Money Transfer to and from Banks in Canada

Last updated: Wednesday, August 17, 2011

Banks offer a variety of convenient options for your money transfer needs. Sending money to overseas destinations or within Canada is easier when you know which bank offers better rates. This report compares bank charges and fees for inward and outward remittances. For options beyond banks, our report covering international money transfer service providers is a must read.


note We highly recommend that you read our article on how best to transfer your money and find out about hidden charges and poor rates your transfers may incur.


Bank of Montreal (BMO)

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Phone: 1-877-CALL-BMO (225-5266)

  • Wire Transfer:
    Outgoing - 0.20% of transfer amount (Min. $15, Max. $125)
    Incoming - $14
    (plus $10 Communication Fee applies to both)
  • Money Order US$, CA$, GB£ (MO): $6.50
  • Bankers Draft: $6.50
  • Official Cheque: $5

Wirerank 2
MOrank 4
Draftrank 3
Chequerank 4

Canadian Tire Bank

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Phone: 1-866-681-CTFS (2837)

  • Wire Transfer:
    Outgoing - $20 (Domestic) $30 (International)
  • Money Order (MO):
  • Bankers Draft: $5
  • Official Cheque: $5

Wirerank 2
MOrank 0
Draftrank 4
Chequerank 4

Citibank

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Phone: 1-800-387-9292

  • Wire Transfer:
    Outgoing - 0.20% of transfer amount (Min. $15, Max. $125)
    (plus $10 Communication Fee)
    Incoming - $10
  • Online: Outgoing - $5 (Domestic) $5 (to US) $10 (International)
  • Bankers Draft:
  • Official Cheque:

Wirerank 2
Onlinerank 3
Draftrank 0
Chequerank 0

Citizens Bank of Canada

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SWIFT: CTZNCA8VXXX
Phone: 1-888-708-7800

  • Wire Transfer:
    Outgoing - $25
    Incoming - $5
  • Money Order (MO):
  • Bankers Draft:
    $6 (US$, £, €)
    $8 (Other currencies)
  • Official Cheque: $6

Wirerank 2
MOrank 0
Draftrank 3
Chequerank 3

ICICI Bank

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Phone: 1-888-ICICI-CA (424-2422)

  • Wire Transfer:
    Outgoing - $10 (other countries)
    Outgoing to India - $10 (Branch), $8 (Phone), $5 (Online)
    Incoming - $10
  • Money Order:
  • Bankers Draft:
  • Official Cheque:

Wirerank 3
MOrank 0
Draftrank 0
Chequerank 0

National Bank of Canada

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Phone: 1-888-4-TELNAT (835628)

  • Wire Transfer:
    Outgoing - From $15 to $60
    (plus Wire Charges $15 to $20)
    Incoming - From $5 to $25
  • Money Order (MO):
  • Bankers Draft:
  • Foreign Currency Cheque:

Wirerank 2
MOrank 0
Draftrank 0
Chequerank 0

President's Choice Bank

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Phone: 1-88-88-724-724

  • Wire Transfer:
    Outgoing - Domestic $20; International $30 (plus cable cost)
    Incoming - $10
  • Money Order (MO): $7.50
  • Bankers Draft: $7.50
  • Foreign Currency Cheque:
    $1,000 or less - $7.50
    Over $1,000 - $15

Wirerank 2
MOrank 3
Draftrank 3
Chequerank 3

Royal Bank of Canada (RBC)

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Phone: 1-800-769-2511

  • Wire Transfer:
    Outgoing - From $15
    (plus Communication Fee $5 to $10)
    Incoming - $15 (No charge if amount under $/US$50)
  • Money Order (MO): $6.50
  • Bankers Draft: $6.50
  • Foreign Currency Cheque:

Wirerank 3
MOrank 4
Draftrank 3
Chequerank 0

Scotiabank

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Phone: 1-800-267-1234

  • Scotia OnLine (Western Union): $9 + 1% (of remittance)
  • Money Order (MO):
  • Bankers Draft:
  • Foreign Currency Cheque:

Wirerank 2
MOrank 0
Draftrank 0
Chequerank 0

State Bank of India (limited to India)

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SWIFT: SBINCATX
Phone: 416- 865- 0414

  • Wire Transfer: Outgoing (INR) - $8 (from branch), $5 (by fax/mail/internet)
  • Money Order (MO):
  • Bankers Draft: $8 (INR, from branch), $5 (by fax/mail/internet)
    $20 (other currency)
  • Foreign Currency Cheque:

Wirerank 4
MOrank 0
Draftrank 2
Chequerank 0

Bank of China (limited to China and Hongkong)

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SWIFT: BKCHCATT
Phone: 95566

  • Wire Transfer:
    Outgoing - 0.001% of transfer amount (Min. RMB 20, Max. RMB 250)
    Telegraphic Fee - RMB 150 yuan (RMB 80 for Hongkong)
    (plus spread charge 3% of transfer amount)
  • Money Order (MO):
  • Bankers Draft: 0.001% of transfer amount (Min. RMB 20, Max. RMB 250)
    (plus spread charge 3% of transfer amount)
  • Official Cheque:

Wirerank 3
MOrank 0
Draftrank 3
Chequerank 0

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