We all know that in today’s economy, money can’t stay put for too long. Whether it’s covering shared bills, supporting a fellow Canadian back home, or even just splitting the dinner tab, money needs to move swiftly and safely. That’s where money transfer companies come in.
Now, you might be thinking, “Why do I need these money transfer folks when I’ve got my trusty bank?” Well, let us spill the beans on this one. Sure, your bank can handle your money transfers, but it’s not always the most cost-effective or speedy option. And let’s face it, who likes getting stung by hidden fees and crummy exchange rates?
That’s why we’ve rounded up the 10 best money transfer companies in Canada that offer reliable, secure, and affordable services. After all, we want your hard-earned pennies to fly across the country – or even the globe – with great ease.
Now, before you start flashing your credit card at the first money transfer company you see, let’s talk about what makes a good one. It’s not just about the speed of the transfer; it’s about the whole shebang, from the fee structure to the customer service. Let’s figure out how to spot a winner!
How to Choose the Best Money Transfer Company in Canada
When you’re on the hunt for the perfect money transfer company that suits your needs, keep your eyes open! You’ll want to consider a few key factors.
First, the fee structure should be as transparent as a pristine winter morning. Look for companies that offer competitive rates and minimal hidden fees.
Next up is the exchange rate. A favorable rate can save you a few extra dollars to spend on coffee!
The transfer speed is another crucial aspect. After all, you don’t want your money stuck in the snowdrifts for days on end.
Lastly, and perhaps most importantly, excellent customer service is vital. You’ll want a company that’s responsive, friendly, and eager to help you with any hiccups that may arise along the way.
With these factors in mind, you’ll be sure to find a money transfer company that’ll have you saying “Eh, that was easy!” in no time.
Overview of the Money Transfer Landscape in Canada
The money transfer market in Canada is as lively as a game of hockey! With a diverse population and a globalized economy, the need to move money quickly and efficiently has never been more pressing.
According to recent data, the money transfer market in the Great White North has been experiencing robust growth, with more and more players entering the rink.
Digital technology has played a significant role in shaping the way money transfers are conducted in Canada. Gone are the days of standing in long lines at the bank. The rise of online platforms and mobile apps has made it incredibly convenient to send money from the comfort of your igloo (or anywhere else, for that matter).
These digital advancements haven’t only accelerated the speed of transfers but also improved accessibility for all Canadians, regardless of their location.
As responsible citizens, we understand the importance of a good old regulatory framework. The Canadian government (i.e. FINTRAC – the Financial Transactions and Reports Analysis Centre of Canada) keeps a watchful eye on the money transfer industry, making sure it plays by the rules. There are stringent measures in place to protect all Canadian residents from potential mishaps, such as fraud and data breaches. So, rest assured, your hard-earned dough is in safe hands when dealing with reputable money transfer companies.
Comparison of the Top 10 Money Transfer Companies in Canada
|No.||Provider Name||Founded||Trustpilot rating||Countries Covered||Currencies Covered||Transfer Speed||Cash Pickup||Mobile App|
|2||Currencies Direct||1996||4.9||200||70||1-2 hours within Europe;|
1-2 days for overseas transfers.
|3||WorldRemit||2010||3.9||145||70||0-2 days (within minutes in 95% of cases).||Yes||Yes|
|4||Wise||2011||4.3||170||50||0-2 days (within minutes for over 50% of transfers).||No||Yes|
|5||MoneyGram||1940||4.5||200||60||Within minutes (cash transfers);|
1-3 days (bank and debit card transfers).
|7||Western Union||1851||3.9||200||130||Within minutes for cash or debit card transfers;|
1-3 days for transfers between bank accounts.
|9||Remitly||2011||4.1||180||75||Within minutes (express delivery);|
3-5 days (economy delivery).
Fees, Rates, and Limits
|No.||Provider Name||Transfer Fee||Exchange Rate Margin||Minimum Transfer Amount||Maximum Transfer Amount|
|1||XE||£2.00 under £250 (UK);|
€2.00 under €250 (EU);
No fee for other sums.
|0.2% to 1.4% added to the mid-market exchange rate.||£1||£350,000 (UK and EU);|
CAD $535,000 (Canada);
NZD $750,000 (New Zealand).
|2||Currencies Direct||No fee||0.4% to 1.4% added to the mid-market exchange rate.||£1||£25,000 through the mobile app|
£300,000 by placing a special request.
|3||WorldRemit||$0.99 – $3.99 depending on the transfer amount and the selected countries and payment methods.||0.5% – 2.5% added to the mid-market exchange rate (1% – 1.6% on average).||$1||Depends on the selected countries and method of payment (ranges between $1,400 and $60,000).|
|4||Wise||Variable fee – 0.4% – 0.6% of total amount (on average);|
Fixed fee – £0.2 – £0.3 on average.
|No markup is added to the mid-market exchange rate.||£1||$6,000,000 USD;|
$1.8 million AUD;
$1.5 million CAD;
|5||MoneyGram||Depends on the location, the sending amount, and the payment method. Can be as low as $0-$15 and as high as $100.||1% to 5% added to the mid-market rate.||$1||$10,000 per online transfer for most countries (with a $10,000 as a monthly cap);|
$25,000 for online transfers to 42 select countries from the US.
|6||OFX||AU$15.00 under $10,000 (Australia);|
CAD $15.00 under $10,000 (Canada);
HK $60.00 under $50,000 (Hong Kong);
NZD $15.00 under $10,000 (New Zealand);
No fee for the rest of the world.
|0.4% – 1.9% added to the mid-market exchange rate.||$1000 in the US;|
£100 in the UK;
€2 in the EU;
$150 in Hong Kong and Singapore;
AU$250 and its currency equivalent in the rest of the world.
