A closer look at international coverage in Canadian banks
Take a look at the global coverage of some of the biggest Canadian banks, and how Wise can help with its international coverage
For those who have ever needed to send money from Canada over to the Philippines – you might have heard of Transfast. Mastercard acquired Transfast, which was once a reliable money transfer service and now only caters to Gulf Cooperation Council countries, including the UAE, Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait.
If you were hoping to use Transfast for sending money to the Philippines from Canada, you can check out these alternatives to Transfast, including Wise, which uses the fair mid-market exchange rate for converting CAD to PHP and vice versa.
The more we become interconnected in business and our personal lives, the more necessary it will be to send money across borders. As Transfast shifts its business model, you could explore other options that could be your go-to platform for sending money from Canada to the Philippines.
PayPal has an immense global reach and is popular for sending money in 25 different currencies.1 With its built-in currency conversion feature, you can send and receive money for both personal and business reasons, and PayPal will show you just how much is heading to your recipient.
Pros
Cons
Fees and Exchange Rate
Despite it being a safe and popular way to send money across borders, PayPal is also known for its high fees. Sending money to the Philippines from Canada will cost you:
There’s also a minimum conversion rate of 4% for CAD.4
Established back in 2000, PNB Global Remit has built a reputation as a international money transfer service for Canadians to send money to the Philippines.5 As it’s a subsidiary of the Philippine National Bank (PNB), being backed by a key player in the financial landscape of the country gives the brand an edge. The service includes cash pick-up, bank-to-bank payments, door-to-door delivery, and rapid money transfer.
Pros
Cons
Fees and Exchange Rate
PNB Global Remit charges fees depending on the method of payment, the type of money transfer service, and the amount you’re sending. Fees range from 11 CAD up to 96 CAD, and amounts above $20,000 requires you to contact a branch. Exchange rates aren’t readily available for the public to view.7
Wise can be used for both international and local use, including sending money in over 40 currencies across borders.8 With transparent, minimal fees and real mid-market exchange rates without any markups, this user-friendly platform makes sending any amount, even over 100K, convenient and affordable.
Pros
Cons
Fees and Exchange Rate
Fees for sending and converting money start at just 0.35% and there are no markups on the mid-market exchange rate. Wise will always show you an accurate and transparent cost breakdown before you hit send.9
Western Union is arguably the oldest method of sending money across the world, having been founded over 150 years ago.10 With its geographical reach, senders can choose to move funds online or in person at an agent location. WU was initially famous for its network of physical branches, but now has a strong online and physical presence.
Pros
Cons
Fees and Exchange Rate
Western Union adds a markup on the conversion rate that isn’t visible when you’re sending money14. There’s also a potential fee for certain sending methods, whether you’re using a credit or debit card or another option.
Royal Bank of Canada
Royal Bank of Canada (RBC) is Canada’s largest international bank, making it a fantastic option if you’re looking for a traditional money transfer service. Their RBC International Money Transfer service lets you send money to the Philippines directly from the RBC banking platform through the SWIFT network.
Pros
Cons
Fees and Exchange Rate
Outgoing wire fees start at 45 CAD, and inquiries on tracing are 25 CAD.16 There is also an exchange rate markup and potential fees from intermediary and recipient banks.
With Transfast no longer an option if you want to send money from Canada to the Philippines, these other traditional and modern varieties give you the choices to make global transactions. Wise, with its transparent fee structure and real exchange rate usage, is a great choice to consider if you want a modern platform to frequently deal with multiple currencies. Opening an account is free, and you only pay for what you use!
Sources:
1 - PayPal Global | List of Countries and Currencies
2 - PayPal Global | List of Countries and Currencies
3 - PayPal Consumer Fees
4 - PayPal Consumer Fees
5 - PNB RCC » Philippine National Bank » Your Global Filipino Bank - Global Filipino Card
6 - PNB RCC » Philippine National Bank » Your Global Filipino Bank - Global Filipino Card
7 - PNB Fees and Charges
8 - 6 fascinating things about Western Union’s history - Blog
9 - Wise Fees & Pricing: Only Pay for What You Use
10 - 6 fascinating things about Western Union’s history - Blog
11 - Send money to the Philippines | Western Union Canada
12 - How to Send Money Online | Western Union Canada
13 - Send money today with Western Union
14 - Western Union
15 - RBC International Money Transfers - RBC Royal Bank
16 - Additional Account Services - RBC Royal Bank
Sources verified on 11 June 2024
*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.
Take a look at the global coverage of some of the biggest Canadian banks, and how Wise can help with its international coverage
we’ll take a look at what money transfer apps such as Wise work in Canada, how they work, and what fees they charge.
We’ll explore what to consider when transferring money and introduce Wise, a cost-effective alternative to banks, with transparent pricing and exchange rates
Read on to understand the limits with Wise for sending money, receiving money and using the Wise card for your personal as well as business requirements
While Cash App is unavailable in Canada, there are alternatives which can replace Cash App and do even more! These include Wise which helps you avoid high fees
This article helps you understand how to make the most of depositing USD to your CAD account. Wise could help with mid market exchange rates or a USD balance