How to Send Money Internationally From Canada (2026 Guide)

Most newcomers asking how to send money internationally from Canada lose more on the exchange rate than on the headline fee. A typical $1,000 CAD transfer through a big-bank international wire strips $45 to $80 out of the recipient’s pocket once the wire fee, the FX markup, and the intermediary bank fees are added together. The same $1,000 sent through Wise or Remitly arrives short by $5 to $15. This guide compares Wise, Remitly, OFX, Western Union, MoneyGram, CIBC Global Money Transfer, Scotiabank Global Money Transfer, and the big-six bank wire on real 2026 fees, real exchange-rate spreads, and real delivery speed. It also covers FINTRAC’s $10,000 CAD reporting threshold, how to verify a provider’s regulatory licence in under three minutes, and which service wins on the seven biggest corridors from Canada: the Philippines, India, Nigeria, Mexico, the United Kingdom, the United States, and the Eurozone.

Key Takeaways

The cheapest way to send money internationally from Canada in 2026 for most corridors is Wise, which uses the real mid-market exchange rate and charges a transparent 0.33% to 0.5% conversion fee. Source: Wise Canada pricing.
Remitly often beats Wise on the Philippines, India, Mexico, and Nigeria with corridor-specific promotional rates and cash-pickup or mobile-wallet delivery (GCash, UPI, OXXO, Mukuru). Standard transfers start at a flat $4.99 CAD with no minimum. Source: Remitly Canada.
A CIBC Global Money Transfer is free for CIBC clients to 130+ countries through online banking, including India, the Philippines, Pakistan, Nigeria, the UK, and the Eurozone. Source: CIBC Global Money Transfer.
A traditional big-bank international wire from RBC, TD, Scotiabank, BMO, or CIBC costs $5 to $50 in fees plus an exchange-rate markup of 2% to 3.5%, which on $1,000 CAD usually means $45 to $80 of total cost.
FINTRAC requires reporting entities to file an Electronic Funds Transfer Report (EFTR) on every cross-border transfer of $10,000 CAD or more, including aggregated transfers within a static 24-hour window. Source: FINTRAC, Reporting electronic funds transfers.
OFX has no transfer fee on amounts above $10,000 CAD and a $15 CAD fee below that, with an exchange-rate margin that drops to roughly 0.4% on transfers over $50,000 CAD. Source: OFX Canada.
A single 2026 rule for newcomer remittances: open a Wise account in the first month, keep Remitly on standby for corridor promotions, use CIBC Global Money Transfer if you bank with CIBC, and reserve a bank wire for transfers above $50,000.

How to Send Money Internationally From Canada: The Direct Answer

Anyone searching how to send money internationally from Canada wants the same three numbers: the fee, the exchange rate, and the delivery time. The table below ranks the eight services that handle 95% of Canadian outbound transfers on a $1,000 CAD send to a major corridor (India, the Philippines, the UK, the US, or the Eurozone), using rates current to April 2026.

Service	Fee on $1,000 CAD	Exchange-Rate Markup	Speed	Total Cost
CIBC Global Money Transfer (CIBC clients only)	$0	1% to 2%	1 to 2 business days	$10 to $20
Wise	$5 to $8 (0.33% to 0.5%)	0% (real mid-market rate)	Minutes to 1 business day	$5 to $8
Remitly Economy	$1.99 to $4.99 flat	0.5% to 2%	3 to 5 business days	$7 to $25
Remitly Express	$3.99 to $5.99 flat	0.5% to 2%	Minutes	$10 to $25
OFX	$15 (waived above $10,000 CAD)	0.4% to 1.5%	1 to 2 business days	$20 to $30
Scotiabank Global Money Transfer	$1.99	1% to 2.5%	1 to 2 business days	$12 to $25
Western Union (online, bank-funded)	$0 to $5	1% to 3%	Minutes to 5 business days	$10 to $35
Big-bank international wire (RBC, TD, BMO)	$5 to $50	2% to 3.5%	1 to 5 business days	$45 to $80

The ranking flips on small dollar amounts and corridor promotions. Remitly’s $1.99 economy fee on a $200 CAD send to the Philippines beats Wise once Wise’s minimum conversion fee kicks in. CIBC Global Money Transfer is the cheapest in absolute terms for any CIBC client because the fee line is zero, although the FX spread is wider than Wise. The rest of this guide explains where each service shines and where it loses.

