Top 5 International Money Transfer Services in Canada

Sending money abroad used to be a difficult and expensive process. Technology has recently streamlined the process, and you can quickly and easily send funds worldwide with online money transfers.

You could go through your bank to initiate a wire transfer, but a simpler and more convenient way to do it is by using a money transfer service. Money transfer services offer you the chance to send funds quickly (and sometimes instantly) to a person or business in another country. The sender provides the name of the recipient, address, and a designated payment destination. Then, the recipient receives the international funds via direct deposit or instant cash pickup.


Our goal is to become your one-stop hub for all things international moving. You can compare moving companies and find useful resources to assist you when preparing for an international move.

If you are in Canada, you may be wondering what money transfer companies to trust when you need to transfer money internationally. In this article, we will discuss the top five best money transfer services in Canada. Then, we will answer a few questions you may have about the money transfer process for Canadian bank accounts.

Quick Summary: Our Top Picks for International Money Transfer Services in Canada
  • Highly competitive exchange rates
  • No transfer fees
  • Personal currency expert support
  • Global secure service
  • Fast & easy service
  • Multiple payment methods
  • Excellent rates
  • 50+ countries supported
  • 24/7 phone support
  • Dedicated account manager
  • 40+ countries supported
  • No hidden fees
  • Excellent for small payments
  • 52 currencies supported
  • Multicurrency card available

1. Currencies DirectCurrencies Direct (Our #1 Recommendation for Global)

Currencies Direct is a company with over two decades of business in its portfolio. They grew from a small business operation to an industry leader with over $9 billion worth of transactions per year and millions of clients in five continents. Currencies Direct is one of the best online money transfer services for those who need to send money internationally from Canada.


  • No transfer fees
  • No account maintenance fees
  • Live exchange rates on the website
  • Confirm the exchange rate before the transaction

Rates and Fees

Currencies Direct has some of the best rates in the international money transfer industry. Some companies will charge you a fee for creating and maintaining your account, but Currencies Direct does not. You also do not pay any transfer fees with Currencies Direct, much like the other companies on this list. They take a small margin on the exchange, which is not the mid-market range (they have to make a profit somehow!). However, you are still getting a competitive rate compared to other companies.

Currencies Direct also provides live exchange currency rates at the push of a button, even if you do not want to create an account. On their homepage, you can input details such as your transfer amount, the amount of money, the currencies you are transferring money, and whether you are a personal or business customer. They will email you a free quote with no commitment needed.

Remember that when you exchange funds, the currency exchange rate may fluctuate. Currencies Direct requires you to confirm the exchange rate before the transaction is complete. If you are not in a hurry, you can set up a rate alert to let you know when the interbank or mid-market rate hits what you want to pay. You will set your desired specifications in Currencies Direct. Then, they will email you or text you when the market price reaches your target rate.  You are now ready to start sending money.

Transaction Speed

Currencies Direct boasts one of the fastest speeds on the market: One day. However, it is vital to note that this is a minimum. Money transfers can take more than one day if banks delay the process or any other issues. Typically, your money will get to your recipient’s bank account within 2-3 business days.

Safety and Security

Currencies Direct adheres to strict rules and regulations established by international money transfer laws. Since their inception, they have served over 300,000 clients and taken part in over $9 billion worth of transactions per year. They have a high credit rating with Dun & Bradstreet and one of the highest review scores on TrustPilot. If you need a trustworthy online money transfers service for sending money to Canada, Currencies Direct is a great company to use.


2. XEXE Money Transfer

XE Money Transfer is one of the most well-known money transfer services in the world today. Operating in over 200 countries with over 130 currencies, they offer instant money transfers with a maximum delay of two hours. If you need to send money quickly and easily, XE Money Transfer is another good option.


  • No transfer fees
  • See live exchange rates on the website
  • Lock-in rate once you begin the transaction
  • 1-2 day transaction speed
  • Safe and well-regulated company

Rates and Fees

Companies like XE Money Transfer can’t let you use their services for free. Typically, these services earn profits in one of two ways. They either charge transfer fees or a small margin on the interbank rate of the transfer. XE does not charge transfer fees, but the margin depends on the current currency exchange rate and how much money you transfer. With XE (and many other service providers), you will not know this rate until you sign up and initiate a bank transfer.

With XE, the margin depends on how much money is in the transaction. However, XE charges you less on the interbank rate if you send more money. They offer a widget on their website, so you can see live exchange rates. You can also use their website to estimate how much the interbank margin will be when you transfer money to Canada.

Remember that the market is volatile, and your rates may change from when you use the widget tool to when you initiate a transfer. XE guarantees that your quoted exchange rate and margin do not change once you start the transfer. This helps ensure that there are no surprises in the cost to send money to Canada.

