Sending money home: Wise, Remitly and bank wires compared

Last reviewed: October 19, 2026

Sending money to someone in another country is called a remittance. You can send through banks, credit unions, money transfer businesses, cheque cashing businesses and currency exchanges.

Official source: FCAC, Sending money to someone in another country

What to compare (it isn't just the fee)

1. The transfer fee. Some services charge a flat fee, others charge by amount. Fees can also change with how you pay.
2. The exchange rate. Compare how much your recipient actually gets in their currency, not just the fee.
3. Fees at the other end. A bank's quoted fee doesn't include charges that might apply in the receiving country.
4. How you pay. FCAC warns that paying with a credit card may count as a cash advance. That means no interest-free period and usually a higher interest rate, starting right away.
5. Speed and delivery. Cash pickup, bank deposit, or mobile wallet. Ask how long it takes.
6. Receipt and tracking. Keep the receipt and transaction number.

Banks and other federally regulated financial institutions must tell you what they'll charge to send money abroad.

Is the business legitimate?

Money transfer businesses in Canada must register with FINTRAC as money services businesses (MSBs). Check the registry before you use a service you don't know.

Official sources: FINTRAC, Money Services Business Registry · FINTRAC, Conducting transactions with a money services business · FINTRAC, Money services businesses

The three options

Your bank (wire or international transfer)

• Easy if you already bank there, and you get a bank-regulated process.
• Fees and exchange rates vary by bank. Some newcomer packages advertise reduced or no-fee international transfers. Check your bank's own page for the current terms.
• If a bank has branches both in Canada and in the receiving country, FCAC suggests asking whether it charges less.
• Example: BMO says its NewStart newcomer program includes "No fee global money transfers" through BMO Global Money Transfer (BMO (as of Oct 19, 2026)). A no-fee transfer can still include an exchange-rate markup, so compare the amount your recipient gets.
• Standard wire fees and exchange rates differ by bank, account and destination. Check your bank's fee schedule and ask for the exchange rate before you send.

Wise

• How pricing works: Wise says it uses the mid-market exchange rate and charges a separate fee that "varies by currency", listed "from 0.19%" on its pricing page. The exact fee shows up in its calculator before you send. (Wise pricing (as of Oct 19, 2026))
• Speed: Wise says money "typically arrives in seconds" but calls this an average of past transfers that "varies by route". For example, it says INR transfers usually reach the bank account within 1 working day once converted, and conversion can take up to 3 working days. (Wise send money, Wise INR guide (as of Oct 19, 2026))
• Registration: Wise says Wise Payments Canada Inc. is registered with FINTRAC as an MSB, number M15193392, and is also registered with the Bank of Canada as a payment service provider. (Wise, How is Wise regulated (as of Oct 19, 2026)). You can cross-check the number in the FINTRAC MSB Registry.

Remitly

• How pricing works: Remitly says its exchange rates and fees depend on the country pair, how you pay (bank account, debit card or credit card) and how the money is delivered (bank deposit, mobile money, cash pickup). So the price differs by route. (Remitly, How remittance companies set rates (as of Oct 19, 2026)). The exact fee, rate and total show up before you send. (Remitly Canada)
• Delivery: Remitly says recipients can get money in a bank account, a mobile wallet or at a cash pickup location, depending on the country. (Remitly Canada (as of Oct 19, 2026))
• Speed: depends on the destination and delivery method. Check the delivery estimate before you confirm.
• Registration: Remitly lists FINTRAC registration number M15481516 and Revenu Québec licence 12441. (Remitly licenses (as of Oct 19, 2026)). Cross-check in the FINTRAC MSB Registry.

Side-by-side

Provider facts as of Oct 19, 2026, from the pages cited above. Get a live quote for your exact amount and destination before you send.

Avoid scams

• Never send money to "unlock" a job, a visa or a prize.
• IRCC says it will never ask you to pay with a gift card, Western Union, MoneyGram or a similar service, or to deposit money into a personal account.
• Don't send cash in the mail. Use a cheque, a money order or a transfer service.

Official sources: IRCC, Money · IRCC, Fraud targeting newcomers · Canadian Anti-Fraud Centre