What “Cheap” Actually Means: Fee + Exchange-Rate Markup

The biggest mistake most newcomers make is reading the fee line and ignoring the exchange rate. The two work as one cost.

The mid-market rate is the wholesale exchange rate at which banks trade with each other. It is the number Google shows when you type “1 CAD to PHP” or “1 CAD to INR.” Every retail provider adds a margin to that wholesale rate, then layers a fee on top. The total cost of a transfer is:

Fee + (transfer amount x exchange-rate margin) = true cost

A worked example on a $1,000 CAD send to India in April 2026, when the mid-market rate sat near ₹61.50 per 1 CAD:

A big-bank wire: $45 fee, plus a 3% FX markup, delivers ₹59,655 instead of the mid-market ₹61,500. Total cost: $75 CAD.
Wise: $5 fee, mid-market rate, delivers ₹61,193. Total cost: $5 CAD.
Remitly Economy with a corridor promotion: $1.99 fee, 0.6% markup, delivers ₹61,131. Total cost: $8 CAD.
CIBC Global Money Transfer: $0 fee, 1.5% FX markup, delivers ₹60,577. Total cost: $15 CAD.

The bank wire delivers ₹1,538 less than Wise on a single $1,000 CAD send. Twelve monthly transfers at the same difference work out to roughly $840 CAD a year, which is real money in a TFSA earning 4%. The numbers shift between corridors and amounts, but the pattern holds: Wise beats every Canadian bank wire on every corridor with a published mid-market rate.

For the broader newcomer financial-management playbook this transfer math fits inside, see our ‘how to manage my finances’ guide, which sets the 50/30/20 budget context.

The Best Services to Send Money Internationally From Canada in 2026

The eight services below cover 95% of Canadian outbound transfers. Each one wins a different scenario.

1. Wise (formerly TransferWise)

Wise is the default answer for newcomers asking how to send money internationally from Canada. The model is simple: real mid-market exchange rate, transparent percentage fee shown before you confirm, no markup hidden in the rate.

Fee: 0.33% to 0.5% on most major currencies, sometimes higher on exotic pairs.
Exchange rate: real mid-market rate (the Google rate), no markup.
Speed: about 50% of transfers arrive in minutes, the rest within one business day.
Funding: Canadian bank account (lowest cost), Interac, debit card, or credit card (higher fees).
Coverage: 50+ currencies and 160+ destinations.
Regulation: registered with FINTRAC in Canada, FinCEN in the US, FCA in the UK.
Best for: USD, EUR, GBP, AUD, INR, PHP, NGN, MXN, KES corridors where the recipient has a bank account.

Wise also offers a multi-currency account that lets a Canadian resident hold balances in 50+ currencies, receive a USD or EUR or GBP routing number, and pay foreign invoices without converting twice. The Wise debit card is useful for travel but, as of May 1, 2026, the free Canadian ATM withdrawal limit drops to $100 CAD per month, with a 2.69 CAD plus 2.69% fee on every dollar above. Source: Wise card fees.

2. Remitly

Remitly is built around remittance corridors, not general FX. The platform shines on the Philippines, India, Mexico, Nigeria, Pakistan, Kenya, and Vietnam, and it is the only service in this comparison with deep mobile-wallet and cash-pickup integration.

