How to transfer money internationally
There are several ways to transfer money to and from Canada. Here are some popular ways to do so:
- Bank wire transfers: Most major banks and credit unions in Canada offer international wire transfer services. You’ll need the recipient’s bank account details, including their International Bank Account Number (IBAN) or equivalent, and the bank’s SWIFT code, also known as the Bank Identifier Code.
- Online money transfer services: These platforms can offer more competitive exchange rates and lower fees than banks. Some examples of these are Wise, Paypal/Xoom, and Remitly. You can check the exchange rates offered by these platforms and compare them to some of Canada’s larger banks. This is my preferred method to transfer money, as it is often significantly cheaper and quicker than other options.
- Money transfer operators (MTOs): These companies provide money transfer services, but don’t require the sender or recipient to have a bank account. Some examples are Western Union and Moneygram. Companies that offer this service usually have higher fees than other options on this list.
- Cheques and money orders: These methods are more traditional ways of sending money internationally, but they also tend to take longer than some of the other options on this list. These documents can be purchased at banks or post offices and sent anywhere in the world.
- Prepaid debit cards: These can be loaded with funds and used internationally. Some providers might offer better exchange rates and lower fees than traditional methods of transferring money.