Moving money to Canada: banks and transfer services
Lesson 3 of 8 in Pre-Departure Financial Setup · 25 minutes
A simple comparison of the main ways newcomers move money to Canada — bank wires, online transfer services, and cash agents — and how to check the real cost.
What you'll learn
- Compare bank wires, online money-transfer services, and cash-transfer agents on cost and speed
- Check your home country's limits and Canada's rules before you move money
- Spot the most common transfer mistakes — wrong name, missing reason, fake limit warnings
From the lesson
There are a few ways to move money to Canada: a bank wire, an online money-transfer service, or a cash-transfer agent. They look the same. They are not. Compare the total cost every time.
How money moves to Canada
Two main ways
There are two main ways. 1) A bank wire (SWIFT). Your bank sends the money to your Canadian bank. It is slower and often costs more, but it is official and gives you a clear record. 2) An online money-transfer service. You pay the service in your home country, and it pays you in Canada from its own Canadian account. It is often faster and cheaper.
Online money-transfer services
Wise is one example. You see the fee and the exchange rate before you send. These services are…