Transaction Speed

XE is one of the fastest international money transfer services on the globe, especially for those who need to send money quickly between institutions. Money transfers are not typically instant, but XE has extremely competitive speeds of about one to two days per funds transfer.

The transaction speed depends on several factors, including how much you send and which banks are on either end of the transaction, such as the Royal Bank of Canada. However, we recommend XE if you need to send money overseas in a timely manner.

Safety and Security

With registrations in Canada, the United States, Australia, and New Zealand, XE is one of the safest money transfer companies. They have relationships with financial crime enforcement networks, which is why they are one of our top recommendations for money transfer companies in the country.



OFX specializes in large money transfers to Canada, the United States, Australia, and beyond. They have personal account managers that can help you with your transactions should you need help. As one of the oldest money transfer companies worldwide, they have a stellar security track record. They also have international locations in Sydney, Auckland, and more.


  • No transfer fees
  • Lower margin if you send more funds
  • Has excellent relationships with banks worldwide
  • Has been in business for over ten years

Rates and Fees

OFX, like other similar service providers, does not charge transfer fees for customers in the United States who need to USA send money. The margin they charge depends on how much money you send and the currency you are exchanging. However, OFX is like XE Money Transfer because you will get a better rate if you send more funds in your transaction.

OFX also has excellent relationships with over 100 banks worldwide, which means you are unlikely to incur fees from any of them, including Canada Bank. Sometimes, banks will charge you fees if you work with a money transfer service that does not have an extensive track record or seems sketchy to them. Since OFX is so well-known, it is unlikely that you will receive this treatment. Some people complain that OFX charges a small fee of $15 for some transactions, but this is uncommon when dealing with Canada money transfer.

Transaction Speed

This is where OFX must compromise a bit. OFX is a very affordable service to use, but it can take some time for the cash transfers to become available. Some other services guarantee a maximum of 1-2 days, but OFX cannot deliver the same speed at their price point. We do not recommend using OFX if your recipient needs money immediately. However, if you can afford to wait a few days, OFX is perfect for large transactions, especially for Canadians seeking a cost-effective option.

Safety and Security

As we have said before, OFX is one of the oldest and most trusted money transfer services in the world. They have been in business for well over a decade and made over $80 billion in transactions. Due to international law, they must comply with international anti-money laundering and licensing laws.

For these reasons and more, OFX is one of the best and safest ways to transfer large sums of money abroad.


4. SendSend

Send (formally SendFX) is based in Australia, but they have offered international money transfer services worldwide since 2018. International money transfers are their primary service. However, they will be launching other money management tools and products soon.


  • No transfer fees
  • Fast (1-2 days) transaction speed
  • Excellent reviews
  • Margin is typically less than 1% of the total transfer amount

Rates and Fees

Send is proud to offer no transfer fees for international money transfers in Canadian dollar. Like other service providers, they charge a small margin on the interbank rate to earn their profits. The margin depends on how much you transfer and the currency exchange rate.

Unfortunately, they are discreet about how much of your total transaction they charge in interbank margin fees. However, customers say that their margin is typically less than 1% of the transfer. For example, if you are transferring 10000CAD, you will pay less than 100CAD in transaction fees. Some money transfer services charge up to 3% for transactions, so 1% is an excellent rate, especially when considering the Canada Exchange rate.

Transaction Speed

Sending funds abroad takes some time and understanding of the terms and conditions. Some services may advertise that they can make instant transactions, but it will take at least a few hours before recipients can use the funds they have received. Transfers with Send take between 1-2 business days for standard transactions, considering the limits they have in place. However, you can initiate rush transfers if you pay an additional fee, which may be required for urgent situations.

Safety and Security

Send is a new company (less than five years old) and does not have much history. However, they have an excellent (albeit short) track record and have proven themselves safe and legitimate. They have a license from the Australian Financial Services, and the Australian Securities and Investment Commission regulates them. The company states online that they want to keep all funds secure. They also say security is of the utmost importance to them, which is why they are one of the best money transfer services.


5. Wise (formerly TransferWise)Transferwise

Wise is known to provide low-cost, semi-instant money transfers to clients around the globe. They are a company well-regarded for their transparency and openness about the international money transfer process. If you need to send money instantly, they have options for some currencies. The transfer time depends on various factors, but this service offers competitive rates compared to other companies.


  • No transfer fees
  • High ratings on TrustPilot
  • Transparent process
  • Verify exchange rate before initiating the transaction

Rates and Fees

TransferWise is historically very open and transparent about its pricing, which contributes to its popularity among customers looking for a reliable money order service. However, rates and fees for different currencies and amounts are not always guaranteed. TransferWise offers a widget on their website that lets you see current market conditions and calculate what you will pay for your transaction.

