.
Fill in the form below to get the best deals on money transfers from Canada to Europe.
Our methodology and why you can trust us
We started with companies that let you register and send from Canada, then checked their European countries and currencies separately.
For the live examples, we compare the amount received, fee, exchange-rate markup, payment method and delivery time. We also consider limits, support and verification requirements for larger transfers.
Every live result applies to the currency and amount shown and updates weekly. We do not use one result to rank every transfer to Europe.
Company details were checked against current Canadian pages and official sources.
Artiom is a marketing graduate from the University of Portsmouth and has been working across personal finance and remittance industries for several years. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.
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