Best International Money Transfer service in Canada

If you are new to Canada, sending money back home would be something that you would be doing regularly. Obviously, you would want to look for the best international money transfer service in Canada. Some of the factors that can help you decide which international money transfer service to choose can be the exchange rate being offered, transfer fee being charged, time taken to send money, ease-of-use etc.

In this post, I would list some of the best international money transfer options from Canada and will also share some tips to save money on International Transfers.

Top International Money Transfer service in Canada

Below is the list of most popular service options available in Canada to send money abroad. I will discuss each of them one by one. Also, I will share a comparison of exchange rates that was being offered for the same amount at the same time to give a perspective.

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1. WISE International Money Transfer

Wise, formerly known as Transfer Wise, is one of the most popular money transfer services available to Canadian residents. With wise, you can send money to 175+ countries in more than 50 currencies.

What’s good?

• Very competitive exchange rates offered
• Multiple payment methods supported to transfer money
• More than 170 countries and 50 currencies supported

What’s not-so good?

• High Transfer Fee charged for some payment methods

2. INSTAREM International Money Transfer

What’s good?

• Best exchange rates
• Multiple payment methods
• Fast transfers to India and China using UPI and Alipay Wallet

What’s not-so good?

• Does not offer Cash-pick up option

3. CIBC GMT International Money Transfer

What’s good?

• Instant Transfers
• Credit Card payment without Cash Advance fees
• Multiple payment methods and currencies

What’s not-so good?

• No cash pick-up facility
• Only for CIBC account holders

4. REMITLY International Money Transfer

What’s good?

• Good exchange rates
• Multiple payment methods and currencies
• Cash pick up options for: Colombia, Dominica Republic, India, Guatemala, Mexico, Philippines

What’s not-so good?

• Slow transfers for bank account payments

5. REMITBEE International Money Transfer

What’s good?

• Good exchange rates
• Multiple payment methods and currencies
• Cash pick up options for: Uruguay, Philippines

What’s not-so good?

• Slow transfers for bank account payments

6. WESTERN UNION International Money Transfer

What’s good?

• Multiple payment methods and currencies
• Cash pick-up and local delivery options available such as UPI for India

What’s not-so good?

• Not the best foreign exchange rate

7. OFX International Money Transfer

What’s good?

• Multiple payment methods
• More than 100 countries and 50+ currencies supported

What’s not-so good?

• Rates slightly lower than some competitors

8. XOOM by Paypal International Money Transfer

What’s good?

• Multiple payment methods
• Paypal to Paypal transfer
• Recharge mobile phones overseas

What’s not-so good?

• Not the best exchange rate

Rate Comparison Test of Top International Money Transfer service in Canada in Canada

I did a quick comparison of various popular International Money Transfer Options available in Canada using the same amount i.e. 500 CAD and same destination country i.e. INDIA. The rates were checked at the same time on respective websites to get an idea which service gives the best rate. Below were the findings.

WISE International Money Transfer

Wise Money Transfer offers various payment methods such as Direct Debit, Debit card, Credit Card, INTERAC etc. and the transfer fee depends on the payment method that is used. So, if you pay through INTERAC or Direct Debit your bank account, you incur lower fees as compared to paying with Debit or Credit card. So, you can save some money with the right payment method.

Rate offered – 60.98

REMITLY International Money Transfer

REMITLY’s Economy service, where payment method is bank account, offered a slightly better rate than Wise for same amount i.e. 500 CAD but the transfer time was much longer i.e. 3-6 days. The Express service is faster but charges higher fee, therefore you would end up losing some money.

Rate Offered: 60.69 and 60.07

REMITBEE International Money Transfer

REMITBEE offered a quick transfer speed i.e. about 1 hour using bank transfer with no fees.

Rate offered: 60.40

CIBC GMT International Money Transfer

The fee charged by CIBC GMT was a bit higher than other services as the money transfer is almost instant in most cases.

Rate offered: 59.737

WESTERN UNION International Money Transfer

Western Union’s rate was at par in case Cash Pick service is selected but slightly lower in case of bank account deposit.

OFX International Money Transfer

OFX’s rate was lowest among all the services compared.

As can be seen from above comparison, the money that would end up reaching abroad can vary depending on the International Money Transfer service that you use.

International Money Transfer service in Canada – Top tips

1. Compare different payment methods

Most of the time, sending money from your bank account can be cheaper than paying from your debit or credit card. Compare what fees is being charged for each payment method and pick the cheapest one if possible. For example, play with the below Wise Money Calculator and see which payment method turns to be the cheapest.

2. Save money with delayed transfer

Often times the instant money transfer is more expensive than the delayed transfer. So, if you can afford to wait for few days for your money to get deposited in your overseas bank account, you might get a better rate or incur low transfer fee. See below the example where Remitly’s economy service takes 3-6 days to deposit money but the rate is higher.

3. Compare different money transfer services

As already discussed, different International money transfer service providers may different exchange rate, charge different transfer and may support different payment and delivery methods. So, it’s a good idea to compare in one go all the major options for the rate they are offering. Use the below comparison tool to check the different currency exchange rates being offered in Canada.

4. Check out the promotional offers for new customers

Most of the International money transfer service providers have a special rate or offer for first transfer. Do check out different promotional offers available and avail those that suits you.

Click here to check out top International Money Transfer promotions currently going on.

5. Be careful while using Credit Card as payment method

Sending money by credit card may be accounted as Cash advance and may incur high charges on your credit card statement. Check out the terms carefully before using credit card as the payment method to confirm whether it will be a cash advance or a regular bill payment.

6. Best rate vs Trustworthiness

Be sure the service provider you are using to send money abroad is trustworthy or there is a chance you might end up losing your money. While you will be tempted to pick the service that is offering you the best rate, it is important to carry out due diligence and confirm that the service provider is legit.

7. Cheapest may not be the best

Besides the exchange rate, there can be many other factors that you should take into account while picking the best option. Does the service provider have an easy-to-use website/app? How is the technical support in case of any help required? Do they provide 24*7 support?

8. Read customer reviews

Go through the customer reviews and testimonials to see what existing customers have to say about the respective Money transfer provider. If most of the existing customers have expressed similar concern in the reviews, it is definitely a red flag.

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Comment below and tell me which International Money Transfer service you find the best or the one you didn’t like and why. Also, comment if there any suggestion or question.