Fee: $1.99 to $4.99 flat on Economy; $3.99 to $5.99 flat on Express.
Exchange-rate margin: 0.5% to 2% above mid-market, varies by corridor.
Speed: Economy 3-5 business days, Express in minutes.
Funding: Canadian bank account (Economy), Interac, debit, or credit card (Express). Credit card funding from Canada adds a 1% fee.
Delivery options: bank deposit, mobile wallet (GCash in the Philippines, UPI in India, M-Pesa in Kenya), cash pickup at agent locations (over 470,000 globally), or home delivery in select countries.
Promotions: new customers usually see a first-transfer rate that beats Wise on the same corridor; recurring promotional rates appear monthly.
Best for: Philippines, India, Mexico, Nigeria, Pakistan corridors, especially when the recipient does not have a bank account.

3. OFX

OFX is built for larger transfers. The minimum send is $250 CAD in Canada and the platform’s pricing improves as the amount climbs.

Fee: $15 CAD on transfers under $10,000, $0 above $10,000.
Exchange-rate margin: roughly 0.4% to 1.5%, tightening as the transfer size grows.
Speed: 1 to 2 business days for most corridors.
Tools: forward contracts (lock the rate up to 12 months ahead), limit orders (trigger at a target rate), and recurring transfers.
Regulation: FINTRAC, FinCEN, FCA, ASIC, and 50+ other jurisdictions.
Best for: transfers above $10,000 CAD, especially property purchases, tuition payments, and business invoices.

4. CIBC Global Money Transfer

CIBC Global Money Transfer is the most under-used product on this list. Any CIBC personal banking client can send money internationally from Canada through the CIBC mobile app or online banking with no transfer fee to 130+ countries, including India, the Philippines, Pakistan, Nigeria, the UK, the Eurozone, and most Latin American countries.

Fee: $0 for personal banking clients.
Exchange-rate margin: 1% to 2%, wider than Wise but narrower than the bank’s traditional wire.
Speed: 1 to 2 business days.
Limits: $30,000 CAD per transaction; $50,000 CAD aggregate per 30 days.
Cash pickup: available in 40+ countries through the MoneyGram partnership for clients who want a recipient to walk into a counter.
Best for: existing CIBC clients sending under $30,000 to a country on the eligible list.

A CIBC newcomer client running monthly remittances of $500 to $1,500 home through Global Money Transfer often beats Wise on convenience even if the FX margin is slightly wider, because the funds are debited from the same chequing account that holds the paycheque.

5. Scotiabank Global Money Transfer

Scotiabank’s offering is similar in principle but priced differently. The flat fee is $1.99 per transfer with an exchange-rate margin in the 1% to 2.5% range. Scotia StartRight clients (the bank’s newcomer program) often see waived or discounted fees as part of the welcome bundle. The list of supported countries is narrower than CIBC’s. Source: Scotiabank international money transfers.

6. Western Union

Western Union’s strength is global reach and cash pickup. With over 500,000 agent locations worldwide, it is the right answer when the recipient has no bank account and lives in a country where mobile wallets are not the norm.

Fee: $0 to $5 online when funded from a Canadian bank account; $0 promo on first online transfer for new accounts.
Exchange-rate margin: 1% to 3%, varies by corridor and payout method.
Speed: minutes for cash pickup; 1 to 5 business days for bank deposit.
Best for: cash pickup in countries with limited banking infrastructure, last-minute family emergencies.

The catch: cash-pickup pricing is materially worse than bank-deposit pricing on the same corridor, and the FX margin can move during the day. Use the Western Union Canada price estimator before every send.

7. MoneyGram

MoneyGram’s value proposition mirrors Western Union: 350,000+ agent locations, deep cash-pickup coverage, and online and app sends. CIBC partners with MoneyGram for the cash-pickup leg of CIBC Global Money Transfer, so most CIBC clients are already using MoneyGram rails without paying a separate fee. Standalone MoneyGram fees in Canada start at around $1.99 to $4.99 with FX margins similar to Western Union.

