The Cheapest (and Best!) to Send Money to Canada

When moving to Canada, one of the least stimulate but entirely necessary things to think about is how to access your money after making the motivate. It ’ s not straightforward either, with so many different options available to transfer money to Canada .
fortunately, there is an easy means to decide between the many money transfer methods. Go for the one that saves you the most money ! here ’ s a round-up of the most democratic money transfer methods, starting with the cheapest room to send money to Canada .
Some of the links on this page are consort links. This means that if you click through and one of these services, I will receive a small percentage of the transaction at no extra cost to you. I alone recommend products and services I use and love .

Online Money Transfer Services (Best value!)

A relatively newly service, on-line money remove services work on a peer-to-peer organization in which the host web site does not immediately transfer money across borders, but rather re-routes payments between people in corresponding countries.

Don ’ t worry, they are absolutely legit and such a money rescuer ! All you have to do is set up a bank report on arrival in Canada and then get on-line .
The fees with money transfer services are lower than any other money transplant choice and the exchange rate given matches the ‘ mid market rate ’ – the one you see on bouncy currency websites like XE. For this reason, online money transfer services offer the cheapest way to send money to Canada .
Wise – This company charges a low share tip of the total transaction plus a flat transaction fee ( sum dependent on the currencies used ). We
CurrencyF air – This alternate money transfer choice charges a moo share tip of the full transaction plus a cook 3 euro ( or local anesthetic currency equivalent ) transfer fee .
Try them out yourself! Use the links above for one free transfer with each company

Wise vs. CurrencyFair?

Wise ( once TransferWise ) and CurrencyFair offer fast money transfer services with great exchange rates and abject fees. They are both super easy and quick to use, delivering the money to your canadian trust account within a matter of days ( sometimes hours ! )
To be honest, you can ’ t truly go ill-timed with either. As for which one offers the cheapest way to send money to Canada, I find that it depends on where you are from and how much money is being sent. There are no concealed fees, so it ’ s easy to work out which offers better prize .
Wise normally comes out best for me, therefore I use them more often. I besides like that I ’ m able to have a ‘ Borderless ’ bank account through them. I do constantly double check with CurrencyFair inaugural to make sure I ’ megabyte getting the best deal .

The cheapest way to send money to Canada

No matter which caller you choose, using an on-line money transfer service is definitely the easiest and cheapest way to send money to Canada on your working holiday ( or any other clock, for that matter ) .
It ’ south besides the most hassle-free method acting in my public opinion – you don ’ thyroxine even have to leave the house !
Looking for advice on opening a bank account in Canada? Click here for a guideScreenshot from TransferWise's homepageTransferWise’s rates are advertised right on the homepage

Prepaid Currency Cards

Some people will be familiar with postpaid currency cards after using them on holidays overseas .
A good way to have money to pass on your arrival in Canada, they are re-loadable Visa/Mastercard debit cards which allow consumption in shops and withdrawals from ATMs. Loading money is firm which makes them besides a big option for when you need money debauched .
Prepaid currency cards vary between countries. The postdate two examples are UK based. currentness cards are not quite the cheapest way to send money to Canada, but this method acting offers a dependable alternative .
CaxtonFX – This currency card has no fees. Exchange rate is just a little lower than stream mid-market value. The central rate of canadian dollars to British pounds is ‘ locked in ’ when money is loaded onto the card. Minimum load is £100. I ’ ve had a Caxton tease for around four years now and I find it commodious and pretty good value. not only have I used it in Canada, but besides Australia and Italy .
Revolut – Multi-currency poster with slick mobile app. The rates mirror the interbank exchange pace and are calculated when money is spent using the menu ( as opposed to the CaxtonFX poster ) .
caxton fx card websiteThe benefits of the CaxtonFX card 

Bank transfer

credibly the most familiar choice to the majority of people, transfers are available via on-line bank from your home bank to your fresh trust in Canada.

It sounds like the most reasonable choice, but the exchange pace isn ’ t particularly good, being typically 3-4 % less than the on-line money transfer services mentioned above .
Banks besides charge a flat service tip for the transfer which typically takes 2-3 days .
here are some exercise servicing fees from banks in the UK. I can not compare commute rates since I did not find a individual UK bank that was crystalline regarding the exchange rate they use for money transfers .

  • Barclays: £25
  • Nationwide: £20
  • HSBC: £4, free from HSBC to HSBC
  • Halifax: £9.50

Halifax bank website screenshot with international payments infoBanks offer secure service but not as good value as they want you to think

Western Union

accessible via on-line and in person at thousands of locations, Western Union offers transfers within minutes to every state you can think of. The speed is great but the fees are high – around 10 % for minor amounts, dropping to 1 % after £1000 .
The exchange rate is not the best, but surely not the worst either. Western Union is decidedly not the cheapest way to send money to Canada by a long shoot ! I ’ d commend to avoid them .


PayPal is often used to send money to Canada, but many do not realise that this avail charges high fees .
A PayPal to PayPal transplant may be dim-witted but the fees are multiple. PayPal charges 0.9 % to 5 % in ‘ Cross Border fees ’ ( that means sending money between different countries ) plus a 3.5 % fee for currency conversion .
There is besides a 3.4 % fee for using a citation or debit poster. The exchange rates they use are not advertised up front on the web site either. As with Western Union, avoid using PayPal to transfer money to Canada .
Screenshot from PayPal's websiteI don’t know, three types of fees don’t seem so straightforward or surprise-free to me…

Cash and ATMS

It may be erstwhile school and a pretty bad, but some people hush prefer to cross borders carrying cash or simply withdraw all their money at their address .
Travelling to Canada, you are able to take $ 10,000CAD in cash without having to declare it. Bringing more than this come is still allowed, but it must be declared on arrival .
The exchange rate at the Bureau de Change and early currency brokers are normally well beaten by banks or money transfer services .
ATMs fees can typically include both a bland fee plus a share tip ( and frequently another compressed fee ) charged by your bank at family .
ATMs besides frequently have first gear limits on the come of money that can be taken out at one time e.g. $ 150, 200. It is much easier to use on-line money transfer services and send a batch of money in one rifle .
canadian dollars
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One half of the Canadian/British couple behind Off Track Travel, Gemma is happiest when hiking on the chase or planning the adjacent big travel adventure. JR and Gemma are presently based in the beautiful Okanagan Valley, British Columbia, Canada

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