Sending money abroad from Canada: bank-to-bank transfer or international wire?

What makes up the real cost of a transfer

Three things determine how much your recipient gets:

1. The sending fee posted by your bank or provider.

2. The exchange rate applied to the conversion. A few percent on the rate often costs more than the sending fee itself.

3. Intermediary bank fees, taken along the way on some international wires. They can reduce the amount received without you seeing them when you send.

The only way to compare two options is to ask: "How much will my recipient receive in the end?"

Bank-to-bank transfer or international wire?

With our bank-to-bank transfer service, your funds are converted at the rate agreed upfront and settled directly from one account to the other. For international wires, our specialists handle currency rules, intermediary banks and compliance checks, and tell you the fees before anything is sent.

The details to prepare

Before sending money, gather:

• the recipient's full name and address, as their bank has them;

• their bank's name and address;

• their account number, or IBAN in countries that use it (most of Europe, among others);

• their bank's SWIFT/BIC code;

• the purpose of the transfer, which some banks and countries require.

A single mistake can delay a wire by several days or trigger return fees. Double-check every detail with your recipient.

Why are you asked about the transfer?

Like every money services business registered with FINTRAC, we must verify our customers' identity and, depending on the amount and destination, record the reason for the transfer and your relationship with the recipient. These checks also protect your money from fraud.

Watch out for scams

Never send money to someone you have never met, to a so-called government agent, or to anyone pressuring you to act fast. An international wire is very hard to recover once sent.

Frequently asked questions

How long does an international wire take?

It depends on the country, the recipient's bank and the intermediary banks. Our specialists give you an estimate before sending.

Can I get a rate before I commit?

Yes. Contact a branch: we confirm the rate and all fees before anything is sent.