Cheapest Option to Send Wire Transfers for Canadians in 2025

Canadian businesses routinely lose hundreds to thousands annually on wire transfer fees because banks hide the true cost across three layers: outbound fees ($30-80), FX markups (2.5-3%), and intermediary charges ($15-30). The real cost of sending money internationally often exceeds $300 per $10,000 transfer, draining profits from companies that rely on global payments.

This guide compares total wire transfer costs across major Canadian banks and modern fintech alternatives, revealing exactly what you'll pay and which providers offer the lowest total cost for international business transfers. Sending $10,000 CAD to USD via RBC costs approximately $320 total, while modern alternatives can reduce that to under $50.

Understanding the True Cost of Wire Transfers in Canada

Wire transfer costs have three distinct components that combine to create the total expense. Understanding each helps businesses identify where they're losing money.

Outbound Wire Transfer Fees

Canadian banks charge $30-80 per outbound international wire transfer depending on the institution, account type, and transfer method (online vs. branch). RBC charges $45 starting fee, TD charges $50, CIBC charges $30-80 based on amount, Scotiabank charges $15 for international transfers, and BMO charges similar rates. Modern fintech alternatives typically charge $6-15 or bypass wire fees entirely by using local payment networks like ACH, EFT, SEPA, or Faster Payments.

Foreign Exchange (FX) Markups

Banks add 2.5-3% to the mid-market exchange rate, which often costs more than the explicit transfer fee. On a $10,000 transfer, a 2.5% FX markup equals $250 in hidden costs. Fintech providers typically charge 0.25-0.6% FX markups, representing 80-90% savings on currency conversion. This difference compounds significantly for businesses making regular international payments.

Hidden Intermediary and Receiving Bank Fees

SWIFT network transfers often incur $15-30 in additional fees from intermediary and receiving banks, charges that aren't disclosed until after the transfer completes. These fees are deducted from the transfer amount, meaning your recipient receives less than expected. Providers using local payment rails (ACH in US, SEPA in EU) avoid these intermediary fees entirely.

Sending $10,000 CAD to USD via RBC:

• Outbound fee: $45

• FX markup (2.5%): $250

• Intermediary fee: ~$20

• Total cost: $315

Sending $10,000 CAD to USD via Venn:

• Wire fee: $6

• FX markup (0.25%): $25

• Intermediary fee: $0 (using ACH)

• Total cost: $31

• Savings: $284 per transfer

Cheapest Wire Transfer Options for Canadian Businesses (2025)

The following providers offer the lowest total costs for international transfers from Canada, ranked by overall value for business users considering explicit fees, FX rates, speed, and additional features.

1. Venn: Lowest Total Cost with Multi-Currency Business Banking

Best for: Canadian businesses that need comprehensive financial operations, multi-currency accounts, and the lowest total transfer costs.

Venn delivers the lowest total cost for international transfers from Canada by combining rock-bottom FX rates (0.25%), minimal wire fees ($6-10 depending on plan), and free incoming transfers. Unlike competitors that only handle transfers, Venn provides real local CAD and USD accounts (US-domiciled with ACH capability), plus GBP and EUR accounts, eliminating the need for costly currency conversions and enabling businesses to receive payments like a local in four major currencies.

The platform's true value extends beyond transfer pricing. Businesses get 1% unlimited cashback on all corporate card spend, free unlimited Interac e-Transfers®, automated QuickBooks and Xero sync, built-in invoicing with OCR receipt capture, and accounts payable automation. Venn's pricing is per account, not per user, and the Essentials plan has no monthly fees. For businesses making 10+ international transfers monthly, Venn's combination of lowest FX rates, free incoming wires, and comprehensive features delivers $5,000-15,000 in annual savings compared to traditional banks.

• $6-10 international wire fees (plan-dependent)

• 0.25% FX rate, lowest in Canada

• Free incoming wire transfers

• Real local USD account with ACH capability

• Local GBP and EUR accounts included

• Free unlimited Interac e-Transfers®

• 1% unlimited cashback on card spend

• Two-way QuickBooks and Xero sync

• Built-in invoicing and expense management

• No monthly fees on Essentials plan

• Funds covered under CDIC insurance protection

Monthly transfer volume: $50,000 CAD to USD (5 transfers of $10,000)

• Traditional bank cost: ~$1,575 (fees + FX)

• Venn cost: ~$155 (fees + FX)

• Monthly savings: $1,420

• Annual savings: $17,040

2. Wise Business: Low Fees for Multi-Currency Transfers

Best for: Businesses focused primarily on international transfers with multi-currency needs but limited domestic Canadian banking requirements.

