How much does a wire transfer cost in Canada?

Domestic wire transfers within Canada cost $15–$50 depending on the bank. International wire transfers cost $25–$80 in fees to the sender, plus the receiving bank typically charges an additional $10–$25. The larger hidden cost on international wires is the exchange rate markup — Canadian banks charge 1.5–3% above the mid-market rate, which on a $10,000 transfer adds $150–$300 on top of the wire fee. Online alternatives like Wise charge 0.5–1% with the real mid-market exchange rate, making them dramatically cheaper for most international transfers.

How long does a wire transfer take in Canada?

Domestic wire transfers within Canada typically take 1–2 business days. International wire transfers take 2–5 business days depending on the destination country, the number of correspondent banks involved, and time zone differences. Some banks offer same-day domestic wires for an additional fee. For domestic transfers under $25,000, Interac e-Transfer arrives in minutes and costs nothing at most banks — it has effectively replaced domestic wire transfers for most everyday purposes.

What is the difference between a wire transfer and an Interac e-Transfer?

Wire transfers use the SWIFT network (international) or Lynx/ACSS network (domestic) for bank-to-bank transfers. They cost $15–$80, take 1–5 business days, and have no practical upper limit on amount. Interac e-Transfers are a Canadian system for sending money between bank accounts using email or phone number. They cost $0–$2, arrive in minutes, and are limited to $3,000–$25,000 per day depending on your bank. e-Transfers are better for domestic person-to-person and business payments; wire transfers are necessary for large international payments or when the recipient institution specifically requires SWIFT.

What information do I need to send a wire transfer in Canada?

For a domestic wire within Canada: recipient full legal name, bank name, 5-digit transit number, 3-digit institution number, and account number. For an international wire: recipient full legal name and address, bank name and address, SWIFT/BIC code (8 or 11 characters), and account number or IBAN (required for most European, Middle Eastern, and North African destinations). The purpose of transfer is also required for international wires above FINTRAC reporting thresholds. Errors in any of these fields — particularly the SWIFT code or account number — can delay the transfer by days and may result in funds being returned minus fees.

Can a wire transfer be cancelled or reversed in Canada?

A wire transfer can be cancelled if it has not yet been processed by the receiving bank, but the window is very narrow — often only a few hours after initiation. Once the funds have been credited to the recipient's account, reversal requires the cooperation of the recipient and their bank. If you sent a wire to the wrong account or were the victim of fraud, contact your bank immediately, but recovery is not guaranteed. This is why wire transfers are favoured by fraudsters in "business email compromise" scams — the speed and near-irreversibility of wires makes them difficult to recover once sent.

Is a wire transfer safe in Canada?

Wire transfers through Canadian banks use the SWIFT network (international) and Lynx or ACSS (domestic), which are secure and regulated systems. The safety risk is not in the transfer network itself but in the instructions you receive before sending. Business email compromise fraud — where a scammer intercepts or spoofs an email to redirect a legitimate wire to a fraudulent account — is the most common wire fraud in Canada. Always verify wire instructions by phone using a number you already have for the recipient, not a number provided in the same email that contained the wire instructions. Never rely solely on email confirmation before sending a large wire.

When does a wire transfer make sense vs using Wise or another service?

A wire transfer through your Canadian bank makes sense in specific situations: when the recipient institution (another bank, a law firm, a securities dealer) specifically requires SWIFT for compliance reasons; for very large transfers where you prefer the regulatory oversight of a chartered Canadian bank; or when you need to send to a country or currency that Wise and similar services do not support. For all other international transfers, Wise or OFX will deliver the same result at a fraction of the cost — typically $100–$300 less on a $10,000 transfer. For domestic transfers under the [e-Transfer](/banking/transfers/e-transfer-limits-canada/) limit, Interac e-Transfer is always the better choice.

What is a SWIFT code and where do I find it?

