Your comparative guide to Remitly, Xoom and Wise in Canada

If you've ever sent money abroad and felt unsure if you were really getting a fair deal, you're not alone. For many Canadians, international transfers are tied to everyday needs, from supporting family and paying for services to managing expenses across borders. But the way exchange rates and delivery options work can vary widely between providers.

We're taking a closer look at three of Canada's most popular transfer service providers, Remitly, Xoom, and Wise, comparing their fees, speed, and more to help you get the most for your hard-earned money.

Remitly vs Xoom vs Wise: key differences for Canadians

All three services let Canadians send money abroad, but have different pros and cons. These include:

Speed

• Remitly offers several delivery speeds. Card-funded and express options are fast, while economy transfers take longer but usually cost less.
• Xoom is known for speed, with many transfers arriving within minutes depending on the destination and payment method.
• Wise focuses on efficient account-to-account transfers, with many payments arriving within seconds and most completing within one business day.

Note: Transaction speed claims depends on individual circumstances and may not be available for all transactions.

Network reach

• Remitly supports bank deposits and cash pickup across 170+ countries and territories.
• Xoom supports digital money transfers to over 160+ countries, with options including bank deposits, cash pickup, home delivery, mobile wallet payments, and bill pay in select regions.
• Wise supports transfers to 140+ countries via bank and account-to-account transfers, with no cash pickup.

Transparency

• Remitly and Xoom include their margin in the exchange rate, meaning part of the cost is built into the rate you're offered.¹ ²
• Wise uses the mid-market exchange rate and shows low-cost conversion fees starting from 0.48%³ upfront, which makes costs easier to compare.

Which one makes sense when?

• Choose Remitly if delivery flexibility matters, particularly when the recipient may need cash pickup or fast access.
• Choose Xoom if speed is the main priority and you want multiple payout options backed by PayPal's network.
• Choose Wise if you want clear pricing, fair exchange rates, and predictable account-to-account transfers without hidden markups.

Exchange rates: the hidden cost of sending money

When comparing international money transfer services, the exchange rate often matters more than the transfer fee itself. Providers can charge similar fees yet deliver different results once your money is converted. Understanding how rates work helps explain why the final amount doesn't always match what you expect.

Mid-market rate explained: why it matters for Canadians

The mid-market exchange rate sits exactly between the buy and sell prices of two currencies. It's the rate you'll usually see on Google or financial news sites, and it reflects the true market value without any markup added.

This rate matters because it acts as a neutral benchmark. If a provider uses the mid-market rate and charges a separate fee, the cost of the transfer is easier to spot. If the provider adjusts the rate instead, part of the cost is hidden in the conversion itself.

Over time, or on larger transfers, even a small difference from the mid-market rate can noticeably reduce how much the recipient receives, which is why it's so important to look at the rate, and not just the fee.

How competitors apply FX markups

Different providers handle exchange rates in different ways, which is where costs start to diverge.

Remitly: Remitly builds a margin into the exchange rate it offers.¹ While some transfers are advertised with low or no fees, part of the cost is reflected in the rate instead. The size of that margin can vary by currency pair, delivery speed, and payment method.

Xoom: Xoom earns money through the exchange rate it applies. Rather than using the mid-market rate, it sets its own rate with a margin that varies by transaction.² As a result, the cost is built into the rate rather than shown as a separate fee.

Wise: Wise uses the mid-market exchange rate with no markup. Instead, it charges a clearly shown conversion fee starting from 0.48%³, displayed upfront before you send.

Exchange rate approach — Remitly vs Xoom vs Wise

Transfer fees: what you actually pay

Transfer fees are rarely a single, fixed number. What you pay to send money from Canada usually depends on how the provider prices its service, how you fund the transfer, and whether costs are listed clearly or bundled into the exchange rate. Looking at fees in isolation can be misleading, so it helps to understand how each provider structures them.

