Best Money Transfer Apps in Canada for Businesses

Sending money across borders from Canada used to mean a trip to the bank, hefty fees, and waiting days for funds to arrive. Today, money transfer apps have transformed international payments, but choosing the right one requires looking beyond flashy marketing claims.

The real cost of any transfer combines three elements: the upfront fee, the exchange rate markup, and any recipient-side deductions. A "$0 fee" transfer can still cost you hundreds if the provider buries profit in a poor exchange rate.

For Canadian businesses, the stakes are higher. Whether you're paying a U.S. contractor, settling invoices with an overseas supplier, or collecting USD from American customers, the wrong choice costs money and creates operational headaches. This guide breaks down the best money transfer apps available in Canada, with a particular focus on what actually matters for business use.

Quick Picks: The Best Money Transfer Apps in Canada

• Venn — Best for Canadian businesses needing multi-currency accounts, local payment rails, corporate cards, and accounting integrations

• Wise — Best for transparent pricing using the mid-market exchange rate

• OFX — Best for larger international transfers and dedicated FX tools

• Remitbee — Best for Canadians who prefer Interac e-Transfer® funding

• Remitly — Best for cash pickup and mobile wallet corridors

• Western Union — Best for cash pickup reach in remote locations

• Xe — Best for broad corridor coverage across many countries

Comparison Table: Fees, FX, Speed, and Payout Methods

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How We Evaluated These Apps

True cost matters more than advertised fees. We assessed each provider on several criteria that directly impact your bottom line.

Exchange rate transparency separates honest providers from those hiding profit in the spread. Some apps quote the mid-market rate (the real rate you see on Google), while others add a markup of 1-4% that compounds on every transaction.

Funding methods available in Canada determine convenience. Not every app accepts Interac e-Transfer®, and card funding often carries additional fees.

Payout options matter when your recipient needs cash pickup versus a bank deposit. Business payments almost always require bank-to-bank transfers, while personal remittances may need more flexibility.

Speed and tracking vary dramatically by corridor and payment method. Cash pickup can arrive in minutes; bank transfers typically take 1-5 business days depending on the destination country's banking infrastructure.

Business controls like user roles, receipt management, and accounting exports separate consumer apps from genuine business solutions. If you're processing multiple payments monthly, these features save hours of manual work.

Reviews of the Best Money Transfer Apps in Canada

Venn (Best Business Option for Multi-Currency Banking and Transfers)

Venn stands apart from traditional money transfer apps by offering a complete business financial platform rather than just a transfer service. For Canadian businesses operating across borders, this distinction matters.

The platform provides multi-currency accounts in CAD, USD, GBP, and EUR, allowing you to hold, send, and receive funds in each currency. This eliminates forced conversions when you're simply moving money between your own accounts or timing conversions for better rates.

The USD account deserves particular attention. It functions with a real U.S. routing number, enabling ACH transfers that American customers and vendors expect. Instead of expensive international wires, you can send and receive USD payments using the same domestic rails that U.S. businesses use daily. This alone can save thousands annually for businesses with regular U.S. transactions.

Venn's corporate card offers 1% unlimited cashback on all purchases, paired with expense management features including OCR receipt capture. Team members can have their own cards with customizable spending controls, and every transaction syncs directly to QuickBooks or Xero.

The accounting integration extends beyond simple transaction feeds. Venn's payables automation lets you manage vendor payments directly within your existing accounting workflows, reducing manual data entry and reconciliation time.

Transfer pricing follows a plan-based structure, with ACH and wire options available depending on your needs. Funds in your Venn account are covered under CDIC insurance protection.

Best for: Canadian businesses (available in all provinces except Quebec) that need ongoing cross-border operations, supplier payments, USD collection, and integrated expense management.

Wise

Wise built its reputation on transparency. The platform shows you the mid-market exchange rate and charges a clear upfront fee, typically ranging from 0.4% to 1.5% depending on the currency pair and payment method.

This model works well for one-off international transfers where you want certainty about costs before sending. The app calculates your total fee before you commit, and the recipient gets exactly what you expect.

