You’ve done it. You’ve landed in Canada — new SIN card in hand, head full of plans, and maybe a little jet lag. But before you can focus on finding a job, enrolling kids in school, or figuring out why everyone apologizes so much, there’s one very urgent financial question staring you down:
How do you actually get your money here?
Whether you have savings sitting in a bank account back home, a final paycheque coming in from your previous employer, or family sending you funds to help you get settled — knowing how to transfer money to Canada safely, quickly, and without hemorrhaging cash on fees is one of the most practical things you can sort out in your first weeks.
This guide breaks down every option available to newcomers — from international wire transfers and specialist fintech apps to what to do if you’re bringing cash across the border. We’ll show you how to compare costs, which services are best suited to different situations, and how to avoid the traps that cost new arrivals hundreds of dollars unnecessarily.
Let’s get into it.
Why Transferring Money to Canada Is Trickier Than It Sounds
Most people assume that moving money internationally is as simple as an online transfer. In some ways it is — the technology exists and it’s accessible. But there are three layers of cost and complexity that can catch you off guard:
- Exchange rate markups: Banks and many services don’t use the real mid-market exchange rate. They charge you a marked-up rate and pocket the difference. On a $10,000 CAD transfer, a 2% markup costs you $200 — quietly, without any visible “fee.”
- Transfer fees: On top of the rate markup, many providers charge a flat or percentage-based transaction fee.
- Receiving fees: Some Canadian banks charge a fee just to receive an incoming international wire transfer — often $15–$25 CAD per transaction.
Understanding these three layers helps you evaluate any service accurately. The cheapest-looking option isn’t always the cheapest once you factor in all three.
Your Options for Transferring Money to Canada
There are five main ways newcomers transfer money to Canada. Each has its place depending on how much you’re sending, how quickly you need it, and where it’s coming from.
1. International Bank Wire Transfer
A wire transfer is the most traditional method — you instruct your home-country bank to send funds directly to your new Canadian bank account. It works in virtually every country and is very secure.
To initiate one, you’ll need your Canadian bank’s SWIFT/BIC code, your account number, and the bank’s transit and institution number. Your home bank will initiate the transfer, which usually takes 3–5 business days.
The downside? Banks tend to offer the worst exchange rates of any option — often 2–4% worse than the mid-market rate — and both the sending and receiving banks may charge fees. For large transfers (over $50,000 CAD), the security and traceability of a bank wire may still be worth it.
2. Specialist Money Transfer Services (Fintechs)
This is where most financially savvy newcomers save the most money. Services like Wise (formerly TransferWise), Remitly, and OFX specialize in international transfers and typically offer far better exchange rates than traditional banks.
Wise uses the true mid-market exchange rate with a small transparent fee (starting from ~0.29%). It’s widely regarded as the most transparent and cost-effective option for most transfers. Wise also offers a multi-currency account — useful if you’re still receiving income or payments in your home country’s currency.
Remitly offers fast transfers to 170+ countries and multiple payout options including bank deposits, mobile wallets, and cash pickup. However, Remitly adds a markup on the exchange rate (typically 0.5%–3% above mid-market), and its pricing structure can be confusing — their advertised promotional rate is for first-time customers only.
OFX charges no flat transfer fee but adds a margin to the exchange rate. It’s best suited to larger transfers (minimum ~$1,000 CAD) and offers 24/7 phone support — a plus if you’re dealing with complex or high-value transfers.
3. Your New Canadian Bank’s Newcomer Account
Many of Canada’s major banks — RBC, TD, CIBC, National Bank, Scotiabank, and BMO — offer dedicated newcomer banking packages. These often include a free chequing account for the first year and the ability to receive international wire transfers.
Some, like CIBC’s Smart Account for Newcomers, advertise $0 transfer fees for outbound global money transfers to 130+ countries. National Bank was named the Best Bank for Newcomers by MoneySense in 2025 for the third consecutive year. Keep in mind that even with $0 transfer fees, the bank’s exchange rate may still not be competitive.
