5 Best Banks for International Money Transfers [2025]

If you need to send an international payment you may be considering using your bank as a secure and convenient option. Sending an international wire with your bank shouldn't be too much of a headache - but it can be quite expensive, and because third party fees may creep in, your recipient might get less than you were intending in the end.

This guide walks through the pros and cons, features and fees of sending money overseas with 5 major Canadian banks.

Banks aren't your only option for moving money overseas - an online specialist service like Wise or OFX may be able to offer a better exchange rate, a lower overall cost, and a faster delivery. We'll touch on a few alternatives to banks later, to help you compare and choose.

Best banks for international wire transfers: Key points

Which bank is best for international transfers?

The best bank for your international transfer may not be a bank at all. Specialist services can often provide lower fees and a better exchange rate compared to your bank.

We'll look at a few specialist alternatives in just a moment, but first let's see how our 5 big banks measure up against OFX or Wise on fees and exchange rates.

*Details correct at time of research - 16th June 2025

Alternatives to international wire transfers with banks

Sending your international payment with a bank is secure and familiar. But it may also be expensive and slow. Specialist services are safe to use and can often offer a lower overall cost. Here are a few to consider:

• Wise: Send to 140+ countries, with the mid-market exchange rate and low, transparent fees. Payments can arrive quickly or even instantly

• OFX: Make payments in 50+ currencies online, in app and by phone. There's no transfer fee and the rates offered can beat the banks

• TorFX: Send money online or over the phone, and get award winning customer service if you want to talk through your options

• Remitly: Send digitally on popular remittance routes, with a great range of pay out methods

At the end of the day there's no single best way to send your international payment. It depends on the transfer value and currency, so comparing a few different options is your best bet.

 Online providers like these we've detailed above can often offer lower overall costs and give you an instant quote online so you can easily see which works best for you.

Things to consider when choosing an international transfer provider

Not sure how to arrange your international wire? Here are some factors to consider when you're deciding:

• Costs - before you get started make sure you've thoroughly read the payment fee schedule. The transfer fee you pay can vary widely depending on how you structure the payment.

• Speed - international wires commonly take 3 to 5 days to arrive in the destination account when sent with a bank. Check the delivery times when you arrange your payment.

• Exchange rates - compare the exchange rate your bank offers against the mid-market rate you'll find on Google. It's common for banks to add extra fees here, so doing a bit of homework and looking at a few alternatives can save you money.

• Convenience - check out the options for sending your payment - while many banks let you set things up online or in an app, some still require you to head into a branch in person.

• Payment method options - Check how you can pay for your transfer. Some providers let you pay by bank transfer, debit or credit card for example.

• Limits - the amount you can send with different banks and providers varies a lot. If you exceed the limit for a bank's online payment you may need to arrange your transfer in a branch which is usually more expensive. Digital only providers tend to have high limits, or even no limit at all.

• Customer support - check the reputation your preferred provider has for offering great customer service, so you'll know you can get help if something goes wrong with your payment.

Types of fees for International wire transfer with banks

Canadian banks will charge you in several different ways for an international wire transfer:

Bank sending fee: The bank will charge a fixed fee for each international money transfer that you make. This fee can vary depending on the type of account you have, how you're making the transfer and the currency you send.

Exchange rate markup fee: A Canadian bank typically calculates its retail exchange rate by taking the mid-market rate and adding a markup or margin. This is a fee that's tricky to see so you may pay more than you think.

Correspondent bank fee: Third party charges which can be called agent fees, intermediary fees, SWIFT fees or correspondent bank fees. You may not be able to see the exact cost of these charges in advance of confirming your transfer.

Receiving bank fee: Finally, the beneficiary's bank will probably charge a fee for them to receive the money into their account.

All of these fees do add up and can mean the beneficiary ends up receiving quite a bit less than you sent them. When we're comparing fees below, we've only included the bank sending fees, as most Canadian banks don't share the exchange rates they use and the correspondent and receiving bank fees vary so much.

International wire transfer fees for Canadian banks

Here's an overview of the typical costs for sending an international wire with 5 large Canadian banks. The exact price you pay may vary based on how you set up your transfer - in branch payments are often more expensive than online transfers for example, and payments made in dollars overseas can also attract further fees.

*Details correct at time of research - 16th June 2025

How to avoid international transfer fees with banks

With charges added into the exchange rates and hard to spot intermediary bank fees, international wire transfers with banks can be costly.

