Sending money abroad: compare the real transfer cost

Compare the amount the recipient will receive after fees and exchange-rate margins, and check delivery time, cancellation and fraud protections.

Adapted from a guide first written for Quebec readers: passages specific to Quebec were removed. Rules in your province may differ.

A transfer advertised as “no fee” can still cost more through the exchange rate. Compare providers using the same send amount, destination, payout method and time, then compare the amount the recipient actually receives.

Compare the complete transaction

• Record the exchange rate, service fee and any intermediary or receiving-bank charge.
• Check whether the recipient gets cash, a bank deposit or a mobile-wallet payment.
• Compare delivery estimates, identity checks, transfer limits and cancellation rules.
• Confirm the recipient’s name and account details through a trusted channel.
• Check whether the provider is authorized and how to file a complaint.

Reduce fraud risk

Be cautious if someone pressures you to send money urgently, keep the transfer secret or pay a stranger. Transfers may be difficult or impossible to reverse after pickup. Never share verification codes, passwords or one-time PINs with someone who contacted you unexpectedly.

Rates and fees move constantly. Save the quote and confirmation, and compare the final delivered amount—not a banner rate.

Financial Consumer Agency of Canada: sending and receiving money

Sources and limits

Sources: Financial Consumer Agency of Canada and provider terms. Exchange rates, fees and delivery times vary; verify the quote and recipient amount immediately before authorizing a transfer.

General information based on federal and national rules; provincial rules may differ. Confirm with the official body before acting.