How much does a wire transfer cost in Canada?

Wire transfer fees in Canada vary by bank and transfer type. Domestic wire transfers typically cost $15–$25 per transfer. Outgoing international wire transfers cost $25–$50 or more. Incoming wire transfers (receiving a wire into your Canadian account) typically cost $15–$20. Some premium account holders have wire fees waived. Online alternatives like Wise or KOHO can be significantly cheaper for international transfers.

Is there a cheaper alternative to bank wire transfers in Canada?

Yes. For international transfers, services like Wise (formerly TransferWise), Remitly, and Western Union are often significantly cheaper than bank wire transfers, particularly for common currency pairs (CAD to USD, CAD to EUR, CAD to GBP). For domestic transfers within Canada, Interac e-Transfer is free or near-free and faster for most amounts. Wire transfers are best reserved for large domestic payments or situations requiring bank-to-bank guarantees.

Do banks charge a fee to receive a wire transfer in Canada?

Yes — most Canadian banks charge a fee to receive an incoming wire transfer. Domestic incoming wire fees are typically $15–$20. International incoming wire fees are also typically $15–$20. These fees are charged to the recipient's account. If you are receiving a payment, factor this fee into your expectations — you may receive slightly less than the amount sent after the receiving fee is deducted.

Are wire transfer fees tax deductible in Canada?

Wire transfer fees may be deductible as a business expense if the transfer is made for business purposes (e.g., paying a foreign supplier). For personal transfers, wire fees are generally not tax deductible. Consult a tax professional for advice specific to your situation.

What is a correspondent bank fee for international wire transfers in Canada?

When a wire travels through an intermediary (correspondent) bank on its way to the final destination, that correspondent bank may deduct its own fee from the wire amount. This is called a correspondent bank fee or intermediary bank fee. It typically ranges from $10–$35 and is deducted from the wire before it arrives at the recipient's bank. The sender's bank cannot predict or control these fees, which is why international wire recipients sometimes receive slightly less than expected.

Wire Transfer Fees in Canada 2026: All Major Banks Compared

Wire transfers are the most reliable way to move large sums of money between bank accounts in Canada or internationally — but they come with fees that vary significantly by bank, direction (sending vs. receiving), and destination. Here is a complete breakdown of wire transfer fees at major Canadian banks.

Wire Transfer Fees at Major Canadian Banks (2026)

RBC Royal Bank

Transfer Type	Fee
Outgoing domestic wire	$20
Outgoing international wire	$40–$65 (varies by currency)
Incoming wire (domestic)	$17
Incoming wire (international)	$17
Stop payment on wire	Contact branch

RBC’s Signature No Limit Banking and Ultimate Package accounts may include waived or discounted wire fees.

TD Canada Trust

Transfer Type	Fee
Outgoing domestic wire	$25
Outgoing international wire	$30–$50
Incoming wire (domestic)	$17.50
Incoming wire (international)	$17.50

TD All-Inclusive Banking plan includes some fee waivers on transfer products.

BMO (Bank of Montreal)

Transfer Type	Fee
Outgoing domestic wire	$20
Outgoing international wire	$40
Incoming wire	$15
BMO Premium Plan holders	Reduced or waived

Scotiabank

Transfer Type	Fee
Outgoing domestic wire	$20
Outgoing international wire	$35–$50
Incoming wire	$15
Ultimate Package holders	Some waivers available

CIBC

Transfer Type	Fee
Outgoing domestic wire	$25
Outgoing international wire	$30–$50
Incoming wire	$15

National Bank of Canada

Transfer Type	Fee
Outgoing domestic wire	$20
Outgoing international wire	$40
Incoming wire	$15

Tangerine

Tangerine does not offer outgoing wire transfers from standard savings or chequing accounts. For international transfers, customers typically use a linked account at another bank or a third-party service.

Simplii Financial

Simplii offers incoming international wire transfers (you can receive wires) but does not support outgoing wire transfers. For sending internationally, you need to use a CIBC account or a third-party service.

EQ Bank

EQ Bank does not support wire transfers. For international transfers, EQ Bank partners with Wise (TransferWise) — you can initiate international transfers directly through the EQ Bank app at Wise’s rates, which are often lower than traditional bank wire fees.

Hidden Costs: Correspondent Bank Fees

For international wires, the fee your bank charges is only part of the total cost. If the wire routes through one or more correspondent banks (intermediary banks), each may deduct a fee from the wire amount itself.

Example:

You send $10,000 to a recipient in Germany
Your bank charges a $45 outgoing wire fee (paid upfront)
The wire routes through a correspondent bank in the US, which deducts $20 from the wire
The German receiving bank charges an incoming fee of €10
Recipient receives approximately $9,980 minus the equivalent of €10

Correspondent bank fees are unpredictable and not disclosed in advance by most Canadian banks. You can ask your bank whether they offer a “SHA” (shared), “OUR” (sender pays all), or “BEN” (receiver pays all) fee arrangement for international wires, which may change who bears correspondent fees.

Currency Conversion Costs

If your wire involves currency conversion (e.g., CAD to USD), the bank makes additional revenue through the exchange rate spread — the difference between the mid-market rate and the rate they offer you. This is often not disclosed as a “fee” but effectively is one.

Example:

Mid-market rate: 1 CAD = 0.7380 USD
Bank’s offered rate: 1 CAD = 0.7100 USD
On a $10,000 CAD wire: the spread costs approximately $280 CAD

This is in addition to the stated wire transfer fee.

Cheaper Alternatives for International Transfers

For most international personal transfers, third-party services are significantly cheaper than bank wires:

Service	Typical Cost (CAD → USD, $10,000)	Speed
Bank wire	$40–$65 fee + 2–4% FX spread	1–2 business days
Wise (TransferWise)	~0.4–0.7% total cost, no FX markup	1–2 business days
Remitly	Low fees for common corridors	Hours to 1 day
Western Union (bank deposit)	Moderate fees	1–3 business days
PayPal (international)	4.5%+ for currency conversion	Instant to 1 day

Wise is commonly recommended for its transparent pricing and exchange rate close to the mid-market rate. Through EQ Bank’s Wise integration, you can also initiate Wise transfers directly from your EQ Bank account.

For domestic transfers within Canada, Interac e-Transfer is free or $1–$1.50 at most banks and processes in minutes — far cheaper than a domestic wire.

When Bank Wire Transfers Are Worth the Cost

Despite the fees, there are situations where a bank wire is the right tool:

Large domestic payments where e-Transfer limits are too low (e.g., real estate deposits over $10,000)
High-security transfers requiring a paper trail backed by your bank
International business payments where the recipient requires a SWIFT transfer
Countries where alternative services don’t operate (Wise and Remitly cover most countries but not all)
Time-sensitive same-day domestic transfers that must settle the same business day