A SWIFT code (also called a BIC — Bank Identifier Code) is an 8 or 11 character code that identifies a specific bank in the international wire transfer system. The first 4 characters identify the bank, the next 2 identify the country, the next 2 identify the city, and the optional last 3 identify the specific branch. For example, RBC's SWIFT code is ROYCCAT2. You find it by asking the recipient for their bank's SWIFT code, looking it up on the recipient bank's website, or checking the SWIFT directory at swift.com. Sending to the wrong SWIFT code will result in the transfer being returned or misdirected.

Wire Transfers in Canada in 2026: How They Work, Fees, and Alternatives

Wire transfers are the most expensive and slowest way to move money in Canada for most purposes — yet they remain necessary for a narrow set of transactions where the alternatives are not accepted. International real estate purchases, institutional investment funding, large cross-border business payments, and transactions with law firms or financial institutions that require SWIFT for compliance reasons are the legitimate use cases. For everything else, cheaper alternatives exist and should be used.

The posted wire fee of $25–$80 is only part of the true cost. On international wires, Canadian banks add a 1.5–3% exchange rate markup above the mid-market rate — the rate you see on Google or XE.com. On a $10,000 CAD-to-USD wire, that markup alone adds $150–$300, on top of which the receiving bank may deduct a further $10–$25 before the money arrives. The total cost on a $10,000 international wire through a Big 5 bank is typically $185–$405. Wise charges approximately $40 on the same transfer. For most international transfers, that gap is the only meaningful reason to consider a wire transfer carefully before initiating one.

Domestic Wire Transfer Fees (Within Canada)

Bank	Sending Fee	Receiving Fee	Processing Time
RBC	$20–$30	$0–$15	1–2 business days
TD	$20–$30	$0–$15	1–2 business days
CIBC	$25–$30	$0–$15	1–2 business days
BMO	$20–$30	$0–$15	1–2 business days
Scotiabank	$20–$30	$0–$15	1–2 business days
National Bank	$20–$25	$0–$10	1–2 business days

For domestic transfers between Canadian bank accounts, Interac e-Transfer has made wire transfers redundant in the vast majority of cases. E-Transfers cost $0–$2, arrive in minutes, and are limited to $3,000–$25,000 per day depending on your bank. For domestic amounts above your e-Transfer daily limit, a wire is the standard option — or a bank draft if the payment is in person.

International Wire Transfer Fees

Provider	Sending Fee	Receiving Fee	FX Markup	Processing Time
RBC	$30–$80	$15–$25	1.5–3%	2–5 business days
TD	$30–$80	$15–$25	1.5–3%	2–5 business days
CIBC	$30–$80	$15–$25	1.5–3%	2–5 business days
BMO	$25–$75	$10–$20	1.5–3%	2–5 business days
Scotiabank	$30–$80	$15–$25	1.5–3%	2–5 business days
Wise	$5–$15 (varies by amount)	$0	0.5–1% (near mid-market)	1–2 business days
OFX	$0	$0	0.5–1.5%	1–3 business days
Remitly	$0–$5	$0	1–2%	Minutes to 3 business days

The exchange rate markup column is the most important number in this table. Canadian banks do not advertise their FX markup — they quote you a rate that is simply worse than the mid-market rate by 1.5–3%. On a $5,000 transfer, a 2.5% markup costs $125 in addition to the wire fee. On a $50,000 transfer, the same markup costs $1,250. Wise and OFX use rates close to the mid-market rate and disclose their fee transparently upfront.

True Cost: Bank Wire vs Wise on $5,000 CAD to USD

Cost Component	Big 5 Bank	Wise
Transfer fee	$40	$10
Exchange rate markup (2.5% vs 0.6%)	$125	$30
Receiving bank deduction	$15–$25	$0
Total cost	$180–$190	$40
Amount saved with Wise	—	$140–$150

On $50,000, the same comparison saves $1,400–$1,500. Wise handles most major currency corridors — CAD to USD, EUR, GBP, AUD, JPY, INR, PHP, and dozens more. For a full comparison of international money transfer options including Wise, OFX, Remitly, and bank wires across different destination countries, see the international money transfer guide.

Information Required for a Wire Transfer

The most common reason a wire transfer is delayed or returned is incorrect recipient information. Verify every field — particularly the SWIFT/BIC code and account number — before confirming. A returned wire typically incurs the full fee again and adds 3–5 business days.

