How to send money to Uruguay from Canada with the best CAD-UYU rate

For a $1,000 transfer to Uruguay, these are the cheapest, fastest and easiest options available now.

Best way to send money to Uruguay

Instarem is the cheapest and easiest option, funded by interac with bank deposit for the payout. Your recipient gets 29,092 UYU, which is 0.08% more than the next best option.

Fastest way to send money to Uruguay

Instarem is fastest when you pay by interac and choose bank deposit for the payout. The transfer delivers 29,092 UYU in 6-12 hours.

An Interac e-Transfer cannot go directly to a recipient in Uruguay.

When a transfer company accepts Interac, you send CAD to its Canadian account and the company handles the international side over its own network.

There is no C$10,000 legal cap on electronic transfers from Canada.

A reporting entity must report an international electronic funds transfer of C$10,000 or more to FINTRAC, including linked transfers that meet the 24-hour rule.

The bank or transfer company makes that report, you do not file it yourself.

But you may be asked for proof of where the money came from.

Sending your own cash or making a genuine cash gift does not create a Canadian gift tax simply because the money goes abroad.

Tax can become relevant when you transfer an appreciated asset rather than cash, or when attribution rules apply.

Money held with a payment company is not covered by CDIC in the same way as an eligible bank deposit.

Payment companies covered by the Retail Payment Activities Act must safeguard end-user funds, but the Bank of Canada does not resolve individual fee or payment disputes.

If you’re unsure about the company, you can check the company in the FINTRAC MSB Registry.

If you live in Quebec, also confirm that it is allowed to provide money services there.