There are different reasons why other nationalities are moving to Canada. Some immigrated to Canada to earn income, support their family back home, and give them a better life. If you are one of them, you may be particularly interested as to how you can send money abroad from Canada.

In this article, you will learn the best Canadian banks you can use when remitting money from Canada. We will deep dive into the international transfer options and features these Canadian banks offer, as well as tips on scoring the best rates when sending money abroad.

Also read: How to Open a Canadian Bank Account?

Choose the Best Banks to Send Money Abroad from Canada

Bank of Montreal (BMO)

With BMO Global Money Transfer, you can send money to up to 50 countries using the BMO Mobile Banking app and BMO Online Banking. With this bank in Canada, you can make money remittances anytime, anywhere.

Sign into your BMO Mobile Banking app or BMO Online Banking to send money. On the menu, tap Pay & Transfer. Next, tap Global Money Transfer, and enter your recipient’s information and other transfer details. Lastly, double-check all the information you provided, then send your money transfer. Note a flat fee of 5 CAD per transaction and a minimum 2.5% currency conversion fee.

Canadian Imperial Bank of Commerce (CIBC)

When you use CIBC Global Money Transfer, you can remit money to over 130 countries with 0 CAD transfer fee. However, CIBC foreign exchange rates apply.

To send money, you can use CIBC Online or Mobile Banking. The process is easy and secure. Your recipient will often receive the money within one business day. The minimum amount you can transfer with CIBC Global Money Transfer is 100 CAD.

Royal Bank of Canada (RBC)

With RBC International Money Transfer, you can send money 24/7 with the RBC Mobile app and RBC Online Banking in most local currencies and, where permitted, in USD and CAD to 200 countries. Transfer fees with RBC are free, but additional service fees by any intermediary and receiving bank may apply. Typically, the money you send will be received by your receiver within two to five business days.

To make an International Money Transfer with RBC, sign in to your RBC Online Banking or RBC Mobile app and tap International Money Transfer. Then, provide the details of your recipient, including their address, account number, destination bank and location, SWIFT/BIC Code, or APA Routing Number.

The Bank of Nova Scotia (Scotiabank)

Scotia International Money Transfer is Scotiabank’s newest way to remit money from any eligible Scotiabank account to a global bank account. Note that they charge a 1.99 CAD fee per transaction. However, customers who avail themselves of their Ultimate Package and newcomers to Canada can remit money at no charge.

To send money internationally with Scotiabank, sign in to your Scotiabank mobile banking app and tap Transfers, then tap Send Money Internationally, and tap Bank Deposit. Type your recipient’s contact details and choose which account you want to transfer money from. Lastly, enter the amount you wish to send and tap Submit. Your recipient will get the money you sent in their bank account in up to five business days.

Toronto-Dominion Bank (TD Bank)

With TD Global Transfer, you can send money to over 200 countries globally. There are three easy options when you send money using this service: (1) directly to an international bank account, (2) eligible Visa Card, or (3) cash pick up through Western Union. Transfer fees are free when you send money to the US and your recipient can receive the money you sent within one to five business days.

RemitBee: The Best Option When Sending Money Abroad from Canada

RemitBee is a fintech company specializing in international money transfers, online currency exchange, and business accounts for SMEs. We are your best bet if you are looking for the perfect option to send money abroad from Canada.

With our services, you can money from Canada to over 100 countries worldwide without paying hefty fees. Your transfer is free when you send over 500 CAD in one transaction, and we guarantee to give you the best currency exchange rates banks can’t compete with.

When you do a money transfer, we offer five payment methods, one of which is direct withdrawal (EFT). So, if you have a Canadian bank account, connect RemitBee with your online bank so that we can access your online banking and directly take money from your account and send it abroad, enabling you to enjoy a hassle-free money transfer. The process takes only two to three business days.

Also read: How to Send Money Abroad with RemitBee Using Cash

With RemitBee, your money and data are safe and sound, and our next-level security against fraud is in place. Our services are 100% online, so you can send money anytime, anywhere! Sign up now and experience a service like no other.