Upfront fees vs percentage-based fees

Money transfer services generally take one of two approaches. Some charge a flat, upfront fee for a transfer, while others apply variable or percentage-based fees that change depending on the amount sent, destination, or delivery speed.

Remitly's fees vary by route, funding method, and speed. Faster options, such as debit or credit card payments, usually cost more than bank-funded transfers. Choosing express delivery can also raise the total cost, even when the advertised fee looks low.

Xoom works in a similar way, with fees depending on the payment method, amount, destination country, and payout type. You can check the exact fee using Xoom's fee calculator before confirming a transfer, which shows how costs change between bank deposits, cash pickup, cards, or mobile wallets. If currency conversion is involved, the exchange rate includes a built-in spread that adds to the overall cost.²

Instead of flat fees, Wise charges low fees starting from 0.48%³, which scale with the amount you send. These fees are shown upfront alongside the mid-market exchange rate, so you can see the full cost before you commit.

What matters most is the total cost, not just the fee line on its own. A transfer with a small upfront fee can still end up costing more if it's paired with a less favourable exchange rate.

Are there any "no-fee" deals in Canada?

"No-fee" offers are common, but are often too good to be true and tend to come with conditions. In many cases, the visible transfer fee is removed while the provider earns money through the exchange rate instead.

Even when no fee appears upfront, costs can still apply through currency conversion or payment method charges, which affect how much money ultimately reaches the recipient.

The key takeaway is that "no fee" doesn't automatically mean cheaper. Looking at both the transfer fee and the exchange rate together gives a clearer picture of what you're really paying and what the recipient will receive.

Transfer speeds: how fast can you send money?

Not every transfer has the same deadline. Sometimes speed matters, other times cost does, and often it's a balance between the two. Different services handle that trade-off in different ways. Here's how Remitly, Xoom, and Wise compare when it comes to transfer speed.

Remitly

Remitly gives you control over delivery speed by letting you choose between different transfer options. Debit or credit card payments are usually the fastest, with money often available within minutes or a few hours for cash pickup or express bank deposits. Slower economy transfers are cheaper, but they can take several business days to arrive, depending on the destination and any verification steps. Remitly shows the expected delivery time before you send, so you can decide whether speed or cost is the bigger priority.

Xoom

Xoom is designed with speed in mind. Many transfers are available to the recipient within minutes, although some routes can take longer and may stretch into a few days.⁴ Timing depends on where you're sending money, how the recipient gets it, and how you fund the transfer. Xoom keeps you updated along the way, with email or text notifications and a tracking page so you can follow the transfer from start to finish.

Wise

Wise focuses on efficient account-to-account transfers rather than cash delivery. You can send money to traditional bank accounts or directly between Wise accounts. A large share of transfers arrive within seconds, and most reach the recipient within one business day. Before you confirm, Wise shows an estimated delivery time in the transfer tracker, so you'll know when your recipient can expect it.

Speed vs cost trade-offs

Faster transfers often come with higher costs. With Remitly and Xoom, choosing card payments or quicker delivery options can speed things up, but fees and exchange rate margins may increase as a result. Slower bank-funded routes tend to cost less, but result in increased waiting times.

Wise takes a different route by using streamlined banking connections to move money quickly without charging extra for express delivery. But at the end of the day, it all boils down to whether timing is critical, or whether keeping overall costs down matters more.

Making the choice: which service is best for you?

There isn't a single answer that works for every transfer. The right option depends on what you're trying to optimize at that moment. Sometimes speed matters most. Other times it's about keeping costs predictable or making sure money can be collected in cash. Thinking about how each service is designed makes the decision clearer.

When to choose Remitly from Canada

Remitly is a good fit for everyday personal transfers where flexibility matters. It's commonly used to send money to family or friends when cash pickup or fast delivery is important. The ability to choose between express and economy options gives you control, but it also means costs can vary. If you're happy to trade some price certainty for delivery choice and reach, Remitly may work for you.