|7||Western Union||Based on the sender’s location, transfer amount, and payment method. Usually, there’s a fee that’s as low as $0-$15, but some can be as high as $100 if sending to an exotic location or paying by credit card.||1% – 5% added to the mid-market exchange rate.||$1||Depending on the sender’s country:|
$50,000 if identity verified;
$3,000 if identity isn’t verified.
|8||TorFX||No fee||1.9% – 2.7% added to the mid-market exchange rate.||£100 (or currency equivalent);|
(£500 for recurring money transfers).
|No limit (£10,000 for recurring money transfers).|
|9||Remitly||$0.00 – $50 depends on the selected countries, the transfer amount, and the payment method ($3.00 – $7.00 on average).||1% – 2.5% added to the mid-market rate on average (can range between 0.5% and 3.7%).||$1||Depends on the sending and receiving country, the transfer amount, and the transfer method (from $3,000 to £150,000).|
|10||CurrencyTransfer||No fee||0.70% added to the mid-market exchange rate.||£5,000 (or currency equivalent)||No limit|
Review of the 10 Best Money Transfer Companies in Canada
|1.||A variety of payment methods||Sparse coverage of less-common currencies|
|2.||Top-notch website and mobile app||Average Trustpilot rating (4.2/5)|
|3.||Attractive exchange rates||Absence of dedicated account managers for all users|
|4.||Extensive global reach||No solid cancellation policy in place|
|5.||Local presence in many locations worldwide||Small transfer fees are imposed on certain small money transfers|
|6.||Swift money transfers with 50% transfers processed within minutes|
|7.||Stellar customer service|
|8.||Offers instant custom quotes|
|9.||Provides cash pickup service|
|10.||Broad currency selection|
|11.||Loads of experience under the belt|
|12.||Handy exchange rate alerts feature|
- Founded: 1993
- Headquarters: Newmarket, Ontario, Canada
- Trading Highs: Ever wondered how much money XE moves in a year? Hold onto your hats – it’s a cool £115 billion;
- Trustpilot Rating: Let’s talk about reputation. XE’s chilling near the top of the Trustpilot pile, flashing a 4.2/5 star rating like a shiny badge of honor;
- Client Count: How many people are we talking here? A lot. Picture a sold-out concert at a major stadium but with money transfers instead of screaming fans. Over the years, XE’s been the go-to for about 150,000 clients per year, not to mention a mind-boggling 280 million online visitors;
- Global Reach: As for where you can use XE’s services, it’s basically “pick a place, any place”. We’re talking about 170 countries here. Their digital wallet is like a modern-day exchange office, supporting transactions in more than 50 global currencies;
- Transfer Limits: Little fish or big fish, XE’s got you covered. With them, you can make money transfers as low as £1. And for those who like to play big, there’s a ceiling of £350,000 in the UK and EU, $535,000 in the US, CAD $535,000 in Canada, and NZD $750,000 in New Zealand;
- Fees and Rates: In Europe, sending pocket change (under £250 or €250) gets you a minor slap on the wrist – a fee of £2.00 or €2.00. For the big spenders, it’s a fee-free heaven. XE’s markups hover between 0.2% to 1.4%, depending on where you are, the currencies you’re dealing with, and your payment method of choice;
- How to Send and Receive: To send funds, you can go old school and link your bank account, or be a techie and use your credit or debit card, direct debit, PayID, BillPay, Interac, or BPAY. Money lands in your online XE account and can be directed to your bank or a pickup point in one of XE’s 500,000 locations worldwide;
- Language Support: Not fluent in English? No worries. XE’s website and customer service offer a linguistic variety, including Spanish, Swedish, French, German, Portuguese, Italian, Arabic, Japanese, and Chinese;
- Regulatory Approval: XE’s got the green light from all the important regulators, including the Canadian OSFI and FINTRAC, the UK’s FCA, the US’s FinCEN, and the Australian ASIC;
- Mobile App: XE’s mobile app is like the Swiss Army knife of money transfers. It’s got all the goods: transfers, live rate tracking, cash pickups, rate alerts, multi-currency wallets, and more. Google Play users give it a solid 3.5 stars, while Apple folks rate it a bit higher at 4.3 stars;
- The Trophy Cabinet: XE might not have a mantel overflowing with awards, but they managed to bag the Canstar International Money Transfers Outstanding Value Award back in 2021;
- Customers’ Opinion: Online, you’ll find users singing XE’s praises for its competitive exchange rates, low fees, and speedy transfers. But, like any show, there are always some critics. A tiny 4% of the feedback involves some noise about high rates, sleepy customer service, and the occasional digital hiccup. Still, with over 60,000 reviews, the chorus of approval is hard to ignore, spotlighting user-friendly features, low exchange rates, and top-notch customer service.
Read our full XE review.
