The mid-market rate is the midpoint between the buying rate and the selling rate of two currencies at any time. To help you understand Canadian bank wire fees better, let’s talk about the interbank (mid-market) rate first. They also charge a 2% markup fee (on average) for currency exchange services. Many banks charge fees for sending wire transfers and receiving them. Most Canadian banks charge a flat fee of C$15 to C$40 for the international wire transfer service that most customers use. You pay for the transfer at the remitting bank and provide the recipient's name, account number, and the transaction amount. These are the fees charged by banks for money transfers done using traditional bank networks. Take a look to see what your bank charges-and whether you could get a more cost-effective money transfer elsewhere. In this guide, we’ll take a look at Canadian bank wire transfer fees from some of the biggest banks. You also don’t need to stick with banks-there are also reputable third parties like Xe who make international money transfer affordable and convenient. Compare the different options available, and take a look at their fees and their exchange rates. If you want to save money, don’t just default to your local bank or go with the first provider that you find. But international money transfers don’t have to be expensive.
There are usually high fees attached to the transfers, and there may be additional charges throughout the transaction or even upon arrival. One of the perks of living, working and banking in Canada is you can send money overseas directly from your bank account, and have it reach its destination in just a couple of days.īut while wire transfers tend to be quick and convenient, they aren’t always the cheapest option.
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