Find the best way to transfer money instantly abroad
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What is the best way to transfer money online instantly?
There's no single best way to transfer money online instantly from Canada - it'll really depend on where you're sending your payment to and your personal preferences. Compare a few different services, looking at the delivery speed, transfer fees, exchange rates and payment options, to pick the perfect match for you.
Providers in the table typically take:
- Wise: Instant-2 Days
- CurrencyFair: 1-3 Days
- OFX: 1-3 Days
- XE: 2-3 days
Sending money from Canada is usually quicker when using a money transfer company instead of a bank. Banks typically take 3-5 working days, whereas the fastest provider in our table, Wise, can do it in Instant-2 Days.
How to instantly transfer money from Canada?
To transfer money instantly abroad you'll need to find a provider which supports your destination country, and which offers fast, modern ways to transfer money. Banks often can't provide this service, which means picking a specialist can be the best option like Wise. Specialist services may offer instant payments for cash collection, or bank deposits which use modern delivery methods, making them faster than old school bank transfers.
When transferring money internationally, follow these steps:
1. Choose a money transfer service - There are many money transfer services available, so do your research and choose the one that is right for you. Some factors to consider include the fees involved, the exchange rate, and the speed of the transfer. You can use our international money transfer provider comparison tool to find the best option for your transfer easily.
2. Create an account with the service - Once you have chosen a money transfer service, create an account by providing your name, email address, and contact information and make sure you submit all required documents as identity checks might take up to several days.
3. Add funds to your account - To send money, you will need to add funds to your account. You can do this by a variety of ways depending on the provider such as using your debit or credit card or bank transfer.
4. Select the recipient of your funds - Once your account is funded, you will need to add the details of the recipient of your funds. The exact details needed will depend on the recipient's country, most commonly you will need their name, address, bank code, account number and telephone number.
5. Enter the amount you want to send - Enter the amount of money you want to send and choose your currency. Most providers will give you a detailed breakdown of what you should expect in terms of costs associated with your transfer.
6. Review your transfer details - Make sure that all the details of your transfer are correct before clicking submit. Once you have submitted your transfer, it cannot be cancelled.
Can you transfer money instantly?
The traditional way of transferring money from Canada is to send through a bank transfer, a wire transfer or an international money order. Most of these methods usually take a few business days to complete, as the money needs to be transferred between banks and then processed.
However in recent years, a new method of sending money has gained popularity, sending money with online money transfer providers. These companies specialise in online transfers and often offer a better exchange rate, lower service fees and most importantly much quicker delivery time. With an online money transfer provider such as Wise or CurrencyFair you can now have your money transferred on the same day to your recipient's bank account.
There are a few things to keep in mind when using an online money transfer service. First, make sure that the service you choose has a good reputation. Also, be sure to compare the fees and exchange rates between different services before you choose one. And finally, be aware that not all services are available in all countries, so check to see if the service you want is available in the destination country.
What factors affect the speed of a money transfer?
The time it takes for a money transfer to be complete depends on a number of factors. Some factors that can influence the speed of a money transfer include:
- The amount you sending
- The countries and currencies involved
- How you pay for your transfer
- Type of account you are sending the money to
- The processing time at each bank or transfer provider
Why could international money transfer be slow sometimes?
Although you may assume that an international bank transfer is immediate, this isn't always the case. Online banking has led people to believe that all transfers are done in real-time, but there are several factors that can contribute to a delay:
Fraud protection - Banks use a variety of methods to protect against fraud when transferring money abroad. One common method is to use a system that authenticates the sender's identity. This system verifies that the sender is who they say they are, and that they are authorized to send the money. Banks may also use software that detects patterns in fraudulent transactions, in order to prevent those transactions from taking place.
Weekends and public holidays - If you need to send a payment urgently, be aware of public holidays in your recipient's country and try to avoid weekends. To ensure timely processing start the payment at the beginning of the week.
Currency Conversion - Money conversions are required for same day money transfers abroad, and this typically means that the process will take more time. Provider Type A might not result in a longer wait time because customers can send the transfer in the recipient's preferred currency at outset.
Payment Method Charges - If you use a credit card to transfer money, your bank may charge additional fees, which could be 1% to 3% of the total cost.
How can you speed up your money transfer from Canada?
Once you've picked the right provider, there are still a few steps you can take to speed up your money transfer - here are a few pointers:
- Make sure your provider offers fast and easy account registration and verification
- Double check the verification documents needed to ensure you have everything ready
- Upload your ID paperwork in advance if you can, so your payment moves faster
- Pay by cash in person, or using a credit or debit card for the fastest transfer
- Check if your provider has an express or instant service, and get a delivery estimate to see when your money will arrive
My transfer is taking longer than expected. What should I do?
You'll usually get a delivery estimate when you set up your payment - if your transfer is taking longer than expected, it could be because of public holidays or working hours in the destination country, delays at the recipient's bank, or because extra verification steps need to take place.