|1.||Scoring high on Trustpilot (4.9/5)||Deposit options might feel a bit limited|
|2.||Various payment options||Instant custom quotes aren’t available|
|3.||One of the best exchange rates on the market||The web platform and mobile app need improving|
|4.||Solutions that accommodate individuals and businesses alike||Not suitable for small money transfers|
|5.||Solid currency coverage||Exotic currencies coverage is limited|
|6.||Swift transfers ranging from 1-2 business days||Some US states aren’t supported|
|7.||Stellar customer service||Mobile app transfers have a tight maximum limit|
|8.||Zero transfer fees|
|9.||Extensive knowledge base for your every query|
|10.||Global service coverage for a borderless experience|
|11.||Years of experience with dedicated specialists|
|12.||Stay in the know with exchange rate alerts|
- Founded: 1996
- Headquarters: London, UK
- Trading Highs: Last year, Currencies Direct played big league ball, trading a hefty £9.5 billion across their expansive currency portfolio;
- Trustpilot Rating: They’re strutting their stuff with a remarkable Trustpilot score of 4.9 out of 5 stars. Sharing the top spot with TorFX, they’re the LeBron James of international money transfer services;
- Client Count: Currencies Direct have been in the money transfer game for over 27 years, serving a whopping 430,000 clients. They’re, what we call, game changers;
- Global Reach: Currencies Direct are the globetrotters of the money transfer world. They manage money transfers in more than 200 countries and territories on every continent. Plus, their supported currencies keep growing and now stand at a nifty 70;
- Transfer Limits: Whether you’re sending a humble $1 or a meaty $25,000 through their mobile app, Currencies Direct has got your back. And if you want to send more, no problem! Give their dealer a call for transfers up to $300,000;
- Fees and Rates: Sweetening the deal are Currencies Direct’s zero transfer fees. Plus, their exchange rate markups aren’t too shabby, ranging from 0.4% to 1.4% on the mid-market rate, depending on the selected country and currency;
- How to Send and Receive: You can use Currencies Direct to initiate a money transfer via your bank account, credit/debit card, or a good old check. But the recipients will need a bank account, as these guys don’t offer cash pickups;
- Language Support: Their website and customer support come in a plethora of languages, including English, Portuguese, Swedish, Italian, Spanish, French, German, Norwegian, Chinese, and Korean;
- Regulatory Approval: They’ve got the nod from major regulators worldwide including Canada’s FINTRAC, the UK’s FCA, France’s ACPR, the USA’s FinCEN, Spain’s Bank of Spain, and South Africa’s FSB;
- Mobile App: Currencies Direct’s mobile app is sleek and easy to use. With it, you can exchange rates, initiate transfers, add new recipients, manage your currencies, track your money, set up rate alerts, and much more. And it has a respectable rating of 3.5 stars on both the App Store and Google Play;
- The Trophy Cabinet: This money transfer provider is no stranger to the limelight. They’ve snagged quite a few awards for their stellar services, including:
- The Best Rated Money Transfer Company (three consecutive years from 2019 to 2021 – Money Transfer Comparison);
- The Money Transfer Provider of the Year award (six years running from 2016 to 2021 – Money Age Magazine);
- The Consumer Champion of the Year award (Money Age Magazine in 2017).
- Customers’ Opinion: Sporting a formidable Trustpilot rating, Currencies Direct enjoys a flood of kudos from clients. The occasional gripes are generally out of the company’s hands, like recipient bank fees and extra documentation requirements. Sure, a few customers aren’t exactly best buddies with their representative, but no stress – the company provides the freedom to switch up account managers.
One heads-up worth mentioning: if you’re thinking about using credit cards for transfers, keep an eye on potential additional costs stemming from credit company fees – but remember, that’s not on Currencies Direct, it’s just how the credit card system works.
Read our full Currencies Direct review.
|1.||Competitive foreign exchange rates||No personal account managers are available|
|2.||Excellent policy for transfer cancellations||Numerous criticisms pertaining to customer service|
|3.||Cash pickup services are available||Not ideal for transferring large sums of money|
|4.||Comprehensive global service availability||Lacks business solutions like forward contracts and limit orders|
|5.||Wide local presence with offices in 15 nations|
|6.||Comprehensive and informative knowledge base|
|7.||An abundance of payment methods|
|8.||Small transaction fees|
|9.||Instant, personalized cost estimates|
|10.||Mobile digital wallet features|
|11.||Strong coverage of over 70 unique currencies|
|12.||Swift funds transfers|
- Founded: 2010
- Headquarters: London, UK
- Trading Highs: WorldRemit keeps the cash flowing, juggling about $10 billion annually in money transfers and making over 1.5 million transactions each month. Their 2021 revenue stood at a cool $399.4 million;
- Trustpilot Rating: WorldRemit rocks a solid Trustpilot score of 4.1 out of 5, and that’s backed by close to 80,000 customer reviews;
- Client Count: The company has a continually growing tribe of over 5.7 million customers who’ve hitched their wagon to their services;
- Global Reach: WorldRemit is your passport to the world. You can send money from over 50 countries to more than 145 destinations worldwide. They also support over 70 currencies, including many African currencies;
- Transfer Limits: WorldRemit lets you send as little as $1, while maximum limits range from $1,400 to around $60,000. Keep in mind these limits can vary depending on the countries and payment methods involved;
- Fees and Rates: WorldRemit keeps it simple with low, fixed transfer fees ranging from $0.99 to $3.99. They typically toss in a 0.5% – 2.5% markup to the mid-market exchange rate, which averages around 1% – 1.6% for most users;
- How to Send and Receive: WorldRemit gives you plenty of options for sending money – bank account, prepaid/debit/credit card, Apple Pay, Interac, iDEAL, POLi, Trustly, or Klarna/SOFORT. Recipients can get the funds via their bank account, cash pickup, mobile wallet, or even home delivery, depending on where they’re based;
- Language Support: WorldRemit is multilingual, offering their platform in six languages: English, French, German, Spanish, Danish, and Dutch;
- Regulatory Approval: This international money transfer company is as legit as it gets, approved by regulatory bodies around the globe, including FINTRAC (Canada), the FCA (UK), AUSTRAC (Australia), FinCEN (US), the National Bank of Belgium (EU), FSA (Japan), and FSPR (New Zealand);
- Mobile App: WorldRemit’s mobile app is a smooth operator, scoring high ratings on both the App Store ( rating of 4.7 / 5) and Google Play (rating of 4.6 / 5);
- The Trophy Cabinet: WorldRemit, a big shot in the money transfer game, has bagged quite a few awards over the past decade, such as:
- The Excellence in Transformational Business award (in 2017 at the FT/IFC Transformational Business Awards);
- The Best for International Transfers award (in 2021 and 2023 by Investopedia – Best Money Transfer Apps);
- The Best Practice in Remittances award (in 2015 by the United Nations Agency – Development by IFAD).
