International Money Transfer: Best Ways To Send Money Internationally (2024)

While there are many ways to send money, we chose three top-performing companies that offer useful features for different needs.

Wise – Best Overall

A Wise account is a borderless digital bank account that supports more than 50 currencies. You can open multi-currency accounts without leaving the house, making it easy to convert, send, receive and spend funds. Wise converts currencies at a favourable rate, charging only a small fee. You’ll also receive a Wise debit card to streamline foreign purchases.

Western Union – Best for Sending Cash

Western Union makes it possible to send cash abroad. This is especially useful in the case of countries that have unstable or isolated banking systems, making depositing funds at an institution difficult. Western Union has a global branch network that enables cash pickup. Simply send funds online, and the receiving party can pick up domestic cash from a local agent.

Simplii Financial – Best for No-Fee Large International Transactions

Simplii Financial’s Global Money Transfer service offers a $75,000 CAD daily limit with no transfer fees. When paired with their Foreign Currency Savings Accounts, you can maintain balances in U.S. dollars, euros, yuan, Indian rupees, Philippine pesos and UK pounds without monthly fees or deposit requirements. By sending currency from a matching account, you can avoid currency conversions and transfer fees.

Wise

Wise is a one-stop shop for borderless banking. The platform enables international payments with low fees. Furthermore, Wise’s features extend to receiving, holding and spending across multi-currency accounts.

With one click, you can open a balance in a specific currency and convert it to another currency as desired. However, the functionality changes across currencies. For example, some currencies are only eligible to send – you can’t hold a balance or receive payments in those currencies. Having other currencies allows the exchange of Wise account information, making receiving funds from foreign institutions possible. Wise’s exchange rates are are also consistently better than the ‘Big Six’ banks.

Furthermore, Wise includes its own debit card, the “Wise card”, to which funds can be added in various ways. The card automatically converts currencies or deducts from the relevant balance. However, the Wise Card is available only to Wise account holders who are residents of the following countries:

• Canada
• Australia
• Brazil
• EEA (European Economic Area)
• Japan
• Malaysia
• New Zealand
• Philippines
• Singapore
• Switzerland
• UK

How it works: To begin, you’ll need a free Wise account. You can then send international payments from your Wise balance or a linked payment option. Enter the receiving party’s details, currency and desired deposit method as usual. Before sending, Wise confirms a clear exchange rate, cost and delivery timeline. You can track payments in your account.

Payment options: Direct debit (EFT), online bill payment, debit card, credit card, Apple Pay, Google Pay, wire transfer, Interac e-Transfer.

Fees: No monthly account fee; converting currencies and sending money is subject to a fee of at least 0.35%; ATM withdrawals of up to $350 CAD per month are free, while anything over that is subject to a 1.75% fee, plus $1.50 CAD per withdrawal; topping up e-wallets incurs a 2% fee; up to $10 CAD fee for receiving particular payment methods.

Speed: Commonly, same-day transfers, though it can take longer. Wise displays an expected delivery timeline before confirming your payment.

Transaction limits: When sending from CAD, the limits vary by transaction type: $9,500 daily, $30,000 weekly by direct debit; $3,000 by debit or credit card; $1.5 million by online bill payment and wire transfer; $25,000 by Interac e-Transfer.

Western Union

Founded in 1851, Western Union has vast experience with international transactions. They’ve built a robust network, enabling Canadian payments to over 200 countries and territories.

While it offers many ways to send and receive money, Western Union shines with cash transactions. Notably, you can send cash abroad for pickup in minutes. The receiving party simply visits a local agent, shows identification and receives their cash.

Beyond sending funds to family members, Western Union can be useful for travellers; in some destinations cash may be more commonly used than cards, or you could lose access to your cards. In these situations, you can use Western Union to send yourself cash online from your Canadian payment option – a nifty travel hack.

How it works: You can send money through an app, online or in-store. During the transfer process, you select from various payment and delivery options. Before sending, Western Union will confirm a clear exchange rate, cost and delivery timeline.

Both parties can track your transfer online using a Money Transfer Control Number (MTCN). The receiving party must present this number and a valid ID for cash pick-up.

Payment options: Bank account, credit cards, debit cards and Google Pay (no extra fee). Cash in-store ($7 CAD fee).

Fees: Western Union makes money from transfer fees and exchange rates. Their fees vary across currencies and transfer methods, though you’ll receive a quote before sending. For example, Western Union charges a $3.99 fee to send $100 CAD by debit card to cash pickup in India.