8. Big-Six Canadian Bank International Wire

A traditional international wire from a Canadian bank branch or online banking is the most expensive option on this list. The fee schedule current to early 2026:

Bank	Outgoing International Wire Fee	Notes
RBC	$45 starting fee	Plus FX markup; intermediary bank fees may apply
TD	$50 (branch)	Up to $50 plus FX markup
Scotiabank	$1.99 (Global Money Transfer); higher for traditional wire	StartRight clients often see waivers
BMO	$5 (Global Money Transfer); $40 to $50 (traditional wire)	Global Money Transfer routes through partner network
CIBC	$0 (Global Money Transfer to 130+ countries); $30 to $80 (traditional wire)	Global Money Transfer is the default newcomer-friendly option
HSBC Canada	Free for Premier clients to 30+ countries	Limited new-account availability after the RBC acquisition

Sources: Wise Canada bank wire comparison, RBC wire transfers, CIBC sending and receiving wire transfers.

A traditional wire is the right tool for two scenarios only: transfers above $50,000 CAD where the documentation trail matters, and corridors where the destination bank insists on a SWIFT MT103 message. For everything else, one of the seven options above costs less.

Step-by-Step: How to Send Money Internationally From Canada Online

The mechanics are similar across every modern provider. The example below uses Wise, but the steps map almost one-for-one to Remitly, OFX, Western Union, and the bank Global Money Transfer products.

Open the account. Sign up online with an email address, set a password, and verify identity. A Canadian provider needs your full legal name, date of birth, residential address, occupation, and either a SIN, a Canadian driver’s licence, a passport, or a permanent-resident card. The verification usually clears in five minutes.
Confirm the corridor and recipient. Enter the destination country, the recipient’s name, and the recipient’s bank or wallet details. For a bank deposit, you need the recipient’s account number and the bank’s SWIFT/BIC code, IBAN (Eurozone), IFSC code (India), or sort code (UK). For a mobile wallet, the recipient’s phone number is enough.
Enter the amount. Type the amount in Canadian dollars on the send side or the foreign currency on the receive side. The screen shows the exact mid-market rate, the fee, the FX margin (if any), and the amount the recipient will receive.
Choose the funding method. A direct debit from a Canadian chequing account is almost always the cheapest. Interac e-Transfer is fast but capped (most providers accept up to $3,000 to $10,000 per Interac send). A debit card is faster than a direct debit but adds a small fee. A credit card adds 1% to 3% on top.
Confirm and send. Review the lock-in rate (which is held for a fixed window, usually 24 to 48 hours) and click send. The provider sends a tracking link by email and SMS. The recipient gets a notification with the same link.
Track delivery. Most transfers under $5,000 CAD on major corridors arrive in under one business day. Cash pickup arrives in minutes once the recipient has the reference number and a piece of ID.

For corridor-specific quirks, the next section breaks out the seven biggest receiving countries from Canada.

Best Service by Corridor: The Seven Biggest Destinations From Canada

The right service changes with the destination. The grid below is the corridor-specific recommendation based on 2026 fees, FX margins, payout options, and recipient access.

Philippines (CAD to PHP)

First choice: Remitly to GCash, PayMaya, or BPI/BDO bank deposit. Express in minutes for $3.99.
Second choice: Wise to bank deposit, mid-market rate, 0.4% fee.
For cash pickup: Western Union or MoneyGram to Cebuana Lhuillier or Palawan Pawnshop.

India (CAD to INR)

First choice: Remitly to UPI, IMPS, or SBI/HDFC/ICICI bank deposit. Promotional rates are common.
Second choice: Wise to bank deposit. Wise integrates directly with most major Indian banks.
CIBC clients: CIBC Global Money Transfer to India is fee-free.

For newcomers handling a larger India corridor (tuition payments, family property transfers), our ‘how to move to Canada from India’ guide covers the rupee-funding side of the immigration process.

Nigeria (CAD to NGN)

First choice: Wise. Real mid-market rate matters more on the naira than on most currencies because the parallel-market spread is volatile.
Second choice: Remitly to bank deposit at GTBank, Zenith, or Access. Cash pickup through partner agents available in major cities.
For larger sums: OFX with a forward contract to lock the rate.