Wise offers transparent pricing with the mid-market exchange rate and fees starting around 0.43-0.6% depending on currency corridor. The platform supports 40+ currencies and provides local account details in multiple countries, making it effective for businesses receiving payments from international clients. Wise charges no monthly account fees and processes most transfers within minutes to hours.

However, Wise doesn't support Interac e-Transfers® for Canadian domestic payments, lacks corporate card cashback programs, and doesn't provide the comprehensive business banking features that growing companies need. Businesses must maintain separate accounts for Canadian banking operations and cannot use Wise for payroll or CRA tax payments due to limited Canadian banking infrastructure.

• Variable fees: 0.43-0.6% depending on currency

• Mid-market exchange rate

• Hold and manage 40+ currencies

• Local account details in 10+ currencies

• No monthly account fees

• Fast transfer processing (minutes to hours)

• QuickBooks and Xero integration

• No Interac e-Transfer® support

• No corporate card cashback

• $55 CAD one-time fee for account details

3. Airwallex: Business-Focused International Payments

Best for: Businesses with high international transfer volumes seeking transparent pricing and multi-currency accounts.

Airwallex provides transparent pricing starting from 0.5-1% for international transfers and enables businesses to hold, convert, and send money in multiple currencies. The platform offers local payment networks to reduce fees and accelerate delivery, with many transfers completing within one business day. Airwallex focuses on business clients with features like expense management and payment integrations, though pricing can be higher than Venn for smaller transfer volumes.

• Transfer fees: 0.5-1% typically

• Multi-currency account capabilities

• Local payment network access

• Business expense management tools

• Payment integration options

• No monthly account fees mentioned

• Limited Canadian domestic banking features

4. RBC International Money Transfer: Bank Convenience with High Costs

Best for: Businesses already banking with RBC who prioritize branch access and relationship banking over cost optimization.

RBC offers International Money Transfer (IMT) service online with $0 transfer fees for amounts up to $50,000/day, but this "free" service includes FX markups of approximately 2.5%. For traditional wire transfers, RBC charges $45 starting fee plus FX markups and potential intermediary fees. Transfers to Canada or US typically arrive same day, while other destinations take 1-2 business days. The convenience of existing banking relationships comes at a significant cost premium compared to fintech alternatives.

• IMT: $0 transfer fee (FX markup applies)

• Wire transfers: $45+ per transfer

• FX markup: ~2.5% above mid-market

• Incoming wire fee: $17 CAD (above $50)

• Daily limit: $50,000 for IMT

• Branch support available

• Same-day transfers to US/Canada

5. TD Global Transfer: Limited Online Option

Best for: TD customers making occasional small international transfers under $6,500 daily.

TD's Global Transfer service allows online international transfers up to $6,500 CAD per 24-hour period with fees up to $50 per transfer plus exchange rate markups. For larger amounts, customers must visit a branch where fees remain $50 plus higher FX markups. The daily limit makes this unsuitable for businesses with regular international payment needs, and the lack of transparency around FX rates means total costs often exceed expectations.

• Transfer fee: Up to $50

• Daily limit: $6,500 online

• FX markup: 2.5-3.5% estimated

• Branch required for larger amounts

• Incoming wire fee: $15

• Processing time: 3-5 business days

6. Scotiabank International Transfer: Low Online Fee, High Total Cost

Best for: Scotiabank customers making small, infrequent international transfers.

Scotiabank charges $1.99 for online international transfers to select countries, appearing cost-effective until you factor in the FX markup and 0.2% transaction fee on the total amount. Branch transfers cost $15 for international destinations plus the same FX markups and transaction percentage. Limited country coverage and hidden costs in the exchange rate mean the advertised low fee doesn't reflect the true total cost.

• Online transfer: $1.99 to select countries

• Branch transfer: $15 international

• Transaction fee: 0.2% of total amount

• FX markup: ~2.5% estimated

• Incoming wire fee: $15

• Limited destination countries online

Cost Comparison Table: Total Transfer Cost Analysis

The following table compares the total cost of sending $10,000 CAD to USD across major providers, including all fees, FX markups, and intermediary charges.

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How to Choose the Cheapest Wire Transfer Option for Your Business

Selecting the right provider depends on your specific business needs, transfer frequency, and total financial operations requirements.

Consider these critical factors when evaluating options:

• Total cost transparency: Calculate fees + FX markup + intermediary charges, not just advertised transfer fees

• Transfer volume and frequency: High-volume senders save significantly with providers offering lowest FX rates

• Multi-currency needs: Businesses receiving foreign payments need local account details to avoid conversion fees

• Domestic banking requirements: Can the provider handle Canadian operations (payroll, taxes, Interac e-Transfers®)?

