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Top 9 International Money Transfer Apps In Canada

Emergencies don’t knock on doors after asking. There can be times when your family or friends living abroad may need your financial help or it can just be you sending financial support to them. Whether it is for a single time or regularly, it can be daunting for finances to transfer money abroad. But are there any solutions? Yes, there is. You can use these top 9 international money transfer apps in Canada to fulfill your wishes. 

They are easy to use and are often free of extra charges. Hence, these options are also cheaper than transferring money via banks which involves a long process and heavy fees. These apps are available to download easily and their interface is also very user-friendly. The exchange rates for these online applications are not hidden and you also get to compare and contrast between different options from the coziness of your home and save a substantial amount of money.

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9 International Money Transfer Apps in Canada

In this article, we will talk about the top 9 international money transfer apps in Canada that are operable on both Android and iOS devices this year. 

1. Remitly

This comes first on our list for international money transfer apps in Canada. Remitly app makes international money transfers easier. Each deposit appears in the bank of the receiver within a mere span of minutes or the money can be picked up at the destination from one of the many pickup locations that they offer.

Currently, Remitly allows transfers from 17 countries (including Germany, the UK, Canada) and there are 100+ countries where you can send money. 

The app is operable on both iOS and Android devices so you won’t be bothered because of an operating system. Their rating in the play store and app store stands at 4.5/5 and 4.8/5.

  • What transfer options are there: Credit card, IDEAL, Sofort, SEPA, debit card, bank transfer, and passbook.
  • Fees for transferring: Varies based on transfer requirements.
  • Countries where a transfer is allowed: 100+ receiving countries and 17 sending countries.

The exchange rate is set up by Remitly itself. It has markup and the rates are also moderate, they are not very competitive as the mid-market rate.

Advantages of Remitly

  • It has competitive rates for money transfers.
  • User-friendly interface, easy to navigate.
  • It is registered with FINTRAC, Canada.
  • There are multiple funding options that comprise credit card, debit card, bank transfer, mobile money, home delivery, cash delivery, etc.

Disadvantages of Remitly

  • Its express transfer costs more.
  • It has a margin fee and does not consider the mid-market rate.
  • Money can only be sent from 17 countries.
  • Your account tier decides the limit on money transfers.

2. Western Union

Western Union might not be the cheapest alternative amongst the best international money transfer apps in Canada, but it is certainly the most widely used money transfer app globally, and locally.

It has a vast scope of sending money to over 200 countries. You can transfer money to the account of the receiver, or the mobile wallet, and cash pickup is also allowed. 

The app is operable on both iOS and Android devices so you won’t be bothered because of an operating system. Their rating in the play store and app store stands at 4.4/5 and 4.7/5.

  • What transfer options are there: They have the option of credit card, bank transfer, debit card, cash payment received at agent locations. 
  • Fees for transferring: It varies based on transfer requirements.
  • Countries where a transfer is allowed: It is allowed in 200+ countries.

If you send a cash pickup transfer via debit card or credit, it is presently available within a few minutes. Within 3 business days, your recipient will have the money in their bank.

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Advantages of Western Union

  • Rates are fair as compared to other banks.
  • It is a globally acclaimed money transfer service. 
  • Is registered with FINTRAC, Canada.
  • It has 500,000 agent locations for payment and cash pickup ease.

Disadvantages of Western Union

  • Sending amounts has an inconvenient limit. 
  • Do not consider the mid-market rate.
  • More expensive as compared to OFX, Remitly, Wise, and WorldRemit.
  • Customer service is not robust. 

3. Wise

money

Also called TransferWise in the past, Wise is a convenient and affordable way to internationally transfer money in Canada. The website for Wise states that you are allowed to send money at a 7x cheaper state as compared to the more prominent bank and hence the customer can save around euro 3 million in the form of bank fees.

The application of Wise is operable on both Android and iOS and has a rating of 4.⅘ and 4.7/5 respectively. 

  • What transfer options are there: Credit card, bank transfer, debit card, domestic wire transfer, and bill transfer.  
  • Fees for transferring: This varies based on transfer requirements.
  • Countries where a transfer is allowed: It has a presence in over 70+ countries.

While transferring money via Wise, the currency conversion occurs at the mid-market exchange rate. That means you are not paying any high mark-up fees and your recipient gets an estimate of the total sum that you sent. 

A freelancer or business can also benefit from this platform aside from it being a medium of sending money internationally. They can send and accept foreign currency without the requirement of converting them into native currency. 

The multi-currency account of Wise can hold more than 65 currencies.

