International Money Transfer Limits: Complete Guide 2025

Sending money overseas is something many of us need to do frequently. Whether it’s to pay a bill abroad, as a gift to an international friend, or as a remittance home, there are plenty of reasons you may find yourself making an overseas money transfer.

But is there a limit to how much you can send overseas? How does it work if you need to send a high value payment, or if you need to frequently make overseas transfers?

This guide shows you everything you need to know about the maximum amounts for international money transfer imposed by the most used banks in Canada, how you can increase those limits, and some providers that offer more convenient and cheaper ways to send large amounts of money abroad, like OFX, Remitly and Wise.

Quick summary: International money transfer limits

Here are most frequently asked questions about wire transfer limits:

Which providers have the highest limits to transfer money abroad?

Let’s get right into the important stuff, with an overview of the international money transfer limits for some of the biggest Canadian banks, and a few specialist providers. We’ll look at your options for sending high value payments overseas – including some smart ways to cut your costs and get a better exchange rate – in just a moment.

*Information correct at the time of writing - 24th January, 2025

As you can see, Canadian banks may have fairly low limits on the amount of money you can send online or in the bank’s mobile app. For higher value transfers you may be asked to visit a branch. While that can give you peace of mind when sending a high value transfer, it also usually means far higher fees and a more complicated transfer process.

Let’s see how that compares with the specialist services we picked out:

• Remitly Review: Remitly has an upper limit of 15,000 CAD for verified customers, with transfers to a good range of countries, with payout options including cash collection and home delivery

• Wise Review: Wise limits are set per transfer, but there is no limit when sending CAD to your recipient’s bank via a bank transfer and you can send up to 1.5 million CAD by wire transfer. With Wise you’ll also get the mid-market exchange rate, and can even qualify for volume discounts on fees when you send a large payment, or send frequent transfers

• OFX Review: OFX does not apply its own limits to transfers around the world. However, it notes that there may be limits, particularly when the currencies involved are not freely traded, which are out of OFX control

How much money can you transfer internationally?

There isn’t a specific law that states how much money you can send or receive internationally. The amount you send will depend on your provider and the destination and financial institutions, and money transfer providers often impose their own daily transaction limits, which can vary significantly.

Some providers may have a limit of $3,000 per day, while others may have no set limit at all. Additionally, any international transfers that exceed $10,000 must be reported by the bank or financial provider to comply with regulatory requirements and prevent fraud and other illegal activities. The same rule applies for transfers coming into Canada from abroad.

The different types of international transfers and sending limits

So what makes the difference to the amount of money you can send – either with your bank or a specialist provider? In some cases, the destination and the way you’re setting up your transfer matter. Other factors can include the type of account you hold – personal or business, standard or premier, for example. Finally, the type of payment you’re making can also mean differing limits. Here’s a look at some of the typical limits you’ll run into when making an international money transfer from Canada.

International wire transfer (SWIFT) limits – online

When you send a high value payment overseas, the bank or provider which processes the transfer is obliged to check that the payment is legal and fulfills financial legislation requirements both in Canada and in the destination country. That may mean checking the source of funds or getting more details about the reason for the transfer.

Banks may not be as well set up to handle high value transfers – with the added paperwork and process requirements – online. As such, the limits for sending an international wire online with a regular bank can seem pretty low. Instead, to send a high value transfer you may be asked to visit a branch – which is more hassle, and can come with higher fees.

Online specialist services tend to be better placed to verify payments and go through compliance checks digitally, allowing them to offer higher value transfers online. That can mean higher limits, and a more streamlined service when sending higher value transfers.

Here’s a rundown of the online limits from the banks and providers we looked at earlier:

*Information correct at the time of writing - 24th January, 2025

In branch SWIFT transfer limits

If you’re sending your SWIFT or wire transfer in a branch you might find there’s a far higher limit compared to making your transfer online. The exact options open to you will depend on the specific bank and the account type you hold. However, one downside to this is that heading to a bank is more time consuming than setting up a payment online – and often can mean higher transfer fees, too. That’s simply because it takes more time for the in-branch service team to handle your request – which means more costs which they often pass on to the customer through higher fees.

