How to send money home from Canada.
The fee you see is rarely the full cost. Here’s how transfers work, what to compare, and how to make sure more of your money arrives.
Four things decide what arrives.
The amount
What you send in Canadian dollars. Some services charge less, or give better rates, on larger amounts.
The exchange rate
The rate you’re given versus the mid-market rate. The difference is a hidden fee.
The fee
A flat fee, a percentage, or both. Some services charge nothing here and more in the rate.
The payout
Bank deposit, mobile wallet or cash pickup. Speed and cost vary by method and country.
Compare the total, not the headline fee.
Transfer fee
Check whether it’s flat or a percentage, and whether it changes with the amount or payment method.
Exchange rate
Compare against the mid-market rate from a neutral source. A 2% markup on $1,000 is $20.
Speed
From minutes to several business days. Faster options can cost more.
Payout method
Bank account, mobile wallet or cash pickup. Choose what’s easiest for your family.
Safety
Use services registered with FINTRAC, Canada’s financial intelligence agency.
What arrives
The one number that matters: how much your family receives in their currency.
Sending to your home country.
Payout options, currency and tips for each corridor.
See the real cost of a transfer.
Enter an amount and destination to see how a bank wire, a typical online service and a cash pickup service compare once the exchange-rate markup is counted.
Try RemitBee for your next transfer.
RemitBee is a Canadian money transfer company and supports SettleCanada. It sends to India, the Philippines, Sri Lanka, China, Nigeria and many more countries. Check its live rate and fee, and compare it with your bank and other services before you send.
We may earn a fee if you use RemitBee. It doesn’t change what we write.
Common questions.
What is the mid-market rate?
It’s the midpoint between the buy and sell prices of two currencies on global markets, the “real” exchange rate you’ll see on neutral currency sites. Most services give you a rate below it and keep the difference.
Is a bank wire safer than an online service?
Both can be safe. What matters is using a regulated provider. In Canada, money services businesses must be registered with FINTRAC. Banks are often slower and more expensive for small, regular transfers.
Do I need to report money I send home?
You don’t pay tax on money you send to family, and you don’t report ordinary transfers yourself. Providers verify your identity and report large transactions as the law requires. Keep your records.
How can I send money faster?
Mobile wallets and cash pickup are often fastest. Bank deposits can take longer depending on the country, the bank and cut-off times. Paying with Interac e-Transfer or debit is usually quicker than a bank wire.
What if I need to move savings from home to Canada?
That’s the reverse direction and has different rules, including limits in some countries. See your country guide and plan well ahead of your move.