Best way to send money from Canada to overseas?

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Hey, I need to send money back home regularly (around $1000-2000 CAD per month). I've been using my bank but the fees are ridiculous - like $25-50 per transfer plus bad exchange rates.

Has anyone used Wise, Remitly, or other services? Which one has the best rates for Canada? Also, how long does it usually take for the money to arrive?

Thanks for any recommendations!

Mark0

Alex

I've been using Wise for about 2 years now to send money to my family back home. The fees are way better than banks - usually around 0.5-1% depending on the currency.

For Canada specifically, I've found:

- Wise: Best for larger amounts ($1000+), usually arrives in 1-2 business days

- Remitly: Good for smaller amounts, sometimes faster (same day) but slightly higher fees

Definitely avoid banks for international transfers. The exchange rate markup alone usually costs you 2-3% extra.

Hope that helps!

yesterday 08:01 Reply

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