- Customers’ Opinion: WorldRemit scores brownie points for its user-friendly interface, transparency, affordability, and top-notch customer service. Sure, there are some grumbles about slow response times, refund hiccups, and transfer delays. But let’s not lose sight of the forest for the trees – the majority of reviews show customers are generally over the moon with WorldRemit’s services.
Read our full WorldRemit review.
|1.||No markups on exchange rates||Challenges with customer service|
|2.||Comprehensive global service reach||Cash pickups aren’t an option|
|3.||Impressive currency support (over 50 currencies)||Lack of dedicated currency dealers|
|4.||Widespread local presence with branches in more than 28 countries||Less-frequented countries and currencies might incur high transfer fees|
|5.||Custom quotes are available without signup||Inadequate for large monetary transfers|
|6.||Diverse payment methods encompassing bank accounts, debit and credit cards, PayPal, and more||No support for lesser-known currencies|
|7.||Highly rated on Trustpilot|
|8.||In-depth knowledge repository|
|9.||Ideal for small transactions|
|10.||Fast money transfers, with half of all transactions completed in minutes and the rest within 0-2 days|
|11.||Outstanding web platform and mobile app experience|
- Founded: 2011
- Headquarters: London, UK
- Trading Highs: In 2022, Wise juggled an astounding £76.4 billion in global transactions, generating nearly £450 million in revenue;
- Trustpilot Rating: Wise showcases a commendable Trustpilot score of 4.3 out of 5, ranking competitively among the top money transfer providers.
- Client Count: In 2022, Wise’s services were utilized by over 16 million customers worldwide, a number that’s steadily rising;
- Global Reach: With Wise, you can spread your wealth to more than 170 countries globally and in over 50 different currencies;
- Transfer Limits: Wise doesn’t impose a minimum transfer limit. The maximum limits, however, vary with the currency selected. For instance, the limits are set at $1.5 million CAD, $6 million USD, €6 million EUR, $1.8 million AUD, and £5 million GBP;
- Fees and Rates: Wise charges two types of transfer fees: a variable fee between 0.35% to 3%, contingent on the amount, currency, and payment method, and a fixed fee ranging from £0.2 to £2, depending on the currency and payment method but not the transfer amount. In terms of exchange rates, Wise stands out by using the mid-market rates and skipping markups;
- How to Send and Receive: Customers can kickstart transfers using bank accounts, credit/debit cards, Apple/Google Pay, or other localized systems. The recipients get the money in their Wise accounts, from which they can withdraw or forward to other Wise users;
- Language Support: Wise caters to a global audience, supporting 15 languages including English, Italian, Spanish, Russian, Japanese, Portuguese, French, German, Polish, Indonesian, Romanian, Ukrainian, Chinese, Turkish, and Hungarian;
- Regulatory Approval: Wise operates under the watchful eyes of several regulatory bodies, such as Canada’s FINTRAC, the National Bank of Belgium, Australia’s ASIC, the US’s FinCEN, and their domestic regulatory body – the UK’s FCA;
- Mobile App: Wise’s robust and secure app, available on Android (4.7/5 stars) and iOS (4.7/5 stars), empowers users to look up any exchange rate, set up a payment method, initiate and manage transfers, exchange currencies, and more;
- The Trophy Cabinet: Wise has a proven track record of industry accomplishments, bagging numerous awards, including:
- Being among the Top 10 Most Innovative Companies in Finance (in 2014 by the Fast Company Magazine);
- One of Top 20 Best Places to Work in the UK (in 2022 by Glassdoor);
- One of FinTech50 (2013 – 2014, 2017 – 2019, and in 2021).
- Customers’ Opinion: Out of the multitude of reviews Wise garners online, 91% are thumbs-up, praising the smooth money transfer process. Some pain points include strict documentation demands, transfer delays, unresponsive customer service, and account deactivation, though these concerns constitute a relatively small proportion of the total reviews (7% negative and 2% neutral).
Read our full Wise review.
|1.||Outstanding customer support||Limited maximum transfer amounts|
|2.||Diverse options for receiving funds||Above-average exchange rate markups|
|3.||Extensive global presence, covering over 200 countries and territories||Less ideal for handling large financial transfers|
|4.||A top-rated mobile application||A possibility of substantial transfer fees|
|5.||Swift money transfer services||Lack of hedging options for businesses|
|6.||A vast range of payment methods|
|7.||Impressive rating on Trustpilot|
|8.||Availability of cash pickup|
|9.||Robust currency portfolio including 58 different currencies|
|10.||Extensive industry experience|
|11.||Beneficial loyalty rewards program|
- Founded: 1940
- Headquarters: Dallas, Texas, US
- Trading Highs: While MoneyGram’s exact transaction volume is kept under wraps, their 2022 revenue of $1.3 billion hints that it probably runs into the tens of billions;
- Trustpilot Rating: Trustpilot users have awarded MoneyGram a commendable 4.5 out of 5 stars, showcasing a high degree of satisfaction with the service provider;
- Client Count: Over the past five years, MoneyGram’s customer base has swelled to include more than 150 million people worldwide;
- Global Reach: MoneyGram displays a significant global presence with an expansive network of 380,000 locations across more than 200 countries and territories. They handle around 60 different currencies, even offering several exotic options not available through competitors;
- Transfer Limits: MoneyGram provides flexibility in transfers with no minimum limit on transactions. Their services are particularly beneficial for smaller transfers, allowing up to $10,000 per online transaction for most countries and up to $25,000 for select countries. Cash transfer limits at agent locations typically adhere to these parameters;
- Fees and Rates: Fees fluctuate based on the location, transfer amount, and payment method. Some transfers could cost as little as $0 to $15, while others might reach up to $100, particularly for credit card payments to remote locations. With exchange rate markups varying between 1%-5% above the mid-market exchange rate, MoneyGram might be pricier than some services, yet it often undercuts traditional banks;
- How to Send and Receive: MoneyGram offers an array of money-sending options, including bank transfers, debit or credit cards, and cash at agent locations. Recipients can receive their funds via bank account, mobile wallet, debit card, cash pickup, or even get home delivery in specific countries;
- Language Support: MoneyGram provides services in a multitude of languages, including Indonesian, Turkish, French, Japanese, German, Ukrainian, Chinese, Danish, Romanian, Portuguese, Polish, Russian, Hungarian, Korean, Arabic, Norwegian, Spanish, Czech, Thai, Italian, and Malaysian, accommodating users from diverse linguistic backgrounds;
- Regulatory Approval: MoneyGram is rigorously regulated by financial authorities worldwide, including the FINTRAC in Canada, the FCA and Her Majesty’s Revenue and Customs in the UK, the New York State Department of Financial Services in the US, and the National Bank of Belgium in the EEA. This international regulatory supervision guarantees optimal safety for your funds;
- Mobile App: With its user-friendly mobile app, available for iOS (rated 4.9 / 5) and Android (rated 4.7 / 5) devices, MoneyGram simplifies the process of international transfers;
- The Trophy Cabinet: MoneyGram’s commitment to premium money transfer services is underscored by a remarkable collection of industry awards, including:
- The Money Transfer award (2018 by the Mobex Africa Innovation);
- The Best Use of Blockchain in FinTech award (in 2023 by the FinTech Breakthrough Awards);
- The Technology Innovation award (in 2017 by Asian Bankers).
