Wire transfers with Simplii Financial: Your complete guide
Need to send secure transfers? We'll look at how to do this with Simplii, along with an alternative that makes this process a lot easier
A closer look at international coverage in Canadian banks
Canadian banks allow you to send and receive money abroad, including digital transfers to various countries. Let’s take a closer look at some international banks in Canada, including how much it costs to make a global money transfer.
We’ll also introduce Wise as a cost-effective alternative for international money transfers. Send money to over 150 countries, all at the mid-market exchange rate.
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Which Canadian banks have the best international coverage?
Canadian bank accounts let you send money overseas, make online global purchases, or transfer funds to family abroad.
For example, you can use BMO® Global Money Transfer to send money to up to 50 countries using BMO online banking or the BMO mobile app.¹
You can also use RBC® online or mobile banking to send up to 50,000 CAD in more than 200 global locations.²
Here’s an overview of popular Canadian banks, including the number of countries covered at each institution.
It’s important to note that when sending money internationally, there are limits for your account. To see those limits, you can check your bank’s mobile app. Alternatively, if you need to send more than your limit you will have to go in person to the bank and get them to send a wire.
| Bank | Number of countries covered |
|---|---|
| BMO | 50 countries¹ |
| RBC | More than 200 countries² |
| CIBC® | More than 130 countries³ |
| Scotiabank® | 20 countries⁴ |
| Desjardins® | 225 destinations available through AccèsD, the bank’s international transfer platform⁶ |
What are the fees to pay for transferring money with these banks?
There are a few fees for international money transfers. These costs can add up if you need to make regular payments abroad.
Your bank may charge a foreign transaction fee. This is typically added to your transfer as a percentage of the transaction or as a flat fee. If the bank needs to convert your Canadian dollars into foreign currency, you may also pay an exchange rate markup for your transaction.
All banks charge for currency conversion, but many providers add a markup to the standard mid-market exchange rate. Known as an exchange rate “spread”, this is how your bank makes a profit. However, it can add a significant charge to your global transfer.
Let’s take a look at how much it costs to send a transfer with some international banks in Canada.
| Bank | International transfer fees | Exchange rate and/or markup |
|---|---|---|
| BMO | 5 CAD flat fee per international transfer and up to 50 CAD at the branch This fee is waived for transfers to BMO in the US¹ | BMO sets its own exchange rates – the bank may add a markup There’s a difference or “spread” between the bank’s buy and sell rate for foreign currencies. You may not know how much your transfer will cost until you come to send it⁷ |
| RBC | No transfer fee – intermediary or receiving bank fees may apply² | RBC uses a retail exchange rate – this is different from the standard rate you might see online and it may include a currency conversion markup⁸ For example, RBC’s CAD to USD exchange rate* is 1000 CAD = 695.56 USD⁸ |
| CIBC | No transfer fee – foreign exchange rate costs apply³ | CIBC sets its own exchange rates – the provider makes a profit from an exchange rate spread You may not know exactly how much it costs to convert currencies until you come to make your transfer⁹ |
| Scotiabank | 1.99 CAD per Scotia International Money transfer Fee waived if you’re an Ultimate Package or New to Canada customer⁴ | Scotiabank sets its own exchange rates – these may fluctuate You may not know exactly how much your foreign currency conversion will cost until you come to send your transfer¹⁰ |
| Desjardins | It depends on the type of transfer you want to send – and where you want to transfer your money Fees typically range between 4 CAD and 15 CAD¹¹ | Desjardins uses the real-time market rate for currency exchanges on business days between 7:30 am and 5:00 pm Outside these times, the bank adds an exchange rate spread between foreign currency buy and sell rates to make a profit from your transfer⁶ For example, Desjardins’ CAD to USD exchange rate * is 1000 CAD = 692.28 USD¹² |
* Exchange rates as of 5 December 2024 at 4:46 am (EST)
Meet Wise: an international alternative to banks
Use Wise to send stress-free international transfers to over 150 countries – all from just one digital account!
Unlike other banks and money transfer providers, Wise uses the mid-market exchange rate for all foreign transactions. This is the fairest exchange rate out there – no markups or added fees. You’ll only pay for what you spend. Sounds fair, right?
Use your Wise account to:
- hold money in over 40 currencies
- transfer up to 1.5 million CAD by wire transfer
- get account details in 10 local currencies, including CAD, EUR, USD and JPY
You won’t pay monthly or annual subscription fees for your Wise account – and Wise uses transparent pay-as-you-go pricing for all your foreign-currency transfers.
Send money from just 0.48%* per transfer, or receive money in 23 local currencies for free. You can even use Wise’s pricing calculator to work out exactly how much your transfer will cost before you come to send it.
Wise has a 4.3 Trustpilot® Canada rating, with customers highlighting its transparency, speed, and global flexibility¹³
Whether you’re sending money to the US or paying for groceries in France, use Wise to make low-cost transfers across the world.
It’s easy to send money overseas. You can set up a transfer with an international bank or use a digital platform like Wise to make payments in multiple currencies. However, you’ll need to look into any foreign transaction fees or exchange rate costs. Global transfers can get expensive, especially if you need to convert currencies for your transaction.
To send, spend and receive your money around the globe – all at the mid-market exchange rate – check out Wise.
Sources:
Sources verified on 12 December 2024*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
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