Here are some tips on how you could keep your costs down:

• Sending money through your bank's online or mobile banking service is almost always cheaper than visiting a branch

• If you need to send someone a lot of money, using one larger payment can be cheaper than sending several small transfers, thanks to the fixed transfer fees that apply

• If you can, use a specialist international payment provider. You'll be able to make your payment online or in an app for convenience, and can often find lower costs and a better exchange rate compared to a bank

• Compare some different transfer services to make sure you get the best value for your particular payment

Best Bank for International Wire Transfers

We've looked at 5 of the most popular banks in Canada, to see how they measure up on international wire transfers. We'll look at the fees, rates, limits, pros and cons of each of the following banks in Canada:

• BMO

• RBC

• TD Bank

• Scotiabank

• CIBC

BMO international transfers

If you bank with BMO you'll be able to send payments online through the BMO Global Money Transfer service to 50+ countries, with relatively low fees. For other transfers you'll need to make a standard bank wire, which comes with higher fees - and may take longer to arrive too.

If you have a premium account tier with BMO you could find that some international transfer fees are waived - but don't forget, if there's an exchange rate markup used to convert your dollars to the currency you need, you'll still need to cover that fee.

BMO transfer fees

BMO waives transfer fees for holders of a few account types - but even if you don't pay a transfer fee, there will likely be an exchange rate markup fee to pay. If you need to pay for your BMO transfer, the fees are as follows:

BMO Global Money Transfer (online): 5 CAD + exchange rate markup + any applicable third party fees

BMO exchange rate

You'll notice that the rate you're offered isn't the same as the one you can find online with a Google search, or using a currency converter tool. What you find online is the mid-market exchange rate - the rate banks get when they buy currency themselves. However, most banks - like BMO - don't pass this rate on to customers. Instead they add in their own fees and costs to calculate a retail exchange rate, which means you pay an extra fee here.

BMO international transfer limits

If you're sending your payment online through the Global Money Transfer service, you can send from 100 CAD, up to the daily maximum limit. You'll be able to see this limit by logging into your online banking service.

If you need to send a higher amount, you'll need to contact your branch to ask for support. You're likely to have to arrange your wire in person which can mean paying higher fees.

RBC international transfers

RBC customers can send up to 50,00 CAD a day online, with no transfer fee. However, if you want to send more than this you'll need to visit a branch to arrange an outgoing wire transfer, which means a far higher fee - around 45 CAD per payment.

RBC does also note that intermediary fees and charges levied by the recipient's own bank may apply when you send a payment overseas.

RBC transfer fees

International money transfer (online): No fee + exchange rate markup + any relevant intermediary bank fees

International wire transfer in branch: Varied by account type, but around 45 CAD + exchange rate markup + any relevant intermediary bank fees

RBC exchange rate

The RBC exchange rate includes a markup on the mid-market exchange rate. That's an extra fee. To see this charge you'll need to compare the RBC rate quoted for your currency, against the mid-market exchange rate which you can find on Google.

 The exact rate you're offered depends on the account you hold, the specific payment being made, the currencies and payment amounts involved.

RBC international transfer limits

Under RBC international transfer limits for online payments you can send up to 50,000 CAD per day, split into as many transactions as you want.

TD Bank international transfers

Most TD Bank customers can send payments online, to a total of 6,500 CAD a day. When you set up your payment you'll see a quote for the fees and exchange rate. Fees can vary, and will be up to 50 CAD per transfer. If you need to send a higher amount - or if you simply prefer to arrange your transfer in a branch - you can also do so, but the fee will be 50 CAD for a standard outgoing wire.

TD Bank transfer fees

TD Bank's fees for sending money abroad vary - you'll get a quote when you set up your transfer. The total fees you will pay to send a transfer online can be different to the amount you pay if you would rather set up your payment in a branch.

TD Bank international transfer (online): Up to 50 CAD + exchange rate markup + any relevant intermediary fees for each transfer you make.

TD Bank international transfer (branch service): 50 CAD + exchange rate markup + any relevant intermediary fees for each transfer you make.

TD Bank exchange rate

The TD Bank exchange rate includes a markup on the mid-market exchange rate. That's a fee for currency conversion, but it's hard to spot because it's rolled up into the rate you're offered for your payment.

TD Bank international transfer limits

You can send up to 6,500 CAD in every 24 hour period using TD Bank international transfer online service. If you need to send more than this you can visit a TD Bank branch - but a higher fee will apply.