- Customers’ Opinion: MoneyGram enjoys largely positive customer feedback on Trustpilot, where it boasts a high rating. Customers often spotlight the service’s speed, reliability, user-friendly interface, and responsive customer service. Nevertheless, there are occasional criticisms about higher fees, exchange rate markups, infrequent technical glitches, and transaction limit issues.
Read our full MoneyGram review.
|1.||Swift money transfers within 1-3 days||Limited options for funding transfers|
|2.||Option for setting up exchange rate alerts||Absence of instant custom quote feature|
|3.||Robust currency options||Not ideal for transferring small amounts|
|4.||Comprehensive FAQ resources||Transfer fees apply for amounts less than $10,000|
|5.||Adaptable solutions tailored for businesses|
|6.||Attractive currency exchange rates|
|7.||Broad international service coverage|
|8.||Generous transfer cancellation policy|
|9.||Exceptional mobile app user experience|
|10.||Outstanding customer support|
- Founded: 1998
- Headquarters: Sydney, New South Wales, Australia
- Trading Highs: Since starting its operations, OFX has facilitated transfers exceeding $140 billion. The company exhibits a robust financial position with a net income close to $100 million and cash reserves surpassing $60 million;
- Trustpilot Rating: With a core customer base comprising corporate clients, OFX boasts an impressive Trustpilot rating of 4.3 out of 5 stars;
- Client Count: Over 1 million clients have trusted OFX for their substantial money transfer needs;
- Global Reach: Focused on catering to global businesses, OFX delivers money transfer services to more than 190 countries and supports 55 different currencies, with plans to continue expanding their reach;
- Transfer Limits: OFX establishes region-based minimum transfer limits to serve smaller transactions. For instance, in the US, the minimum limit is $1000, in the UK, it’s £100, for the EU there’s a €2 minimum limit, $150 in Hong Kong and Singapore, and Australians and the rest of the world need to send at least $250. Interestingly, OFX imposes no upper limit on transfers, an ideal feature for businesses needing to make larger transactions;
- Fees and Rates: Transfers above $10,000 are free of charge at OFX. For lower amounts, the fees may vary depending on the location. Their exchange rates include a margin between 0.4% and 1.9% added to the mid-market rate;
- How to Send and Receive: For both sending and receiving money, OFX supports only bank account transactions;
- Language Support: OFX’s web and mobile platforms are currently only available in English;
- Regulatory Approval: More than 50 global regulatory bodies, including FINTRAC, ASIC, the FCA, AUSTRAC, the FinCEN, CED, MAS, NCA, DIA, and CBI, have authorized OFX to provide money transfer services;
- Mobile App: OFX’s mobile app, highly rated on both the App Store (4.9 / 5 stars) and Google Play (4.6 / 5 stars), facilitates seamless money transfers;
- The Trophy Cabinet: Throughout over two decades of service, OFX has received several awards from organizations like:
- Deloitte (Fast 50 and Fast 500 from 2015 to 2021);
- The Australian Financial Review (BRW Fast 100 in 2005);
- The Finder Customer Satisfaction Awards (Best International Money Transfer Provider for 2021-2022).
- Customers’ Opinion: The majority of OFX’s online reviews are positive, often commending the company’s competitive exchange rate margins, absence of transfer fees, and exceptional customer service. Users appreciate the platform’s ease of use and transparency. Some customers have raised concerns over slower transfer times and issues with documentation, but these are relatively few compared to the positive reviews.