Tip: Several Canadian banks let you open your account before you arrive in Canada — meaning you can initiate a transfer from home and have funds waiting for you when you land. Check TD, RBC, and CIBC for their pre-arrival account options.
4. International Money Orders or Bank Drafts
A money order or bank draft from your home country’s bank is a paper-based instrument that you physically bring to Canada. When you arrive, you deposit it at your Canadian bank branch.
The upside: it’s straightforward and doesn’t require setting up accounts in advance. The downside: processing time after deposit can be lengthy (sometimes 15–30 business days for international instruments), and exchange rates through this method are rarely competitive. Best used for smaller amounts or as a backup, not as your primary method.
5. Bringing Cash Across the Border
You can legally bring any amount of cash into Canada. However, if you’re carrying more than $10,000 CAD (or its equivalent in any currency), you are required by law to declare it to the Canada Border Services Agency (CBSA) upon arrival. Failure to declare is a serious offence and can result in your funds being seized.
Bringing large amounts of cash isn’t recommended — it’s risky, and you’ll still face an unfavourable exchange rate when you convert at a Canadian bank or exchange bureau. For anything meaningful, a digital transfer is almost always the better choice.
TABLE 1: Money Transfer Methods Compared — Key Features at a Glance
Method | Exchange Rate | Avg. Transfer Fee | Speed | Best For | Min. Amount |
International Bank Wire | 2–4% markup above mid-market | $15–$50 + receiving fee | 3–5 business days | Large, high-security transfers | None |
Wise | True mid-market rate | From ~0.29% + small fixed fee | Minutes to 2 days | Most everyday transfers | No minimum |
Remitly | 0.5–3% markup (promo for new users) | Varies; $0 for transfers >$500 | Express: instant; Economy: 3–5 days | Cash pickup, mobile wallets | No minimum |
OFX | Small margin above mid-market | $0 transfer fee | 1–2 business days | Large transfers $1,000+ | ~$1,000 CAD |
Bank Draft / Money Order | Bank retail rate (poor) | Varies by institution | 15–30 days to clear | Small amounts, no digital access | None |
Cash at Border | Exchange bureau rate (poor) | None for carrying; poor FX on conversion | Immediate on arrival | Very small amounts only | Declare if >$10,000 CAD |
*Data is approximate and subject to change. Always verify current rates and fees directly with service providers.
How to Choose the Right Method to Transfer Money to Canada
There’s no single “best” method — the right choice depends on your specific situation. Here’s how to think about it:
If You’re Transferring a Large Sum (Over $10,000 CAD)
For large transfers, the exchange rate difference between providers is highly significant. Even a 1% difference on $50,000 CAD equals $500. At this level, comparing Wise, OFX, and your bank’s rate side by side before committing is well worth the 30 minutes it takes.
OFX is worth considering for very large transfers given its 24/7 phone support and relationship-based pricing for high-volume customers. Wise remains competitive at any amount. Avoid doing large transfers through a regular bank unless security or regulatory requirements demand it.
If You Need Money Urgently
Remitly’s Express service is hard to beat for speed — transfers can arrive within minutes for supported corridors. Wise also processes a significant portion of transfers instantly. If you’ve just landed and need funds immediately for a hotel or first month’s rent, setting up a Remitly or Wise account in advance (you can do this from your home country before you leave) and triggering a transfer upon arrival is the fastest path.
If You’re Receiving Regular Transfers Over Time
Some newcomers don’t bring all their money at once — they transfer monthly from a home-country account as they draw down savings. In this case, Wise’s multi-currency account is particularly useful: your family back home can send to your Wise account in their local currency, and you hold it until the exchange rate is favourable before converting.
