10 Best Wise (TransferWise) Alternatives For Money Transfers in Canada

Fintech company Wise has taken the world by storm with its cheap international bank transfers at excellent exchange rates and transparent fees.

While the company is famous for being a low-cost option, it may not always be the best option for your specific financial transaction. And sometimes, it’s better to use alternative money transfer services like XE, WorldRemit, MoneyGram and Remitly.

This article covers 10 of the best Wise alternatives, including their benefits and potential downsides.

Comparison of the Best Wise Money Transfer Alternatives in Canada

Money Transfer App	Fees	Transfer Limits	Speed of Transfer	Countries and Currencies Supported
XE Money Transfer	No transfer fees	No minimum transfer limit	1 – 4 days	170 countries, 100 currencies
WorldRemit	Flat fee for payout methods	$4,000 CAD	In minutes – 2 days	130 countries, 70 currencies
MoneyGram	Flat $1.99 fee for a direct transfer	Up to $10,000 per online transfer	2 – 4 business days	200 countries, 50 currencies
Remitly	Own exchange rate with a markup	$2,999 in 24 hours (Tier 1)	Within minutes if using debit/credit card; 3 – 5 business days for bank accounts	28 sending countries, 100 receiving countries
OFX	$15 CAD for transfers of less than $10,000 CAD; no charge if more than $10,000 CAD	No maximum transfer amount	Within 1 business day or up to 5 business days	170 countries, 50+ currencies
CurrencyFair	An average of 0.45% of the amount exchanged plus a €3.00 (or currency equivalent) transfer fee	No minimum transfer overseas	1 – 2 business days	150 countries, 22 currencies
Currencies Direct	No transfer fees	Up to £25,000	Same-day	120 countries, 40 currencies
PayPal	Fees based on funding method and location	Up to $10,000 per transaction	Instant – up to 30 minutes	200 countries, 100 currencies
Western Union	Up to $15.00 per transfer	$999 CAD per day	1 – 5 business days	200+ countries, 130 currencies
Instarem	Between 0% and 1% of the transfer value	Minimum transfer amount of $50	1 – 2 business days	55 countries

Related: Wise full review.

Best Wise Alternatives in Canada

Below are the ten best money transfer apps and Wise transfer competitors used by many people today.

1. XE Money Transfer

XE Money Transfer is a fast and secure way to wire and send money from Canada to various countries, offering a range of funding and collection methods.

Available in over 170 countries in 100 currencies, XE works by sending payments electronically from one bank account to another international bank account.

The maximum amount you can transfer with XE Money Transfer is $500,000 or an equal amount in another currency. XE does not charge a fixed fee for large transfers.

Pros:

• Provides accurate quotations
• Has the most precise currency converter available online
• No minimum transfer requirements
• No transfer fees
• Competitive exchange rates

Cons:

• Exchange rates include a markup
• Some methods of paying XE can be subject to a fee
• Does not support cash transactions
• No support for transfers to mobile wallets like Google Play

2. WorldRemit

WorldRemit offers transfers to more than 130 countries worldwide in 70 currencies. Transfers can be in cash, top-up mobile wallets, or bank transfer. Most transfers are completed within minutes.

You can pay for your transfer using various methods, which include cards (debit, credit and prepaid), bank account transfer, iDEAL, Apple Pay, Trustly, and Mobile Money.

WorldRemit has a flat fee for payout methods (cash, mobile wallet transfer, or bank transfer), so the fees are fixed. With its 3-tier exchange rate system, senders can get a better exchange rate when sending more money.

Pros:

• Transparent transaction fees and additional charges
• 90% of online transactions can be completed in minutes
• Multiple options to transfer money
• Regulated by the Financial Conduct Authority (FCA)

Cons:

• Exchange rates vary, with mid-market markups ranging from 1% and 4%
• Maximum daily limit
• Multiple transfer methods are not available in all countries

Related: Learn more about WorldRemit.

3. MoneyGram

MoneyGram is one of the largest money transfer services in the world. This Wise money transfer alternative offers multiple methods of transferring funds to over 200 countries in almost 50 currencies.

