Personal Finance Money transfer

Which Canadian banks have the lowest wire transfer fees?

Piyush Singh

31.12.25

Read time 2 minutes

Wire transfers are a trusted way to send large payments in Canada and abroad. However, you'll likely pay fees to send and receive.

Below, we'll look at popular Canadian banks with lower wire transfer fees, with an overview of costs for domestic and international transfers. We'll also cover Wise — a digital money transfer alternative.

How wire transfer fees work in Canada

A wire transfer is a secure transfer between two banks. After you initiate a wire, your bank sends funds electronically to the recipient's bank. You can use a wire to send money within Canada, to the U.S., or overseas.

Domestic vs international wire transfers

Domestic wires send money between Canadian bank accounts. International wires move money to accounts outside Canada. International wires often have higher fees and longer processing times due to extra checks and correspondent banks.

Fixed fees vs percentage-based fees

Some banks charge a fixed fee; others charge a percentage of the transfer amount. Fixed fees may be better for large payments, while percentage fees can cost more as the amount increases.

The role of exchange rates in total costs

For international wires, your bank converts CAD to the destination currency. Banks usually use their own exchange rate, which often includes a markup over the mid-market exchange rate.

Banks with low wire transfer fees for domestic transfers

Here are examples of domestic wire fees at major Canadian banks.

CIBC

CIBC® charges tiered fees based on the amount. Transfers over 50,000 CAD can cost up to 80 CAD. Incoming domestic wires cost 15 CAD, deducted from the received amount.¹

RBC

RBC® offers domestic wires within Canada. Fees vary by the account currency. For example, outgoing wires from a CAD account start from 45 CAD; from a GBP account, from 27 GBP.²

Comparison of domestic wire transfer fees (2025)

Bank	Sending fee	Receiving fee
CIBC	30 CAD for transactions of 10,000 CAD or less; 50 CAD for transactions of 10,000.01 CAD to 50,000 CAD; 80 CAD for transactions over 50,000 CAD¹	15 CAD¹
RBC	45 CAD to send a wire from a Canadian dollar account²	Free for incoming wire transfers from an RBC bank in Canada²

Banks with low wire transfer fees for international transfers

Many banks support international wires. Here are examples of fees for sending abroad.

CIBC

CIBC supports international wires; initiation may require visiting a CIBC Banking Centre. Outgoing fees can be up to 80 CAD, plus foreign exchange rates set by CIBC.¹

RBC

RBC international wires from a CAD account start from 45 CAD.² Incoming wires from non-RBC banks: free if < 50 CAD; 17 CAD if > 50 CAD.²

Comparison of international wire transfer fees (2025)

Bank	Sending fee	Receiving fee
CIBC	30 CAD for transactions of 10,000 CAD or less; 50 CAD for transactions of 10,000.01 CAD to 50,000 CAD; 80 CAD for transactions over 50,000 CAD¹	15 CAD¹
RBC	From 45 CAD for international wire transfers from a Canadian dollar account²	Free for incoming wire transfers from a non-RBC bank with an amount of less than 50 CAD; 17 CAD for incoming wire transfers from a non-RBC bank with an amount of more than 50 CAD²

Other factors that add to the cost of wire transfers

For international wires, you'll often pay for currency conversion. For example, RBC adds charges to the interbank rate.³ Look for the mid-market exchange rate — it's the most transparent benchmark for conversion.

The mid-market exchange rate is the mid-point between the highest and lowest selling prices financial institutions use for foreign currency trading.

At Wise, you’ll never pay hefty exchange rate markups. Wise uses the mid-market rate for online currency exchange, whether you’re shopping in the US or helping out a friend or family member in France.

Easily switch currencies and manage your money with the Wise app.

Intermediary and correspondent bank fees

If your wire uses intermediary banks, they may charge correspondent or processing fees. Because many international wires rely on intermediaries, check for these extra costs.

Processing times and hidden charges

Processing times vary by bank. Domestic wires can arrive the same day; international wires may take up to 5 business days. International transfers can also include extra third-party charges.

Conclusion

Some Canadian banks have lower wire fees, but exchange-rate markups and third-party charges can increase the total cost. Wise offers transparent and hassle-free transfers in Canada and abroad, using the mid-market exchange rate.

Sources:

Sources verified on 31 December 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.