Read our full OFX review.
|1.||Diverse payment methods||Not optimal for substantial money transfers|
|2.||Availability of cash pickup locations||Elevated transaction fees|
|3.||High rating on Trustpilot||High markups on exchange rates|
|4.||Excellent mobile application||Absence of hedging options for businesses|
|5.||An abundant industry experience|
|6.||Comprehensive information repository|
|8.||Worldwide service reach|
|9.||Robust currency handling|
|10.||Rapid fund transfers|
|11.||Fee and rate prediction tool|
|12.||Beneficial rewards scheme|
- Founded: 1851
- Headquarters: Denver, CO, United States
- Trading Highs: Western Union has long been a titan in the field of international money transfers. As of 2017 data, they were executing roughly 32 transactions per second, accumulating over $300 billion in yearly trading volume. Their commanding presence gave them a striking 20% share of the global market, marking them as the world’s premier money transfer entity;
- Trustpilot Rating: The company has carved a firm standing in the customer’s view, earning a respectable Trustpilot rating of 3.9 stars out of 5. This rating reflects their ongoing dedication to premium service delivery;
- Client Count: With a staggering count of over 150 million customers annually, Western Union’s clientele dwarfs even the population of countries like Russia. This client base spans regular users, retail consumers, and digital customers;
- Global Reach: Western Union’s impressive global footprint allows customers to send money virtually anywhere – except Iran and North Korea. Boasting a formidable network of around 550,000 agent locations worldwide, their reach is unrivaled. With the capacity to transact in approximately 130 different global currencies, they cater to a diverse range of currency needs, from Canadian dollars to Indian rupees;
- Transfer Limits: Western Union, ideally designed for smaller remittances and money transfers, imposes no minimum limit for transfers. As for the maximum limit, customers can send up to $50,000, depending on the service selected and the destination country. It’s worth noting that identity verification is necessary for sending amounts exceeding $3,000;
- Fees and Rates: Western Union’s transfer fees are variable, ranging from as low as $0-$15 to a potential high of $100. These fees depend on factors such as the transfer amount, sending location, receiving location, and the payment method used. The company applies exchange rate markups of 1% to 5% above the mid-market exchange rate. While it’s pricier than some alternatives, Western Union often proves more convenient than traditional banking institutions;
- How to Send and Receive: Western Union offers a variety of funding options, from bank accounts and credit or debit cards to cash payments at agent locations. Funds sent via Western Union can be received in a bank account or a mobile wallet, or collected in cash at one of their physical locations;
- Language Support: They offer service in a wide array of languages, including but not limited to English, Italian, Ukrainian, Norwegian, Dutch, Finnish, Polish, Spanish, Chinese, Turkish, Portuguese, German, Russian, Danish, Swedish, Japanese, French;
- Regulatory Approval: Western Union operates under stringent regulatory oversight from significant bodies such as Canada’s FINTRAC, the UK’s Financial Conduct Authority (FCA), the AUSTRAC in Australia, and authorities in other jurisdictions. In the United States, they’re approved to operate in 49 states and the District of Columbia;
- Mobile App: Catering to tech-savvy customers, Western Union offers robust mobile apps for iOS (rated 4.8/5) and Android (rated 4.6/5), allowing users to initiate global transfers with ease;
- The Trophy Cabinet: Western Union’s stellar track record has garnered them a plethora of accolades, underlining their position as a leader in the financial sector. Some of their recent awards include:
- The Consumer Payments Innovation award (in 2021 by theFinTech Breakthrough Awards);
- The Regional Partner award (in 2019 by the Education for Employment);
- The Payments Innovation of the Year award (in 2016).
- Customers’ Opinion: Customers often highlight the user-friendliness, convenience, and speed of Western Union’s services, with its expansive global network enabling money transfers almost anywhere. Though some criticisms focus on higher fees and exchange rate markups compared to competitors, many users find this a fair exchange for the reach and rapidity of the service. Customer service experiences are varied, with some customers citing longer wait times or communication issues.
Read our full Western Union review.
|1.||Impressive Trustpilot score||Low limits on regular payment transfers|
|2.||Significant industry experience||Absence of instant custom quotes option|
|3.||Suitable for all kinds of money transfers||Higher exchange rates compared to competitors|
|4.||A range of payment options for those with a UK bank account||Limited support for uncommon currencies|
|5.||Zero transfer fees|
|6.||Quick international money transfers|
|7.||Top-notch customer service|
|8.||Exchange rate alerts option|
|9.||Unlimited maximum transfer amount|
|10.||Extensive global reach|
|11.||Numerous industry accolades|
- Founded: 2004
- Headquarters: Penzance, Cornwall, UK
- Trading Highs: TorFX oversees an impressive annual trading volume surpassing £10 billion in global money transfers and currency exchanges;
- Trustpilot Rating: With a high Trustpilot rating of 4.9 out of 5 stars, TorFX competes favorably with other industry players such as Currencies Direct;
- Client Count: Over 425,000 regular and corporate customers worldwide rely on TorFX for their financial needs, with the majority of clients being UK-based;
- Global Reach: TorFX extends its currency exchange and money transfer services to over 120 countries globally. They facilitate transactions in over 40 currencies, including major ones like CAD, USD, GBP, EUR, JPY, AUD, and ZAR, and more exotic options such as AED, EGP, CZK, HKD, CNY, INR, MXN, PHP, and RUB;
- Transfer Limits: TorFX sets a minimum transfer limit at £100 or its equivalent in other currencies. There’s no upper cap on the maximum transfer amount. For recurrent transfers, the limits are set at a minimum of £500 and a maximum of £10,000, or their currency equivalents;
- Fees and Rates: TorFX doesn’t charge transfer fees, but does apply a markup on the mid-market exchange rate, ranging from 1.9% for larger transfers to 2.7% for smaller ones;
- How to Send and Receive: International transfers with TorFX are primarily funded through bank accounts. In the UK, additional funding options include debit/credit cards and GBP checks but these aren’t available for residents in Canada. Recipients can access money from TorFX solely via their bank accounts as this provider doesn’t offer transfers to mobile wallets or a cash pickup option;
- Language Support: At present, TorFX offers services exclusively in English;
- Regulatory Approval: Operating under the approval of several regulators, TorFX is recognized by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI) in the UK. The AFCA and AUSTRAC also authorize the provider as a money payment service and grant them an Australian Financial Services Licence (AFSL);
- Mobile App: TorFX’s mobile app, available for both Android (4/5 stars) and iOS devices (4.3/5 stars), offers users the convenience of managing transfers on the go;
- The Trophy Cabinet: TorFX’s exceptional performance has been recognized by various financial institutions, international bodies, and award organizations. Some of their notable accolades include:
- The Best Business FX Provider award (in 2022 by the Business Moneyfacts Awards);
- The Best Value International Money Transfer award (in 2016, 2017, and 2022 by the Mozo Gold Experts Choice Awards);
- The International Money Transfer Provider of the Year award (in 2016, 2017, 2018, 2019, 2020, 2021, and 2022 by the Moneyfacts Consumer Awards).
