Remittance Fee Comparison — Send Money From Canada (2026)
Sending $1,000 from Canada typically costs about $8–10 with Wise or Instarem, $12–15 with Remitly Economy, $25–30 with Western Union online, and $70+ with a traditional bank wire (June 2026, typical online transfers). The hidden exchange-rate margin usually costs more than the visible fee.
Figures verified June 12, 2026 against official sources listed below.
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| Provider | Fee | FX margin cost | Total cost |
|---|---|---|---|
| WiseMid-market rate, transparent fee | $7.60 | $0.00 | $7.60 |
| InstaremOften has fee-free promos | $5.00 | $6.00 | $11.00 |
| Remitly (Economy)Slower; Express costs more | $1.99 | $12.00 | $13.99 |
| Western Union (online)Cash pickup available | $2.90 | $24.00 | $26.90 |
| Typical bank wireBranch/online wire transfer | $45.00 | $28.00 | $73.00 |
Cheapest for $1,000.00: Wise at ~$7.60 total cost — vs ~$73.00 with a Typical bank wire. That's $65.40 saved per transfer.
Indicative June 2026 figures for online transfers (e.g. CAD→INR / CAD→PHP corridors). The hidden cost is usually the exchange-rate margin, not the visible fee — always compare the amount received, not the fee. Rates change daily; check live quotes before sending.
Your likely next step
Frequently asked questions
- What is the cheapest way to send money from Canada to India in 2026?
- For most online transfers, specialists like Wise (mid-market rate plus a ~0.5–0.7% transparent fee) or Instarem are cheapest, typically costing under $10 per $1,000 sent. Bank wire transfers are usually the most expensive at $45+ in fees plus a 2–3% exchange-rate margin.
- Why does the exchange rate matter more than the transfer fee?
- Most providers make their money on the exchange-rate margin — the difference between the rate you get and the mid-market rate. A 'zero-fee' transfer with a 3% margin costs $30 per $1,000, far more than a visible $5 fee. Always compare the amount the recipient actually receives.
- How long do remittances from Canada take?
- Specialist services typically deliver within minutes to one business day for popular corridors like CAD→INR and CAD→PHP. Economy options and bank wires can take 1–5 business days.
- Are remittances from Canada taxed?
- Canada does not tax outgoing personal remittances — you send after-tax money. Tax may apply on the recipient's side depending on their country's rules on gifts/income; large transfers may also trigger reporting requirements.
What changed recently
- June 12, 2026: Compared published fees and typical FX margins across Wise, Remitly, Instarem, Western Union and major-bank wires.
Official sources
This tool provides general information and estimates only. It is not immigration, legal, tax, or financial advice. For immigration advice, consult a licensed RCIC consultant or immigration lawyer; for tax matters, consult the CRA or an accountant. Always confirm current requirements on official Government of Canada / British Columbia websites before acting.