Send Money Home from Canada — Cheapest Options
Canadian banks charge $30–$50 per international wire plus 3–4% in hidden exchange-rate markups. Modern services like Wise and Remitly cut that to under 1%.
Comparison
Wise
Mid-market exchange rate + transparent fee (~0.5%). Best for most countries.
Remitly
Fast cash pickup options, great for India, Philippines, Mexico, Nigeria.
Western Union
Largest cash pickup network worldwide — higher fees but ubiquitous.
Frequently Asked Questions
What's the cheapest way to send money home from Canada?
Wise is usually cheapest for bank-to-bank transfers (under 1% total cost). Remitly often beats Wise on cash pickup to specific corridors like India and the Philippines.
Are international money transfers taxed in Canada?
No — sending your own after-tax money to family abroad is not taxable. Transfers over $10,000 CAD are reported to FINTRAC for monitoring only.