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Send Money to Canada

Canada receives billions in international transfers each year, particularly from the US, UK, and India. Here is how to get the best rate on your CAD transfers.

Check live USD to CAD rate →

Best Services for Sending Money to Canada (2026)

Wise

Fee:
$1 - $7
Rate:
Mid-market (0% markup)
Speed:
1-2 business days
Limit:
$1,000,000/transfer

OFX

Fee:
$0 (min $1,000)
Rate:
0.3-0.8% markup
Speed:
1-3 business days
Limit:
No limit

Remitly

Fee:
$0 - $4
Rate:
0.5-1.5% markup
Speed:
Minutes - 1 day
Limit:
$10,000/transfer

XE Money Transfer

Fee:
$0
Rate:
0.4-1% markup
Speed:
1-4 business days
Limit:
No limit

PayPal / Xoom

Fee:
$0 - $5
Rate:
3-4% markup
Speed:
Minutes - 1 day
Limit:
$25,000/transaction

Bank Wire (SWIFT)

Fee:
$25 - $50 + intermediary
Rate:
2-4% markup
Speed:
3-5 business days
Limit:
No limit

Canada's Payment Infrastructure

Canada has a well-developed banking system with unique features that affect international transfers. The country uses Interac e-Transfer for domestic instant payments — a system that some international services now support as a delivery method. For international inbound transfers, Canadian banks receive deposits via the standard correspondent banking system (SWIFT) or through local payment rails used by services like Wise.

To send money to a Canadian bank account, you will need the recipient's institution number (3 digits), transit/branch number (5 digits), and account number. Alternatively, many services accept the recipient's email address or phone number for Interac e-Transfer delivery.

USA to Canada: The Most Common Corridor

The USA-to-Canada corridor is one of the busiest in North America, driven by close economic ties, a shared border, and millions of people with family in both countries. For this corridor, Wise offers the best overall value with mid-market rates and low fees. A $1,000 transfer from USD to CAD via Wise typically costs $5-$7 in total, compared to $50-$80 through a bank.

For frequent transfers between the US and Canada, consider opening a Wise multi-currency account. This gives you local bank details in both the US and Canada, allowing you to send and receive in both currencies without international wire fees.

Sending Large Amounts to Canada

For large transfers (over $10,000 CAD), OFX and XE Money Transfer offer the best rates. OFX charges no transfer fee and offers exchange rate markups as low as 0.3% for large amounts. They also offer forward contracts, allowing you to lock in today's exchange rate for a transfer that will happen in the future — useful for property purchases or planned large expenses.

Note that transfers over $10,000 CAD are reported to FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), Canada's financial intelligence unit. This is standard regulatory procedure and does not cause any issues for legitimate transfers.

Sending Money from India to Canada

The India-to-Canada corridor has grown significantly due to the large Indian diaspora in Canada. Wise and Remitly are the top choices for INR to CAD transfers. Be aware of India's LRS (Liberalized Remittance Scheme) limit of $250,000 per financial year. Additionally, since October 2023, India charges a 20% TCS (Tax Collected at Source) on outward remittances exceeding INR 7 lakh per financial year (refundable when filing income tax).

Frequently Asked Questions

What is the cheapest way to send money to Canada?

Wise offers the lowest total cost for most transfer amounts, using the mid-market rate with a small transparent fee. For large amounts over $10,000, OFX is also very competitive.

Can I send money to Canada via Interac e-Transfer?

Some international services like Remitly support Interac e-Transfer delivery, which can be faster than bank deposit. The recipient gets an email notification and can deposit the money instantly.

Are there taxes on receiving money in Canada?

Canada does not tax gifts or remittances received from abroad. However, the income that generated the money may have tax implications depending on your residency status and the source of funds.

What bank details do I need to send money to Canada?

You need the institution number (3 digits), transit number (5 digits), and account number. Some services also accept the recipient's email for Interac e-Transfer delivery.