Wire Transfers in Canada (2026): Fees by Bank and How to Send One

A wire transfer moves money from one bank account to another through the banks’ own payment networks: Lynx within Canada and SWIFT for international payments. Wires cost more than most other ways to move money, so they are mostly used where the recipient asks for one: a real estate closing, a lawyer’s trust account, an institutional investment account, a large business payment, or a country that other services don’t reach. This page covers what a wire costs at each major bank, the details you need, how to send one and what to use instead; it is one of several guides to moving money in Canada.

On an international wire, the posted fee is only part of the cost. The bank also converts the money at its own exchange rate, which usually includes a markup over the mid-market rate, and intermediary or receiving banks can take their own fees before the money arrives. The guide to sending money internationally compares that total cost with transfer services such as Wise and OFX.

Wire transfer fees by bank

These are each bank’s standard fees for a personal wire, from its own fee schedule. Fees are in Canadian dollars unless the bank’s entry says otherwise.

Two online banks don’t send or receive wires at all. Tangerine: Not offered – Tangerine has no SWIFT/BIC code and does not support wire transfers in either direction. EQ Bank: Not offered – EQ Bank does not support wire transfers in either direction. For international transfers, EQ Bank offers a Wise-integrated international money transfer service (zero markup; not available in Quebec).

Each bank’s full fee schedule, including what it charges to trace, amend or cancel a wire, is in the bank fees guides, and the most each bank lets you send is in the bank limits guides.

The exchange-rate cost

When a wire goes out in another currency, the bank converts it at a rate it sets, and banks don’t publish the markup built into that rate. To see it, compare the bank’s quoted rate with the mid-market rate on the same day; the CAD/USD exchange rate page links the Bank of Canada’s daily rates. The markup applies to the whole amount, so it grows with the size of the wire: at a markup of 2.5%, converting $10,000 costs $250 on top of the wire fee .

Information you need to send a wire

A frequent reason a wire is delayed or returned is a wrong detail about the recipient, so each field is worth checking before you confirm. A returned wire can cost a fee and take several business days to come back.

An IBAN (International Bank Account Number) is up to 34 characters and encodes the country, bank and account in one standard format. The recipient’s bank provides it, and it often appears on the recipient’s statement. To receive a wire in Canada, the sender needs your bank’s SWIFT code and your transit, institution and account numbers; the list of Canadian bank routing numbers has the SWIFT codes for each bank, and receiving money from abroad covers the rest of the inbound side.

How to send a wire transfer

1. Gather the recipient’s details first. Have the recipient’s full legal name and address, their bank’s name and address, the account number, and the SWIFT/BIC code (plus an IBAN where the country uses one) before you start.

2. Find out how your bank takes wire requests. At the big five banks, a traditional personal wire is arranged at a branch (Scotiabank also takes them by phone). Each of them also runs a separate online international transfer service, such as RBC International Money Transfer, TD Global Transfer, BMO Global Money Transfer, CIBC Global Money Transfer and Scotia International Money Transfer, which has its own fees and limits and is not a SWIFT wire. The per-bank wire pages for RBC, TD, BMO, CIBC and Scotiabank explain each option.

3. Enter the details exactly. SWIFT codes aren’t case-sensitive, but every character must match, and leading zeros in an account number matter.

4. Choose the currency and amount. You can send a fixed Canadian-dollar amount, and the recipient gets whatever the exchange rate produces, or ask for a fixed amount in the foreign currency, and the bank debits whatever Canadian dollars that takes at its rate.

5. Check the rate and total cost before you authorize. The bank shows its exchange rate and fee. Comparing that rate with the mid-market rate shows how much of the cost is in the conversion.

6. Keep the confirmation or reference number. It is what the bank needs to trace the wire if it doesn’t arrive. Timing, cut-off times and tracing are covered in how long a wire transfer takes.

Wire transfer fraud

A common form of wire fraud is business email compromise: a scammer takes over or imitates the email account of someone you are paying (a real estate lawyer, a supplier, an employer) and sends new wire instructions with their own account number. Because a processed wire is very hard to reverse, the standard protection is to confirm the account details by calling the recipient on a phone number you already have, not one in the email that sent the instructions.

If you think a wire you sent was fraudulent, contacting your bank at once gives a recall request the best chance; cancelling a bank transfer explains when a wire can still be recalled. Once the money reaches the recipient’s account, recovery depends on the receiving bank and, for an international wire, on the law in that country. The banking fraud guide covers other payment scams and where to report them.

Alternatives to a wire transfer

• Interac e-Transfer: for payments within Canada, an e-Transfer arrives in minutes and is free or low-cost at most banks, but daily and weekly caps apply; the e-Transfer limits by bank show how much each bank allows. For an amount above the cap, a wire or a bank draft is the usual route.
• Bank draft: a guaranteed payment for a large domestic amount handed over in person. Getting a bank draft lists each bank’s draft fee, and how a certified cheque compares with a bank draft shows which one a recipient is likely to accept.
• International transfer services: Wise, OFX, Remitly and similar services usually cost less than a bank wire for sending money abroad. The guide to sending money internationally compares their fees and speeds, and the money transfer apps comparison covers the apps for everyday use.

A bank wire remains the option when the recipient’s institution requires one, when no transfer service supports the currency or country, or when a payment has to come directly from your own bank account.