- Customers’ Opinion: Customer reviews predominantly praise TorFX for its exceptional customer service, quick transfers, attractive exchange rates, and user-friendly platform. A few clients expressed wishes for broader currency and country coverage, and a reduction in the minimum transfer amount.
Read our full TorFX review.
|1.||Fixed transfer fees||Doesn’t provide dedicated account managers|
|2.||Extensive global coverage||No option for instant custom quotes|
|3.||Top-tier mobile app||Not great for large money transfers|
|4.||Instantaneous money transfers||Exchange rates can sometimes be substantial|
|5.||Plenty of ways to fund your transfer|
|6.||Decent Trustpilot rating|
|7.||Deals with a heap of currencies|
|8.||Worldwide locations for cash pickup|
|9.||Excellent customer service|
|10.||No minimum transfer limit when sending|
|11.||A knowledge base that’s a treasure trove of info|
- Founded: 2011
- Headquarters: Seattle, WA, USA
- Trading Highs: Remitly made a remarkable footprint in 2021, managing transfers that amounted to an impressive $20.4 billion. This wasn’t just about money movement; it translated into substantial revenue of approximately $458.6 million;
- Trustpilot Rating: A notable Trustpilot rating of 4.1 out of 5 stars represents Remitly’s standing in the international money transfer services industry, based on nearly 40,000 reviews;
- Client Count: Remitly is truly a popular money transfer service with a substantial active customer base exceeding 3 million individuals;
- Global Reach: The company facilitates money transfers from 28 countries to over 180 destinations worldwide, encompassing both major and exotic currencies (over 75 in total);
- Transfer Limits: Remitly imposes a minimum transfer limit as low as a single Australian dollar (or equivalent), with the maximum limit being dependent on a combination of factors such as sender and recipient locations, currency types, and the amount being transferred. This maximum typically ranges from $3,000 to £150,000;
- Fees and Rates: Remitly maintains transparency in its transfer fees, which are fixed and communicated upfront, typically varying from $0.00 to $50 (or an average of $3.00 – $7.00). The company also applies a profit margin of around 1% – 2.5% to the mid-market exchange rate, although this margin can occasionally dip to 0.5% or rise to 3.7%;
- How to Send and Receive: Remitly provides several funding options for transfers, including via a bank account, credit or debit card, and country-specific methods like Klarna and iDEAL; The options for receiving your money through Remitly are pretty much the same as the sending options;
- Language Support: This money transfer provider overcomes language barriers by offering website support in 15 languages and customer support in multiple languages including English, Romanian, Chinese, Dutch, French, Polish, Portuguese, Thai, Turkish, German, Spanish, Vietnamese, Italian, Korean, and Filipino;
- Regulatory Approval: Remitly is regulated by leading national authorities, including the FINTRAC in Canada, ASIC in Australia, the UK’s FCA, the Central Bank of Ireland, and the U.S. Department of the Treasury;
- Mobile App: Remitly’s user-friendly mobile app is available for both Android (rated 4.8 / 5) and iOS users (rated 4.9 / 5). With ratings that high, they certainly must be doing something right;
- The Trophy Cabinet: Despite its relative youth, Remitly has already achieved notable recognition within the fintech industry for its innovation, technology, and service. Some of their key awards include:
- One of FinTech 50 (in 2019 by Forbes);
- The Startup of the Year award (in 2016 by the GeekWire Awards).
- The Game Changer Award (in 2017 by the Seattle Business Magazine for the Tech Impact Awards);
- Customers’ Opinion: The online sentiment regarding Remitly is predominantly positive, with users appreciating its fast transfers, often completed within minutes. Customers also commend its competitive low fees, user-friendly app and website, and clear pricing. However, there are occasional criticisms related to slow customer service and rare technical issues.
Read our full Remitly review.
