Transferring your savings internationally is a big decision, and it’s not easy.

Koala. Sending savings from Australia to CanadaIf you’ve had enough of the snow capped mountains in Canada and trading them in for the sunny beaches of the Australian Coastline. If you are making the move, it’s a big decision financially and working out what to do with your savings can be the biggest part of it.

Before jumping in and transferring all your money from Canada to Australia, it’s important that you’re aware of all your options so you make an informed choice. We’ve created this guide to help you do just that, and determine the best ways to transfer your money internationally.
This guide will cover:

  • Reasons you’re deciding to transfer your money overseas.
  • Currency exchange and how international transfers work.
  • The importance of getting the best deal.
  • Typical fees and commissions for transferring savings overseas.
  • The difference between banks and currency exchange providers.
  • Dedicated currency exchange providers and the services they offer.
  • How to use a currency provider to transfer your savings from Canada to Australia.
  • What to do with any money you leave in Canada.
  • Tips and tricks.

Read on to find out the way we think is best for dealing with your savings in another country.


How to Find the Cheapest Way to Transfer Money From Canada to Australia

Compare The Total Cost

The total cost of the transfer comes down to 2 things:

Money transfer fees

1. Transfer Fees

Every Australian bank and money transfer company will charge you a different fee to send money overseas. Usually it’s between $10 and $32.

Exchange rate margin fees

2. Exchange Rate Margin

There is no “standard” exchange rate. Each bank will offer you a different exchange rate based on the currency you want to send overseas and the amount you need to send.

Provider Exchange
Total (AUD) Rates last updated September 22 2018
TransferwiseRead Review 0.9419 $54.08 1-2 Days $10,670.92Lowest Cost Option Go to site Read Review
So, sending CAD 10,000 to Canada at an exchange rate of 0.9419 will cost you $10,670.92 which includes a fee of $54.08

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review


  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products


  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

HIFXRead Review 0.9362 $0.00 2-3 Days $10,680.92$10.00 more expensive Go to site Read Review
So, sending CAD 10,000 to Canada at an exchange rate of 0.9362 will cost you $10,680.92 with no fees.

About HiFX

HiFX are one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and recently acquired They are particularly useful for individuals doing regular transfers overseas. HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment. Locally, HiFX have Australian offices in Sydney, Melbourne and are expanding to the remaining capital cities. Click here to read the full review


  • Fantastic bank - beating exchange rates
  • Low fees for transactions less than $10, 000
  • No fees for transactions of $10, 000 or more
  • High security transfers regulated by ASIC and FMA
  • Fast and easy for personal or business accounts


  • Only electronic bank transfers accepted
  • Limited exotic currencies
WorldRemitRead Review 0.9316 $3.99 1-2 Days $10,738.56$67.64 more expensive Go to site Read Review
So, sending CAD 10,000 to Canada at an exchange rate of 0.9316 will cost you $10,738.56 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review


  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount


  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead Review 0.9226 $0.00 1-3 Days $10,838.93$168.01 more expensive Go to site Read Review
So, sending CAD 10,000 to Canada at an exchange rate of 0.9226 will cost you $10,838.93 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.


  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service


  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers

ANZRead Review 0.9078 $0.00 1-2 Days $11,015.64$344.72 more expensive Go to site Read Review
So, sending CAD 10,000 to Canada at an exchange rate of 0.9078 will cost you $11,015.64 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.


  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking


  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available

Commonwealth BankRead Review 0.8874 $12.00 1-2 Days $11,280.88$609.96 more expensive Go to site Read Review
So, sending CAD 10,000 to Canada at an exchange rate of 0.8874 will cost you $11,280.88 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.


  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions


  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates

WestpacRead Review 0.8862 $10.00 1-2 Days $11,294.13$623.21 more expensive Go to site Read Review
So, sending CAD 10,000 to Canada at an exchange rate of 0.8862 will cost you $11,294.13 which includes a fee of $10.00
Westpac is one of the big four banks in Australia offers speedy and secure transfers.


  • Fast payment processing times
  • Secure transfers


  • Must be Westpac account holder
  • $20 fee for transfers via Internet or phone banking
  • $32 fee for transfers at an ANZ branch
  • Poor exchange rates


Why Are You Transferring Your Life Savings From Canada to Australia?

There are so many reasons that you could be making the journey to sunny Australia from scenic Canada,

  • You might be looking to study abroad and are going to continue your education overseas.
  • Maybe you want a change of scenery and are heading for the sunny beaches along the Australian coast.
  • You might have a new work opportunity, maybe your company is expanding overseas.
  • Maybe you’ve just retired and want a big change to welcome this new stage of your life.

Whatever the reason, we want to help you make the most of this big new adventure on the other side of the world and help you have the financial backing to do it.


sending savings from canada to australiaHow Currency Exchange and Money Transfer Works

When you’re transferring your money internationally, it will involve converting it from one currency into another. In this instance, you’ll be exchanging from Canadian dollars to Australian Dollars. International transfers rely on a universally agreed upon exchange rate as the baseline. From here, it is calculated exactly how much will be converted into Australian Dollars. This will be dependent on the amount you’re transferring.
A number of Canadian dollars you get will be subject to certain fees certain fees and exchange rate commissions which will determine how many Australian dollars you receive. This depends on several important factors:

  • The prevailing, interbank, baseline exchange rate between CAD and AUD.
  • The amount that you’re planning to transfer.
  • How you plan to pay for your transfer (typically via bank transfer or debit card).
  • The difference between the baseline exchange rate and the exchange rate you are offered by the provider you use.
  • How you will be receiving your money in Australia (typically directly into a bank account).
  • Any other factors and fees associated with the method you choose.



