Transfer Options Compared
Quick Comparison
| Service |
Fee |
Exchange Rate |
Speed |
| Wise |
0.5-1% |
Mid-market |
1-2 days |
| OFX |
Low/none |
Near mid-market |
1-3 days |
| Xe |
Varies |
Near mid-market |
1-4 days |
| Bank wire |
$25-$50 |
Poor (2-4% markup) |
3-5 days |
| Western Union |
$5-$15 |
Poor markup |
Same day |
| PayPal |
2.5-4% |
Poor rate |
Instant |
True Cost Calculation
| Example: $10,000 USD to CAD |
|
| Mid-market rate |
1.35 |
| You should get |
~$13,500 CAD |
| Service |
Rate Offered |
You Get |
Total Cost |
| Wise |
1.35 (+ $50 fee) |
$13,450 |
~$50 (0.4%) |
| Bank |
1.32 |
$13,200 |
~$350 (2.5%) |
| Western Union |
1.31 |
$13,100 |
~$400+ (3%) |
Best Transfer Services
Wise (TransferWise)
| Feature |
Details |
| Exchange rate |
True mid-market |
| Fee |
0.4-1% (varies by currency) |
| Speed |
1-2 business days |
| Minimum |
None |
| Maximum |
High (verification required) |
| Pros |
Cons |
| Best overall rate |
Need online account |
| Transparent fees |
Not for cash pickup |
| Fast |
|
| Mobile app |
|
OFX (OzForex)
| Feature |
Details |
| Exchange rate |
Near mid-market |
| Fee |
Usually $0 |
| Speed |
1-3 business days |
| Minimum |
Varies |
| Best for |
Large transfers |
| Pros |
Cons |
| No fees on large amounts |
Higher minimums |
| Good rates |
Less known |
| Personal service |
|
Xe Money Transfer
| Feature |
Details |
| Exchange rate |
Competitive |
| Fee |
Often $0 |
| Speed |
1-4 business days |
| Best for |
Medium-large transfers |
Remitly
| Feature |
Details |
| Exchange rate |
Competitive for smaller |
| Fee |
Low |
| Speed |
Fast (including cash pickup) |
| Best for |
Smaller, frequent transfers |
Western Union
| Feature |
Details |
| Exchange rate |
Poor |
| Fee |
$5-$15+ |
| Speed |
Same day possible |
| Best for |
Cash pickup needed |
| Pros |
Cons |
| Worldwide locations |
Expensive overall |
| Cash pickup |
Poor exchange rate |
| Fast |
High fees |
Bank Wire Transfers
How They Work
| Process |
|
| Initiate at your bank |
International wire |
| SWIFT network |
Banks communicate |
| Arrives in Canadian account |
3-5 days |
Typical Bank Fees
| Fee Type |
Amount |
| Sending fee |
$25-$50 |
| Receiving fee |
$10-$25 (sometimes) |
| Exchange markup |
2-4% |
| Intermediary fees |
Possible |
When Banks Make Sense
| Situation |
Why |
| Very large amounts |
Built-in security |
| Business transfers |
Paper trail |
| Already banking |
Convenience |
| No online comfort |
Traditional option |
Receiving Money in Canada
What You Need
| Information |
Purpose |
| Bank name |
Canadian bank |
| SWIFT/BIC code |
International routing |
| Account number |
Your account |
| Branch number |
Specific branch |
| Your name |
As on account |
| Your address |
Verification |
SWIFT Codes (Major Banks)
| Bank |
SWIFT Code |
| RBC |
ROYCCAT2 |
| TD |
TDOMCATTTOR |
| Scotiabank |
NOSCCATT |
| BMO |
BOFMCAM2 |
| CIBC |
CIBCCATT |
Currency Conversion Tips
When to Convert
| Strategy |
Details |
| Monitor rates |
Exchange rates fluctuate |
| Set alerts |
Wise, XE offer alerts |
| Large transfers |
Time if possible |
| Regular transfers |
Average out over time |
Avoid
| Don’t |
Why |
| Airport exchanges |
Worst rates |
| Hotel currency |
Bad rates |
| “No fee” traps |
Hidden in rate |
| Dynamic conversion |
Merchant converts |
Dynamic Currency Conversion
| At Checkout |
|
| Asked to pay in home currency? |
Say no |
| Always choose |
Local currency (CAD) |
| DCC rate |
Usually terrible |
Large Transfers ($50,000+)
Best Options
| Service |
Notes |
| OFX |
Better rates for large |
| Xe |
Dedicated service |
| Bank wire |
Security focus |
| Currency broker |
Personal service |
Reporting Requirements
| Amount |
Note |
| Over $10,000 CAD |
Bank may verify |
| Large amounts |
Anti-money laundering checks |
| Cross-border |
FINTRAC reporting |
| Cash over $10K |
Must declare at border |
Bringing Money When Immigrating
Options
| Method |
Consideration |
| Wire transfer |
Most common |
| Bank draft |
Bring physical cheque |
| Cash |
Declare over $10K |
| Multiple smaller transfers |
Spread risk |
Recommended Approach
| Step |
Action |
| 1 |
Open Canadian account |
| 2 |
Transfer initial amount |
| 3 |
Compare rates for rest |
| 4 |
Use Wise or OFX for bulk |
Regular Transfers
If Sending Monthly
| Service |
Features |
| Wise |
Set up recurring |
| Remitly |
Frequent sender discounts |
| OFX |
Rate alerts |
Tips
| Strategy |
|
| Set amount targets |
Transfer at good rate |
| Use rate alerts |
Get notified |
| Consider batch |
One large vs many small |
From Specific Countries
From USA
| Best Options |
|
| Wise |
Best overall |
| Cross-border banking |
TD, BMO have US branches |
| USD account |
Keep USD in Canada |
From UK
| Best Options |
|
| Wise |
Very competitive GBP-CAD |
| OFX |
Good for large |
| Xe |
Also good |
From India
| Best Options |
|
| Wise |
Good INR-CAD |
| Remitly |
Easy app |
| Western Union |
If cash pickup needed |
From China
| Best Options |
|
| Wise |
Where supported |
| Bank wire |
Common method |
|
Note capital controls |
Safety Tips
Protect Yourself
| Do |
Don’t |
| Use reputable services |
Random online offers |
| Verify before transfer |
Rush large amounts |
| Keep confirmations |
Ignore documentation |
| Use secure connection |
Public WiFi |
Signs of Scams
| Red Flag |
|
| Too good to be true rates |
Scam |
| Pressure to send fast |
Scam |
| Untraceable methods |
Scam |
| Personal money transfer requests |
Scam |