United Kingdom (CAD to GBP)

First choice: Wise. The CAD-GBP corridor is the cleanest pair on Wise’s network. Real mid-market rate plus a 0.4% to 0.5% fee.
Second choice: OFX for transfers above $10,000 CAD (waived fee).
CIBC clients: CIBC Global Money Transfer is fee-free to the UK.

United States (CAD to USD)

First choice: Wise multi-currency account. Hold a USD balance, get a USD routing number, pay US bills directly without converting.
Second choice: Revolut Canada (where available) for everyday card spending in USD.
Third choice: OFX for transfers above $10,000 CAD.
A traditional bank wire makes sense only for property closings and structured payments above $50,000.

Mexico (CAD to MXN)

First choice: Remitly to OXXO cash pickup or BBVA/Santander bank deposit. The Mexico corridor sees the most aggressive Remitly promotional rates.
Second choice: Wise to bank deposit.

Eurozone (CAD to EUR)

First choice: Wise. Real mid-market rate, 0.4% fee, IBAN routing supported.
Second choice: OFX for transfers above $10,000 CAD.
CIBC clients: CIBC Global Money Transfer to most Eurozone countries is fee-free.

For the broader cost-of-relocation context that often drives a first big international transfer, our ‘mortgage calculator in Canada’ guide walks through how down-payment funds move into a Canadian closing.

FINTRAC and the $10,000 CAD Reporting Threshold

Every Canadian who sends money internationally needs to know one number: $10,000 CAD. That is the threshold that triggers a reporting obligation under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), administered by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The rules in plain language:

Single-transaction threshold: any electronic funds transfer of $10,000 CAD or more initiated from Canada to a foreign destination triggers an Electronic Funds Transfer Report (EFTR), filed by the reporting entity (the bank, money services business, or credit union) to FINTRAC within five business days. The customer does not file the report; the institution does.
24-hour aggregation rule: two or more transfers from the same person to the same beneficiary within a static 24-hour period that together total $10,000 CAD or more are aggregated and reported as one transaction.
Foreign-currency conversion: if the transfer is denominated in USD, EUR, or any non-CAD currency, the institution converts the amount to Canadian dollars at the Bank of Canada exchange rate in effect on the day of the transaction to determine whether the threshold is hit.
Customer-side requirements: for amounts at or above $10,000 CAD, the institution will collect additional identification, the source of funds, and the purpose of the transfer. This is normal compliance, not a flag against the customer.

A common newcomer myth: “If I split a $20,000 CAD transfer into three $6,667 transfers over three days, FINTRAC will not see it.” False. The structuring is itself a separate offence under the PCMLTFA, and the 24-hour aggregation rule plus the bank’s transaction-monitoring system catches the pattern. The right answer for any legitimate transfer above $10,000 is to send the full amount in one wire and answer the source-of-funds question (a salary, a property sale, a gift, an inheritance).

Source: FINTRAC, Reporting electronic funds transfers and FINTRAC, Reporting transactions to FINTRAC: The 24-hour rule.

How to Verify a Money Transfer Provider in Three Steps

Money services businesses in Canada must register with FINTRAC. International providers are usually layered on top of one or more foreign regulators. A three-minute check before sending a first transfer:

Look up the Canadian registration on the FINTRAC MSB Registry. The FINTRAC MSB search tool confirms whether a provider is registered to do business in Canada. Wise, Remitly, OFX, Western Union, and MoneyGram are all registered.
Check the home-country regulator. Wise is regulated by the Financial Conduct Authority (FCA) in the UK and by FinCEN in the US. OFX is regulated by ASIC in Australia and FinCEN in the US. Remitly is registered with FinCEN. The provider’s footer usually links to the licence number.
Confirm segregated client funds. Reputable providers hold customer balances in separate trust accounts at large banks. Wise holds Canadian client funds at Royal Bank of Canada and Canadian Imperial Bank of Commerce trust accounts; the provider publishes the breakdown.

If a service does not appear in the FINTRAC MSB Registry and is offering rates that look too good, treat the offer as a scam. The savings against Wise on a $1,000 send are at most $5 to $10. Anyone offering $50 of savings on the same transfer is paying for the difference somewhere, usually with the customer’s principal.

