How much does it cost to use MTFX in Canada? A closer look

MTFX® is a Canadian foreign exchange and global payment service. You can use your MTFX account to pay international tuition, but there are some fees to consider. In this guide, we will take a look at MTFX's fees for global transfers, including everything you need to know about transfer costs, exchange rate charges and FX margins.

We'll also look at Wise as an alternative for international payments. How does Wise compare to MTFX for international payments? Let's take a closer look!

An overview of MTFX international money transfer fees

MTFX describes its pricing structure for international money transfers as open and transparent. You'll see all your costs before you come to make your payment.

The provider adds a small margin to the mid-market exchange rate.¹ This is the standard rate for currency conversion, with the margin included in the rate shown.

You'll also pay a fee of 15 CAD for all MTFX transfers under 10,000 CAD. For transfers over 10,000 CAD, you won't pay a fee.² For this reason, the platform is best suited to large payments, such as paying your international tuition.

MTFX tuition fees and international payments

MTFX offers a range of useful features for students. For example, you can pay your tuition fees in over 190 countries via MTFX's PayMyTuition® platform.³

According to the provider, the platform is used by over 700 institutions and offers a secure portal for students to pay tuition, make deposits or send bill payments.⁴

You can also use your MTFX account to set up automatic recurring payments. This will ensure you always pay your tuition fees on time.³

Exploring MTFX's fee structure

Let's take a closer look at how much it costs to use MTFX, including MTFX's transfer fees, exchange rate charges and any additional costs.

MTFX transfer fees: What you need to know

MTFX uses 2 fee tiers for transfers, depending on how much you want to send abroad. Transfers under 10,000 CAD cost 15 CAD. Transfers over 10,000 CAD are free.

You can also send a same-day or next-day wire transfer via MTFX. According to the provider, this type of transfer typically costs up to 75 CAD at banks, while MTFX charges from 0 CAD to a few dollars per wire transfer.⁵

MTFX commission fees: Are there any?

MTFX uses the standard 'fair' mid-market exchange rate for currency conversion, plus a small margin. You'll pay this nominal commission fee whenever you convert currencies.

MTFX fee structure overview

A closer look at MTFX fees for international transactions

MTFX uses a transparent fee structure for international payments. Let's take a closer look at how much it costs to send money abroad with MTFX.

MTFX FX fees: Understanding exchange rates and markups

If you need to convert currencies, MTFX applies a small margin to the exchange rate used for your transaction. These fees are 3% to 5% lower than those of most banks.⁶

The provider also uses the live mid-market exchange rate as the basis for your conversion, with real-time, accurate rates for foreign-currency transfers.¹

MTFX international payment fees: transparency and clarity

MTFX states that it is upfront about its exchange rate fees and transfer charges. You can view real-time exchange rate updates or lock in rates online before confirming your transfer.²

MTFX money transfer fees vs. banks

Banks may add exchange rate charges and transfer fees to international transactions. These fees are often charged as a percentage of your transfer, which can increase the cost of large global payments.

Although MTFX does add an exchange rate margin, this is minimal compared to most banks. The provider uses the mid-market rate as the basis for its conversion, so it claims to charge 3% to 5% less than most banks.

Some banks may not clearly display all international transfer fees upfront. This can make it harder to know the full cost of your payment before you send it. At MTFX, you'll always know how much you're spending.

Key considerations for Canadians using MTFX

There are a few things to think about before using MTFX for international payments. Here's everything you need to know.

MTFX student fees and their implications

MTFX uses its PayMyTuition platform to help students pay for their education, housing or bills, including useful benefits for international students living abroad.

You can use PayMyTuition in over 190 countries and over 50 currencies.³ You can also fund your payment using over 110 international and local payment methods, including Bill Pay, credit card and Interac e-Transfer®.⁴

If your payment is over 10,000 CAD, you won't pay a transfer fee. For currency conversion, you'll pay a small margin on the mid-market exchange rate.

Are there hidden fees with MTFX?

MTFX doesn't charge hidden fees. The provider will give you all the information you need to make an informed decision about your transaction, including live exchange rates and a full fee breakdown.

How to maximize savings with MTFX for international transfers

There are a few ways to save money with MTFX. For example, you can get rate alerts to work out the best time to convert your money. You can also lock in lower rates online or compare live exchange rates.²

It's cheaper to send one large transfer via MTFX, rather than several smaller ones, as the provider doesn't charge transfer fees for transactions over 10,000 CAD.

Using Wise as an alternative to MTFX

Wise is your international money transfer alternative! Use your multi-currency Wise account to send, spend and receive money worldwide with just the touch of a button.

Wise uses the mid-market exchange rate for currency conversion and shows its fees separately. The app uses a transparent pricing structure, with fees shown upfront before you confirm your transfer.

Hold over 40 currencies at once or send fast, low-cost payments to over 160 countries worldwide – all from just one place.

MTFX vs Wise for international transfers

Conclusion

MTFX is a transparent global transfer platform for Canadians. You can use your account to pay your tuition fees, with exclusive benefits for international students.

The platform may be best suited to large payments, as MTFX charges 15 CAD for transfers under 10,000 CAD. MTFX also adds a small margin to the exchange rate.

For everyday payments in over 40 currencies, you may consider a digital money transfer app like Wise.