Best Money Transfer Apps Canada 2026
Domestic Transfers
| App/Service |
Fee |
Speed |
Limit |
Best For |
| Interac e-Transfer |
Free (most banks) |
Instant (Autodeposit) |
$3,000-$10,000/day |
Standard person-to-person |
| Wealthsimple Cash |
Free |
Instant (P2P) |
Varies |
Wealthsimple users |
| PayPal |
Free (domestic, funded by balance) |
Instant |
$10,000/transaction |
Online payments |
| KOHO |
Free (e-Transfer) |
Standard speed |
$3,000/day |
KOHO users |
International Transfers
| App/Service |
Fee |
Exchange Rate |
Speed |
Best For |
| Wise (TransferWise) |
0.4-1.5% |
Mid-market rate |
1-3 days |
Best rates overall |
| Remitly |
Low fees |
Good rates |
1-3 days |
Sending to developing countries |
| OFX |
$0 fee (over $1K) |
Competitive |
1-3 days |
Large transfers |
| Western Union |
$5-30+ |
Poor rates |
Same day available |
Cash pickup globally |
| PayPal |
2.5-4% |
Below mid-market |
Instant |
Convenience |
| Bank wire |
$15-50 |
Poor rates |
1-5 days |
Large, formal transfers |
Wise vs Banks for International Transfers
| Feature |
Wise |
Big 5 Bank |
| Transfer fee |
$2-8 (for $1,000) |
$15-50 |
| Exchange rate |
Mid-market (true rate) |
Marked up 1.5-3% |
| Total cost on $5,000 |
~$30-50 |
~$100-200+ |
| Speed |
1-3 business days |
1-5 business days |
| Transparency |
✅ Fee shown upfront |
❌ Hidden in exchange rate |
Interac e-Transfer Autodeposit
| Setting |
Details |
| What it does |
Automatically deposits incoming e-Transfers |
| Security |
No security question needed |
| Speed |
Instant (within minutes) |
| How to set up |
Enable in your banking app under e-Transfer settings |
| Recommended |
✅ Yes — faster and more secure |