Delivery options include cash pickup, mobile wallet, bank account, and send to the recipient’s residence, with same-day delivery in many locations.

While MoneyGram’s fees vary by agent location, the fees for its online transfers depend on the amount, payment, and receiving method.

Pros:

• Wide reach
• Varied transfer options
• Country and currency support
• Different delivery options
• Exchange rates include margin on mid-market rate

Cons:

• Low maximum limits
• Inconsistent exchange rates
• High international and domestic transfer fees
• No money-saving hedging options

Here’s our detailed review of Moneygram.

4. Remitly

Remitly is a digital remittance service that supports money transfers from 28 sending countries to over 100 receiving countries worldwide. The service is intended for personal transfers.

Remitly sending limits depend on your current tier. The 24h sending limit ranges from $999 to $9,999.

The payment methods and delivery speeds that Remitly uses in Canada are as follows:

• Bank account (Economy) – 3 to 5 business days
• Debit or credit card / Express (Visa, Mastercard, prepaid) – Within minutes

Pros:

• Competitive fees and affordable rates
• Multiple funding alternatives
• Transparency
• Straightforward fee structure
• Registered with FINTRAC

Cons:

• High express transfer fees
• Express transfers are more expensive
• Does not use the mid-market rate

Check out more of Remitly’s other features.

5. OFX

OFX is a digital money transfer service that provides fast and secure transfers to more than 190 countries in 50+ currencies at competitive rates. This alternative to Wise transfer offers customized rates for high-value transfers and corporate clients.

OFX does not have limits on the amount of money you wish to transfer and is designed for large payments. Its funding options include bill payment, electronic fund transfers, and direct debit.

Transfers using OFX are finished within one business day, while others may take up to 5 business days.

Pros:

• Its digital platform allows easy tracking of payments anytime
• Setting up recurring transfers has no extra transaction costs or fees
• No minimum sending limits
• Registered with FINTRAC

Cons:

• Limited payment alternatives
• No cash pick-up option
• Does not use the mid-market rate
• OFX exchange rates include a variable markup

6. CurrencyFair

CurrencyFair is a leading peer-to-peer currency exchange company specializing in international exchange and money transfer services to and from 150+ countries in over 22 currencies.

You can get same-day transfers in different currencies at rates up to eight times more affordable than the banks. Keeping track of money transfers is made easy with the CurrencyFair mobile app, which displays the details you need to track your money transfers.

CurrencyFair has a match-making service that pairs people moving currencies in opposite directions. With this platform, you can exchange currencies immediately or wait for someone to match your trade to get a better rate.

Pros:

• Fast transfer times
• No minimum transfer overseas
• High maximum transfer
• Exchange rates are up to 8x cheaper than the banks
• Flexibility to make an automatic transfer or wait for the best exchange rate

Cons:

• Cash pick-up, mobile wallets and bill payments are not offered
• Fees include a transfer fee and an exchange rate margin
• Charges a fixed fee for every transfer out of your CurrencyFair account to a bank account
• Only 22 currencies are supported

7. Currencies Direct

Currencies Direct is a UK-based currency exchange and money transfer provider that offers services to individuals, businesses and online sellers in over 25 branches worldwide.

With Currencies Direct, transfers of up to £25,000 can be made online 24/7 via the app, smartphone, or desktop. The platform makes quick transfers to 120 countries in over 40 currencies.

Pros:

• No transfer fees
• Multiple payment options
• Offers competitive exchange rates
• Helps clients buy currency in advance
• Helps set rate alerts
• Offers 24/7 transfers online and by the app

Cons:

• No local options to pick up money in cash
• Not suitable for small money transfers

8. PayPal

PayPal is one of the most well-known Wise transfer competitors that offer quick and convenient online transfers in over 200 countries in more than 100 currencies.

PayPal offers higher transfer limits for eligible clients, where they can send up to $60,000 in one transaction. Its funding options include credit cards, debit cards, bank transfers, and PayPal balances.

