International Wire Transfer Fees & How to Avoid Them in 2026

Sending money overseas from Canada involves several different fees that can make the true cost difficult to calculate. This guide breaks down the charges to look out for, including upfront transfer fees, exchange rate markups and hidden intermediary costs you might not always be aware of.

By comparing major Canadian banks against specialist services like Wise and OFX, you may be able to find more transparent rates and potentially faster delivery times for your international payments.

How much does it cost to transfer money internationally in Canada?

It’s important to compare the different options available to you before transferring money abroad. Fees, exchange rates and delivery times can vary hugely between providers - with banks often lagging behind specialist services.

To illustrate, let’s look at a comparison between 2 major Canadian banks and a couple of money transfer providers - Wise or OFX.

In this comparison we are assuming you’re sending a standard transfer online, of 1,000 CAD to be deposited in USD.

To show the impact of both exchange rate fees and sender fees, we’ll focus on how much your recipient gets in the end with each provider:

Information correct at time of writing - 21st March 2026

As you can see in this comparison, the recipient gets more if you pick a specialist provider like Wise, as opposed to a Canadian bank.

In most cases, the difference in how much your recipient gets comes down to the exchange rate used to convert your funds from Canadian dollars to US dollars, rather than the upfront transfer fee.

That’s why it’s important to pick a provider which uses the mid-market exchange rate - or as close as possible to it - to get the best available deal.

🌍 How to avoid international wire transfer fees in Canada

There’s no such thing as a completely free international transfer, but it’s possible to find ways to reduce the cost when sending money abroad.

Here are a few worth considering:

Wise

Open a Wise account online or in app, to send money to 140+ countries, with the mid-market exchange rate with low fees from 0.48%.

Set up your payment with just your phone, and pay from your bank account or with your bank card.

If you send and receive payments a lot you may also want to open a Wise account, and get account details to receive payments conveniently with low or no fees. (Receiving payments with local account details is free, except USD wires. Learn more here.)

Accounts can hold and exchange 40+ currencies and let you receive international transfers with account details in a selection of currencies.

OFX

With OFX you can send 50+ currencies all over the world, by phone, in the app or online. Transfers can arrive quickly, and are usually in the recipient’s account in 1 or 2 days.

There’s a transfer fee of 15 CAD for payments under 10,000 CAD in value, waived for higher payments.

A small exchange rate markup might be applied to the mid-market rate to calculate the exchange rate used to convert your CAD to the required currency.

OFX lets business customers receive payments in Canada through the Global Business Account that allows customers to hold, spend and receive 30+ currencies, so you can take payments from customers globally.

➡️📚Learn more: OFX Review 🔍

Xe Money transfer

Xe Money transfer lets you send money online and in their app, 24/7. You’ll just need to log into your account and set up your payment digitally.

Once your money is on the way you can track your payment easily so you'll know when the recipient has their money.

Xe supports over 190 countries across 130 currencies and allows personal and business payments. Create an Xe account to view the fees and exchange rates which apply on your specific payment route.

➡️📚 Learn more: Xe money transfer review 🔍

Remitly

You can use Remitly to send money in 100+ currencies, with pay out options which include deposit to a bank account or mobile wallet, or cash pickup, depending on your recipient’s location.

Remitly serves many popular remittance routes and lets you set up payments digitally, with variable fees and exchange rates depending on the specific service you require.

➡️📚 Learn more: Remitly Review 🔍

How much do banks charge for international money transfer in Canada?

The costs of sending an international wire with a bank can vary a lot and include both the upfront transfer fee and any charges which are included in the exchange rate you get.

The easiest way to compare bank overall costs is to look at what the recipient gets in the end when you send a fixed amount.

Here’s a head to head comparison of a few major Canadian banks, which imagines sending 1,000 CAD to be received in USD in a bank account in the US:

Information correct at time of writing - 21st March 2026

How much do banks charge for receiving money from abroad?

