Find the Best Way to Transfer Money to Canada
When you search 'how to transfer money to Canada' on the internet one company saturates the top two pages. How do you know if they are the best? Are there any other ways to transfer money to Canada from Australia? Don't worry, we have you covered. In this guide, we help you find the best ways to send very small, small, medium and large amounts of money to Canada from Australia.
We share with you:
- The cheapest money transfer option with our comparison table
- How to transfer money to Canada
- How long it takes and how much can you transfer to Canada?
- What are the costs to transfer money to Canada?
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How to find the cheapest way to transfer money to Canada
Banks and money transfer services will offer different foreign exchange rates and transfer fees depending on your amount. To find the cheapest option, you really need to compare the total cost of the transfer based on your amount.
How to transfer money from Australia to Canada
While each bank and money transfer service is different, you will always need to follow these steps to transfer your money safely and quickly:
- Setting up an account usually takes 10 minutes and make sure you have some I.D. on hand
- Enter the bank details of the person or company you are sending the money to
- Pay for your transfer using a credit card or debit card, bank transfer or wire transfer
Now that you know how to transfer money to the Canada, you can compare your options. We understand, this isn't easy.
Every bank and money transfer company offer different exchange rates and transfer fees depending on how much you want to send.
That's why using our table compares the total cost of the transfer, based off the amount of your transfer.
How long does it take to transfer money overseas?
Money Transfer Services can take 0 - 3 business days
When using a money transfer service like TransferWise, they tend to quote transfer time in hours not days. Unlike banks, they keep you updated on the movement of your funds.
Remittance Companies can take 0 - 5 business days
An instant transfer is available with remittance companies if you pay a higher transfer fee and the person in Canada can collect in cash. You can send money using a bank transfer and it can take up to 5 business days.
Bank to Bank Transfer can take 2 - 5 business days
Also known as a 'wire' or 'telegraphic transfer'. These transfers are slow, because the money may go through a network of correspondent banks before landing into the Canadian bank account.
How much will it cost to make my international money transfer?
There are 3 fees you'll usually be charged to send money to Canada:
- Exchange rates - The better the exchange rate, the more Canadian dollars (CAD) you get in the Canadian bank account. Money transfer services that offer competitive exchange rates will usually charge you a separate transfer fee.
- Transfer fees - These can range anywhere between $0 to $5. Some online transfer companies offer fee-free transfers for sending large amounts of money. These companies usually charge a slightly worse margin on their exchange rate, but are still better than bank fees.
- Hidden fees - You or the person you're sending money too will often get charged a bank receiving fee or banks intermediary fee of approximately $25 each.
What information do you need to transfer money to Canada?
- Your personal information: Your full name, address, date of birth and valid I.D.
For security reasons money transfer service's need your photo id scanned or photographed using your phone. It also needs to be high quality. Also note, you can't give your work/office address or PO box address
- Canadian bank account details: The bank's name, full name on the account and the branch address. You may be asked to supply the SWIFT / BIC code of the Canadian bank account. Commonly you will also need the following account details on hand:
Routing number (8 digits)
- Institution number (3 digits XXX)
- plus Branch Transit Number (5 digits YYYYY)
This is usually shown with a "leading zero" and will often look like this: 0 XXX YYYYY
Account Number (7-12 digits)
You can find these details in your checkbook, internet banking, or the bank may display its routing number elsewhere. Verify the institution and transit numbers on this Canada Banks Information website. Otherwise directly contact the Canadian bank you're sending money to.
- How you wish to pay: Your bank details, account numbers or debit/credit card details to pay for your transfer.
Best way to send small regular amounts to Canada
If you have family in Canada then you might need to frequently send them small amounts for birthday gifts, Christmas gifts or the be part of a family surprise gift. Two great online options are Revolut and TransferWise.
Sending money to Canada is very quick on your mobile. They also charge very small transfer fees and close to mid market exchange rates.
