Can Canadians make wire transfers from a CIBC USD account? A closer look
Read on to understand USD wire transfers with CIBC, and discover Wise as an alternative with low fees and a mid market exchange rate
What are the fees for sending money from Canada to India? A closer look
Many Canadians send money to family, friends, or businesses in India, and costs vary widely by method. Banks and traditional providers charge visible fees and often add hidden exchange-rate markups, which reduce the amount the recipient gets. Providers like Wise offer transparent pricing and can be a cheaper way to move money across borders, with no exchange-rate markups.
The cost of sending money to India from Canada
Sending money internationally involves more than the upfront transfer fee. Typical costs include:
-
Transfer fees: a flat or percentage charge to process your payment.
-
Exchange-rate markups: when a provider offers a rate worse than the real mid-market rate.
-
Receiving fees: sometimes charged by the recipient's bank in India.
"Zero-fee" transfers may still include an exchange-rate markup or commission, which can cost several percentage points of the total.
How banks handle CAD to INR transfers
Bank transfers usually move through the SWIFT network. You'll typically pay an outgoing fee to your Canadian bank, and the receiving bank in India may deduct a charge before crediting the funds.
Banks also often apply an exchange rate below the real mid-market rate, which can reduce the amount received.
Here's an example of typical bank-related costs when sending Canadian dollars (CAD) to Indian rupees (INR):
| Bank (Canada) | Outgoing Wire Fee | Estimated Exchange Rate Markup | Receiving Bank Fee in India |
|---|---|---|---|
| RBC | $45.00 CAD¹ | Exchange rate includes an undisclosed markup (often ~1–3%+), varying by transaction. | RBC notes no fee for incoming transfers under $50 CAD; over $50 CAD the fee is $17 CAD. Intermediary/recipient bank fees may apply.¹ |
| CIBC | Less than $10,000 is $30. $10,000.01–$50,000 is $50. $50,000 and above is $80.³ | CIBC say they derive income from the difference between the interbank rate and the rate they offer.² | $15³ |
Other providers for money transfers to India
Remitly
- Delivery methods: bank deposit, cash pickup, UPI, mobile wallet, debit-card deposit.
- Fees: $1.99 per transfer.⁴
- Delivery times: Express and Economy options; Express is faster and may cost more.⁴
Western Union
- Delivery methods: bank account, cash pickup, direct-to-card, and wallet.
- Fees: vary.
- Delivery times: vary by method.⁵
Xoom
- Delivery methods: bank deposit, UPI, and cash pickup.
- Fees: vary by payment method and delivery option.
- Delivery times: bank deposits often complete within minutes; cash pickup is also fast.⁶
Wise
- Delivery method: bank deposit
- Fees: low, transparent fees; mid-market exchange rate with no hidden markup.
- Delivery times: typically fast, depending on payment method and destination**
**Transaction speeds vary and may not apply to all transfers
How to send money from Canada to India without charges?
It's unlikely to send money abroad with no charges. Some providers offer low-cost or promotional rates, but fees usually apply in some form.
Wise and CAD to INR transfers
Wise simplifies sending money from Canada to India. It uses the mid-market exchange rate, charges transparent fees, and supports multiple payment methods. Funds are delivered to the recipient's bank account, and the app makes it simple for individuals and businesses to manage international transfers.
Comparing speed, convenience, and transparency
Banks are reliable but often have higher fees, slower processing, and exchange-rate markups. Transfers can take 2–5 business days, depending on the bank and method.
Online money transfer services are typically faster and more transparent. Wise shows fees and rates upfront, so you know exactly how much the recipient will receive. Transfers often complete within 1–2 business days, and the process is fully online.
Tips to reduce costs when sending money to India
- Compare both fees and exchange rates.
- Since rates fluctuate, consider sending when the rate is favourable.
- Use transparent services that show the exchange rate and all fees upfront.
Sources:
- Additional Account Services - RBC Royal Bank
- CIBC - Terms and Conditions
- Sending and Receiving Wire Transfers | CIBC
- Remitly
- Western Union
- How can I send money?
Sources verified on 30 December 2025
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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