A 30-Day Newcomer Plan for Sending Money Home

For a newcomer arriving in Canada in 2026, the cleanest sequence to set up international transfers without overpaying:

Week 1: Open a Canadian newcomer chequing account and apply for a SIN. The newcomer banking program at Scotiabank StartRight, RBC Newcomer Advantage, BMO NewStart, TD New to Canada, or CIBC New to Canada bundles a no-fee chequing account with the credit card and the international transfer feature.
Week 2: Sign up for Wise Canada using the email tied to your Canadian account. Verify identity with passport plus permit. Order the Wise debit card if travel is in the plan.
Week 3: Sign up for Remitly Canada and link the same chequing account. Run a $20 test transfer to confirm the recipient details land correctly. The first-transfer promotional rate usually beats Wise on the corridor.
Week 4: If a CIBC chequing account was opened in week 1, enable CIBC Global Money Transfer inside the CIBC mobile app. Confirm the destination country is on the 130+ eligible list.
Beyond week 4: Run all monthly remittances on the cheapest option for the corridor. For most newcomer remittance volumes ($300 to $2,500 a month), Wise is the default and Remitly is the corridor-specific alternative. For ad-hoc large transfers ($10,000+), use OFX or a CIBC Global Money Transfer if eligible. For a transfer above $50,000, escalate to a traditional bank wire with full documentation.

The same plan reduces total transfer cost from $50-$80 per send through a bank wire to $5-$15 per send through Wise or Remitly. Twelve transfers a year compound to around $700 of saved cost, which fits cleanly into the ‘TFSA-first sequence’ in our investing guide.

Common Money-Transfer Mistakes to Avoid

The list below shows up in almost every first-year newcomer transfer pattern. Avoiding them is most of the work.

Funding a transfer with a credit card. Canadian credit-card cash-advance rules treat money-transfer top-ups as a cash advance with interest accruing from day one at 21% to 24%. A direct debit from chequing avoids the entire problem.
Sending small amounts on a flat-fee provider. A $4.99 fee on a $50 transfer is a 10% cost. Either batch the transfers monthly or use a percentage-fee provider like Wise.
Trusting the first quoted exchange rate. The rate locked at the start of the transfer is the rate that applies. The rate quoted by a competitor 30 minutes later is irrelevant unless you start over.
Splitting a transfer across services to dodge FINTRAC. Structuring is illegal under the PCMLTFA and the 24-hour aggregation rule catches it anyway.
Paying intermediary bank fees twice. A SWIFT wire often passes through two or three correspondent banks, each of which can deduct $10 to $25. Wise, Remitly, OFX, and the bank Global Money Transfer products avoid most of these because they use closed-loop networks instead of open SWIFT.
Holding a Wise USD balance and converting back to CAD repeatedly. Each round trip costs the conversion fee. If the funds will eventually return to Canada, leave them in CAD and time a single conversion when the rate is right.
Forgetting the Bank of Canada conversion for FINTRAC. A $9,500 USD transfer in 2026 converts to roughly $13,000 CAD at the Bank of Canada noon rate. That crosses the $10,000 CAD threshold even though the USD figure is below it. The reporting still applies.
Skipping the recipient-side fee. Some destination banks charge a $5 to $25 receiving fee on inbound wires. Confirm with the recipient before sending. Wallet and UPI delivery usually have no receiving fee.

For the broader newcomer financial-mistake list (credit card carry, missing benefits, skipping tenant insurance), see the common money mistakes section in our ‘finance management’ guide.

How to Send Money Internationally From Canada: Frequently Asked Questions

What is the cheapest way to send money internationally from Canada in 2026?

For most major corridors the cheapest service is Wise, which uses the real mid-market exchange rate and charges a transparent 0.33% to 0.5% fee. On a $1,000 CAD transfer to India, the Philippines, the UK, or the Eurozone, Wise typically costs $4 to $7 in total. Remitly often beats Wise on the Philippines, India, Mexico, and Nigeria with corridor-specific promotional rates. CIBC Global Money Transfer is free for CIBC clients to 130+ countries, although the FX margin is wider than Wise.