With TransferWise sending very small amounts is affordable and fast. For example, you might send 7 lots of A$30 over 12 months to family in Canada. The cheapest bank transfer would cost you roughly A$65 in fees. It's just A$8.50 total with TransferWise.
How do I send small amounts to Canada?
You can send small amounts to Canada from Australia with remittance companies like PayPal or Western Union. Typically these companies offer a service to instantly send cash, which can be very handy in emergencies. However, the exchange rate for sending cash to Canada is very poor.
To send $100 Canadian dollars it will cost A$5 if you pay using a bank transfer. If you pay with credit or debit card it will cost you A$7.60 Australian dollars plus $0.30 Canadian dollars.
For the person overseas to access the money you sent them, they need to sign up or sign in to their PayPal account.
To send A$500 in cash instantly it will cost A$9 with a credit card and A$7 with a bank transfer. The exchange rate is poor so the person in Canada will receive roughly $17 less than if you sent it through a money transfer company like TransferWise.
How do I send medium amounts of money to Canada?
TransferWise has been a major player in the money transfer industry for over 10 years. It offers a consistent and transparent way to send money to over 71 countries. They are very competitive in the under A$50,000 range.
However, TransferWise can be less competitive with larger amounts, because they charge a percentage based transfer fee. TransferWise also offer great products such as their Borderless account with a Mastercard Debit Visa card.
How do I send large amounts to Canada?
Transferring large amounts of money across countries can be very scary, but not with TorFX or OFX. These two companies have built solid reputations for transferring large amounts over the years for emigration, retirement, inheritances and buying or selling property overseas. They are trusted options when you want to send large amounts from Australia to Canada.
TorFX offer a dedicated account manager who is available to contact on the phone. TorFX understand that clients who move large sums of money want to speak with someone directly about their money transfer. They don't charge transfer fees and they add a small mark up on the exchange rate.
OFX specialise in sending large sums of money from Australia to Canada and charge no transfer fees for transfers over A$10,000. Transfers under A$10,000 attract a $15 fee. They offer a quick online registration and 24/7 customer support.
What are the limits and tax implications on money transfers to Canada?
There are no limits on the amount of money you can transfer to a Canadian bank account. Your money transfer service or bank might have a restriction however sometimes these are as high as 2 billion per transfer. Some money transfer services do not have limits.
There are no 'gift taxes' in Canada when receiving money from Australia, Canadians do not have to include it in their income. Therefore you can send as much as you want without having to worry about your friends or family getting a tax bill, including inheritances.
If the sum of money is very large, you need a notarised gift deed from the person who gave you the money and ask them to write a Letter of Explanation (LoE) for the IRCC (Immigration, Refugees and Citizenship Canada) records.
It is best to contact a tax professional for advise is you are unsure of the rules.
Keeping your money safe
One of the main questions people ask us is “will my money be safe online?" The answer is yes.
We've made sure that all the money transfer services and banks you compare are safe. Each company is :
- Is regulated in Australia - AUSTRAC in Australia
- Holds an appropriate financial services license - with ASIC in Australia
- Have strict privacy and verification policies - this is to ensure they fully identify all of their customers. They invest in identity protection, fraud prevention and encryption to create a secure connection with your browser when you register and login into their online services.
FAQs about Sending Money from Australia to Canada
How can I pay for my money transfer to Canada?
Depending on your provider, there are several different ways to pay. Many providers accept direct bank transfers, wire transfers, or debit cards or credit card payments. They may charge a small additional fee, depending on how you decide to pay.
Is it safe to use The Currency Shop to compare?
Yes. The Currency Shop holds an Australian Financial Services Licence (ASIC) (462269) and is a member of the Financial Ombudsman Service. We closely vet our providers and only partner with the largest, safest and most trusted money transfer companies in the world. That just makes sense.
How does The Currency Shop make money?
The Currency Shop does not charge you. Instead, we receive a referral fee from the banks and money transfer companies that we are partnered with. This does not affect the price you pay.
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