If You Don’t Have Reliable Internet Access or Banking Back Home
In some cases — particularly for newcomers from certain regions in Africa, South Asia, or the Caribbean — cash pickup services or mobile wallet transfers are the most practical option. Remitly supports cash pickup in many countries. Western Union and MoneyGram, while more expensive than Wise or Remitly, also support these corridors and may be necessary for certain senders.
TABLE 2: Real-Cost Comparison — Sending $5,000 CAD Equivalent to a Canadian Account
Provider | Exchange Rate Used | Total Fees | Recipient Gets (Approx.) |
Big Canadian Bank | ~2–3% below mid-market | $25–$45 wire fee + receiving fee | ~$4,800–$4,900 CAD |
Wise | True mid-market rate | ~$25–$40 (0.5–0.8% of transfer) | ~$4,960–$4,975 CAD |
Remitly (returning user) | 0.5–1.5% below mid-market | $0 for bank transfer >$500 | ~$4,920–$4,960 CAD |
OFX | ~0.4–0.8% below mid-market | $0 transfer fee | ~$4,960–$4,980 CAD |
*Data is approximate and subject to change. Always verify current rates and fees directly with service providers.
Note: Figures are approximate and illustrative. Actual amounts vary by currency pair, transfer size, and market conditions. Always use each provider’s live calculator for exact figures before transferring.
Step-by-Step: How to Transfer Money to Canada Using Wise
For most newcomers, Wise is the clearest starting point. Here’s how to set it up:
Step 1: Create Your Wise Account
Go to wise.com or download the Wise app. You can sign up from your home country before you leave — this is highly recommended. You’ll need to verify your identity with a government-issued ID and proof of address. Verification usually takes minutes to a few hours.
Step 2: Set Up Your Transfer
Enter the amount you want to send and choose your currencies (e.g., INR to CAD, USD to CAD, PHP to CAD). Wise will show you the exact mid-market exchange rate and the transparent fee breakdown before you confirm.
Step 3: Add Your Canadian Bank Details as the Recipient
You’ll need your Canadian bank account number, transit number (5 digits), and institution number (3 digits). These are on your cheques or in your online banking. If you’ve opened a newcomer account pre-arrival, you’ll have this information ready.
Step 4: Fund the Transfer
Pay from your home-country bank account via bank transfer (lowest fees) or debit card (faster but usually a small surcharge). Wise will give you local payment instructions — in most countries, this means a simple domestic bank transfer in your currency to a Wise local account.
Step 5: Track and Confirm
Wise sends real-time email and app notifications as your transfer progresses. Most arrive within minutes to 24 hours for major currency corridors. Your Canadian bank account will show the deposit as a regular incoming transfer.
Important Rules and Declarations When Transferring Money to Canada
The $10,000 CAD Reporting Threshold
Canada has strict anti-money-laundering regulations. Any cash or monetary instrument (including bank drafts and money orders) brought into Canada worth more than $10,000 CAD (or foreign currency equivalent) must be declared to the CBSA at the point of entry. This is a declaration, not a seizure — the money is not taken from you, provided it’s legitimate. Failure to declare can result in seizure and potential criminal charges.
Source: Canada Border Services Agency — https://www.cbsa-asfc.gc.ca/travel-voyage/ttd-vdd-eng.html
FINTRAC Reporting for Large Transfers
Electronic transfers of $10,000 CAD or more must be reported by financial institutions to Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC). This is automatic and done by your bank or transfer service — you don’t need to do anything extra. Just ensure your transfer has a clear, legitimate source.
Tax Implications of Bringing Money to Canada
Moving your own savings to Canada is generally not a taxable event — you’re not earning income, just relocating assets. However, any gains earned on those funds before arriving in Canada may need to be reported depending on your tax residency status. Consult a Canadian tax professional (CPA) for advice specific to your situation, particularly if you’re arriving mid-year or have foreign pension, investment, or property income.
Practical Tips to Maximize Your Transfer to Canada
- Open your Canadian bank account before you arrive. Most major banks now offer pre-arrival account opening for newcomers. This gives you a receiving account ready from day one.