Specialist services like Wise and OFX have no branches, but do offer high value – or even unlimited – payments online and in-app, with all legal processes and verification checks carried out digitally.

Best ways to transfer large sums of money abroad

If you’re sending a high value international transfer you may be wondering how to make sure your payment goes through smoothly. Here are a few things to do in advance to make sure your payment is hassle free:

• Check your own bank’s payment limits, which can vary depending on how you set up your transfer

• Ask your bank, or the provider you’re using, if any verification checks are required to process your payment – you may need proof of the source of funds, for example

• Make sure your provider account is fully verified, by providing all required ID documents before you start to make your transfer

• Double check you have all the details needed for your recipient, including their full name, bank account number, and any country specific information like a routing number for transfers to Canada

Before you set up your international payment with your regular bank, have a look to see if a specialist service can help with an easier online experience and lower overall costs. Here are a few to check out:

• Remitly: Send up to 15,000 CAD per day with a fully verified account – funds can be collected in cash or deposited to the recipient’s own bank

• Wise: No limits when sending CAD to a recipient's bank via bank transfer and up to 1.5 million CAD by online bill payment and wire transfer, plus volume discounts on fees, for high value and frequent transfers..

• OFX: No OFX limits on transfers – you’ll also be able to talk through your payment on the phone with a broker 24/7

• Xe: Send up to 560,000 CAD or sending currency equivalent in one single transfer for deposit to a bank account

• WorldRemit: Send up to 40,000 CAD in any 24 hour period or 4,000 CAD per transaction, and pay by card, Apple Pay or Interac from Canada.

How to increase the limit of your international transfers

Need to send a higher value transfer? Usually you’ll find you have a few options.

• Some banks allow you to increase your transfer limit for online payments by visiting a branch

• You can often send more with a bank by arranging your transfer in a branch, although this may mean a higher fee compared to their online service

• If you have a specific need to make a high value payment – buying a house for example – your bank may be able to support you on a case by case basis – ask directly to see if they can help

• Some online providers like Wise offer multi-currency accounts, which allow you to send international payments easily – and often with higher limits compared to other transfer types

Maximum money transfer limits without taxes applied

When sending or receiving any money internationally, it’s important to understand the tax implications to avoid penalties and other significant consequences.

Canada doesn’t place limits on the amount of money you can send or receive internationally, but transactions of $10,000 or more are tracked by the Canadian government and reported to FINTRAC to prevent money laundering and other financial crimes.

Canada also doesn’t have a gift tax, compared to countries like the US, meaning there’s no limit on the amount of money you can receive as a gift or send as a gift to loved ones and acquaintances.

However, resident taxpayers must report and include all the income earned from foreign property to the CRA (Canadian Revenue Agency), regardless of the cost amount of the foreign property.

If the amount exceeds $100,000, you’ll also need to file the Form T1135.

International wire transfer regulations

International wire transfer regulations are put in place to ensure that transactions are lawful, preventing fraud, money laundering, and the funding of illegal activities. To verify if a money transfer provider is regulated, look for authorization by the relevant country’s regulatory body, which you can usually find on their website.

Regulations may require documentation, such as proof of identity, the source of your funds, and the purpose of the transfer, and high-value transfers usually demand more rigorous checks. These rules vary by country but generally include verification of payment purpose, sender-receiver relationship, and the source of funds.

Regulations to send international transfers from Canada

When you’re sending money out of Canada, the bank or service which processes your transfer is legally required to adhere to regulations designed to prevent money laundering and deter illicit activities..

As a result, any electronic funds transfer of $10,000 CAD or more in a single transaction, whether outgoing or incoming, must be reported to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

You might be asked for further documents to support your transfer, such as receipts or proof of the source of the funds, for example. Banks will also carry out checks on customers who may be trying to break down transfers into smaller payments to avoid detection. This is all to avoid fraud and to make sure that funds aren’t being transferred for illegal purposes.

Don’t forget, also, if you hold foreign property with a total cost of more than $100,000 CAD, you must report it to the Canada Revenue Agency (CRA) using Form T1135 - Foreign Income Verification Statement.

