Money transfer services

Compare various services to send money overseas from Canada.

By   |   Verified by Nikita Sheth   |   Updated 26th September 2022

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Comparing money transfer services

Simplii Financial Global Money Transfer

On Simplii Financial's website

Featured

Simplii Financial Global Money Transfer

Minimum Transfer Amount

$100.00

Transfer Speed

1 - 3 business days

Transfer Fee

$0.00

Highlights

  • Get up to $300 when you send your first Global Money Transfer. Use promo code GMTEVENT to claim this offer. Terms and Conditions apply.
  • Send $50,000 daily to over 130 countries without transfer fees.
  • The only bank in Canada that provides Cash Pickup Service at $0 transfer fee. Send up to $2,000 per day and enjoy same-day delivery to over 40 countries.
  • Use the code CASH when you send your first GMT cash pick up for $50 cashback

Pros

  • No transfer fees.
  • Money tracking feature.
  • You can send money straight to a Visa credit or debit card.
  • Earn rewards.

Cons

  • No physical branches.
  • There is a $50,000 daily limit.
Xe Money Transfer

On Xe's website

Xe Money Transfer

Minimum Transfer Amount

$0.00

Transfer Speed

N/A

Transfer Fee

$0.00

Highlights

  • Send money to 220+ countries and territories.
  • Xe rates are consistently some of the best in the business and trusted by millions.
  • With millions of transfers under its belt last year, Xe knows how to ensure your money and information are treated accordingly.

Pros

  • No transfer fee.
  • No minimum transfer amount is required.
  • No transfer limit.
  • Good customer support.

Cons

  • Limited currencies.
  • Bank transfers only.
Remitly

On Remitly's website

Remitly

Minimum Transfer Amount

$10.00

Transfer Speed

Within an hour

Transfer Fee

$2.99

Highlights

  • Enjoy great exchange rates and low fees.
  • Every transfer carries a delivery promise. Have your money delivered on time or get your money back.
  • Safety and security. Remitly uses industry-standard security protocols and encryption.

Pros

  • Low transaction fees.
  • Plenty of delivery options.
  • Wide global network, covering 50+ currencies and countries.
  • Highly rated customer support.

Cons

  • Fees apply when you fund your account using a credit card.
  • Transfer limits apply.
Revolut

On Revolut's website

Revolut

Minimum Transfer Amount

$1.00

Transfer Speed

Within an hour

Transfer Fee

$0.00

Highlights

  • Make fast and free transfers to Revolut users in more than 27 countries.
  • Wire internationally at excellent exchange rates.
  • There are no hidden fees. You know exactly what you’re sending and receiving.

Pros

  • The standard account has no monthly fees.
  • Top-up and hold account balances in various currencies.
  • Lots of different additional features are available, such as crypto trading and disposable virtual cards.
  • Has a well-designed mobile app

Cons

  • Monthly fees apply to certain types of accounts.
  • You may experience delays when sending money internationally.
MoneyGram

On MoneyGram's website

MoneyGram

Minimum Transfer Amount

$1.00

Transfer Speed

Within an hour

Transfer Fee

$4.99

Highlights

  • Use promo code CANADA50 and enjoy $0 money transfer fees from now through 31/12/21.
  • MoneyGram's global network includes well-known retailers and businesses, spanning more than 200 countries and territories, making cash pick up easy for your receiver.
  • Wire internationally at excellent exchange rates.

Pros

  • Vast network and accessible branches worldwide.
  • Same-day transfers to select bank accounts.
  • Multiple deposits and pick-up options.

Cons

  • Higher fees compared to other money transfer services.
Wise

Wise

Minimum Transfer Amount

$1.00

Transfer Speed

1 - 2 days

Transfer Fee

$0.00

Highlights

  • Send money up to 7x cheaper than banks.
  • Receive payments like a local in 10 currencies.
  • Indulge convenience by transacting thru the Wise App anytime and anywhere!
  • Your money is safe. Wise is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Pros

  • Low and competitive fees.
  • Easy to understand fee structure.
  • Easy to use website and mobile apps.
  • High transfer limit.

Cons

  • Limited currencies and destination countries compared with some competitors.
  • Can only send funds to the recipient's bank account.
Azimo

Azimo

Minimum Transfer Amount

$1.00

Transfer Speed

1 - 2 days

Transfer Fee

$1.99

Highlights

  • Instant or one-hour transfers possible to 80+ countries.
  • Your first two transfers are fee-free.
  • Great rates & low fees.
  • Save up to 90% compared to banks and traditional money transfer providers.

Pros

  • No minimum amount is required.
  • Bank transfer or cash pick-up options are available.
  • Instant transfer.
  • Easy-to-use app.

Cons

  • High credit card transaction fee.
  • No phone support.
Currencies Direct

Currencies Direct

Minimum Transfer Amount

$1.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

  • International money transfers. Use Spot Contracts to transfer funds as quickly as possible. Existing Currencies Direct exchange rates apply. No transfer fees apply.
  • Multiple currency wallets. Carry balances in your account in multiple currencies.
  • Forward contracts. This allows you to lock existing rates for up to one year by paying a small deposit.

Pros

  • Transfer funds to 120+ countries in 40+ currencies.
  • No transfer fees.
  • Get a dedicated account manager.

Cons

  • No cash pick-up option.
OFX

OFX

Minimum Transfer Amount

$250.00

Transfer Speed

1 - 2 days

Transfer Fee

$0.00

Highlights

  • Enjoy better rates and fees.
  • Transfers to most countries take 1-2 business days. Track your transfer online or with the OFX mobile app.
  • With support staff that are located in Canada, Australia, USA, UK, New Zealand, Hong Kong and Singapore.

Pros

  • Easy and quick account opening.
  • Wide range of supported currencies and countries.
  • No fees if transferring more than $10,000.
  • Enjoy additional features for business transfers.

Cons

  • Limited payment options.
  • $15 fee if transferring less than $10,000.
WorldRemit

WorldRemit

Minimum Transfer Amount

$1.00

Transfer Speed

Within an hour

Transfer Fee

$0.00

Highlights

  • Send 70 currencies to 130 countries, from your smartphone or computer.
  • WorldRemit uses industry-leading technology that protects your money and guarantees it arrives safely every time.
  • See WorldRemit's low fees and their best exchange rates upfront, with no hidden costs

Pros

  • Low transfer fees.
  • No minimum transfer amount is required.
  • Multiple payment options.
  • Cash pick-up, cash delivery, and Airtime mobile phone top-up are available.

Cons

  • Transaction limit of $5,000 for some payment methods.
  • Fees depend on the method and currency you choose.