How to send money to Europe from Canada

By   |   Verified by David Boyd   |   Published 22 Dec 2022

Are you looking for the best way to send money from Canada to a family member, friend, or business in Europe?

Recipients will get more euros if you send money to Europe from Canada with an online international money transfer service because they offer more competitive exchange rates and cheaper transfer fees.

Need to transfer money to Europe from Canada?

Best ways to send money to Europe

Simplii Financial Global Money Transfer

On website

Simplii Financial Global Money Transfer

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.
Remitly

On website

Remitly

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.
Instarem

On website

Instarem

Highlights

  • Use the promo code FINTY and get CAD $20 bonus on your first transfer. Terms and Conditions apply.
  • Send money and earn points.
  • Enjoy low fees, and great FX rates. No hidden charges.
  • Transfer money to 55+ countries.

Pros

  • Transfer fees are between 0.25% to 1%.
  • Earn loyalty points.
  • Dedicated customer support.
  • Mobile apps.

Cons

  • There is no cash pick-up option.
Wise

Wise

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.
OFX

OFX

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.
MoneyGram

On website

MoneyGram

Highlights

  • Receive 20% off the fee on your next money transfer when you signup today.
  • Offers many send and receive options with money arriving in minutes.
  • 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.

Compare more money transfer services before you send money to Europe.

First time sending?

How to send money to Europe from Canada

There are a few reasons money transfer services are more convenient than traditional banks when sending money to Europe from Canada. First, they are fast — you can usually expect the funds to be received within a few days. Secondly, they tend to be more affordable, with lower fees and better exchange rates. Finally, they are typically much easier to use, with an intuitive online platform that makes it simple to set up and track your transfers.

  1. Choose a money transfer service. On this page, you can find reputable money transfer services that can transfer money to Europe.
  2. Open your account. You can open an account within a few minutes.
  3. Set up the transfer. Enter the recipient’s full name, address, bank account number (if that’s where you want funds delivered), and how much money to send. Depending on the service used, it may be possible to choose how funds will be delivered to the recipient, e.g. collected, mobile top-up, cash delivery, etc.
  4. Choose how to pay for the transfer. A bank transfer or debit card can be used with more services. Some accept credit cards. The funding method you choose will affect the time it takes to make the transfer and for the recipient to receive the money.
  5. Send the money and track the transfer. Once initiated, you’ll be able to track its progress to keep the recipient informed.

What are the fees and charges?

Costs for sending money to Europe from Canada

  • Service fee. The amount a money transfer service charges to send money to Europe varies depending on the amount of money being sent, how it will be delivered, and how the transaction is funded.
  • Collection fee. Charged when arranging for cash to be collected by the recipient.
  • Delivery fee. Charged when arranging for cash to be delivered to the recipient's address.
  • Cash advance fee. Charged by credit card issuers when a credit card is used to fund a money transfer. Interest applies separately.
  • Currency exchange rate. Significantly impacts how much your recipient will receive, especially when transferring a large amount of money.

Looking for other options?

Alternative ways to send money to Europe from Canada

There are several alternative methods for sending money to Europe if you do not want to use an online money transfer service.

  • Bank transfer. The easiest option if you don't want to open any new accounts. However, it is also the most expensive option, as banks typically charge high fees and offer poor exchange rates.
  • Crypto. If you and the recipient already have crypto wallets set up, sending crypto can be a very cheap and fast option. The recipient can hold funds in their wallet or withdraw to a bank account. Sending a stablecoin reduces the risk of losing money to price drops in the volatile crypto market.
  • Money orders. Buying a money order and sending it to the recipient is reliable, but on the whole, much slower than an online money transfer service.
  • Money transfer agents. Useful if you want to use cash for the transfer or if the recipient wants to collect cash. Popular with people who have no bank account.
  • Prepaid cards. Suitable for small amounts. Not suitable for large transfers due to limitations on how much can be loaded and withdrawn. ATM withdrawal fees may also apply.

Still not sure?

FAQs

How long does it take for money sent from Canada to arrive in Europe?

The time frame will depend on the method used to send the money. For example, a bank transfer can take a few days, while money sent with a money transfer service can arrive within minutes.

Can I send money to Europe if the recipient has no bank account?

Yes. You can still send money through a transfer service if the recipient has no bank account. The sender can configure the money transfer so the recipient can collect cash from a specific location, or a courier can deliver the cash. Alternatively, you could use a money order, send crypto, or even send a prepaid card.

Is it safe to send money to Europe from Canada?

Yes, sending money to Europe from Canada is safe when you use a reputable company. We only list established money transfer services on Finty.

Can I send a money order to Europe from Canada?

Yes, it is possible to purchase a money order in Canada and send it to Europe via postal mail or tracked courier. The recipient can then cash the money order at a bank, credit union, local post office, etc.

Can I use my credit card to send money to Europe from Canada?

Yes. You can fund a money transfer to Europe with a credit card. However, your credit card issuer may charge a cash advance fee since the transaction will most likely be classified as a cash equivalent. Additionally, the transaction will immediately incur interest at the cash advance rate.

Can I send cryptocurrency to Europe from Canada?

Yes, cryptocurrencies such as Bitcoin and Ethereum can be sent to Europe from Canada. The recipient can then choose whether to sell the crypto for cash or use it to transact in stores and with people who accept it.