If your money is delayed more than 48 hours past the estimated arrival time it's worth contacting the provider directly to ask for support. When available, try to contact chat or phone support for the fastest response, alternatively most providers should get back to any questions within 1-2 days submitted by email or their contact form.
What is the best instant money transfer app to send money quickly?
Finding the best instant money transfer app for your payment can make it more convenient to transfer money internationally. Most specialist international money transfer services offer an app as well as an online payment process, with in-app transfers arriving at the same time as payments set up online.
See if these options serve your destination country:
- Wise - 4.1 out of 198130 reviews
- CurrencyFair - 4.1 out of 6976 reviews
- OFX - 4.3 out of 6461 reviews
- XE - 4.3 out of 64194 reviews
How can you pay for your instant transfer from Canada?
You have a range of options to fund your international money transfer from various providers. Try to look for ones that accept credit/debit card payments as those tend to be the fastest way for the provider to receive your payment and start the transfer process.
Below are a few payment options for sending money from Canada with these providers:
How to transfer money from bank to bank instantly?
Banks in many countries, or broader regions such as the Eurozone, can sometimes offer instant local money transfers as long as there's no currency conversion required. However, this is typically only available for relatively low value transfers - and not normally an option for international payments.
If you're looking to move money internationally from bank to bank you'll probably find a specialist service that can offer a faster delivery time compared to your normal bank. In fact, some online money transfer service providers, such as Wise in the UK, also support instant and free local transfers between bank accounts, making them well worth a look wherever you need to send money.
How to send money instantly in a safe way from Canada?
International money transfer services are regulated around the world, to make sure they can allow customers to send money instantly in a safe way.
Make sure the provider you pick is licensed, with a good reputation and strong customer reviews. Our international money transfer page offers provider reviews and comparisons - and only features trusted payment services which are fully regulated and safe to use.
Here at Exiap, we only compare the most reliable providers. Out of the top 4 that we found for your transfer, these are how they rank in terms of number of reviews and average score on Trustpilot:
- XE: 64,194 reviews, rated 4.3/5 on Trustpilot
- OFX: 6,461 reviews, rated 4.3/5 on Trustpilot
- CurrencyFair: 6,976 reviews, rated 4.1/5 on Trustpilot
- Wise: 198,130 reviews, rated 4.1/5 on Trustpilot
In today's world it's possible to send money instantly but your ability to do so will depend on a large variety of factors. The most important factors being what provider you end up sending your money with, how much you are sending, where you are sending it and if you can do ID verification in advance. If you want to make sure that you choose the right provider for your transfer, make sure you compare the best instant money transfer providers with our comparison tool.
Looking for more expert advice on sending money internationally?
Looking for the best way to send money abroad? Use our 2023 guide to become an expert in transferring money.
You now have more choice than ever before when it comes to sending money internationally.
By sending money online, you could save time and money compared to relying on your bank.
The best way to send money back to the Canada depends on the individual, find the best one for you.
FAQ About instant international money transfers
An instant transfer is when money is transferred from one account to another without having to wait for the normal processing time. This can be done through a variety of methods, including online and mobile banking. For international transfers this is mostly available with online transfer providers such as Wise or CurrencyFair .
There are a few ways to send money abroad instantly. One way is to use a money transfer service like Wise or CurrencyFair. These services allow you to send money online or in person to a recipient in another country. Another way to send money abroad instantly is by using a foreign exchange broker. These brokers allow you to buy and sell foreign currencies, and they can often do so faster than traditional banks.
International money transfers used to take days, sometimes weeks, to complete. But now, thanks to advances in technology and the use of the internet, many international transfers can arrive almost the same day.
If the recipient bank has already accepted a wire transfer, it's most likely irreversible. Notwithstanding, there are conditions that would enable you to qualify for a wire transfer reversal.
Such as: Your bank made an error with the recipient's account number, the amount of money the recipient received is more than what you intended to send or the wire transfer was duplicated.
While it may be possible to send money from a bank account without verification, the verification process is there for your own protection. However, there may be times when you need or want to send money without verifying first. A few example providers that don’t usually ask for verification are Paypal, Cash App or Venmo.
Wire transfers are a secure and rapid way to exchange funds between banks, no matter your location. They can be used to send or receive money electronically. International wire transfers may take from 2 to 5 business days as a general timeline.
Unfortunately, it’s rarely possible to send money abroad without any fee. A few providers offer a couple of free transfers for new customers but even then extra fees might be hidden within the exchange rate itself. It’s important to check other providers' offers before sending money abroad which you can do easily with our comparison tool.
Typically, banks can take up to 3-5 working days when transferring money from Canada. The fastest provider in our table to transfer money is Wise Instant-2 Days, which takes a substantially shorter amount of time.