- Send a test transfer first. Before moving large sums, send a small amount (e.g., $100 CAD) to confirm everything works and that you have the correct account details.
- Avoid converting at the airport. Currency exchange kiosks at airports routinely offer rates 5–8% worse than mid-market. Use a transfer service instead.
- Watch the exchange rate. If you’re not in a rush, use a rate alert tool (Wise and OFX both offer this) to be notified when the rate reaches a target level.
- Keep proof of transfer source. For large sums, retain documentation showing the legitimate source of funds (e.g., sale of property, savings statements, employer payslips). This can be important for tax filing and banking compliance.
- Ask your bank about receiving fee waivers. Some Canadian newcomer accounts waive the incoming wire transfer fee. Confirm with your bank before your transfer arrives.
Real-World Scenario: Priya’s First Transfer to Canada
To bring this to life, consider a scenario like this one:
Priya recently arrived in Toronto from India as a new permanent resident. She has ₹8,00,000 (~$13,000 CAD) in her Indian savings account and needs to transfer it to Canada to cover her first few months of expenses while she looks for work.
Her options:
- Her Indian bank’s wire transfer would cost roughly 3% in exchange rate markup plus ₹1,500 sending fee and $25 CAD receiving fee — she’d lose over $500 CAD in total.
- Using Wise, she’d pay a fee of roughly 0.5–0.7% on the amount, with the true mid-market exchange rate. Her total cost: approximately $90–$130 CAD. She saves $370–$400 compared to her bank.
- Alternatively, she splits the transfer — sending half via Wise immediately (for speed) and holding the other half in a Wise INR account to convert when the rate improves.
Over her first year in Canada, by choosing Wise over her bank for recurring transfers, Priya saves an estimated $800–$1,200 CAD — money that goes toward furniture, her professional credential recognition fees, or a TTC pass.
Conclusion: Your Money Deserves a Smart Landing Too
Transferring money to Canada as a newcomer doesn’t have to be stressful or expensive — but it does require knowing your options. The difference between using your home bank and using a specialist transfer service can amount to hundreds or even thousands of dollars, especially for large sums.
Here’s a quick summary of what to remember:
- For most transfers, Wise offers the best combination of exchange rate transparency, low fees, and speed.
- Remitly is excellent for fast delivery or when recipients need cash pickup options.
- OFX is worth considering for large transfers over $10,000–$20,000.
- Canadian bank newcomer accounts are ideal for receiving transfers and avoiding receiving fees, but use a fintech for the sending side.
- Always declare cash or monetary instruments over $10,000 CAD when crossing the border.
- Open your Canadian bank account before you arrive if possible.
You’ve already done the hard part of getting here. Make sure your money arrives just as efficiently.
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Related Resources & Sources
Canada Border Services Agency — Declaring Currency: cbsa-asfc.gc.ca
IRCC — Proof of Funds for Express Entry: canada.ca — Express Entry Proof of Funds
FINTRAC — Large Cash Transaction Reporting: fintrac-canafe.gc.ca
National Bank — Financial Advice for Newcomers: nbc.ca/personal/advice/immigration.html
CIBC — Newcomer Banking: cibc.com/en/journeys/banking-offers-for-newcomers.html
Wise — Fees & Pricing (Canada): wise.com/ca/pricing
DISCLAIMER
The information provided in this article is for general informational and educational purposes only. It does not constitute financial, legal, tax, or immigration advice. Exchange rates, fees, transfer limits, and service availability are subject to change at any time. Always verify current rates and terms directly with the service provider before making any financial decisions.
ArriveThenThrive.ca is an independent Canadian AI blog. We are not affiliated with, endorsed by, or compensated by any of the financial institutions or transfer services mentioned in this article. References to specific services are for illustrative and informational purposes only. Readers are encouraged to conduct their own research and, where appropriate, consult a qualified financial professional or licensed immigration consultant for advice tailored to their individual circumstances.
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