Field	Domestic Wire	International Wire
Recipient full legal name	Yes	Yes
Recipient address	Sometimes	Yes
Bank name	Yes	Yes
Bank address	Sometimes	Yes
Transit number (5 digits)	Yes	No
Institution number (3 digits)	Yes	No
Account number	Yes	Yes
SWIFT/BIC code (8 or 11 characters)	No	Yes
IBAN	No	Yes (Europe, Middle East, North Africa)
Purpose of transfer	Sometimes	Yes (required above FINTRAC thresholds)

For European destinations, the IBAN (International Bank Account Number) is required in addition to the SWIFT code. IBANs are up to 34 characters and encode the country, bank, and account in a standardized format. The recipient’s bank can provide their IBAN — it is also typically visible on the recipient’s bank statement.

How to Send a Wire Transfer

Step 1: Gather all recipient details before starting. Interrupting the process to look up a SWIFT code or confirm an account number is how errors occur. Have the recipient’s full legal name, bank address, account number, and SWIFT/BIC code in front of you before you log in.

Step 2: Log in to online banking or visit a branch. Most Big 5 banks now support international wires through online banking, though first-time recipients or very large amounts may require branch authentication at some institutions. Online is faster and avoids the branch wire fee premium that some banks charge.

Step 3: Navigate to Transfers → International or Wire. Enter all recipient details exactly as provided. SWIFT codes are case-insensitive but must be exact character by character. Account numbers must match exactly — leading zeros matter.

Step 4: Select currency and enter amount. Decide whether to send a fixed CAD amount or a fixed foreign currency amount. If the recipient needs to receive exactly $10,000 USD, choose foreign currency and the bank will debit whatever CAD is required at their rate. If you want to send exactly $10,000 CAD, the recipient will receive whatever the FX rate produces.

Step 5: Confirm the exchange rate and total cost. Before authorizing, the bank will show you the rate and fee. Compare the rate to the mid-market rate at xe.com or google.com. If the spread is above 2%, consider whether Wise or OFX would save enough money to justify the switch.

Step 6: Save your confirmation number. The confirmation number is your only evidence that the wire was initiated. Keep it until the recipient confirms receipt.

Wire Transfer Fraud: What to Watch For

Wire transfer fraud — particularly business email compromise — is the most common large-scale financial fraud in Canada. The scenario: a scammer intercepts or spoofs an email from a legitimate counterparty (your real estate lawyer, your supplier, your employer) and substitutes their own wire instructions. You follow the instructions, send the wire, and the money is gone. Recovery is extremely difficult because wires are near-irreversible once processed.

The rule is simple: Never send a wire based solely on instructions received by email, regardless of how legitimate the email appears. Always call the recipient using a phone number you already have — not a number provided in the same email. Verify the account number and SWIFT code verbally before initiating. This step takes two minutes and is the only reliable protection against this fraud.

If you sent a wire and believe it was fraudulent, contact your bank immediately. Recall requests sent within hours of initiation have a chance of success. After the funds are credited to the recipient account, recovery requires cooperation from the receiving bank and, if international, the receiving country’s legal system.

Alternatives to Wire Transfers

Method	Best For	Typical Cost	Speed	Per-Transaction Limit
Interac e-Transfer	Domestic, person-to-person or business	$0–$2	Minutes	$3,000–$25,000/day
Wise	International transfers, most currencies	0.5–1.5%	1–2 business days	Up to $1,500,000
OFX	Large international transfers	0–0.5% fee	1–3 business days	$500,000+
Remitly	International, cash pickup markets	$0–$5 + 1–2% FX	Minutes–3 days	Varies
Bank draft	Large domestic guaranteed payments	$7.50–$10	Same day (in person)	No limit
Certified cheque	Real estate, legal payments	$10–$25	Same day (in person)	No limit

Use a bank wire when the recipient institution requires SWIFT, when you are sending to a currency or country that online services do not support, or when the amount is large enough that you specifically want the regulatory oversight of a Canadian chartered bank. In all other cases, one of the alternatives in this table will cost less and in most cases arrive just as quickly.