For business users, Wise offers multi-currency accounts and business debit cards in some markets. Canadian availability and features may vary, so verify current offerings before committing to Wise as your primary business solution.

Best for: Individuals and businesses making occasional international transfers who prioritize fee transparency.

OFX

OFX positions itself as a specialist for larger transfers, typically serving users moving $10,000 or more. The platform charges no transfer fee, instead making money on the exchange rate margin.

For businesses with significant international exposure, OFX offers tools like forward contracts (locking in rates for future transfers) and limit orders (executing transfers when rates hit your target). These features help manage currency risk on large transactions.

The platform works best for planned, substantial transfers rather than frequent small payments. Verify current Canadian app availability and fee structures before committing.

Best for: Businesses and individuals making large international transfers who want FX management tools.

Remitbee

Remitbee caters specifically to the Canadian market, with strong support for Interac e-Transfer® as a funding method. This makes it particularly convenient for users who prefer Canada's domestic instant payment system.

The platform offers competitive rates on popular corridors, particularly to South Asian countries. However, Remitbee functions primarily as a transfer service rather than a comprehensive business platform. You won't find multi-currency accounts, corporate cards, or deep accounting integrations.

Best for: Canadian individuals sending money to family abroad, particularly those who prefer Interac e-Transfer® funding.

Remitly

Remitly excels in remittance corridors where recipients need cash pickup or mobile wallet delivery. The app offers express and economy options, letting you choose between speed and cost.

Express transfers funded by card can arrive within minutes at cash pickup locations, though this convenience comes at a premium. Economy bank-funded transfers cost less but take longer.

Transfer limits vary by corridor and verification level. Remitly serves the personal remittance market well but offers limited features for business use cases requiring invoices, multi-user access, or accounting integration.

Best for: Personal remittances to countries with strong cash pickup or mobile wallet infrastructure.

Western Union

Western Union's agent network spans over 200 countries and territories, reaching locations that digital-only providers cannot. For recipients in areas with limited banking infrastructure, this global footprint provides genuine value.

Pricing varies significantly by corridor, payout method, and funding source. Cash pickup transfers often cost more than bank deposits, and card-funded transfers carry higher fees than bank transfers. Always compare the total cost (fee plus exchange rate) for your specific route before sending.

Best for: Transfers requiring cash pickup in locations with limited banking access.

Xe

Xe offers broad corridor coverage and no transfer fees, generating revenue through exchange rate margins. The platform provides rate alerts, letting you monitor currency movements and transfer when rates improve.

When evaluating Xe, remember that "no fee" doesn't mean "no cost." Compare the effective exchange rate against the mid-market rate to understand your true expense. Third-party correspondent bank fees may also apply on some routes.

Best for: Users who want coverage across many corridors and appreciate rate monitoring tools.

How to Choose a Money Transfer App in Canada

Don't Compare Fees Without Comparing FX Markup

A $5 fee on a $1,000 transfer sounds cheap until you realize the provider's exchange rate costs you an extra $30 compared to the mid-market rate. Always calculate the total amount your recipient will receive, then compare across providers.

Example: Sending $1,000 CAD to USD

• Provider A: $0 fee, but rate is 1.32 when mid-market is 1.36 = recipient gets $735 USD

• Provider B: $5 fee, rate is 1.355 = recipient gets $747 USD

Provider B costs less despite the visible fee.

Choose the Right Payment Rail

EFT (Electronic Funds Transfer): Canada's domestic bank transfer system. Free or low-cost, typically 1-3 business days.

Interac e-Transfer®: Instant or near-instant transfers within Canada. Convenient for funding accounts or paying Canadian vendors.

ACH (Automated Clearing House): The U.S. domestic system. Essential for businesses paying or receiving from American counterparties. Venn's USD account supports ACH, treating your transactions like domestic U.S. payments.

Wire transfers: Fastest for international bank-to-bank payments, but typically the most expensive. Use for urgent, large transfers where speed justifies cost.

Cash pickup: Recipient collects physical cash at an agent location. Fast but usually expensive, best for corridors with limited banking.

