What is the best app to send money in Canada?

Interac e-Transfer is the best option for domestic transfers — it is free with most bank accounts, arrives in minutes, and works between any Canadian bank account. For international transfers, Wise offers the best exchange rates (mid-market rate) with low fees. PayPal is widely used for online payments and sending money to friends.

Is Interac e-Transfer free in Canada?

Most Canadian banks include free Interac e-Transfers with their chequing accounts. Some basic or no-fee accounts charge $1–$2 per transfer. Business accounts may charge $0.50–$1 per transaction. Auto-deposit eliminates the need for security questions and makes receiving instant.

What is the cheapest way to send money internationally from Canada?

Wise (formerly TransferWise) is consistently the cheapest option for international transfers, using the mid-market exchange rate with transparent fees of 0.5–1.5%. Banks charge $25–$80 in fees plus 1.5–3% exchange rate markup. For small amounts to developing countries, Remitly and WorldRemit are also affordable options.

Best Apps to Send Money in Canada in 2026

Best Apps Compared

Domestic (Within Canada)

App	Cost	Speed	Limits	Best For
Interac e-Transfer	$0–$2	Minutes (auto-deposit)	$3,000–$25,000/day	Everything domestic
Wealthsimple Cash	$0	Instant (P2P)	$5,000/transaction	Wealthsimple users
KOHO	$0	Instant (P2P) to KOHO users	$1,000/transaction	KOHO users
PayPal	$0 (friends/family)	Instant–3 days	$10,000/transaction	Online payments
Apple Pay / Google Pay	$0	Instant (in-store/in-app)	Varies by bank	Contactless payments

International (From Canada)

App	Fee	Exchange Rate	Speed	Best For
Wise	0.5–1.5%	Mid-market (best)	1–2 business days	Best overall value
OFX	$0 fee	0.5–1.5% markup	1–3 business days	Large transfers ($5,000+)
Remitly	$0–$5	1–2% markup	Minutes–3 days	Small transfers to developing countries
WorldRemit	$0–$5	1–2% markup	Minutes–3 days	Cash pickup, mobile money
PayPal	2.9% + $0.30	3–4% markup	Instant–3 days	Online freelancer payments
Western Union	$5–$30	2–4% markup	Minutes–3 days	Cash pickup worldwide
Big 5 bank wire	$30–$80	1.5–3% markup	2–5 business days	When required for compliance

Cost Comparison: Sending $1,000 Internationally (CAD to USD)

Service	Transfer Fee	FX Markup Cost	Total Cost	Recipient Gets (USD)
Wise	$8	$6	$14	~$713
OFX	$0	$10	$10	~$716
Remitly	$4	$15	$19	~$709
PayPal	$3	$35	$38	~$695
Western Union	$12	$30	$42	~$692
TD Bank wire	$40	$25	$65	~$677

Based on approximate rates. Actual amounts vary by day.

Interac e-Transfer: Complete Guide

Feature	Details
How it works	Send money using email or phone number
Cost	$0 with most bank accounts
Speed	Instant (auto-deposit) to 30 minutes
Daily limit	$3,000–$25,000 (varies by bank)
Weekly limit	$10,000–$50,000
Auto-deposit	Recipient receives automatically (no question)
Security question	Optional (required if recipient lacks auto-deposit)
Request money	Yes — send a request via e-Transfer
Business e-Transfer	Available; higher limits ($25,000+/day)

e-Transfer Limits by Bank

Bank	Personal Daily Limit	Weekly Limit
RBC	$7,500	$15,000
TD	$3,000	$10,000
CIBC	$10,000	$20,000
BMO	$5,000	$15,000
Scotiabank	$10,000	$20,000
EQ Bank	$10,000	$20,000
Simplii	$3,000	$10,000
Tangerine	$7,000	$20,000

Wise: Best for International Transfers

Feature	Details
Fee structure	Transparent: flat fee + small % (varies by corridor)
Exchange rate	Mid-market rate (no hidden markup)
Speed	1–2 business days (some instant)
Supported currencies	50+ currencies
Wise debit card	Multi-currency debit card; spend in local currency
Wise Business account	Free for freelancers and businesses
Regulated	Licensed by FINTRAC (Canada), FCA (UK)