One of the costs involved in bank wire payments is often deducted by the recipient’s own bank.

Many Canadian banks have incoming international transfer fees, which can vary depending on the value of the payment.

Here’s an overview of the receiving fees for several large Canadian banks:

*Information correct at time of writing - 21st March 2026

Receiving your incoming payment to a bank isn’t the only option available to you. You can also open a multi-currency account which comes with account details for incoming payments, such as the Wise account.

The Wise account has local and SWIFT account details in 20+ currencies including CAD and USD, which allows you to receive incoming payments conveniently.

International wire transfer fees in Canada

Banks are obliged to tell you the fees you’ll pay for any international bank transfer you make - but the real costs of your payment can still be confusing thanks to several different fees and, often, an option of different ways to set up your transfer.

As a general rule, transferring money in person will be more expensive than doing so online or through your bank’s mobile banking service.

💡 You’ll also sometimes find that transferring money to another account within the same bank is cheaper than transferring money to a different bank.

⚠️ That said, the total cost of sending money overseas can still be quite high. According to World Bank figures, the average cost of an international wire transfer can be around 6% of the amount transferred.

These costs are usually divided into 3 different fee types - let’s break them down one by one.

💡 From Canada you may have the choice of 2 different types of international transfer:

• International Interac transfers

• SWIFT transfers - the most common way to send an international transfer from Canada

We’ll cover the fees for these different payment types in more detail a little later.

Generally if you’re sending a payment to another country - let’s say the US as an example - your bank is likely to suggest you use a SWIFT transfer.

SWIFT payments can be pricey, and can take a few days to arrive. However, even with SWIFT transfers, the fees and exchange rates you’ll get can vary widely between different banks and specialist providers.

Exchange rate markups and currency conversion fees

You’ll usually run into exchange rate fees when you send a payment overseas with a bank.

These costs can be called an exchange rate markup or spread. Exchange rate fees are tricky to spot as they are usually a percentage fee added onto the exchange rate applied to change your dollars to the currency you need.

⚠️ Exchange rate fees can mount up quickly - until they’re often the highest of all the fees you’ll pay on your transfer.

Here’s a quick summary of how some specialist providers handle exchange rates:

• Wise exchange rate: Mid-market exchange rate, with a small transparent conversion fee.

• OFX exchange rate: Exchange rate includes a small markup

• Xe exchange rate: Exchange rate includes a markup

• Remitly exchange rate: Exchange rate includes a markup

What factors impact the cost of international bank transfer fees?

When you send money overseas, there are several factors that can influence how much you’ll pay:

• ⌛ Delivery speed: some providers and banks offer expedited services which might get your money moving faster, but can cost more

• 🌍 Currencies and countries involved: Many banks and money transfer services have variable rates and fees depending on the country you’re sending to, and the currency you need to have deposited at the other end

• 🧭 Payment provider: which payment provider you select can make a huge difference to the overall cost of your transfer - specialist services often beat the banks on costs and offer better exchange rates, too

📚Related article: Best banks for international wire transfers 🏛️

Fees applied on international Interac transfers 

We mentioned above that you may be able to send a payment overseas from Canada through Interac.

If you’re able to access an international Interac transfer, you’ll be shown the fees you pay at the time you set up your payment. You’ll also see the exchange rate at the time you process the transfer.

To check the fees and limits which apply to Interac international transfers, from your specific account, get in touch with the bank directly, or take a look in your online banking service.

Fees applied on international SWIFT transfers 

If you’re not sending an Interac payment, your bank will likely offer you a SWIFT transfer.

SWIFT is the payment network favoured by banks for over 50 years, in which a sending bank works with one or more intermediary banks to route a transfer to its destination - a bit like taking a journey involving several connecting flights. SWIFT fees can vary widely, and can often be pretty high.

You might find you’re better off choosing a money transfer provider like Wise. That’s because specialist services have built their own payment networks to avoid SWIFT - and the fees which come along with it - to get your money moving faster and for a lower fee.

