How much does a wire transfer cost in Canada?

Domestic wire transfers cost $15–$50 depending on the bank. International wire transfers cost $25–$80 for the sender, plus the receiving bank may charge $10–$25. Exchange rate markups of 1–3% are an additional hidden cost on international transfers. Online alternatives like Wise (formerly TransferWise) charge 0.5–1.5% with the real exchange rate.

How long does a wire transfer take in Canada?

Domestic wire transfers take 1–2 business days within Canada. International wire transfers take 2–5 business days depending on the destination country, intermediary banks, and time zones. Same-day domestic wires are available at some banks for an additional fee. Interac e-Transfers are faster for domestic transfers (minutes to 30 minutes).

What is the difference between a wire transfer and an e-Transfer?

Wire transfers use the SWIFT network for international and domestic bank-to-bank transfers, cost $15–$80, and take 1–5 business days. Interac e-Transfers are a Canadian system for sending money between bank accounts using email or phone, cost $0–$2, and arrive in minutes. e-Transfers are better for domestic person-to-person payments; wire transfers are needed for large international payments.

Wire Transfers in Canada in 2026: How They Work, Fees, and Alternatives

Wire Transfer Fees by Bank

Domestic Wire Transfers (Within Canada)

Bank	Sending Fee	Receiving Fee	Processing Time
RBC	$20–$30	$0–$15	1–2 business days
TD	$20–$30	$0–$15	1–2 business days
CIBC	$25–$30	$0–$15	1–2 business days
BMO	$20–$30	$0–$15	1–2 business days
Scotiabank	$20–$30	$0–$15	1–2 business days
National Bank	$20–$25	$0–$10	1–2 business days

International Wire Transfers

Bank	Sending Fee	Receiving Fee	FX Markup	Processing Time
RBC	$30–$80	$15–$25	1.5–3%	2–5 business days
TD	$30–$80	$15–$25	1.5–3%	2–5 business days
CIBC	$30–$80	$15–$25	1.5–3%	2–5 business days
BMO	$25–$75	$10–$20	1.5–3%	2–5 business days
Scotiabank	$30–$80	$15–$25	1.5–3%	2–5 business days
Wise	$5–$15 (varies)	$0	0.5–1% (mid-market rate)	1–2 business days
OFX	$0	$0	0.5–1.5%	1–3 business days
Remitly	$0–$5	$0	1–2%	Minutes to 3 business days

True Cost: Bank vs Wise (Sending $5,000 CAD to USD)

Cost Component	Big 5 Bank	Wise
Transfer fee	$40	$10
Exchange rate markup (2.5% vs 0.6%)	$125	$30
Total cost	$165	$40
You save with Wise		$125

How to Send a Wire Transfer

Step	In-Person (Bank Branch)	Online Banking
1	Visit your bank branch	Log in to online banking
2	Provide recipient’s full name	Navigate to Transfers → Wire/International
3	Recipient’s bank name, address, account number	Enter recipient details
4	SWIFT/BIC code (international) or routing number	Enter SWIFT/BIC code
5	Amount and currency	Select currency and amount
6	Purpose of transfer	Purpose of transfer
7	Pay fee and confirm	Confirm and authorize
8	Receive confirmation number	Save/note confirmation number

Information Needed for a Wire Transfer

Information	Domestic	International
Recipient’s full legal name	Yes	Yes
Recipient’s bank name	Yes	Yes
Recipient’s account number	Yes	Yes
Bank transit number	Yes	No
Institution number	Yes	No
SWIFT/BIC code	No	Yes
IBAN (if applicable)	No	Yes (Europe, Middle East, etc.)
Recipient’s address	Sometimes	Yes
Recipient’s bank address	Sometimes	Yes
Purpose of transfer	Sometimes	Yes

Alternatives to Wire Transfers

Method	Best For	Cost	Speed	Limit
Interac e-Transfer	Domestic, person-to-person	$0–$2	Minutes	$3,000–$25,000/day
Wise	International transfers	0.5–1.5%	1–2 days	$1,500,000
PayPal	Online purchases, freelancers	2.9% + $0.30	Instant–3 days	$60,000/transaction
Western Union	Cash pickup (globally)	$5–$30	Minutes–3 days	$7,499 (online)
MoneyGram	Cash pickup (globally)	$5–$25	Minutes–3 days	$10,000
OFX	Large international transfers	0–0.5% fee	1–3 days	$500,000+
Bank draft	Large domestic payments	$7.50–$10	Same day (in person)	No limit
Certified cheque	Real estate, legal	$10–$25	Same day (in person)	No limit