• Speed requirements: ACH and local payment networks are faster than SWIFT for many corridors

• Integration capabilities: Automated accounting sync saves hours monthly and reduces errors

• Comprehensive features: Platforms combining banking, cards, and transfers eliminate multiple disconnected tools

For businesses making regular international payments, the lowest FX rate matters more than transfer fees. A provider charging $10 per transfer with 0.25% FX saves significantly more than a provider with $0 transfer fees but 2.5% FX markup on volumes above $5,000 per transfer.

Why Venn Is the Cheapest Option for Canadian Business Wire Transfers

Venn delivers the lowest total cost for Canadian business wire transfers by combining three critical advantages: the lowest FX rates in Canada at 0.25%, minimal wire fees of $6-10, and free incoming transfers. More importantly, Venn provides real local USD accounts (US-domiciled with ACH capability) that eliminate the $17 inbound wire fees Canadian banks charge even for US-to-US transfers, plus local GBP and EUR accounts that enable SEPA and Faster Payments at a fraction of wire transfer costs.

Beyond transfer pricing, Venn eliminates the need for multiple financial tools by integrating comprehensive business banking features. Businesses get corporate cards with 1% unlimited cashback (no spending minimums), free unlimited Interac e-Transfers®, automated two-way sync with QuickBooks and Xero, built-in invoicing with OCR receipt capture, and accounts payable automation. The platform enables full Canadian banking operations including payroll and CRA tax payments through real Canadian account rails via Peoples Trust Company, functionality most fintechs cannot provide.

The cost savings compound rapidly. A business making 20 international transfers monthly of $5,000 each saves approximately $25,000 annually compared to traditional banks when factoring in lower FX rates, eliminated incoming wire fees, and free Interac e-Transfers®. Venn's Essentials plan has no monthly fees, and pricing is per account rather than per user, making it cost-effective for growing teams. With funds covered under CDIC insurance protection and registration as a money service business with FINTRAC, Venn provides the security of traditional banking with the innovation and cost efficiency businesses need to compete globally.

Conclusion

Canadian businesses no longer need to accept expensive wire transfers as a cost of doing business. While traditional banks charge $30-80 per transfer plus 2.5-3% FX markups and hidden intermediary fees, modern fintech platforms deliver the same (or faster) service at a fraction of the cost. The difference between paying $315 per $10,000 transfer versus $31 compounds into tens of thousands in annual savings for businesses making regular international payments.

Venn stands out as the cheapest option by combining the lowest FX rates in Canada (0.25%), minimal transfer fees, free incoming wires, and comprehensive business banking features that eliminate the need for multiple disconnected tools. With real local accounts in CAD, USD, GBP, and EUR, businesses can operate globally while paying locally, avoiding unnecessary conversions and fees.

Frequently Asked Questions

Q: What is the cheapest way to send a wire transfer from Canada?

A: The cheapest way is to use fintech platforms with low FX rates and minimal transfer fees. Venn offers 0.25% FX rates, $6–$10 wire fees, and free incoming transfers. On a $10,000 transfer, the total cost is roughly $31–$35 compared to $300–$420 through major Canadian banks.

Q: How much do Canadian banks charge for international wire transfers?

A: Canadian banks typically charge $30–$80 for outbound international wires, plus 2.5–3% FX markups and $15–$30 in intermediary or receiving bank fees. RBC starts at $45, TD charges $50, CIBC ranges from $30–$80 depending on amount, and Scotiabank charges $15 for branch-initiated transfers. Total costs for a $10,000 transfer usually reach $300–$420.

Q: What are hidden wire transfer fees?

A: Hidden fees include FX markups (2.5–3% at banks vs. 0.25–0.6% at fintechs), intermediary bank fees during SWIFT routing ($15–$30), and receiving bank charges ($15–$25). These fees are rarely disclosed upfront and can add $250–$350 on top of the advertised transfer fee for a $10,000 wire.

Q: Are fintech wire transfer services safe for Canadian businesses?

A: Yes, when using regulated providers. Venn is registered with FINTRAC as an MSB and safeguards funds through Peoples Trust Company, with CDIC insurance protection on eligible deposits. This provides security comparable to traditional banks.

Q: How long do wire transfers from Canada take?

A: Traditional bank wires take 1–5 business days depending on destination. Modern platforms using local rails are faster: Venn’s ACH payments to the US complete in 1–2 days, SEPA transfers to Europe and Faster Payments to the UK often arrive same or next business day, and domestic Interac e-Transfers® through Venn are instant.

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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.