Currency conversion fees

We mentioned earlier that you’re likely to pay exchange rate fees when you send money overseas with a bank. But what does that really mean?

When you look for an exchange rate on Google or with a currency converter tool, you’ll be shown the mid-market exchange rate. That’s the rate a bank or specialist transfer service gets when they buy currency on wholesale markets.

⚠️ However, it’s not usually passed on to customers. Instead, banks add a markup - an extra fee - to the rate they use for retail transactions, which can be in the region of 3% to 5% depending on the currencies and the specific provider in question.

That may not sound like too much but it quickly mounts up. Here’s an overview of what a 3% markup will do to your overall costs on a few different transfer values:

• If you’re sending a payment of 1,000 CAD, a 3% markup will add 30 CAD to your overall transfer costs

• If you’re sending a payment of 5,000 CAD, a 3% markup will add 150 CAD to your overall transfer costs

• If you’re sending a payment of 10,000 CAD, a 3% markup will add 300 CAD to your overall transfer costs

Exchange rate markups are also difficult to spot, making it harder to work out the true cost of your payment. Compare your bank’s rate to the mid-market exchange rate to see the difference.

How to transfer money internationally without fees in Canada

As a general rule, it’s not possible to transfer money internationally without fees, because even services that claim to offer fee-free services charge fees which are rolled up into the exchange rate being used to convert your currency.

Some providers offer promotional rates for new customers, though, which could offer a lower cost way to try a new service. You may even get a fee-free transfer.

How to avoid intermediary bank fees

Intermediary bank fees - which may also be called correspondent bank fees - can add an extra 15 CAD – 30 CAD to the total cost of your payment when you send money overseas with the SWIFT network.

The exact fee you’ll pay depends on the way your transfer is routed, which means you might not always be able to know the total cost in advance. Intermediary fees are deducted from the send amount as it’s processed, which means your recipient could get less in the end than you expected.

Intermediary bank fees creep in when your transfer is processed through SWIFT. In this system, transfers are passed through one or more intermediary banks until they reach their final destination – much like taking connecting flights or trains.

Specialist providers like Wise, OFX and Xe have often built their own payment networks to avoid SWIFT, which allows them to keep the international transfer costs down and process payments faster, too.

What is the cheapest method to transfer money internationally?

There’s no hard and fast answer here - the cheapest method to transfer money internationally will depend on factors like how much you plan to send and where the money is going to.

You’ll be able to check out the options for your specific payment by comparing some providers and banks - to give you a feel, in our comparison earlier, the cheapest option for sending 1,000 CAD to the US was Wise.

If you’d prefer to use a bank, you’d get the best value if you sent with RBC. Compare your options carefully, looking at transfer fees and exchange rates, and how much the recipient will get in the end.

SWIFT transfer fees calculator

As we’ve seen, SWIFT fees can be pretty hard to predict, and you may not know until your payment has been processed how much will be deducted as intermediary charges.

Money-transfer providers like Wise offer a fee calculator on their website and in their app, which can help you see the full costs of your transfer as well as how much the recipient will get in the end.

Because there’s no fee added to the exchange rate you’re given, all of the costs of processing your payment are shown separately for transparency and to help you compare your options.

Conclusion

Sending a payment overseas with your bank may be convenient and familiar - but it could mean you’re in for higher fees and a worse exchange rate, compared with a specialist service like Wise or OFX.

Before you start to arrange your payment, compare a few alternative options on the Exiap price calculator. You might be surprised at how much you can save.

Useful resources:

• Wise – Official homepage for international accounts and money transfers in Canada

• OFX – Global money transfer solutions and Global Business account

• Remitly – Online remittance services for sending money globally from Canada

• RBC International Money Transfer – Fees and information for outgoing international money transfers

• Scotiabank International Transfers – Pricing details and information for international payments