|1.||Real-time personalized quotations||Not suitable for small money transfers|
|2.||Excellent client support||High minimum transfer limit|
|3.||Strong rating on Trustpilot||No multi-language support|
|4.||Zero fees on transfers||Limited payment options|
|5.||Attractive foreign exchange rates||No mobile app|
|6.||Worldwide service availability||Limited currency coverage|
|7.||Wide range of options for businesses||No local coverage|
|8.||Speedy transfer of funds|
|9.||Notifications for exchange rate fluctuations|
- Founded: 2015
- Headquarters: London, UK
- Trading Highs: As of 2015, CurrencyTransfer was processing around $500 million in transfers. While updated data isn’t publicly available, it’s fair to assume that, given their continued expansion, their annual trading volume is now likely to be in the billions;
- Trustpilot Rating: CurrencyTransfer proudly shares the top ranking on Trustpilot among international money transfer providers. Along with Currencies Direct and TorFX, it has an impressive 4.9 out of 5-star rating based on 900 reviews;
- Client Count: CurrencyTransfer currently serves approximately 20,000 global private and corporate clients, delivering seamless currency exchange and money transfer services;
- Global Reach: CurrencyTransfer enables individuals and businesses to send and receive money in more than 170 countries around the globe. Despite its wide geographical reach, CurrencyTransfer supports only a select number of currencies – 28 in total. These include all the major ones, but many of the minor currencies aren’t supported;
- Transfer Limits: One significant limitation of CurrencyTransfer is its £5,000 minimum transfer limit (or its equivalent in other currencies). This restriction makes their services less appealing to individuals needing to make smaller transfers, like sending gifts or personal payments. On the flip side, CurrencyTransfer shines when it comes to larger transfers. There’s no maximum limit imposed, providing great flexibility for significant international money movements;
- Fees and Rates: As a significant plus, CurrencyTransfer doesn’t charge any fees for transfers made through its platform. While there may be providers with slightly more competitive rates, CurrencyTransfer still offers good value with a markup of approximately 0.7% over the mid-market exchange rates. This rate beats traditional banks that generally add between 4% and 7%;
- How to Send and Receive: CurrencyTransfer currently supports money transfers only through bank accounts, excluding other payment methods like debit cards, credit cards, cash, or PayPal. The receiving party can only receive funds in their personal or business bank account when the transaction is managed by CurrencyTransfer’s partners;
- Language Support: Presently, the CurrencyTransfer website and customer support services are provided exclusively in English;
- Regulatory Approval: To ensure compliance with financial regulations like the 2007 Money Laundering Regulations and related legislation, CurrencyTransfer is authorized to operate in the money transfer industry by the UK’s Financial Conduct Authority (FCA). They’re also supervised by Her Majesty’s Revenue and Customs (HMRC) and registered with the Information Commissioner’s Office (ICO);
- Mobile App: Unfortunately, CurrencyTransfer currently doesn’t offer a mobile app, a feature common among its competitors. It’s expected they’ll soon join this trend and launch an app for more convenient and time-efficient money transfers;
- The Trophy Cabinet: Although a relatively young FinTech startup, CurrencyTransfer has made its mark in the industry, receiving recognition such as:
- Being one of the Top 9 Startups (in 2014 by the Swift Innotribe Startup Challenge);
- Honored as a Presenter at FinovateEurope (in 2014 at a FinTech-focused conference).
- Customers’ Opinion: CurrencyTransfer has earned a positive reputation with a high rating of 4.9/5 on Trustpilot. Users commend the platform for its competitive exchange rates, transparent fees, and outstanding customer service. However, it’s advisable for prospective users who want to have a mobile app or multi-lingual support to conduct their own research and consider their specific requirements before choosing a provider, as individual experiences may vary.
Read our full CurrencyTransfer review.
Looking ahead, the future of money transfers in Canada is bright and promising. The increasing adoption of digital platforms, underpinned by advancements in fintech, is expected to transform the landscape of international money transfers.
While the traditional methods will continue to play a role, digital transfers are poised for exponential growth, driven by convenience, speed, and affordability. As the industry evolves, companies will need to adapt to meet the changing needs of consumers, offering more diverse options, improved security, and better user experiences.
The coming years will undoubtedly usher in a new era for money transfers in Canada, making it simpler and more efficient than ever before.
All of the 10 best money transfer companies in Canada have carved their unique niches in the domestic market, offering unique sets of features and benefits.
While some of them boast a large network of agent locations and a variety of payment options, others excel in competitive exchange rates and free transfers. Each has its pros and cons, and the choice boils down to individual requirements.
Trustpilot ratings indicate that all of these providers are reliable and deliver quality services, despite a few limitations. Our advice is: before settling for a provider, it’s crucial to understand your specific needs, evaluate the service features and consider the trade-offs.
Which of the 10 best money transfer companies in Canada is better for small money transfers?
Xe, WorldRemit, Wise, MoneyGram, Western Union, and Remitly are all suited for small transfers as they don’t have or impose a tiny minimum limit, unlike CurrencyTransfer, TorFx, or OFX which require a higher minimum for each transaction.
Can I use these companies to send money to any country in the world?
Yes, most of these companies support transactions to and from over 200 countries. However, some might have a lower reach and offer limited currency support, so the availability might depend on the specific currency in question.
What future trends can be expected in the money transfer market in Canada?
With the rise of fintech, digital transfers are predicted to grow exponentially in Canada, offering convenience, speed, and affordability. As the industry evolves, we can expect more diverse options, improved security, and better user experiences.
Why should I consider using a money transfer company instead of a traditional bank?
Money transfer companies often offer competitive exchange rates and lower fees compared to traditional banks. They also typically offer a faster and more convenient service, allowing you to send money globally at any time of day or night.
What criteria were used to rank these top 10 money transfer companies?
Our ranking was based on several factors including, but not limited to: exchange rates, transfer speed, fees, customer service quality, security measures, and user-friendliness of the platforms we examined.
Are these money transfer companies safe to use?
Yes, all the companies listed in this article are regulated by the necessary financial authorities in Canada, which requires them to comply with stringent security measures to protect customers’ funds and personal information.
How does the exchange rate offered by these companies compare to the real (mid-market) exchange rate?
Most money transfer companies offer rates that are very close to the mid-market rate, unlike banks which often add a significant markup. However, rates do vary between companies, so it’s always worth comparing before you make a transfer.
Is there a limit to how much money I can send through these companies?
Each company has its own transfer limits, which may depend on various factors such as your verification status, the country you’re sending to, or the method of transfer. You can look up all of the details for each company above. We also feature a dedicated review for each company, where all the necessary information is thoroughly explained.
How long does it typically take to send money through these companies?
The transfer speed varies depending on the company and the method of payment. Some companies offer instant or near-instant transfers, while others may take a few business days. Always check the expected transfer time before initiating a transaction.
Are there any hidden fees I should be aware of when using the money transfer companies on this list?
All of the companies featured here are transparent about their fees, but it’s always important to read the terms and conditions carefully. In addition to the transfer fee, there might be fees for certain payment methods, or the recipient might be charged a fee by their bank.