Personal Finance Money transfer

Your guide to online money transfers in Canada

Piyush Singh

30.12.25

Read time 2 minutes

Splitting a bill, moving money between accounts, or sending money overseas is straightforward today. Online bank transfers let you send funds quickly without visiting a branch. In Canada, options include Interac e-Transfer, TD Global Transfer, Simplii Global Money Transfer, and Wise. Each has its own fees, limits, and timelines. This guide explains how domestic and international transfers work from Canada.

How to transfer money online between banks in Canada?

Transferring money online between Canadian institutions is straightforward. The main options are:

Interac e-Transfer: A quick, secure way to send money within Canada through online or mobile banking. Most payments arrive almost instantly, but some take up to 30 minutes, depending on the institution.¹
Wire transfer: A secure electronic transfer between banks. Set it up with your bank (online or in branch). There are two types: domestic wires for transfers within Canada and international wires for payments abroad.
Electronic funds transfer (EFT): An electronic transfer from one bank account to another. You can schedule recurring payments, which is useful for bills or frequent transfers. Many employers use EFT for payroll.

How to send online bank transfers in Canada?

Here's how the main options work.

	How it works	Fees	Limits
Interac e-Transfer	Start the transfer in your bank's app or online banking using the recipient's email or mobile number. Some transfers require a security question; others use Autodeposit.¹	Receiving is typically free. Sending fees vary by institution and account. Some plans include a set number of free e-Transfers; others charge per transfer or by amount.	Each bank sets its own limits. Typical daily or weekly maximums are in the low thousands of CAD.²
Wire Transfer	Set up the transfer with your bank and provide the recipient's name, address, account number, institution/branch numbers, and the bank's SWIFT/BIC (for international).³	Fees vary by bank and transfer type.	Limits vary by bank, account and method.
EFTs	Set up the transfer in your bank's app or online banking using the recipient's institution, branch, and account numbers.	Fees vary by bank and transfer type.	Limits vary by bank, account and method.

How to send online bank transfers abroad from Canada?

International transfers add complexity, including currency conversion and country-specific rules. Here are common online options for sending money abroad from Canada:

Simplii Global Money Transfer

No transfer fee to send from a Simplii account via the app. Transfers typically arrive in the recipient's bank account.

Limits: Up to $30,000 depending on destination
Currency conversion: exchange-rate markup applies, but no transfer fee may offset the cost.
Best for: Large international transfers at no upfront fee.⁴

RBC International Money Transfer

How it works: Sign in to RBC Online Banking or the RBC Mobile app and select International Money Transfer. Enter the recipient's details (address, account number, destination bank name/location, and SWIFT/BIC or ABA).
Fees: No transfer fee.
Limits: $100 minimum; up to $50,000 per day.
Currency conversion: exchange-rate markup shown at the time of transfer.
Best for: RBC clients wanting predictable costs and broad coverage.⁵

KOHO

How it works: KOHO offers international transfers designed to be fast and secure, with clear pricing.
Fees: $1.07 per transfer⁶
Limits: $10 minimum; $5,000 daily; up to $15,000 monthly⁷
Currency conversion: 1.5% on non-CAD transactions.⁸
Best for: KOHO customers seeking low-cost transfers without any hidden fees.

Wise

How it works: Hold 40+ currencies and spend in 140+ countries, with local account details in 20+ currencies.
Fees: transparent; varies by currency and method, starting around 0.48%.
Limits: depends on currencies and payment method. Example: sending CAD to a bank account has no limits while Interac e-Transfers are capped at 25,000 CAD.
Currency conversion: uses the mid-market rate with no markup.
Best for: people who want transparent pricing and fair exchange rates.

Conclusion

Online bank transfers in Canada cover most needs, from local payments to overseas transfers. For domestic payments, Interac e-Transfer is often the fastest and most convenient. For larger amounts, consider linked accounts or wires. For international transfers, banks like TD, RBC, and Simplii are easy to access, while fintech options like Wise can offer lower fees and fairer exchange rates.

Sources:

Sources verified on 30 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.