Advantages of Wise

  • Monitored and regulated by FINTRAC or Financial Transactions And Report Analysis Centre Of Canada.
  • It also has the alternative to open a personal business account.
  • Wise is a multifaceted mobile application.
  • It has a competitive mid-market rate without markup.
  • There are multiple currency accounts. 
  • It has a competitive base fee.

Disadvantages of Wise

  • Cash pick up not available. 
  • You cannot do a cash pickup.

You also have the option to make your first money transfer of up to $8000 CAD without any extra charge. 

4. XE Money Transfer

The XE money transfer application has been around since 1933 and is also one of the oldest and most popular platforms for monitoring currency exchange and worldwide money transfer.

This money transfer application currently supports over 65 currencies and supports money transfer in more than 170+ countries. It is also operable on both Apple Store and Google Play.

What transfer options are there: You can send funds via direct debit, credit card, debit card, bank transfer, wire transfer.

Fees for transferring: There is no transfer fee. However, you will pay a markup on the mid-market rate.

Countries where a transfer is allowed: It supports money transfers to over 170+ countries.

The XE money application is very useful as you can send money while also tracing various currency exchange rates to know where you stand and also get alerts for information. 

The rating of the app is 3.7/5 for both iOS and Android on both the play store and the app store. As per the user’s opinion, the web application gives a better user experience than the mobile application.

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Advantages of XE Money Transfer

  • XE is a globally-renowned platform.
  • It is registered with FINTRAC.
  • The application has many free FX tools like alerts, apps, and charts.
  • There is no cap on sending money, but you need a rep for an amount of over $500,000.
  • You don’t have to pay any transfer fee or a competitive exchange rate.
  • Businesses can create international money transfer accounts.

Disadvantages of XE Money Transfer 

  • Cash pickup is not available.
  • The mobile app is not very efficient as per users’ opinion.
  • Funding options are limited.

5. WorldRemit

You can make international money transfers from Canada using WorldRemit in 70 currencies and 130+ countries. It is a very fast option and the money arrives in the receiver’s account very quickly.

If you want to send money to a person who does not have an account, you can still do the deed by sending them a cash pickup via WorldRemit. WorldRemit also gives the option to receive money via mobile money, bank transfer, and airtime top-ups.

The WorldRemit app is present on Android and iOS and rates 4.2/5 and 4.7/5 respectively. Hence, you won’t have to worry about an OS issue.

  • What transfer options are there: Credit card, SOFORT, Interac, Apple, Pay, Poli, Trustly, IDEAL.
  • Fees for transferring: It varies based on transfer requirements.
  • Countries where a transfer is allowed: It has its presence in 130+ countries.

You pay an exchange rate as the markup on the mid-market rate.

Advantages of WorldRemit

  • The fees are convenient.
  • You have various alternatives to pay from.
  • Instant transfers are not very time-consuming.
  • The transfer is supported in 130+ countries.

Disadvantages of WorldRemit

  • There are no mid-market rates with margins and built-in fees.
  • The limit money transfer is $4,000 for each transaction when you use Apple Pay, Prepaid cards, debit card, and credit card.

The first transfer that you do is free on WorldRemit.

6. OFX

OFX was established in 1998 and has been used to do $130 billion worth of money transfers globally till date. You can send money in 55 currencies to 190 countries at a good speed.

You can find this app on both iOS and Android with a rating of 4.8/5 & 4.4/5 respectively.

  • What transfer options are there: Direct debit, bill payment, electronic fund transfer.
  • Fees for transferring: It varies based on transfer requirements.
  • Countries where a transfer is allowed: It covers 190 countries.

You can transfer money with OFX within 1 day. However, in some exceptional currencies/locations, it can also take 3-5 business days.

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Advantages of OFX

  • Business accounts are supported.
  • There is no limit on transfers.
  • It is registered with FINTRAC.
  • Big transfer amounts are not levied with any fee and the only thing you pay is the FX margin.
  • You can set limits for exchange rates or lock-in rates for forwarding contracts.
  • You can also observe interbank rates and compare them with the rates of OFX.

Disadvantages of OFX

  • Payment options are limited.
  • It does not utilize mid-market rates.
  • You need to make a minimum transfer of $150 USD. 
  • You don’t have the option to pay through cheque, bank draft, or credit card. 
  • No cash pickup is allowed.

7. PayPal

PayPal is used widely to send money for both personal and professional purposes. It covers over 200 countries and you can send funds in 100+ currencies. 

PayPal was created in 1998. It trades on NASDAQ below the ticker symbol “PYPL.”

This application works on both Android and iOS. Its rating for the same is 4.2/5  and 4.7/5 respectively. 

