What is the cheapest way to send transfers as a Canadian business?

‍Why International Transfers Cost Canadian Businesses More Than They Think

If you're a Canadian business sending money internationally, chances are you're paying more than you realize, even if your bank says the transfer is “free” or low-cost.

At first glance, most banks promote business accounts with “free” wire transfers or low flat-rate fees. But dig deeper, and the true cost starts to stack up:

• FX markups of 2–3% quietly applied on every currency conversion
• Intermediary bank deductions that chip away at the amount received
• Slow settlement times that can delay vendor payments and disrupt cash flow
• Monthly account fees or bundle pricing to even qualify for lower transfer rates

For example, sending $100,000 CAD to the U.S. via a traditional bank wire could end up costing $2,000–$3,000 in hidden FX fees alone, even before fixed wire fees or third-party charges.

Why this matters

Canadian businesses increasingly operate across borders, paying U.S. freelancers, buying from overseas suppliers, or receiving USD from Stripe or Shopify. These transactions happen regularly, and over time, poor money transfer infrastructure can silently eat into your margins.

In a competitive environment, that’s not just wasteful, it’s dangerous.

Fees and Exchange Rate Markups on Business Wires

Most Canadian businesses rely on traditional banks to send money internationally, but those wires come at a steep price. Depending on the bank, outgoing international transfers can cost anywhere from $30 to $80 per transaction, not including FX markups or intermediary fees. U.S. bank accounts often have similar or higher charges, and they frequently require maintaining high minimum balances just to avoid monthly fees.

What’s more, foreign exchange rates used by most banks include hidden markups, usually 2–3% above the real mid-market rate. That seemingly small percentage can translate to hundreds or even thousands in hidden costs, especially for businesses moving large volumes of money.

Here’s how Venn compares to traditional banking options in Canada and the U.S.:

‍

Click here more information on the best business accounts for small businesses in Canada!

Are Any Wire Transfers Really Free?

While some Canadian banks promote “free” wire transfers, the reality is rarely that simple. A few offer fee waivers on domestic wires within premium business accounts, or allow no-fee transfers between linked CAD and USD accounts, but these are exceptions, not the rule.

For international wires, no major Canadian or U.S. bank provides truly free transfers. Even when the outgoing fee is waived, you’ll likely still face:

• Foreign exchange markups (often hidden)
• Intermediary bank fees that deduct from the total sent
• High minimum balances to qualify for "free" transfers
• Delayed delivery times and unclear timelines

These costs can add up fast, especially for businesses making frequent or high-value international payments.

With Venn, transparency replaces surprise

Venn doesn’t waive fees in fine print or tuck charges behind FX markups. Instead, it offers:

• Flat fees (e.g., $6 CAD for outbound wires, free ACH/EFT payments)
• Ultra-low FX spread, starting from just 0.25%
• No monthly account or maintenance fees
• No required minimums

So while "free" wires may be more myth than reality, low-cost and predictable ones are fully possible, if you’re using the right platform.

Hidden Costs and FX Concerns

One of the biggest traps in international transfers isn’t the wire fee itself, it’s the foreign exchange (FX) markup that banks quietly build into your conversion rate.

Most traditional banks add an FX spread of 2–3% above the mid-market rate, and this markup often isn't disclosed clearly. That means if you're sending $100,000 CAD, you could be losing $2,000–$3,000 just in currency conversion, without realizing it.

And that’s not all.

Other hidden costs include:

• Intermediary or correspondent bank deductions on SWIFT transfers, fees you don’t see until the money lands short on the other side
• Tiered pricing based on transfer size or destination, which penalizes larger businesses
• Settlement lags, payments might take several days, locking up cash you can’t afford to wait on
  

The Venn difference:

Venn gives you the real mid-market exchange rate with a transparent spread as low as 0.25%. You always see the actual cost before you send money, and your recipients receive the full expected amount, without surprise deductions.

Why it matters

With Venn, you don’t need to guess what you’re being charged. Whether it’s sending funds to freelancers, paying invoices abroad, or collecting in USD, Venn gives you a better rate, clearer pricing, and faster execution.

Why Venn Offers the Smartest Way to Transfer Internationally

While banks and U.S.-based fintechs still rely on outdated infrastructure, Venn was purpose-built for Canadian businesses that operate globally. It combines transparent pricing, enterprise-grade speed, and built-in multi-currency tools, all without the overhead of legacy banks.

Venn vs. Wise: How we compare

‍

Designed for the real Canadian use case

Unlike foreign fintechs, Venn understands the nuances of Canadian business banking, from USD collection to GST remittance. Whether you’re an eCommerce store, tech startup, or agency billing in multiple currencies, Venn helps you move money faster and more affordably.

Conclusion

Sending money internationally as a Canadian business shouldn't feel like a maze of hidden fees, poor exchange rates, and delayed transfers. While most traditional banks and even some fintechs continue to nickel-and-dime you, Venn is flipping the script.

With no monthly fees, market-leading FX rates, and fast, transparent transfers, Venn is the smart choice for modern Canadian businesses managing international clients, vendors, or remote teams.

If you're tired of overpaying to send your own money, it might be time to try a platform designed with you in mind.

FAQs

Q: Is it really cheaper to use Venn for international transfers?
A: Yes. Compared to banks and other fintech platforms like Wise, Venn offers lower FX markups and no setup or monthly fees, saving you hundreds or even thousands per year depending on volume.

Q: Can I use Venn to send money to the U.S. or overseas suppliers?
A: Absolutely. Venn supports fast, reliable transfers to the U.S. and dozens of global destinations — with transparent pricing shown upfront.

Q: What currencies can I send and hold with Venn?
A: You can hold and send CAD, USD, and other major global currencies with your multi-currency wallet,  perfect for cross-border operations.

Q: How fast are international transfers through Venn?
A: Many are same-day or next-day, depending on the destination and currency. You’ll always know the estimated arrival time before you send.

Q: Is Venn regulated in Canada?
A: Yes. Venn is FINTRAC-registered and fully compliant with Canadian regulations for money service businesses. Venn is also CDIC insured meaning your funds are protected. 

_{The comparative information provided on this page is based on publicly available sources and is accurate to the best of our knowledge as of September 20, 2025. Features, pricing, and terms may change without notice. For the latest information, please consult each provider’s official website directly. All trademarks and product names are the property of their respective owners. Their use does not imply any affiliation with or endorsement by those brands.}