When to choose Xoom from Canada

If speed matters most and you want flexible payout options backed by PayPal's global network, this service can be a good fit. Many transfers are available within minutes, and cash pickup and bank deposits are widely supported depending on the destination. It can be a practical option for urgent sends, as long as you're comfortable with exchange rate markups being part of how the service is priced.

When to choose Wise from Canada

Wise is usually the better option when transparency and cost control come first. It's built for bank-to-bank and account-to-account transfers, using the mid-market exchange rate with low-cost conversion fees starting from 0.48%.³ You see the full cost upfront, which makes Wise easier to compare and plan around. It suits larger transfers, regular payments, or anyone who prefers knowing exactly where their money goes rather than paying extra for speed or cash access.

How to send money internationally from Canada: a quick guide

Once you know what's required, sending money abroad from Canada is usually a smooth process. Remitly, Xoom, and Wise all follow similar regulatory steps, but the details can differ depending on how much you're sending, where the money is going, and how it will be received. Here's a clear overview of what to expect.

What you need to send money abroad

Identity and verification requirements

All three providers are regulated financial services, so identity checks are standard to meet Canadian and international regulations, reduce fraud risk, and keep transfers secure.

• Wise typically asks for a government-issued photo ID.⁵ Depending on transfer amount, currencies used, or account activity over time, Wise may also request proof of address or additional documents.
• Remitly often verifies identity for first-time users, higher amounts, or certain destinations. Extra documentation may be requested if automated checks aren't sufficient.⁶ ⁷
• Xoom may request documents when you send larger amounts (for example, 1,000 CAD or more in a 24-hour period), reach sending limits, or make account changes.⁸ This can include photo ID, proof of address, and proof of a financial account.

Recipient details

What you'll need will depend on the delivery method.

• For bank or account transfers, you'll usually need the recipient's full name and bank details. With Wise and Xoom, this can include an account number or IBAN, and sometimes a SWIFT or BIC code.
• For cash pickup, supported by Remitly and Xoom in many countries, the recipient's legal name must match their government-issued ID exactly, along with the destination country and pickup location.

Compliance and security considerations

Requirements can vary depending on where the money is going and how much you're sending. Transfer limits, verification steps, and delivery options may change based on local regulations or how the transfer is funded, but any additional requirements are shown before you confirm so you know what's needed upfront.

Funding your transfer in Canada

Bank transfers: Often the lowest-cost option, though processing can take longer depending on your bank and destination. Wise, Remitly, and Xoom all support bank funding and show an estimated delivery time before you send.

Debit cards: Usually faster than bank transfers, and supported by all providers, funding your transfer by debit card typically costs more than bank-funded transfers due to card processing costs.

Other methods:

• Xoom supports payments via bank account, debit card, credit card, PayPal balance, and, in some cases, PayPal USD (PYUSD).
• Remitly supports additional local options in certain corridors, including cash payments depending on the destination.

Feature comparison — Remitly vs Xoom vs Wise

Final thoughts — choosing the right service for your needs

International money transfers rarely come down to a simple yes-or-no decision. The right service depends on what you're trying to achieve with a specific transfer, rather than finding a single option that works in every situation.

Looking at the full cost matters more than any headline claim. A transfer can appear inexpensive at first, then cost more once exchange rate markups, delivery speed, or funding method fees are factored in. Comparing the exchange rate and the fee together gives a much clearer sense of overall value.

Remitly and Xoom can be useful when cash pickup or flexible delivery options are important, while Wise is often a better fit when transparency and fair exchange rates matter more. Match the service to how you send money, and the rest falls into place.

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Sources:

1. Remitly user agreement – Remitly
2. What are the fees to use Xoom? – Xoom
3. Wise fees & pricing – Wise
4. When will my money get there? – Xoom
5. Guide to getting verified – Wise Help Centre
6. Canada identification documents – Remitly
7. What to consider before sending money internationally for the first time – Remitly
8. Sending 1,000 CAD or more – Xoom

Sources verified on 20 March, 2026