How much does a Canadian bank charge to send money internationally?

A traditional international wire from RBC starts at $45, from TD at up to $50, from BMO at up to $50 (or $5 through BMO Global Money Transfer), and from CIBC at $30 to $80 for a traditional wire (or $0 through CIBC Global Money Transfer). Each bank also adds a 2% to 3.5% exchange-rate margin and intermediary banks may deduct $10 to $25 along the SWIFT path. On a $1,000 CAD transfer the total cost usually lands between $45 and $80.

How long does it take to send money internationally from Canada?

Wise delivers about half of all transfers in minutes and most of the rest within one business day. Remitly Express delivers in minutes; Remitly Economy takes 3 to 5 business days. OFX takes 1 to 2 business days. CIBC, BMO, and Scotiabank Global Money Transfer products take 1 to 2 business days. A traditional SWIFT wire from a Canadian bank takes 1 to 5 business days depending on the corridor and intermediary banks.

Do I have to report international money transfers from Canada to the CRA?

No. The reporting obligation falls on the financial institution, not the customer. FINTRAC requires reporting entities (banks, money services businesses, credit unions) to file an Electronic Funds Transfer Report on every transfer of $10,000 CAD or more, including aggregated transfers in a 24-hour window. The customer must answer source-of-funds questions for transfers at or above the threshold, but no filing is required from the individual.

Is Wise safe to use in Canada?

Yes. Wise is registered as a money services business with FINTRAC in Canada, regulated by the Financial Conduct Authority (FCA) in the United Kingdom, and registered with FinCEN in the United States. Canadian customer funds are held in segregated trust accounts at Royal Bank of Canada and Canadian Imperial Bank of Commerce. Wise is publicly traded on the London Stock Exchange under the ticker WISE.

What is the difference between Wise and Remitly for transfers from Canada?

Wise uses the real mid-market exchange rate with a transparent 0.33% to 0.5% fee, which makes it the cheapest option on most corridors. Remitly uses a slightly marked-up rate (0.5% to 2% above mid-market) but adds two things Wise does not: corridor-specific promotional rates that often beat Wise on the Philippines, India, Mexico, and Nigeria; and cash-pickup or mobile-wallet delivery (GCash, UPI, M-Pesa) for recipients without bank accounts.

Can I send more than $10,000 CAD internationally in a single transfer?

Yes. There is no legal cap on outbound transfers from Canada. Transfers of $10,000 CAD or more trigger a FINTRAC EFTR filing by the bank or money services business, plus enhanced source-of-funds verification. For transfers above $50,000, OFX (with a forward contract option) or a traditional bank wire are usually the best fits because the documentation trail is cleaner.

What is the FINTRAC 24-hour rule?

The 24-hour rule aggregates two or more electronic funds transfers from the same sender to the same beneficiary within a static 24-hour window. If the combined total is $10,000 CAD or more, the institution files a single aggregated EFTR with FINTRAC. The rule applies whether the transfers are split across services or split across the same provider over multiple sends.

Can newcomers to Canada send money home before getting a SIN?

Yes through some providers. Wise and Remitly accept passport plus permit verification without a SIN. Canadian banks usually require a SIN to open the chequing account that funds a transfer, although RBC’s Newcomer Advantage program lets you open the account without a SIN for the first 90 days. CIBC Global Money Transfer requires a CIBC chequing account, which requires a SIN.

What happens if my international transfer goes to the wrong account?

Recovery depends on the provider and how fast you act. Wise, Remitly, and OFX all have customer-service workflows to recall a transfer if the funds have not yet been credited to the recipient’s account. Once the recipient bank posts the credit, recovery becomes a private dispute between the sender, the recipient, and the destination bank, which usually requires the recipient’s cooperation. Always copy the recipient’s account number twice from a written source (a screenshot or message) rather than typing it manually.