Which app to use depends on where the money is going. For sending money to someone in Canada, Interac e-Transfer is built into almost every bank app, and several fintech apps offer it or their own person-to-person transfers. For sending money to another country, the choice is between specialist transfer services and a bank wire, and the total cost is the transfer fee plus any markup on the exchange rate, which some services show up front and others build into the rate. This page compares the main apps to send money in Canada and abroad by how they charge, how fast the money arrives and what the recipient needs. It is part of our smart-spending guides.
Money transfer apps for sending money in Canada
| App/Service | How it works | Sending limit | Typical use |
|---|---|---|---|
| Interac e-Transfer | Built into bank and fintech apps; the recipient needs only an email address or mobile number | Set by each bank (see below) | Paying friends, family, landlords and small businesses |
| Wealthsimple Chequing | Interac e-Transfer from the Wealthsimple app | Sending: defaults to $5,000/day, adjustable up to $50,000/day for eligible clients (no separate per-transaction cap). Receiving/funding: up to $10,000 CAD per transaction. Free to send and receive on every account. | Wealthsimple users |
| KOHO | Interac e-Transfer from the KOHO app | $5,000 per transaction (send), free on every plan | KOHO users |
| PayPal | Transfers between PayPal accounts, funded by a PayPal balance, bank account or card | Set by PayPal for each account | Online purchases and paying people who already use PayPal |
Each bank sets its own e-Transfer caps per transaction, per day and per week, and fees differ by account; the e-Transfer limits by bank list them, and the Interac e-Transfer guide covers how sending, receiving and Autodeposit work. With Autodeposit turned on, incoming e-Transfers go straight into the recipient’s account without a security question. For an amount above your cap, a wire transfer or a bank draft is the usual alternative.
Money transfer apps for sending money abroad
| Service | How it charges | Delivery options | Typical use |
|---|---|---|---|
| Wise | A fee shown before you send, with the mid-market exchange rate | Bank account; Wise account | Regular transfers between major currencies; holding several currencies |
| Remitly | A fee and an exchange rate set by Remitly, both shown before you send; faster delivery options can cost more | Bank account, cash pickup and mobile wallets, depending on the country | Sending to family in countries where cash pickup or mobile money is common |
| OFX | Exchange-rate margin, plus a fee on smaller transfers | Bank account | Larger transfers |
| Western Union | A fee plus an exchange-rate margin, both varying by country and payment method | Cash pickup at agent locations, bank account, mobile wallets | Cash pickup in many countries |
| WorldRemit | A fee plus an exchange rate that varies by country | Bank account, cash pickup, mobile money | Mobile money and cash pickup |
| PayPal | Fees for international transfers, plus a currency conversion spread when currencies differ | PayPal account | Paying someone who already uses PayPal |
| Bank wire | The bank’s wire fee, the bank’s exchange rate, and sometimes fees charged by intermediary or receiving banks | Bank account | Large or formal transfers, such as a property purchase |
Because the exchange-rate markup is often the larger part of the cost, comparing the amount the recipient will actually receive, on the same day and for the same amount, shows which option costs least for a given transfer. The guide to sending money internationally shows how the fee and the markup add up and which services suit which destinations, and each bank’s wire fees are in wire transfers in Canada. Wise also offers a multi-currency account and debit card for spending abroad in the local currency.
Reporting rules for large transfers
Banks and money services businesses report large international transfers to FINTRAC; the sender files nothing, but may be asked for ID and the purpose of the transfer. The FINTRAC reporting rules cover the threshold and what counts as one transaction, and the same guide covers Form T1135 for people who send money abroad to buy foreign property.
Money sent to family overseas as a gift isn’t income to the sender, and Canada has no gift tax; how the recipient is taxed depends on their country. The same reporting rules for sending money internationally apply to a gift as to any other transfer.
How to spot a money transfer scam
Common red flags:
- Someone you didn’t contact asks you to pay with gift cards, cryptocurrency or a wire transfer
- You received an “overpayment” and are asked to send back the difference
- A “lottery,” “CRA” or “grandparent” caller insists on an immediate transfer
- The recipient is anonymous or asks you to keep the transfer secret
Money services businesses operating in Canada have to register with FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada), and FINTRAC’s public registry of money services businesses can confirm whether a service is registered.
Frequently asked questions
Is Wise safe to use in Canada? Wise operates in Canada as a money services business, and FINTRAC’s public registry of money services businesses lists registered businesses, so a search there confirms a service’s registration before you send.
What is the cheapest way to send money internationally from Canada? It depends on the destination, the amount and how the recipient wants to receive it. The guide to sending money internationally compares the total cost of each option and which services suit which destinations.
Do I need to report large international transfers to CRA? A transfer itself isn’t something you report to the CRA; banks and money services businesses report large international transfers to FINTRAC themselves (see the reporting section above). What the money is for can still matter for tax: foreign property can bring a T1135 filing, and income earned abroad can be taxable in Canada.
Related guides
Sources
The figures and rules on this page come from these sources, last checked against them on September 15, 2026. How we check facts.
- koho.ca: High Interest Savings Account - Earn up to 3.5%
- wealthsimple.com: Canada's most powerful chequing account | Wealthsimple