Scotiabank international transfers

Scotiabank has an online payment service with a low fee of just 1.99 CAD. Some account holders - including people on the newcomers package - may even have this fee waived. However, the range of countries you can send money to through this service is relatively small, and intermediary and exchange rate fees are still likely to apply.

If you need to send a payment to a country not served by this online transfer system you'll need to call into a branch, which is likely to mean a higher overall fee.

Scotiabank transfer fees

Here are the standard Scotiabank fees - you'll need to double check the terms of your own account before you get started to make sure there are no surprises:

Scotiabank transfer (online): 1.99 CAD + exchange rate markup + any relevant intermediary fees

Scotiabank transfer (branch service): Variable fee + exchange rate markup + any relevant intermediary fees

Scotiabank exchange rate

The Scotiabank exchange rate includes a markup which is an extra fee rolled up in the exchange rate you're offered.

The rate you find when you run a Google search or use a currency converter tool is the mid-market exchange rate. However, this isn't the same as the rate you'll be given when you send an international transfer with Scotiabank. Instead, Scotiabank - like most banks - will add a markup to the mid-market rate to calculate their retail rate. That means a less favorable rate for you, and a little more profit for the bank.

Scotiabank international transfer limit

Scotiabank online payments can be made from 100 CAD in value. Upper limits are likely to apply, based on your account type. You'll be advised at the time of arranging your payment, if a limit applies to your account.

CIBC

CIBC has no fee for digital transfers but if you can't manage your payment online and need a branch wire, the costs are up to 80 CAD + any relevant intermediary fees. In all cases, the exchange rate usually includes a markup. Delivery times can be pretty quick, with digital payments often arriving in 24 hours. Branch payments may take longer.

CIBC transfer fees

There's no fee for a CIBC transfer to 130+ countries. Don't forget though that exchange rate markups and any relevant intermediary fees still apply.

If you need to arrange your outgoing transfer in a branch the fees are pretty high:

• Sending $10,000 or less - $30.00 per payment

• Sending $10,000.01 – $50,000 - $50.00 per payment

• Sending more than $50,000 - $80.00 per payment

CIBC exchange rate

The CIBC exchange rate is likely to include a markup. This is an extra fee added to the mid-market exchange rate. You can see the markup if you compare the CIBC rate with the mid-market rate from Google.

CIBC international transfer limit

You can send from 100 CAD, with many payments available up to 75,000 CAD per transaction. If you're paying with a credit card rather than your bank account you can only send up to 15,000 CAD per day. Some countries have additional limits which can be lower than this.

Online international wire transfer services

*Details correct at time of research - 16th June 2025

Wise

Wise offers international transfers at the mid-market rate with no hidden fees. Customers can send money to over 140 countries, and can also open accounts to hold, receive and spend foreign currencies conveniently.

• Mid-market exchange rate: Wise uses the mid-market exchange rate compared to banks which often add a markup to the exchange rate.

• Instant transfers: 60%+ of transfers are instant, 80%+ arrive within an hour.

• Low and transparent fees: Fees vary by destination, starting from 0.48%.

(*The speed of transaction claims depends on individual circumstances and may not be available for all transactions)

*Details correct at time of research - 16th June 2025

OFX

OFX allows customers to transfer money internationally with no transfer fees on high value payments. Exchange rates include a small markup. They have a wide global coverage with transfers available in over 50 currencies to 170+ countries.

• No transfer fees for large transactions: 15 CAD fee for payments under 10000 CAD, waived above that

• Competitive exchange rates: Small markup on the mid-market rate.

• 24/7 support: Assistance available anytime for transfer-related inquiries.

*Details correct at time of research - 16th June 2025

TorFX

TorFX is another alternative provider that offers fee-free transfers with no maximum limit. With more than 40 global currencies available, transfers are processed on the same day or within 2 working days if you're sending money to an exotic destination. Customers also get the added benefit of a dedicated account manager for more personalized service.

• No transfer fees: Customers can enjoy zero transfer fees, only paying for the exchange rate.

• Flexible transfer options: Multiple transfer options available.

• Wide range of currencies: Send money in over 40 global currencies.

*Details correct at time of research - 16th June 2025

Remitly

Remitly supports international transfers in over 100 currencies to 170 countries. Transfer fees will vary depending on the destination, but a service fee is added to the transfer amount, and the exchange rate includes a markup on the mid-market rate.

• Multiple payment options: Pay by bank transfer, credit or debit card.

• Wide coverage: Send to over 170 countries and territories in over 100 currencies.