TransferWise offers the mid-market exchange rate, plus a small fixed percentage for profit. Some payment methods have an added fee as well, but it is usually nothing huge. They then let you lock in that rate for between 2 and 72 hours, so you have time to figure out the details of your transaction with their team. The time they let you lock in your transfer rate depends on where you are sending money and how much you are sending. Many services do not offer an option to lock-in your transfer rate until after you have initiated the transaction, which is why TransferWise is so unique.

TransferWise also has no hidden fees, ensuring that your transactions are protected. They have several local bank accounts worldwide to avoid bank fees. However, double-check with your bank or your Canadian bank account, to verify you will not get any surprise charges, as it is important to be authorized and avoid issues with financial institutions.

Transaction Speed

If TransferWise is vague about anything, it is their speed. They have a history of saying the transfer is instant. However, the currency exchange itself typically takes between 1-2 business days, and the transfer is complete in 2-3 business days before your recipient will receive money. However, you can boost the transfer speed if you fund the transaction with a debit or credit card.

Safety and Security

Just like the other services on our list, TransferWise must abide by several international money transfer laws. They are heavily regulated by the Financial Crimes Enforcement Network, the UK Financial Conduct Authority, and more. They serve over 6 million customers in over 70 countries, moving billions of dollars per month. These facts speak for themselves: TransferWise is one of the best ways to send money abroad online for your online banking needs.


Cheapest Way to Send Money from Canada to the USA

As you can see, there are many options to send money abroad. You can send a wire transfer directly through your bank, or you can use a money transfer. You could even send cash if you prefer.

However, the cheapest and best way to send money from Canada to the USA is by using our top money transfer service listed above: XE Money Transfer.

We recommend XE for several reasons:

  • Accessibility. They operate in over 220 countries worldwide and support well over 100 currencies.
  • No Fees. They have no transfer fees and only charge a small margin on the interbank rate. Other companies do this, but we have found that XE’s transfer rate is the most reasonable.
  • Same-Day Processing. Most of XE’s transactions process on the same day, and funds are typically available for pickup or direct deposit within a few days.
  • Security Measures. They have a stellar track record when it comes to security as well, which is why we recommend XE as the #1 way to send money from Canada to the USA.

Overall, these factors save you time, money, and energy, making XE the cheapest option from this list.

International Remittance: How to Transfer Money Between Banks

If you want to send money from your bank account to someone else, wire money, you have many options. However, there are a few reasons we highly recommend using a money transfer service instead of a bank wire transfer:

  • Pick up cash anywhere. Bank wire transfers require the recipient to have a bank account, which can be difficult in developing countries. Money transfer services have a cash pickup option where the recipient can pick up the funds in person.
  • Avoid high fees. Some banks will charge a higher transfer fee than a dedicated money transfer company. Money transfer services usually charge their margin depending on the transaction size and currencies. Banks often charge a set fee per transaction, which can backfire if your transfer is small.
  • Get better exchange rates. Exchange rates fluctuate constantly, but dedicated money transfer services are excellent at monitoring them. You are likely to get a good deal with a service provider who can give your recipient more cash for every dollar you send.
  • Apply quickly online. Banks may require you to go through an arduous registration process before you can send funds abroad. International money transfer companies let you register online, verify your identity, and start sending funds almost immediately.
  • Transfer funds within days or even hours. Banks are known for making you wait days to weeks before funds are available. International money transfer companies can complete the transaction as quickly as 2-3 business days.


Final Thoughts

These five money transfer companies in Canada are the best because they offer excellent rates, top speeds, and the best security. We recommend Currencies Direct for your money transfer needs because of their rates, security, and track record. However, you would do well with any of the five money transfer services we recommend.

Currencies Direct Overview

🏛️ Established1996
🌎 ClientsGlobal
💱 Currencies40+ provided
🏢OfficesLondon, Spain, France, Portugal, USA, South Africa and India
📱 PlatformsRetail presence, phone service, online service and mobile app
⚖️ RegulationAuthorised by the FCA as an Electronic Money Institution (EMI)
✔️ Credit RatingLevel 1 credit rating with Dun & Bradstreet (Highest Possible)
🏆 AwardsMoneyAge award (three time winner of ‘Money transfer Provider of the Year’)
🌟ReviewsExcellent 4.9/5 from 9,169 reviews on Trustpilot
💰 FeesNo transfer fees
📈 Trading Volume550,000 payments last year, trading £7.5bn in currency in 2021

Categories Money Transfer