Why You Want The Best Deal When You’re Sending Savings From Canada to Australia

So why would you spend time researching ways to transfer your money when you could just get your bank to do it for you? The reason is, your bank will not offer you nearly as good an exchange rate as a dedicated currency exchange provider. Banks and PayPal typically:

  • Offer a much less competitive exchange rate.
  • Charge higher fees or additional ones.
  • Can’t provide dedicated customer service to help and support you through your transfer.
  • Don’t give you access to ‘forward contracts’, which allow you to lock in an exchange rate for a future.

For example, taking into account the average exchange rates and fees provided by banks, compared to a dedicated currency exchange provider:

On a transfer of $50,000CAD, you could pay over $2,000 more if you use your bank or PayPal.


Typical Fees and Commissions

No matter which provider or bank you choose, the thing that will impact the most upon the Australian dollars you’ll receive, is the exchange rate. This comes from the difference between the interbank rate and the rate being offered to you. There are several areas that have a big influence on how much you will pay for your transfer from Canada to Australia.
Any difference between the interbank or mid market rate will directly impact the amount of money you will receive.
Here are examples of converting your US dollars to Australian dollars:

  • Interbank, mid-market rate for transferring CAD to AUD (baseline) — 1.015AUD per CAD
  • PayPal exchange rate for transferring CAD to AUD — 0.987AUD per CAD
  • ANZ exchange rate for transferring CAD to AUD — 0.970AUD per CAD
  • OFX currency provider exchange rate for transferring CAD to AUD — 1.005AUD per CAD
  • Difference between PayPal and baseline rate — 2.8% worse.
  • Difference between ANZ and baseline rate — 4.5% worse.
  • Difference between OFX and baseline rate — 1.5% worse.

These examples are correct as of late June 2017. The exchange rate you are offered will differ depending on date, time, the amount you’re transferring and various other factors.


Commissions or Additional Fees

In addition to the difference in exchange rate, there will be additional fees to consider from some providers. These fees can be a fixed rate or a commission based on a percentage of the total.


Payments Fees for Deposit and Withdrawal

Some banks and providers charge an additional fee for receiving or sending money into an account. This might be referred to as an “international wire fee”, or labelled something different.


Your Bank Versus a Dedicated Currency Exchange ProviderANZ logo

Try our money transfer and currency exchange comparison tool to compare providers rates. It takes into account exchange rates and fees to accurately show you how much money you could save. We looked into converting 50,000 Canadian Dollars to Australian Dollars to see what it would cost.

Provider CAD to AUD Exchange Rates Transfer Fee Total AUD for $50,000USD Difference to Baseline
Baseline Rate 1.014 n/a $50,700 n/a
OFX 1.005 $0 $50,250 $450
HiFX 1.004 $0 $50,202.32 $497.68
PayPal 0.987 $0 $49,362.33 $1,337.67
Commonwealth 0.976 $11 $48,800.00 $1,900.00
ANZ 0.976 $15 $48,501.31 $2,198.69

From the table we can see the difference in fees between Banks and PayPal as compared wiht a dedicated provider. More than $2000 could be saved in some instances.

The Benefits of Dedicated Currency Exchange Providers

There are some great options in terms of providers if you are looking at bringing your savings from Canada to Australia. Dedicated currency providers like TorFX, HiFX, OFX, and World First provide low-cost and competitive options for transferring money quickly and easily.
These providers have several benefits including:

  • Lower fees and better exchange rates than PayPal or banks.
  • Quick transfers, that sometimes happen within one working day.
  • Dedicated customer support and advice, essential when you’re making a big decision such as this.
  • Online options, including mobile apps.
  • Forward or limit orders to manage risk and reduce market changes.


Steps to Using a Currency Exchange Provider

It’s really easy to get set up with a currency exchange provider, we’ve listed the steps below.

  1. Use our comparison tool to see who can offer you the best deal.
  2. Visit their website directly from ours once you’ve decided.
  3. Create an account with the currency provider through their website— This will generally require ID and proof of address from you.
  4. Get an up-to-date quote for transferring between CAD and AUD.
  5. Organise your transfer using their online service, app or over the phone.
  6. Provide the details of the bank account receiving the money — you will generally need an IBAN or SWIFT number.
  7. Fund your account with the provider, normally by bank transfer or debit card.
  8. The provider you’ve chosen will make the exchange and deposit the funds into the correct bank account in Australia for you.


If You Leave Money in Canada, What Should You do With it?

If you’re still receiving payments within Canada, say for retirement or from investments, you may want that money coming to Australia as well. Through the provider you’ve chosen to transfer your money, you can set up regular transfers that happen automatically.
This money can be in your Australian bank account within a couple of days. The other option is to leave some money in your Canadian account, in case you travel home while you’re in Australia.


Final Tips of Transferring Your Savings:

We’ve listed our final tips on getting your money from Canada to Australia:

  • Use the tool on our comparison page to see which provider will give you the best rates and lowest fees.
  • Check with both the sending and receiving banks to see if they charge any fees for sending or receiving funds.
  • Find out about “forward” or “market limit” orders – these allow you to set an exchange rate and transfer only when the rate is where you want it. This is handy for managing risk, but only if you’re not in a rush.
  • Because you’re transferring a large amount, give your currency provider a call as they may offer a better rate, it’s always worth asking!

There you have it, our complete guide to transferring your savings between Canada and Australia. Hopefully, you can use the money you’ll save to enjoy your time in Australia even more.


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Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.