For international transfers, PayPal charges $2.99 to $4.99, plus 2.9% of the transaction amount, plus an additional fee, depending on location.

Pros:

• Exchange rates include a 3-4% margin on mid-market rate
• $0 to transfer money to friends and family
• Registered with FinTRAC
• Fast payment

Cons:

• Added 3-4% minimum markup for currency conversions
• Does not use the mid-market rate
• International transfers can get pricey
• The fee structure is more complicated than other money transfer services
• No cash pickup option is available

9. Western Union

Western Union is the largest provider of money transfers worldwide, operating in over 200 countries in 130 currencies.

Recipients may pick up cash or get money in their bank accounts or mobile wallets. When you use credit or debit cards to send cash pickup transfers, the funds will be available in minutes.

For mobile money and bank transfers, recipients can get their money within three business days. Western Union has a daily transfer limit of $7,500.

How much you will pay for a transfer depends on the destination, amount, and method of transfer used.

Pros:

• Offers significantly reasonable rates than banks
• Has cash pickup and mobile wallet options
• Numerous locations
• Registered with FINTRAC

Cons:

• Low maximum sending unit
• More expensive than other money transfer services
• Does not use the mid-market rate

10. Instarem

Instarem is a fully-licensed provider of money transfer services to over 55 countries and is regulated by nine financial regulators across the globe.

The company, which sources its rates directly from Reuters, offers live mid-market FX rates and charges just 0.50% to 1% of the amount sent. Instarem’s transparent platform helps it provide cost-effective money transfers.

Most Instarem payments are sent straight to the recipient’s bank account, with many of them instant. The company calculates its customer exchange rate by adding a markup, or a percentage fee, to the mid-market rate.

Pros:

• Features zero-margin and low-fee money transfer rates
• Offers live mid-market FX rates
• Fully regulated
• Earns points on transfers, which you can use to cut costs on future payments
• Registered with FINTRAC

Cons:

• Sends money to 55 countries only
• Exchange rate markups apply
• Transfers can take up to two business days

What is Wise (Formerly TransferWise)?

Wise, formerly TransferWise, is a cheap method of sending and receiving money in different currencies. It offers multi-currency online accounts for personal and business use.

Using it entails registering an account with it and downloading the Wise app from Google Play or the App Store.

With the Wise app, you can make fast, secure transfers to more than 70 countries with no hidden charges. You only pay a transparent fee that you can see before you transfer the money.

Contrary to banks and other money transfer providers, Wise uses the mid-market exchange rate, which does not include mark-ups and margins, allowing Wise to offer a cheaper service.

How to Choose a Money Transfer App

The ability to remit money right from your phone at affordable rates to anywhere in the world has made money transfer apps soar in popularity. With the many options today, choosing one can be a confusing task.

When determining the money transfer app to use, there are a few factors that you should consider.

• Exchange rates

Exchange rates are crucial factors when transferring funds across the globe. The most affordable exchange rate that a service provider can give you is the mid-market rate (or the interbank rate).

This rate, however, is often overcharged by up to 5% by many money transfer apps. While some services claim to have “zero expenses,” the markup can impact the overall amount a recipient gets.

• Fees

Money transfer apps charge users for transactions, such as transfers or using a particular payment method. Some charge a flat fee; others apply a specific percentage. Often, the fees will be based on location and the speed of delivery.

• Transfer speed

The time it takes for the money to reach the recipient is crucial. Some services can provide fast cash pickups at agent locations, while others have no option but bank deposits with a slow clearing process.

• Transfer limits

Transfer limits determine the total amount you can send for each transaction daily or monthly. Some have maximum and minimum limits, while others require none.

• Location

Not all money transfer apps are available everywhere. Some will be limited by the country you are in or where you will be sending money. It is essential to check if the app is available in your recipient’s country.

• Safety

Sending money anywhere in the world necessitates strong security measures to protect personal and financial data. One way that money transfer programs can ensure this is by being registered with organizations like FINTRAC.

Related: How To Apply For a SIN Number in Canada.