Your complete guide to wire transfers in Canada

Wire transfers are a safe and secure way to transfer large sums of money. However, they often come with significant charges, especially for sending money abroad.

In this article, we’ll cover everything you need to know about wire transfers in Canada, including fees, transfer times and exactly how to send your wire transfer. We’ll also look at Wise – your money transfer alternative. Send quick, easy and safe payments around the globe. Let’s dive in!

What is a wire transfer exactly?

Also known as a Society for Worldwide Interbank Financial Telecommunication or SWIFT payment, a wire transfer is an electronic funds transfer between 2 banks.

A wire transfer is a secure way to send money in Canada or further afield – and it’s a popular choice for down payments or tuition fees, for example.

Wire transfers are very secure and you can often send more money than a regular domestic or international money transfer. However, you’ll typically pay a fee – and they aren’t the fastest way to move your money.

How do wire transfers work in Canada?

A wire transfer is a digital alternative to posting a check or cash. You can initiate your wire transfer via your local bank branch – and the provider will electronically move your funds from your bank account to your recipient’s account. Depending on the destination country and currency, there might be intermediary banks involved in the transfer.

There are a few different types of wire transfer, including domestic and international. You’ll use a domestic wire to send money in Canada, whereas an international wire is best for overseas payments.

How to send wire transfers from Canada

It’s easy to send a wire transfer in Canada, but you’ll need a few key pieces of information about your recipient, including their:

• Full name and address
• Bank name, address and institution number
• Bank account number
• Routing number
• Swift code, BIC or IBAN code (for international transfers)¹

Let’s take a look at exactly how to send your first wire transfer – a step-by-step guide.

Step 1. Choose a bank or money transfer provider and check how much your transfer will cost. If you’re sending an international wire, this may include exchange rate fees
Step 2. Collect the required information for your transfer. You may also need a valid form of ID to send your wire
Step 3. Complete a transfer form. Some banks may require you to visit a branch, whereas others may let you fill out your form online
Step 4. Submit your wire transfer and keep your receipt – you may need it to track the progress of your payment later¹

Check with your local provider for details on sending and receiving wired funds. Each bank may require slightly different information for your transfer.

What are the fees charged for wire transfers?

Most banks charge a fee for wire transfers. If you send a wire, you’ll pay an outgoing wire transfer fee. If you receive a transfer, you’ll likely pay an incoming fee.

You may also pay a small charge to any intermediary banks that your transaction passes through. All of these fees will differ depending on your bank and whether you want to send money in Canada or abroad.

Some banks may also charge a markup for currency conversion if you want to send a transfer in a foreign currency from your US dollar account. Make sure to look into these costs before sending your transfer.

Let’s take a look at how much it’ll cost to send and receive a wire transfer with some popular Canadian providers.

Wise - save money when you send international transfers

Wise is your handy alternative to expensive wire transfers! Send low-fee money transfers to over 80 countries across the globe, including France, Japan and the UK.

Wise applies the mid-market exchange rate for international transfers, the standard rate for currency conversion—ensuring you only pay for what you spend. Sounds fair, right?

It’s free to open a Wise multi-currency account – and you can use your online account to send money abroad for just 0.48% per transfer. Simple!

How long do wire transfers take?

So, how long do wire transfers take? Domestic transfers tend to take up to 24 hours to reach your recipient, whereas international wire transfers can take as long as 5 days.¹

At CIBC®, wire transfers typically arrive within one to three business days..⁴ At Scotiabank, you may need to wait up to 5 days for an international wire to reach your recipient.⁶

Is it possible to send wire transfers online?

It may be possible to send your wire transfer online, but many major providers will require you to go into a branch to complete your wire transfer in Canada. For example, you can only send an RBC® wire transfer in person.⁷

Sending a wire transfer on weekends can be challenging, as many branches are closed. Make sure to send your payment in plenty of time to avoid delays.

What are some alternatives to wire transfers?

If you’d rather not send a wire transfer, consider using Interac® e-Transfer instead—an online transfer method available at many banks – and you can use it to send and receive money from your Canadian bank account.

Once you initiate your transfer, your recipient will receive an email or text notification – and they can instantly deposit your funds into their own bank account.

However, this works best for domestic payments within Canada.⁸ Use an online payment provider like Wise to send quick and safe transfers across the globe.

Whether you’re paying friends in the US or traveling around Europe, you can send, spend, and receive funds at the fair mid-market exchange rate. No markups, no hidden fees, no stress!

Ready to send your money freely? Check out Wise.

Sources:

1. Western Union
2. TD Bank
3. CIBC
4. Scotiabank
5. Scotiabank
6. Scotiabank
7. RBC
8. Interac