By G.D. Sterling, CFA

Global Money

Your money doesn't stop at the border. Find the cheapest ways to send, spend, and receive money internationally.

Whether you're sending money to family overseas, getting paid in USD as a freelancer, or planning a move abroad — cross-border banking in Canada is expensive if you use the wrong tools.

Why Canadian Banks Charge So Much for International Transfers

When you send money abroad through a traditional Canadian bank, you're typically hit with three layers of fees:

  1. A flat wire transfer fee — usually $15-50 per transfer, depending on the bank and destination
  2. A hidden forex markup — the bank doesn't use the real exchange rate. They add 2-3% to the mid-market rate and pocket the difference
  3. Correspondent bank fees — intermediary banks along the route may deduct additional fees that aren't disclosed upfront

On a $5,000 transfer, a 2.5% hidden forex markup alone costs you $125 — on top of the wire fee. That's $140-175 in total fees for a single transaction.

Better Alternatives for Canadians

Wise (formerly TransferWise): Uses the mid-market exchange rate with a transparent, upfront fee (typically 0.4-1% depending on currency pair). For most routes from Canada, Wise is the cheapest option. Transfers are typically completed within 1-2 business days.

OFX: Better for larger transfers (above $7,000 CAD). No transfer fees over a certain threshold, and their exchange rate margins get tighter as the transfer amount increases. Good for business payments or large personal transfers.

Norbert's Gambit: For CAD to USD conversions specifically, if you have a brokerage account and are moving $5,000+, buying an interlisted stock (like DLR) in CAD and selling it in USD can reduce your total cost to the price of two trades (roughly $20). Not for beginners, but exceptionally cheap when done right.

Multi-Currency Accounts

If you regularly deal with foreign currencies, a multi-currency account lets you hold, receive, and spend in multiple currencies without converting each time. Wise offers the broadest multi-currency account for Canadians, supporting 50+ currencies with local bank details in 10 currencies (USD, EUR, GBP, AUD, NZD, SGD, RON, CAD, HUF, TRY).

Best Ways to Send Money Abroad

Compare Wise, OFX, Remitly, and bank wire transfers with real fee breakdowns for common amounts. Wise wins for most transfers under $7,000 — OFX pulls ahead for larger amounts.

Best Multi-Currency Accounts

Hold USD, EUR, GBP, and more without converting each time. Wise supports 50+ currencies with local bank details in 10 countries. For Canadians who get paid in USD, a US-dollar account avoids the 2-3% forex haircut on every transaction. Compare money transfer options →

Norbert's Gambit: Convert CAD to USD Cheaply

The step-by-step guide to avoiding forex fees when converting large amounts between CAD and USD — with Questrade and RBC DI instructions.

Canadian Snowbird Finance Guide

Spend winters in the US or abroad? Cross-border banking, US-dollar accounts, and travel insurance are the financial pillars. Use a no-foreign-transaction-fee credit card for daily spending and keep a US-dollar account to avoid converting at bad rates. Start with our money transfer guide for the cheapest CAD-to-USD conversion methods.

What to Watch For

Banks typically charge 2-3% in hidden forex markups on international transfers. Dedicated services like Wise use the mid-market rate and charge a transparent fee — often saving you hundreds on a single transfer. Before sending money abroad, always compare:

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