What are the wire transfer fees in Canada?

Wire transfers can be used to send or receive money both domestically and internationally, within a relatively shorter amount of time. Though convenient, wire transfers charge senders high fees and hidden costs, especially for international transactions through the SWIFT network.

Wire transfer fees can vary with the variation in exchange rates and intermediary banks used to transfer the money. Wondering how much a wire transfer from your Canadian bank account is going to cost you?

This guide will give you an overview of the wire transfer fees for different banks in Canada. We will also take a look at Wise, as an alternative for low-cost domestic and international money transfers.

Table of Contents
Why are wire transfer fees charged? How much are Canadian wire transfer fees? How do I avoid wire transfer fees? Final Thoughts

Why are wire transfer fees charged?

Overall, wire transfers can be an expensive affair. Let’s see why.

• Higher transaction limits

Most other payment methods have lower transaction limits. This makes wire transfers the go-to payment method for large companies making acquisition transactions, for instance.

• Global network

Banks use the SWIFT⁹ network while wiring money internationally. This implies that there might be intermediary banks involved, depending on the route of the transfer. Banks charge other banks an inter-bank exchange rate, when different currencies are traded. Intermediary and recipient banks will typically charge a markup as well, when converting money to the local currency.

How much are Canadian wire transfer fees?

You can find out all about your particular bank wire transfer fees for domestic transfers in Canada, in the table given below:

Bank	Incoming Domestic Wire transfer fees	Outgoing Domestic Wire transfer fees
RBC¹	a. From RBC accounts: Free b. From non-RBC accounts:Free (for transfers of 50 CAD or less)and 17 CAD (for transfers over 50 CAD)	Starts at 45 CAD
CIBC²	15 CAD	a. 30 CAD ( 10,000 CAD or less) b. 50 CAD (from 10,00.01 CAD to 50,000 CAD) c. 80 CAD (over 50,000 CAD)
BMO³	14 CAD	a. 0.2% of wire amount + 10 CAD communication charge b. 9 CAD + 1% of transfer amount, if wire transfer is made through Western Union
TD Bank⁴	17.50 CAD	a. To a TD Canada Trust account: 16 CAD b. To a non-TD Canada Trust account: 50 CAD
Scotiabank⁵	15 CAD	a. Free for Ultimate Package customers b. 1.99 CAD for other transactions
Citi⁶	Free	10-35 CAD (depending on the types of bank accounts and the transactions)
PNC⁷	15 CAD	30 CAD
USAA⁸	Free	20 CAD

The international wire transfer fees some of the banks in Canada are as follows:

Bank	Incoming International wire transfer fees	Outgoing International wire transfer fees
RBC¹	a. From other RBC accounts: Free b. From non-RBC accounts: Free (for transfers of 50 CAD or less) and 17 CAD (for transfers over 50 CAD)	Starts at 45 CAD Note: Additional 35 CAD if IBAN not provided
CIBC²	15 CAD	a. 30 CAD (10,000 CAD or less) b. 50 CAD (from 10,000.01 CAD to 50,000 CAD) c. 80 CAD (over 50,000 CAD)
BMO³	14 CAD	0.2% of wire amount + 10 CAD communication charge
TD Bank⁴	17.50 CAD	50 CAD
Scotiabank⁵	15 CAD	a. 0 for Ultimate Package customers b. 1.99 CAD for other transactions
Citi⁶	Free	10-35 CAD (depending on the types of bank accounts and the transactions)
PNC⁷	15 CAD	45 CAD
USAA⁸	Free	45 CAD

Additional costs for wire transfers

The additional costs you incur for wire transfers may push up the final amount debited from your bank account. here are some other elements that decide your wire transfer fees:

• One-time fees vs. Recurring fees: If you have to wire money regularly, you may save some money by setting up recurring debits with your banking services provider.

• Transaction initiation fee: Depending on how you are making the transaction, you may be charged a nominal fee.

• Intermediary bank fees: If you are sending or receiving a wire transfer internationally, any intermediary banks involved in the transaction will charge their own fees.

• Tracer fee: If you need to trace where your funds went, this might incur you additional charges, depending on the financial institution you are banking with.

• Exchange rates: Different financial institutions provide different exchange rates that you can find out by visiting thei r website or a bank branch. These exchange rates have a markup margin or a currency conversion fee rolled into them.

How do I avoid wire transfer fees?

If you are wondering how to avoid wire transfer fees, you can follow these steps listed below.

• Use an online payment app for nominal transfer fees

Online payments service providers such as Wise can serve as great alternatives to wire transfers. Once the sender and the recipient register, they can send and receive money, even overseas without spending money on intermediary fees and inflated exchange rates.

What’s more, your recipients don’t need to have a Wise account to receive money, as you can send the money to their bank account. Wise pays the recipient’s bank locally, thereby helping you avoid any unnecessary fees.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

• Check if your bank or payments service provider offers promotional discounts

Some banks like Chase¹⁰ help you save on wire transfers if you send them online on your own, without help from a customer support agent.

CitiBank⁶ also allows some customers with specific bank accounts to send international wire transfers at nominal fees.

However, opening accounts with free wire transfer functionality may be subject to eligibility requirements or costs.

Save more on international transfers using Wise

Wise provides international transfers at mid-market rates and no hidden costs. Wise offers transparency and you can quickly find out how much an international wire transfer will really cost you.

With Wise, your fees are nominally low, with a fixed fee for conversion plus a 0.43% variable fee, depending on the transaction amount. No exchange rate markups involved. Try out our pricing simulator to understand how much an international transfer would cost you:

What's more, businesses and individuals can hold 40+ currencies and receive money in 10 currencies. They can also send their money to 80+ countries with the multi-currency account.

You can also use the Wise card for all your online as well as in-store transactions. All you pay for the card is a small one-time fee, and you can spend like a local wherever you go!

Country restrictions apply. See countries where the Wise Card is supported.

Final Thoughts

While wire transfers are still being used to move money between countries, they come with several hidden costs and fees, not to mention the exchange rates. Wondering how long a wire transfer might take? Check out this article.

To avoid these costs and make the most of the money you send, you might want to consider an alternative that ensures transparency while eliminating costs and fees you can do without.

Send money with Wise

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Sources:

1 Additional Account Services - RBC Royal Bank
2 Sending and Receiving Wire Transfers | CIBC
3 Bank of Montreal (BMO) International Money Transfer: Fees and Rates
4 List of Services & Fees (tdcanadatrust.com)
5 Money Transfers (scotiabank.com)
6 Compare Money Transfer Services - Citibank
7 Consumer Schedule of Service Charges and Fees (pnc.com)
8 Wire Transfers | USAA
9 SWIFT
10 Chase Bank
Sources last checked on: 26 May 2023