Transferring money overseas from Canada is a relatively easy process. Every major bank chain in Canada has departments in place to handle the movement of funds into and out of the country.
The most efficient way to make a money transfer to or from Canada is through the use of a wire transfer. This can be done through your bank if you and your recipient have the same bank, or the bank you are dealing with outside of Canada has a relationship with a bank in Canada that allows transfers. It’s a good idea to use a bank like HSBC, which has branches in many international locations. Fees for wiring money to or from Canada vary, depending on the institution you use, and the level of service you are paying for. Expect fees to start at around $20.
Money Transfer Companies
Another method is to use a money transfer company. In this case, you must locate an agent, pay a fee, and provide the name and location where the recipient would pick up the money on the other end of the transfer. The fee is typically a percentage of the amount of money you are sending (around 5 to 10 percent). The recipient will require a password to prove that the money is intended for him/her. This method is good for one-time transactions.
There are many money transfer companies in Canada. Two of the largest ones are:
Each of these companies has hundreds of locations in Canada. For a complete list of money transfer companies in Canada, click here.
Prepaid Debit Cards
If you need to transfer money regularly, the cheapest way is to use a prepaid debit card, which can be obtained from any major financial institution. This card allows you to add money to the card, either online or by phone, which can then be used by the card holder in a different country. There is a start-up fee when you buy the card and send money, plus a much smaller fee whenever the card is used. Expect to pay $5 to $8 to to start using the card. Transaction fees are usually under a dollar, with slightly larger fees to withdraw cash.