• Wide range of options for receiving money: Transfers can be deposited into your recipient's bank account or as a cash pickup or home delivery. Other options also include a mobile money account or a debit card deposit depending on your recipient's location.

*Details correct at time of research - 16th June 2025

Best bank to send large amounts of money internationally

Banks set their own limits on the amount of money you can send overseas using a wire. This limit can vary depending on the account you have, and also according to the bank's security protocols. This can mean you don't always know in advance what your transfer limit is – although you'll be shown the limit when you start to set up your payment online. If you exceed your bank's digital transfer limit you may still be able to make an overseas wire through your local bank branch. You can call in and talk through your options with a team member – but the fees are often higher for this compared to using a digital service.

It's also important to note that exchange rate markups will usually apply. As a percentage fee, this can mount up extremely quickly if you're sending a higher value transfer. Compare the rate you're quoted against the mid-market rate you can get from Google, to check the markup being used for your specific transaction.

Here's a quick look at some popular banks and alternatives, on high value payments:

Banks that accept international wire transfers online

All of the banks and providers we have looked at in this guide offer online and in app payment options.

Where your bank and specific account type supports online transfers, this can be the cheapest and easiest way to send an overseas wire. You'll often find that banks waive or lower the costs of sending a digital payment compared to visiting a branch – although using a third party service may still work out cheaper in the end.

Some banks do limit the amount you can send or receive digitally – this again may vary depending on the account type you have. If you can't send your payment using an online or in-app transfer, you might find you have to visit a branch to set up your transfer. This can often cost more in the end.

Best bank to receive international money transfers

You can usually receive an international money transfer to your Canadian bank account, in the currency of your account - normally CAD or in some cases USD. Your payment is converted from the foreign currency by the sender's bank, an intermediary or your own bank, depending on the process used. The exchange rate used will usually include a fee, and your own bank might also have a receiving fee which you have to pay.

As an alternative you could consider using an alternative account from a provider like Wise, which lets you receive payments in a range of currencies without forcing you to convert your money bank to CAD. Here are some of the popular options to receive international money transfers in Canada.

Which bank has the lowest international wire transfer fee?

As we've seen, some banks do offer digital transfers for low or no fee. However, finding a bank which has the lowest fee or which offers no fee payments may not always actually mean that you've found the cheapest option, as banks or providers usually charge a markup in the exchange rate. This isn't easy to see but really pushes up the overall costs of your transaction.

Instead of worrying about doing the maths, use the comparison tools on Exiap to see fee breakdowns and find the best option for your upcoming transfer.

What is the easiest way to wire money internationally?

You can wire money internationally with your bank or with a specialist provider. Your bank might ask you to sign up to the service in advance of using it. Most Canadian banks offer digital payments you can arrange online or in an app which can be convenient. Limits can often be pretty low for online payments, but if you need to send more you can go to a branch instead. This isn't as convenient and can mean paying a higher fee, though.

Specialist providers like Wise and OFX work fully online, so you can choose your preferred specialist instead of your bank, set up an account in minutes, get verified and send your transfer without having to attend a branch. This is the case even for high value payments - in fact, OFX doesn't usually have an upper limit on the amount you can send at all.

Conclusion: What is the best bank for international wire transfer?

Using banks for international wire transfers can be convenient and secure but might not be your cheapest option. It's also not often the fastest option, with bank wires commonly taking several days to arrive, depending on the destination.

Specialist services like Wise and OFX are a good option for a faster payment which can be cheaper too. Compare a few options to see which works best for you.

FAQs on Best bank to make an international transfer with

What is the best way to transfer money internationally?

There's no single best way to send money internationally - but specialist digital providers like Wise, OFX or WorldRemit can often offer a lower overall cost compared to your bank.

What is the cheapest way to wire money internationally?

Sending a payment with a specialist online service may work out cheaper than using your bank. Compare a few options - you can often get an instant, no obligation quote, so it's easy to see which works best for you.

Which bank does not charge wire transfer fees?

Some banks like CIBC will sometimes waive international wire fees - but it's worth remembering that there are likely to be extra costs added into the exchange rates applied in this case.

Which Canadian banks accept international wire transfers?

Get paid from around the world into your Canadian bank account - most major banks will let you receive an international wire to your account, although fees may apply. You can also check out online specialist providers like OFX, Remitly and Wise which often offer better rates and lower overall costs on international wire transfers.

Does Tangerine support international wire transfers?

No. Tangerine does not support international wires either incoming or outgoing, at the point of research.