For domestic transfers within Canada, Interac e-Transfer has essentially won — it is free with most bank accounts, arrives in minutes with auto-deposit enabled, and works between any Canadian bank. The real decision comes when you need to send money internationally, where the difference between the cheapest and most expensive option can be $50–$65 on a single $1,000 transfer. Banks remain the worst value for international sends, charging both a wire fee and a hidden exchange rate markup.
Best Apps Compared
Domestic (Within Canada)
| App | Cost | Speed | Limits | Best For |
|---|---|---|---|---|
| Interac e-Transfer | $0–$2 | Minutes (auto-deposit) | $3,000–$25,000/day | Everything domestic |
| Wealthsimple Cash | $0 | Instant (P2P) | $5,000/transaction | Wealthsimple users |
| KOHO | $0 | Instant (P2P) to KOHO users | $1,000/transaction | KOHO users |
| PayPal | $0 (friends/family) | Instant–3 days | $10,000/transaction | Online payments |
| Apple Pay / Google Pay | $0 | Instant (in-store/in-app) | Varies by bank | Contactless payments |
International (From Canada)
| App | Fee | Exchange Rate | Speed | Best For |
|---|---|---|---|---|
| Wise | 0.5–1.5% | Mid-market (best) | 1–2 business days | Best overall value |
| OFX | $0 fee | 0.5–1.5% markup | 1–3 business days | Large transfers ($5,000+) |
| Remitly | $0–$5 | 1–2% markup | Minutes–3 days | Small transfers to developing countries |
| WorldRemit | $0–$5 | 1–2% markup | Minutes–3 days | Cash pickup, mobile money |
| PayPal | 2.9% + $0.30 | 3–4% markup | Instant–3 days | Online freelancer payments |
| Western Union | $5–$30 | 2–4% markup | Minutes–3 days | Cash pickup worldwide |
| Big 5 bank wire | $30–$80 | 1.5–3% markup | 2–5 business days | When required for compliance |
Cost Comparison: Sending $1,000 Internationally (CAD to USD)
The table below illustrates why choosing the right service matters. On a $1,000 transfer to the US, the gap between Wise and a Big 5 bank wire is over $50 — and that gap scales linearly. On $10,000, you would save $500+ by using Wise or OFX instead of your bank. The key is to look at total cost, not just the posted fee, since most of the expense is buried in the exchange rate markup.
| Service | Transfer Fee | FX Markup Cost | Total Cost | Recipient Gets (USD) |
|---|---|---|---|---|
| Wise | $8 | $6 | $14 | ~$713 |
| OFX | $0 | $10 | $10 | ~$716 |
| Remitly | $4 | $15 | $19 | ~$709 |
| PayPal | $3 | $35 | $38 | ~$695 |
| Western Union | $12 | $30 | $42 | ~$692 |
| TD Bank wire | $40 | $25 | $65 | ~$677 |
Based on approximate rates. Actual amounts vary by day.
Interac e-Transfer: Complete Guide
Interac e-Transfer is the backbone of person-to-person payments in Canada. If you haven’t already, enable auto-deposit on your account — it eliminates security questions, makes receiving instant, and increases your daily e-Transfer limits at most banks. The one limitation is sending large amounts: daily limits vary from $3,000 at TD and Simplii to $10,000 at CIBC and EQ Bank, so check your bank’s caps before trying to send a down payment or large purchase amount.
| Feature | Details |
|---|---|
| How it works | Send money using email or phone number |
| Cost | $0 with most bank accounts |
| Speed | Instant (auto-deposit) to 30 minutes |
| Daily limit | $3,000–$25,000 (varies by bank) |
| Weekly limit | $10,000–$50,000 |
| Auto-deposit | Recipient receives automatically (no question) |
| Security question | Optional (required if recipient lacks auto-deposit) |
| Request money | Yes — send a request via e-Transfer |
| Business e-Transfer | Available; higher limits ($25,000+/day) |
e-Transfer Limits by Bank
| Bank | Personal Daily Limit | Weekly Limit |
|---|---|---|
| RBC | $7,500 | $15,000 |
| TD | $3,000 | $10,000 |
| CIBC | $10,000 | $20,000 |
| BMO | $5,000 | $15,000 |
| Scotiabank | $10,000 | $20,000 |
| EQ Bank | $10,000 | $20,000 |
| Simplii | $3,000 | $10,000 |
| Tangerine | $7,000 | $20,000 |
Wise: Best for International Transfers
Wise stands out because it uses the actual mid-market exchange rate rather than marking it up. Most banks and even PayPal add 1.5–4% to the exchange rate without disclosing it as a fee, which means you see a low or zero transfer fee but lose far more on the conversion. Wise shows you the total cost upfront, and for most corridors it is the cheapest option by a wide margin. The Wise multi-currency debit card is also excellent for spending abroad in local currency without conversion fees.
| Feature | Details |
|---|---|
| Fee structure | Transparent: flat fee + small % (varies by corridor) |
| Exchange rate | Mid-market rate (no hidden markup) |
| Speed | 1–2 business days (some instant) |
| Supported currencies | 50+ currencies |
| Wise debit card | Multi-currency debit card; spend in local currency |
| Wise Business account | Free for freelancers and businesses |
| Regulated | Licensed by FINTRAC (Canada), FCA (UK) |
The Bottom Line
For sending money within Canada, Interac e-Transfer is the only tool most people need — it is free, fast, and universal. For international transfers, Wise is the clear winner on cost and transparency. Avoid using your bank for international wires unless compliance requires it, and never use PayPal for large international sends due to the steep exchange rate markup. If you regularly send money overseas, setting up a Wise account takes minutes and will save you hundreds per year.