Is Cash App unavailable in Canada? Here are some alternatives
While Cash App is unavailable in Canada, there are alternatives which can replace Cash App and do even more! These include Wise which helps you avoid high fees
Can you send online wire transfers in Canada?
In Canada, online wire transfers are somewhat limited. Most Canadian banks typically facilitate wire transfers at a physical branch. This can be particularly challenging for those with time constraints or living in remote areas.
Fortunately, online alternatives to traditional wire transfers have become increasingly popular. Wondering how to wire money online? This guide aims to provide insights into online alternatives to bank wire transfers, including a comprehensive look at how Wise offers a seamless way to send money online in Canada and internationally.
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Is It possible to send wire transfers online from a Canadian bank?
While it is possible to send wire transfers online, it is rare to find a bank that will let you do so. Here are the offerings from three of Canada’s most popular banks:
| Bank | Type Of Wire Transfers Offered |
|---|---|
| CIBC | At the branch¹ |
| Scotiabank | Online transfers for business accounts only; At the branch for all users² |
| RBC | At the branch³ |
What are the online alternatives proposed by Canadian banks?
The three banks above luckily have a few alternative options to wire transfers that can be completed online. However, these options have strict transfer limits:
| Bank | Alternative To Online Wire Transfers | Transfer Limits Per Transaction |
|---|---|---|
| CIBC | CIBC Global Money Transfer , Simplii Global Money Transfer | $2,000-$75,000 depending on the transfer method and account⁴ |
| Scotiabank | Scotia International Money Transfer | $10,000⁵ |
| RBC | RBC International Money Transfer | Up to $50,000⁶ |
Make the most of your money transfers with Wise
Designed for individuals and businesses looking to move money across borders with ease, Wise offers several key advantages that can help you make the most of your transfers.
One of the most compelling features of Wise is its use of the mid-market exchange rate. This rate is the midpoint between the buy and sell prices of two currencies on the global forex markets, and it does not include any hidden markup. By using the mid-market rate, Wise ensures that you get the fairest possible deal, maximizing the value of your money transfer.
Wise believes in transparent and minimal fees, starting at just 0.33%*. This stands in stark contrast to the higher fees typically charged by traditional banks for wire transfers. Wise operates on a pay-as-you-go pricing model, meaning you only pay for the services you use without any monthly maintenance fees.
With Wise, you can send money to more than 160 countries around the world, making it a versatile choice for an online international wire transfer.
Whether you're conducting business abroad, supporting family in different countries, or simply travelling, Wise enables you to manage your finances seamlessly across borders.
Free transfers within Wise: One of the standout features of Wise is that it's free to send money between Wise accounts in the same currency.
What are other means of transferring large amounts online?
There are a few other popular options that Canadians use for transferring large amounts of money online. One of the most popular is PayPal.
You can send up to USD 60,000 with a PayPal transaction, but the amount can also be limited to USD 10,000.⁷ If you’re sending money with PayPal using PayPal balance or your bank account, you might want to make note of the fees you would pay:
| Destination Region | Fees⁸ |
|---|---|
| Domestic | No fee |
| Europe and the US | 2.99 CAD |
| Other regions | 4.99 CAD |
The currency conversion fees you pay with PayPal are:
| Currency | Conversion Fees⁸ |
|---|---|
| CAD | 4% |
| USD | 4% |
| Other currencies | 4% |
To sum it up
While traditional bank wire transfers remain a viable option, they often come with inconveniences such as higher fees and the requirement to visit a physical branch. In contrast, Wise offers a modern solution that takes the hassle out of international money transfers.
Whether you are looking to support family abroad, manage international business transactions, or simply enjoy the freedom to move money globally with ease, Wise provides a transparent, cost-effective, and user-friendly platform to meet your needs.
Sources
- CIBC Wire transfers
- Scotiabank Wire payments
- RBC Wire transfers
- CIBC Global money transfers
- Scotiabank Money transfers
- RBC International money transfers
- PayPal FAQ
- PayPal Fees
Sources verified on 18 September 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.
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