How to Transfer Money to Someone in Canada

Transferring money internationally is common for supporting family, making investments, or managing cross-border transactions. Sending funds to Canada requires understanding specific processes and requirements. This guide outlines available methods, essential information, and steps for successfully executing and monitoring a money transfer to Canada, ensuring funds reach their recipient efficiently and securely.

Available Money Transfer Methods

Several distinct avenues exist for sending money to Canada, each with its own operational model. Understanding these options helps you select the most suitable method for your needs.

Traditional bank wire transfers offer a reliable way to send funds directly between bank accounts. These transfers typically process within one to five business days, though some may take longer depending on intermediary banks and cut-off times. Costs involve flat fees, ranging from $25 to $80 for international transfers, and may include exchange rate markups.

Online money transfer services provide a digital-first approach, leveraging websites and mobile applications for international transactions. Companies like Wise, Remitly, and Xoom specialize in these services. Transfers can be faster, with some arriving within minutes or hours, while others take one to three business days. Costs often include lower flat fees or small percentage-based charges, combined with competitive and more transparent exchange rates than traditional banks.

International money orders and bank drafts are less common, traditional methods. They involve purchasing a physical document from a financial institution, which the recipient deposits. While secure, these methods are slower due to physical delivery, often taking several weeks. They are limited to situations requiring a physical instrument and involve higher administrative costs or longer processing times compared to electronic transfers.

Essential Details for Your Transfer

Before initiating any money transfer to Canada, you must gather specific information about the recipient and your own details. Having these ready helps ensure a smooth, compliant transaction and prevents delays.

You will need the recipient’s full legal name exactly as it appears on their bank account, along with their complete residential address. Accurate identification of the recipient’s bank is also required, including the full name of their bank and its branch address. This information is foundational for directing funds to the correct financial institution.

For Canadian bank accounts, specific identifiers are necessary beyond just the account number. You will need:
The recipient’s bank account number (typically 7-12 digits).
A three-digit financial institution number (identifies the bank).
A five-digit transit number (specifies the branch).
The international SWIFT/BIC (Society for Worldwide Interbank Financial Telecommunication/Bank Identifier Code) code of the recipient’s bank (required for cross-border transactions).
Providing the recipient’s phone number and email address is also beneficial for transfer notifications.

As the sender, you will need to provide identification, such as a government-issued photo ID (driver’s license or passport). Proof of your residential address, like a recent utility bill or bank statement, may also be requested. For transfers exceeding $10,000, financial institutions must report the transaction to agencies like the Financial Crimes Enforcement Network (FinCEN) for anti-money laundering compliance. This may require providing details about the source of your funds.

Executing and Monitoring the Transfer

Once you have chosen a transfer method and gathered all recipient and sender information, the next phase involves executing and monitoring your money transfer to Canada. The process varies depending on whether you use an online service or a traditional bank wire.

For online money transfer services, new users typically create an account and verify their identity. After logging in, select Canada as the destination and specify the currency. Input the recipient details:
Full name
Address
Bank name
Account number
Financial institution number
Transit number
SWIFT/BIC code
The platform will display the transfer amount, exchange rate, and fees. Select your payment method (bank transfer, debit card, or credit card) and confirm the transaction.

If you opt for a traditional bank wire transfer, visit a bank branch or access your bank’s online portal. Complete the required international transfer forms, entering all recipient bank details and personal information. After authorizing the transfer and payment, the bank will process your request. Both online services and banks provide a transaction ID or tracking number.

After initiating the transfer, use the tracking number to monitor its progress via the provider’s online portal or mobile application. Most services and banks send email or text notifications at different stages, from initiation to successful delivery. Inform the recipient that funds are on the way, providing the tracking number so they can anticipate and confirm the money’s arrival in their Canadian bank account.