How to Transfer Money to Canada: Cheapest Options, Wise Fees and Bank Alternatives

Moving money to Canada is one of those tasks that looks simple until the fees start hiding in three places: the transfer fee, the exchange rate, and the receiving-bank side. If you are moving savings, paying a deposit, funding your first months in Canada, or helping family send money, compare the total Canadian dollars received, not just the headline fee.

For most newcomer and everyday transfers, Wise should be your first quote. In the Wise pricing example used for this guide, sending 400 USD to CAD showed 548.93 CAD received, a 0 USD exchange-rate markup, and Wise costs from 1.97 USD with a Wise account transfer to 8.48 USD with bank transfer funding. Wise's comparison table on the same page showed Wells Fargo at 13.04 USD total cost and Chase at 17.32 USD total cost for the same example.

The short answer

• Cheapest first quote: Wise, because the fee and exchange rate are transparent and the quoted USD to CAD example had lower total cost than the bank examples Wise displayed.
• Best when cash pickup matters: Western Union or MoneyGram-style providers, because the recipient may not need a Canadian bank account right away.
• Best when you already bank with a Canadian bank: a bank transfer or CIBC Global Money Transfer-style service can be convenient, but you still need to check the exchange rate.
• Best for very large moves: compare Wise, your bank, and a regulated foreign-exchange broker. Large transfers deserve a phone call and a written quote.

Compare the real cost, not the advertised fee

A transfer can look free and still be expensive. The provider can earn money through the exchange rate instead of the transfer fee. That is why the number that matters is the amount that arrives in Canadian dollars after all fees and rate differences.

Option 1: Wise

Wise is usually the best starting point because it shows the fee upfront and uses the mid-market exchange rate instead of hiding the cost in a worse rate. It is especially useful for newcomers because you can compare currencies before you land, move money into CAD, and avoid guessing what a bank's exchange-rate spread is costing you.

If you join through the referral link, the current offer is a free transfer up to $800 on an eligible transfer. That means Wise is already a strong low-fee option, and the referral offer can remove the transfer fee on a qualifying first transfer while the promotion applies.

Featured partner

WiseGet a free transfer up to $800 when joining through the referral link. Wise is an international money transfer and multi-currency account platform that many newcomers use for moving money between countries.Referral

$800Get Free transfer up toGet a free transfer up to $800 when joining through the referral link. Wise is an international money transfer and multi-currency account platform that many newcomers use for moving money between countries.Get Free transfer up to $800

• Current Wise example: 400 USD to CAD, 548.93 CAD received.
• Wise account transfer fee example: 1.97 USD.
• Direct debit fee example: 3.05 USD.
• Bank transfer fee example: 8.48 USD.
• Exchange-rate markup shown in the example: 0 USD.

Option 2: Your bank or an international wire

A bank wire can make sense for large transfers, employer payments, property transactions, or cases where a bank needs a formal wire trail. The downside is cost. You may see an outgoing wire fee, an exchange-rate markup, intermediary-bank fees, and an incoming wire fee at the Canadian bank.

• Ask your bank for the exact CAD amount the recipient will receive, not only the sending fee.
• Ask whether intermediary banks can deduct money on the way.
• Ask the Canadian receiving bank whether an incoming wire fee applies.
• Use a bank wire when documentation, high limits, or institution-to-institution transfer comfort matters more than lowest fees.

Option 3: Western Union or cash-pickup services

Western Union-style services are useful when the recipient needs cash pickup, does not have a bank account ready, or needs money in a specific location. That convenience can cost more. Compare the delivered CAD amount after the exchange rate, not only the transfer fee.

• Good for cash pickup and urgent transfers.
• Less ideal for moving large savings if the exchange rate is worse than Wise or a bank quote.
• Useful as a backup if your bank account is not open yet.

Option 4: Remitly and similar remittance apps

Remittance apps can be strong for specific corridors, especially when they run new-customer promotions or specialize in a country pair. They may offer economy and express options, different funding methods, and destination-specific delivery methods.

• Compare promo rate versus regular rate.
• Check whether the good rate applies only to the first transfer.
• Check transfer limits and delivery method before relying on it for rent or tuition money.

Option 5: Canadian bank global transfer tools

Some Canadian banks offer global money-transfer tools that advertise no transfer fee for eligible transfers. That can be convenient if you already bank there, but it does not automatically make the transfer cheapest. The exchange rate can still be the real cost.

• Useful if you want everything inside your Canadian bank app.
• Compare the CAD received with Wise before sending.
• Check daily limits, eligible countries, and whether the recipient needs a bank account.

Best setup if you are moving to Canada

1. Open or prepare a Canadian bank account so you have a destination for CAD.
2. Get a Wise quote for your exact currency pair and amount.
3. Ask your existing bank for the exact CAD received after all fees.
4. Check whether your Canadian bank charges incoming wire fees.
5. Send a small test transfer before moving a large amount.
6. Keep screenshots or receipts for proof of funds, rent deposits, tax records, or immigration documentation.

If you are still organizing your first Canadian setup, read the Best Bank Accounts for Newcomers to Canada and use the newcomer checklist so banking, phone, internet, SIN, CRA, and documents are not scattered everywhere.

When not to use the cheapest option

Cheapest is not the only factor when the transfer is urgent, large, regulated, or tied to a legal deadline. Use the cheapest transparent provider for normal transfers. Slow down for property purchases, tuition deadlines, business payments, inheritance transfers, or any transfer that requires extra documentation.

• For a home purchase, ask your lawyer and bank what transfer method they accept.
• For tuition, confirm the school's accepted payment channels and deadlines.
• For immigration proof of funds, keep clean records showing where the money came from and where it went.
• For very large transfers, compare multiple written quotes and ask about verification before the deadline.

Bottom line

Start with Wise. The current Wise example showed cheaper total costs than the bank examples on Wise's comparison table, with a clear fee and no exchange-rate markup shown for the USD to CAD example. Then compare your bank and any remittance provider using the only number that matters: how many Canadian dollars arrive.

If the difference is small, choose the provider that fits your timing and documentation needs. If the difference is large, the cheaper fee path can save enough to matter, especially when you are moving first-month rent, savings, or a landing fund to Canada.