Revolut
OFX
TorFX
Looking to send money to family, friends or a business in Canada (or even your own bank account overseas)? Whatever your reason for transferring money, we recommend avoiding the banks and using a money transfer specialist to get a better CAD exchange rate and lower fees.
Over the last month, we've compared 14 providers, Revolut is among the cheapest for small transfers, with low exchange rate markups and fees starting from $0. Need a really fast transfer? Instarem can get money to your recipient in Canada within minutes.
The best way to send money to Canada depends on your payment method, how you want your money to be received and how fast you need it to arrive.
When sending Australian dollars or Canadian dollars, money transfer specialists typically offer better rates and cheaper fees than a local bank. Providers add a markup ranging from 0.4% to 2% onto the real exchange rate.
Bank transfers are an easy way to transfer money but charge extra for the convenience and are often slower. Based on our research, ANZ adds a markup of 3.34% when exchanging AUD to CAD. In comparison, CBA adds a markup of around 4.16% to the mid-market rate.
If you need your money to arrive quickly, doing a cash pickup with Western Union gives your recipient instant access to the money you've sent when they collect it from their agent location.
PayPal is more known for digital payments and also allows users to transfer money overseas. They charge a fee of 5% of the send amount (minimum $0.99 AUD and maximum $5.99 AUD charge), making them suitable only for sending small amounts.
Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
We currently don't have that product, but here are others to consider:
How we picked theseWe review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
Bank transfers are typically the cheapest way to get your money to Canada. Revolut and Western Union have some of the lowest bank transfer fees of the brands we've compared.
Before transferring money, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Canadian dollars your recipient will end up with.
"I use an international money transfer service to transfer money from my Canadian bank account to my Australian account when the exchange rate is favourable. I've found it costs less than bank transfers and the fees and exchange rates are fair."
Actual transfer times from Australia to Canada depend on several different factors including transfer amount, payment method and currency.
Here are some of the fastest average transfer speeds to Canada:
The safest way to get your money to Canada is using a provider registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant regulations in both Australia and Canada.
A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Canada, consider using a provider such as TorFX or OFX to secure a better exchange rate and benefit from its expertise handling large transactions.
Using a large transfer specialist can have the following advantages:
To send money to Canada, you'll need the necessary documentation, your recipient's details and a way to pay.
The Australian dollar has been on the decline for most of 2023. After beginning the year at 0.92 CAD, it climbed to a high of 0.95 CAD in late January and is hovering around the 0.90 - 0.87 CAD mark. Despite a tough year, experts are slightly more optimistic with their forecasts. As China's economy reopens, it's believed that this will have a positive impact on the Australian dollar and the RBA will continue raising interest rates.
NAB is forecasting a 1 AUD = 0.98 CAD exchange rate by the end of the year and Credit Agricole's G10 FX Strategy team also expects the AUD to gain against the CAD. Trying to predict the perfect time to convert money is challenging given the economic conditions. If you're unhappy with the current AUD/CAD rate, forex tools such as a limit order or forward contract could help you get a better exchange rate.
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