  • What transfer options are there: Direct debit, credit card, bank account, PayPal account.
  • Fees for transferring: It varies based on transfer requirements and funding methods (For instance: $4.99 CAD + 2.90%+ fixed card fee.)
  • Countries where a transfer is allowed: It covers 200+ countries.

The minimum markup for PayPal is 3%-4% for the conversion of currencies. 

This company is also the owner of XOOM, the online money transfer service that is offering cash pickups, bank deposits, and deliveries to your doorstep.

Advantages of PayPal

  • It is registered with FINTRAC.
  • The domestic transfer is free without currency conversion.
  • It has a fast payment speed. 
  • It currently has 325 million users.
  • PayPal is used both for professional and business purposes.

Disadvantages of PayPal

  • Payment processing time is slow, accounts also freeze occasionally.
  • Customer service is lagging.
  • Several fees are dumped on a transfer so it’s expensive compared to other options. 
  • Mid-market rates are not used by it.

8. MoneyGram

MoneyGram allows you to transfer money to 200+ countries. It is a popular application that is operable on both iOS and Android with a rating of 4.8/5 and 4.6/5 respectively. 

The recipient has 2 options to receive the money. They can do it via a bank account or pick up money at one of the agent locations.

  • What transfer options are there: Direct debit, credit card, Interac, and cash.
  • Fees for transferring: It varies based on transfer requirements and funding methods (For instance: $4.99 CAD + Currency exchange markup rate.)
  • Countries where a transfer is allowed: It has its presence in over 200+ countries.

Transfers take 2-4 business days to reach the account. The maximum limit is $990 CAD every 30 days.

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Advantages of MoneyGram

  • You can do cash pickup.
  • You can pay many billers via this application.
  • It has over 350,000 global agent pickup locations.

Disadvantages of MoneyGram

  • In some countries, you are only allowed to pay cash.
  • Mid-market rates are not used.
  • You have a cap on sending money, which is $990 CAD every 30 days.
  • FX markup and other fees make it expensive. 

9. Ria Money Transfer

Ria money transfer was founded in 1987. It serves more than 435,000 locations in over 160 countries. The recipient can get money via pickup, cash, bank deposit, courier, delivery, home, office, or any other country. 

The app for RIA Money Transfer is available on both the iOS and Android app stores with a rating of 4.5/5 and 3.5/5 respectively. 

  • What transfer options are there: They have options of direct debit, credit card, bank account.
  • Fees for transferring: Varies based on transfer requirements.
  • Countries where a transfer is allowed: The app covers 160 countries.

When you do a transfer via debit or credit card, your request will be processed within 15 mins. Whereas the bank account transfer takes up to 4 business days to process.

The maximum transfer limit is $3,000 per day, and for a month is $8,000.

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Advantages of Ria Money Transfer

  • It has numerous cash pickup locations.
  • Is registered with FINTRAC.
  • They have fast transfers via debit or credit card. 
  • You don’t have to adhere to a minimum transfer amount.

Disadvantages of Ria Money Transfer

  • The mobile app does not have a very good rating.
  • The daily limit is $3,000 and the monthly limit is $8,000.
  • It does not have a mid-market rate. You pay a markup fee.

What Things to Consider?

Here are the points that you should consider while looking for a money transfer app.

Fees: You should be aware of any obscure fee that the company is not candid about. Usually, these apps charge a flat fee or a percentage.

Exchange rates: The best rates are interbank or mid-market rates. Leaving Wise, many apps charge an exchange rate fee as high as 5%.

Process time: This is the time that your transfer takes to get cleared. The ideal app will not take more than some hours or minutes. 

Locations: Confirm that the app facilitates transfer in your country and the recipient’s country. 

Funding options: The options cost and the ways in which you send the money are crucial to choosing an ideal option. For example Debit cards, credit cards, etc. 

Customer support: The transfer can be delayed if the customer service is not quick to take action.

Limit: A limit restricts the amount that you can send in a day. For example, Ria Money Transfer has a daily limit of $3,000.

Security: Money services businesses in Canada should be registered with AMF or FINTRAC.

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Conclusion

These best international money transfer apps in Canada will help save the hassle of visiting a bank physically and also make it easier to address the emergencies of your family and friends. Now, you can send money abroad with very few simple clicks. All you have to do is consider the transfer needs, research and compare the apps available in the market and make your decision prudently.


Devanshee Dave

Devanshee is a staff writer at YourFirst.ca. She is a finance enthusiast and has completed her Master’s degree in Mass Communication & Journalism. She has worked as a journalist in a local business newspaper, multiple start-ups as well as finance and economy-related online media houses.

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