Learn how to send money to Canada quickly and affordably. This guide compares top transfer services like Wise and OFX, outlines fees and delivery times, and explains how Canada’s banking system works to ensure smooth, secure transfers.
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Sending money to Canada is fast, secure, and affordable when using trusted international transfer services. Whether you’re helping family, paying tuition, or settling invoices, this guide explains the best ways to send CAD and how Canada’s banking system works.
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• Currency: Canadian Dollar (CAD)
• Banking System: Modern, efficient, and fully digital
• Popular Providers: Wise, OFX, Remitly, Western Union
• Fees: Range from 0.3% to 3.0%, depending on the method and amount
• Speed: Same-day to 2 business days for most transfers
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| Provider | Speed | Typical Fee | Exchange Rate Margin | Notes |
|---|---|---|---|---|
| Wise | 0–1 days | Low fixed + % | Very low (~0.4%–0.5%) | Local deposit into Canadian bank account |
| OFX | 1–2 days | No transfer fee | ~0.6%–1.0% | Best for large CAD transfers |
| Remitly | Minutes–1 day | Low for economy, higher for express | ~1.0%–2.5% | Convenient for fast and small transfers |
| Western Union | Minutes–1 day | Higher fees | High margins | Cash pickup available across Canada |
✅ Tip: Wise offers the most cost-effective solution for everyday transfers, while OFX becomes more competitive for larger amounts (over CAD $10,000).
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• Recipient’s full name
• Transit number (5 digits)
• Institution number (3 digits)
• Account number (7–12 digits)
• Your ID for verification
• Purpose of the transfer (sometimes required)
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Canada’s banking system is robust, with streamlined infrastructure for receiving both domestic and international payments:
To deposit CAD locally, you’ll typically need:
• Transit number (branch)
• Institution number (bank code)
• Account number (7–12 digits)
Most money transfer services collect these and avoid needing SWIFT codes for local delivery.
• OFX and traditional banks may still use SWIFT codes to send funds to Canada.
• This may result in a 1–2 day delay and small intermediary fees.
• Canadian banks usually don’t charge fees to receive local transfers (e.g., EFT/Interac or via transfer providers).
• Transfers sent as SWIFT wires might incur a $10–$20 fee, depending on the bank.
• Ensure exact name matching with the account holder.
• Some banks may reject or delay transfers if details aren’t perfect.
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Canada is one of the most straightforward countries to send money to — especially if your provider uses local CAD delivery. Digital platforms like Wise and OFX offer reliable, low-cost options with fast settlement times and transparent fees.
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