Speed: Receivers can get cash transfers within minutes of sending, but international transfers can take a few business days.

Transaction limits: The limits vary across countries and transfer methods. For example, when sending money from India, Pakistan and China, those countries all have a $5,000 transaction limit when people who live there send money using a debit card to a foreign bank account.

Simplii Financial Global Money Transfer and Foreign Currency Savings Accounts

Simplii Financial shines with a $75,000 CAD daily transfer limit and no transfer fees. It is especially powerful when partnered with their Foreign Currency Savings Accounts. The savings accounts can be opened in U.S. dollar, yuan, euro, Indian rupee, Philippine peso and UK pound, without monthly fees or deposit requirements. You can maintain a balance in these accounts and send it abroad without currency conversion or transfer fees.

Simplii’s Global Money Transfer supports payments to over 130 countries. The service itself doesn’t charge transfer fees or deductions. However, currencies will be converted at Simplii’s exchange rate. You can avoid conversions by sending the same currency from a matching account.

How it works: You must have a Simplii Financial account to use Global Money Transfer, but signing up is free. Sending funds is possible with an eligible Simplii Financial payment option. You can transact via bank transfer, MoneyGram cash pickup, select digital wallets, or a Visa card. Payments to China can be received using Alipay or UnionPay.

Payment options: Exclusively from Simplii Financial Products, including the No-Fee Chequing Account, a Personal Line of Credit, a Secured Line of Credit, the USD Savings Account, the Foreign Currency Savings Accounts and the Simplii Financial Cash Back Visa Card.

Fees: No transfer fees or deductions apply. Foreign exchange rates are applicable, though avoidable, when sending from a Foreign Currency Savings Account.

Speed: One to three business days

Transaction limits: Maximum $75,000 CAD per 24 hours. China payments have further restrictions, with a maximum of $3,000 CAD per transaction or $30,000 CAD per 24 hours.

Each transfer service provides clear instructions on how to send money internationally. But they generally follow the same process.

1. Register or Sign In

Select the best international money transfer platform for your needs and create an account. To verify your identity, provide your driver’s license, passport, or other government-issued ID.

2. Provide the Recipient’s Details

Enter the name and banking details of the receiving party. You can also select how they’ll receive the deposit – commonly by bank transfer or cash pickup. If your recipient needs to pick up the money, select the location. Ensure you provide the recipient’s name exactly as it appears on their government ID.

3. Choose How Much Money To Send

Select the amount of money you wish to send overseas and the currency your recipient will receive. Most platforms provide a quote during this stage, including transfer fees, exchange rates and delivery speed. To ensure you get competitive rates, you can use our currency converter calculator.

4. Pay for Your Transfer

You can pay for the transfer using your chosen method. Commonly, this includes using a credit card, debit card, or bank transfer. The least expensive option is usually to pay for the transfer from your bank account, while payment by credit card will likely trigger fees.

5. Track Your Funds

Many platforms provide a clear anticipated delivery date before finalizing your transaction. After sending, you can usually track the status of your international money transfer.

Several factors must be considered when determining how to send money internationally with the fewest and lowest fees. Don’t assume your favourite platform is the best option for all your transfers. Fees vary by delivery or payment method, speed and location, so shopping around for each new transfer destination is best.

Using the platform with the best exchange rate ensures your recipient will receive all the money you send them. Depending on the size of your transfer, some services may save you more money. Use the website Monito to compare costs across different companies. You will likely find that one works best for small transfers, while transfers over $2,500 may cost less with a different service.

The best way to send money internationally depends on several factors—where your recipient is and how much money you’re sending. But the following tips can help regardless of which service you use to send money internationally:

• Shop around. Compare upfront fees and exchange rates across a few different companies. Choose the one that offers the services you need for the lowest fees and best exchange rate.
• Revisit your service needs. Compare prices and features often to ensure you’re getting the best deal. Over time, the same service might not always be the best—and cheapest—option.
• Consider how you will pay for the fee. Don’t use a credit card to pay for your transfer except as a last resort. It’s usually the most expensive way to pay.
• Check the delivery time frame. Make sure your chosen service’s delivery timeline works for your recipient. Some transfers happen almost instantly, while others may take several days.
• Track your transfers. Make sure your intended recipient receives their money. Entering incorrect contact or bank information could lead to your money landing in the wrong account.

Disclaimer: Our currency calculator uses Open Exchange API to gather current exchange rates. We pull new rates every five minutes to ensure that the conversion you see is accurate and up to date. However, the rate you see here may not be the same rate that a bank or other financial institution offers you.