In the end, the rules which apply can vary based on the specific payment type and value – check relevant authorities websites for the best up-to-date information.

Rules for receiving money from overseas

When receiving money from overseas in Canada, it’s important to be aware of certain rules and regulations. For transactions over $10,000, the transfer must be reported to FINTRAC to comply with the country’s financial regulations. If the money received is a gift or inheritance, you are generally not required to pay income tax on it in Canada.

Additionally, you’ll want to make sure that your funds are transferred through regulated financial institutions to avoid any legal issues and keep your money safe. Proper documentation, including proof of the transfer’s purpose and source, may also be required.

If I receive money from overseas is it taxable in Canada?

Receiving money from abroad in Canada is generally not taxable if it is a gift, inheritance or other non-income source. However, if the funds represent income—such as wages, rental income or investment returns—you must report it on your Canadian tax return and pay any applicable taxes.

 Additionally, if you hold foreign property worth more than $100,000 CAD, you will have to disclose it to the Canada Revenue Agency (CRA) using Form T1135 – Foreign Income Verification Statement.

How much can you wire transfer without reporting to FINTRAC?

When wiring money, FINTRAC doesn’t impose specific limits on the amounts you can transfer, but financial institutions must report any transactions over $10,000 in order to prevent fraud.

What happens when you transfer over $10,000?

When you transfer more than $10,000 internationally, whether from Canada to another country or vice versa, financial institutions are required to report the transaction to FINTRAC and the Canadian tax authorities.

Although Canada doesn’t place any official limits on how much can be transferred, this reporting takes place to prevent money laundering and other potential financial crimes.

Do banks report cash deposits in Canada?

Canadian banks are also required to report cash deposits of $10,000 CAD or more to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This includes a single transaction or multiple cash deposits totaling $10,000 CAD or more within a 24-hour period.

The report must include details such as the depositor’s identity, the amount, and the source of the funds.

Conclusion: Is there a limit on international money transfers?

There’s not a legal limit to the amount of money you can send internationally. However, banks and providers do set their own limits which vary based on where you’re sending money to and how you want to set up your international transfer.

Generally, online payment limits with banks can be on the low side –$6,500 per transaction every 24 hours for TD Bank and 10,000 CAD per day for Scotiabank for example. However, you can usually send more by visiting a branch – and paying a higher fee.

Specialist online services can often offer higher value online transfers, which come with transparent fees and fairly low overall costs compared to banks.

• Wise, for example, has payment limits of up to 1.5 million CAD by online bill payment and wire transfer.

• OFX has no limits at all, aside from those which are imposed by law in the US or the destination country.

Check out the options for a few specialist services before you make your international transfer, to see if you can get a lower fee and an easier end to end payment process.

International money transfer limits FAQs

Which bank has the highest limits to transfer money abroad?

Most banks have lower limits when sending payments online, but can offer higher value transfers in a branch. The downside is that this may mean higher fees. As an alternative check out Wise for no limits when sending CAD to a recipient's bank via bank transfer and up to 1.5 million CAD by online bill payment and wire transfer – or Remitly for transfers of up to 15,000 CAD which can be collected in cash in the recipient’s location.

What is the limit for international wire transfers?

There’s no legal limit for international wire transfers, but banks and specialist services do impose their own limits – and some currencies also have legal limits set by local laws in the destination country. Check with your bank or preferred provider to see the limits applied to your specific transfer.

What is the maximum transfer limit per day?

Maximum transfer limits vary widely between banks and providers, and may include daily, monthly or 6 monthly limits. Check in your online banking service, or in the provider’s app, to see the limits which apply to your specific account.

How can I increase my bank transfer limit?

You’ll usually be able to view your bank transfer limit in your online banking service, and raise it by calling or visiting the bank in person.

Do Canadian banks report to the IRS?

Under the IGA (Intergovernmental Agreement) between Canada and the United States for the Foreign Account Tax Compliance Act (FATCA), Canadian financial institutions do not report directly to the IRS. Instead, they provide information about accounts held by U.S. persons, such as U.S. citizens and Green Card holders, to the Canada Revenue Agency (CRA). The CRA then shares this information with the IRS.