Find the Best Way to Transfer Money to Canada
To find the best way to transfer money to Canada, you should compare your options. Even before you do that, it's important to understand how it actually works.
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 5-10 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 card or bank transfer
Now that you know how to transfer money to 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 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 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?
You usually need to provide the following information to your bank or money transfer service for your international money transfer:
- Transfer Amount
- Currency - select CAD
- Reason for transfer
- Your full name
- Bank account number
- Personal address
- Phone number
Overseas Bank Account details
- Bank's name
- Branch address
- Branch transit number
- Recipient's bank account number
- Recipient account full name
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 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.
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.
How can I transfer money to Canada with the big 4 banks in Australia?
While we have covered the benefits of using a money transfer provider, many people have bank accounts with NAB, CBA, Westpac and ANZ and these guides show you:
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.
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Here at The Currency Shop, you’ll learn how to save on transfer fees when sending money overseas from Australia.
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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