Speed vs Cost vs Convenience

Need cash pickup? Remitly or Western Union offer the widest networks.

Need transparent mid-market pricing? Wise shows exactly what you pay.

Need business accounts with ongoing cross-border operations? Venn provides the infrastructure for regular international business, with multi-currency accounts, ACH capability, and accounting integration.

Trust and Safety Checks

Legitimate money transfer providers in Canada register with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). Verify registration before trusting any platform with your money.

Look for clear tracking throughout the transfer process, responsive customer support, and transparent dispute resolution procedures. For business use, audit trails and downloadable receipts become essential for accounting and tax purposes.

How Venn Fits into a Modern Business Financial Stack

Transfer apps solve a single problem: moving money from point A to point B. A business financial platform solves the broader challenge of managing money across your entire operation.

Banking hub: Venn's multi-currency accounts (CAD, USD, GBP, EUR) let you hold funds where you need them. The USD account with ACH capability means American clients pay you like a local vendor, and you pay U.S. suppliers without international wire fees.

Spend layer: The 1% unlimited cashback card puts money back in your pocket on every purchase. Employee cards with spending controls eliminate expense report chaos, while OCR receipt capture keeps documentation organized automatically.

Accounting layer: Direct QuickBooks and Xero integration means transactions flow into your books without manual entry. Payables automation handles vendor payments within your existing accounting workflow.

The outcome: Fewer tools, cleaner books, and lower friction on every international transaction. Use Venn as your financial hub, adding specialist transfer apps only when specific corridors demand them.

Conclusion

The best money transfer app depends on your specific situation: the corridor, the payout method your recipient needs, and whether you're making occasional personal transfers or running ongoing business operations.

For most Canadian businesses, the smartest approach combines a comprehensive financial platform with tactical use of specialist apps. Set up Venn as your day-to-day financial hub, with multi-currency accounts, ACH capability, corporate cards, and accounting integration handling the bulk of your operations. Reserve consumer-focused transfer apps for specific corridors where cash pickup or mobile wallet delivery is required.

Ready to simplify your business finances? Sign up for a Venn account and start managing multi-currency operations from a single platform.

FAQs

Q: What is the cheapest money transfer app in Canada?

A: The cheapest option depends on your specific corridor and transfer amount. Always compare the total cost, including both the transfer fee and the exchange rate markup. A "$0 fee" transfer with a poor exchange rate often costs more than a service charging a small fee with a better rate.

Q: What's the fastest way to send money internationally from Canada?

A: Card-funded transfers to cash pickup locations can arrive within minutes through services like Remitly or Western Union. Bank-to-bank transfers typically take 1–5 business days. Faster options usually cost more.

Q: Are money transfer apps safe to use?

A: Legitimate money transfer apps operating in Canada must register with FINTRAC and comply with anti-money laundering regulations. Stick to established providers with clear tracking, responsive support, and transparent dispute resolution processes.

Q: What exchange rate should I look for—mid-market or "bank rate"?

A: The mid-market rate (also called the interbank rate) represents the true exchange rate between two currencies. Banks and transfer services add a markup to this rate. Providers like Wise show you the mid-market rate and charge a separate fee, while others bundle their profit into a less favorable exchange rate.

Q: What's the difference between ACH and a wire?

A: ACH is the U.S. domestic payment system, similar to Canada's EFT. It is low-cost but takes 1–3 business days. Wires are faster (often same-day) but cost significantly more. For regular U.S. business payments, ACH saves money. Venn's USD account supports ACH transfers.

Q: Can Canadian businesses receive USD like a local business?

A: Yes. Venn provides USD accounts with U.S. routing numbers, enabling you to receive ACH payments from American customers just like a U.S.-based business. This eliminates international wire fees and makes invoicing simpler for your clients.

Q: Do money transfer apps have transfer limits?

A: Yes. Limits vary by provider, corridor, verification level, and payment method. Higher limits typically require more extensive identity verification. Business accounts generally offer higher limits than personal accounts.

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Funds held in Venn accounts are covered under CDIC insurance protection.

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**Disclaimer:** This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Venn Software Inc or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.