Our tip picks are chosen from some of the best money transfer services on Finder, but we don't compare every brand in the market. We've included them to help you make decisions faster, but keep in mind that they may not always be the best fit for you. Read our full methodology here to find out more.
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.
Best ways to send money to Canada from Australia
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.
Online money transfer provider. 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.
Banks. 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.
Cash pickup. 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. 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.
Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
Compare the best money transfer companies to send money to Canada
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:
Transfer fees. While still cheaper than your Australian bank, some money transfer services charge either a fixed or percentage-based fee for making your transfer.
Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market AUD/CAD exchange rate.
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:
Revolut — within minutes
Western Union — within minutes
Instarem — within minutes
Safest way to send money 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.
Large money transfers to Canada
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:
Tax guidance. Large transfers to Canada may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on the Australian Taxation Office's latest advice.
Foreign exchange tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the CAD exchange rate you want.
Account manager. Some money transfer providers assign a personal account manager who can help and advise you on your transfer needs.
Phone service. If you want to talk your transfer through with someone, providers such as TorFX and OFX can give you support over the phone.
How to send money to Canada from Australia
To send money to Canada, you'll need the necessary documentation, your recipient's details and a way to pay.
Compare your options.
Use our table to find a money transfer provider that sends funds to Canada. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site".
Create an account.
You'll need to give your name, address, contact details, proof of ID and method of payment.
Provide your recipient's details.
Enter your recipient's name and contact information. If you're sending straight to their Canadian bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
Enter your transfer amount.
Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total Canadian dollars your recipient gets.
Complete your transfer.
Send your money transfer to Canada. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.
Is this a good time to send money to Canada?
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.
Frequently asked questions
The most common payment methods for money transfers to Canada include bank transfer, credit card and debit card. How you pay can influence how quickly your Canadian dollars arrive and the total cost of your transfer, so consider both when deciding.
Photo identification: Most providers require a driver's license, passport or other Australian government-issued ID.
A way to pay: Your options depend on the provider's services. Popular methods include cash, debit or credit card and bank account transfers.
Recipient information: You'll need their name (matching their ID) plus contact details. If sending to a Canadian bank account, you'll need their account number, SWIFT and branch details.
Transfer number: The reference number – sometimes called a PIN, MTCN or tracking number.
Government-issued ID: An official ID, such as a Canadian passport or driver's license.
The transfer amount: To know how much has been sent, usually to within 10% of the total.
Sender information: The sender's name and address and the transfer's country of origin.
Each provider has its own sending limit. For example, Revolut and Western Union allow you to transfer as little as $1 while others will have a much higher minimum threshold.
Remember that some providers will have maximum transfer amounts as well, either as a result of Australian tax policies or because their service is more limited.
The turnaround time for a money transfer to Canada depends on the provider and how you pay for the transfer. Expect your transfer to arrive within minutes if you pay using cash or with a debit or credit card. Paying by bank transfer can take longer – usually 2–5 days.
Yes, you can still send a money transfer if neither you nor your recipient in Canada has a bank account. Look at cash transfer providers such as Western Union and Remitly where you can pay with cash and your recipient can collect it as cash on the other end.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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