Having information about the charges and hidden fees that money transfer services come with is crucial for every business or individual interested in sending money abroad.
Have you sent money to Canada in the past or are you interested in the possibility? If so, you’ll have to do thorough research and read all of the fine print. Some of the popular money transfer services are advertised as commission-free but there certainly are hidden charges. Banks benefit from upfront taxes and money transfer companies usually have hidden fees that tend to come in the form of unfavorable exchange rates.
One exception though is Wise, formerly TransferWise. They are up to 8 times cheaper than banks and their fees are transparent.
If you want to send money to Canada without paying a fortune, take a look at the tables below. We’ve gathered information about upfront fees, taxes, exchange rate costs and the estimated time for the completion of the money transfer. You can also check out the options for sending money to the Philippines, Brazil, Australia, Kenya, Mexico, Macedonia, Poland, Egypt, Romania, Indonesia, India, Bangladesh, Ukraine, Bolivia, Serbia, Pakistan, Colombia and recently, to Morocco.
| Transfer method | Fees to send $1000 USD | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| OFX (previously USForex)* | $0 | $7.5 | $7.5 | 1-2 days |
| Wise, formerly TransferWise (recommended partner) | $10 | $0 | $10 | 1-2 days |
| Transfast | $5 | $9 | $14 | 1-3 days |
| Ria Money Transfer (slow) | $5 | $11 | $16 | 3-5 days |
| nTrust | $0 | $16 | $16 | 5-7 days |
| WorldRemit* | $5 | $12 | $17 | 1-3 days |
| Tranzfers | $5 | $16 | $21 | 3-5 days |
| Paysera | $4 | $21 | $25 | 1-3 days |
| Ria Money Transfer (fast) | $15 | $11 | $26 | In Minutes |
| Xoom (slow) | $5 | $23 | $28 | 3-5 days |
| 1st Contact Forex | $10 | $23 | $33 | 3-5 days |
| Xpress Money | $24 | $11 | $35 | 3-5 days |
| Skrill | $13 | $30 | $43 | 3-5 days |
| Xoom (fast) | $20 | $23 | $43 | In Minutes |
| MoneyGram (slow) | $10 | $35 | $45 | 3-5 days |
| PayPal | $0-40 | $25 | $25-65 | 3-5 days |
| MoneyGram (fast) | $35 | $35 | $70 | In Minutes |
| Western Union (slow) | $20 | $53 | $73 | 3-5 days |
| Western Union (fast) | $45 | $53 | $98 | In Minutes |
| Travelex | $0 | $110 | $110 | 5 days |
Notes:
- Paypal stated fees are between 0% if you are sending money to a friend or relative to 3.9% plus 30 cents if it’s a commercial transaction. The hidden fee is generally 2.5%.
- Minimum transfer of $500 for OFX (previously USForex).
| Transfer method | Fees to send £1000 GBP | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| Wise, formerly TransferWise (recommended partner) | £5 | £0 | £5 | 1-2 days |
| CurrencyFair* | £3 | £3 | £6 | 1-3 days |
| OFX* | £0 | £7.5 | £7.5 | 1-2 days |
| TransferGo | £1 | £10 | £11 | 2 days |
| Azimo | £1 | £11 | £12 | 1-2 days |
| Western Union | £10 | £3 | £13 | In Minutes |
| WorldRemit | £3 | £10 | £13 | 1-3 days |
| nTrust | £0 | £13 | £13 | 5-7 days |
| FairFX | £0 | £19 | £19 | 3-5 days |
| Tranzfers | £7 | £14 | £21 | 2 days |
| Travelex | £0 | £22 | £22 | 3-5 days |
| Exchange4free | £0 | £23 | £23 | 1-3 days |
| GlobalWebPay | £5 | £21 | £26 | 1 day |
| 1st Contact Forex | £15 | £15 | £30 | 1-3 days |
| Paysera | £2 | £30 | £32 | 1-3 days |
| Easy Exchange | £6 | £30 | £36 | 3-5 days |
| Xpress Money | £20 | £20 | £40 | 3-5 days |
| Skrill | £27 | £30 | £57 | 3-5 days |
| PayPal | £0-40 | £25 | £25-65 | 3-5 days |
| MoneyGram | £41 | £43 | £84 | In Minutes |
Note:
- Minimum transfer of £500 for OFX.
- Five free transfers for CurrencyFair.
| Transfer method | Fees to send €1000 EUR | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| Wise, formerly TransferWise (recommended partner) | €5 | €0 | €5 | 1-2 days |
| CurrencyFair * | €3 | €2 | €5 | 1-3 days |
| TransferGo | €1 | €9 | €10 | 1-3 days |
| WorldRemit | €4 | €7 | €11 | 1-3 days |
| Paysera | €3 | €11 | €14 | 1-3 days |
| nTrust | €0 | €14 | €14 | 5-7 days |
| Tranzfers | €10 | €15 | €25 | 3-5 days |
| Azimo | €3 | €23 | €26 | 1-2 days |
| Exchange4free | €0 | €35 | €35 | 1-3 days |
| 1st Contact Forex | €15 | €21 | €36 | 1-3 days |
| Small World FS | €0 | €47 | €47 | 3-5 days |
| Travelex | €0 | €51 | €51 | 3-5 days |
| Xpress Money | €40 | €15 | €55 | 3-5 days |
| Skrill | €29 | €30 | €59 | 3-5 days |
| Western Union | €20 | €40 | €60 | In Minutes |
| PayPal | €0-40 | €25 | €25-65 | 3-5 days |
| Wire transfer | €20-35 | €20-40 | €40-75 | 3-5 days |
| MoneyGram | €34 | €42 | €76 | In Minutes |
| Transfer method | Fees to send $1000 AUS | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| Wise, formerly TransferWise (recommended partner) | $5 | $0 | $5 | 1-2 days |
| OFX (previously OzForex)* | $0 | $7.5 | $7.5 | 1-2 days |
| CurrencyFair * | $4 | $4 | $8 | 3-5 days |
| WorldRemit | $4 | $8 | $12 | 1-3 days |
| nTrust | $0 | $14 | $14 | 5-7 days |
| Fast Remit | $10 | $17 | $27 | 1-3 days |
| Paysera | $5 | $23 | $28 | 1-3 days |
| Tranzfers | $15 | $14 | $29 | 3-5 days |
| Exchange4free | $0 | $30 | $30 | 1-3 days |
| 1st Contact Forex | $15 | $25 | $40 | 1-3 days |
| Xpress Money | $25 | $23 | $48 | 3-5 days |
| Easy Exchange | $8 | $40 | $48 | 3-5 days |
| Travelex | $0 | $56 | $56 | 3-5 days |
| Skrill | $29 | $30 | $59 | 3-5 days |
| PayPal | $0-40 | $25 | $25-65 | 3-5 days |
| MoneyGram | $60 | $53 | $113 | In Minutes |
| Western Union | $70 | $53 | $123 | In Minutes |
Note:
- Minimum transfer of $500 for OFX.
- Five free transfers for CurrencyFair
Rob Rawson is a co-founder of Time Doctor which is software to improve work productivity and help keep track of what your team is working on, even when working remotely.