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Looking for the best way to send money from Canada to family, friends or businesses in Europe (or even to your own overseas bank account)?
Don’t head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better EUR exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more euros.
Of the companies we’ve compared, RemitBee is among the cheapest, with competitive exchange rates and low starting fees. Need a really fast transfer? Wise can get money to your recipient in Europe within hours.
How to send money to Europe from Canada
Here are 9 options for how to send money to Europe from Canada:
RemitBee provides cross-border money transfers and currency exchange, including from Canada to Europe. It is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), headquartered in Mississauga, Ontario and has been in business since 2015.
Costs: The cost you’ll pay will vary depending on how much you want to send, the destination currency, and how you pay for your transfer with fees starting at $0
Payment options: Debit card, bank transfer, Interac e-Transfer, online bill payment, direct debit (EFT), Interac Online
Receiving options: Cash pickup, bank account, mobile wallet, e-wallet
Customer service: Phone, live chat, email
Maximum transfer amounts: No limit
Number of currencies: 51
Mobile app: Yes (iOS and Android)
Pros
Relatively low-cost transfers
1-3 business day transfers (sometimes within minutes)
Wise is one of the most affordable money transfer options for sending money to Europe, because unlike most other transfer services, it offers the mid-market exchange rate – which is considered the fairest exchange rate. Wise was founded in the UK in 2011, and has since expanded to operate in 15 countries around the world and has become one of the most popular money transfer companies in the world.
Costs: Although there’s no exchange rate markup, you’ll have to pay a transfer fee with the amount varying depending on the transaction amount, the destination currency and how you pay for the transfer. For example, if you send $1,000 to Germany and pay via e-Transfer, you could be charged $7.92 in total fees.
Pay by: Credit card, Debit card, Bank transfer, Interac e-Transfer, Online bill payment, Direct debit (EFT)
Receiving options: Bank account, Alipay (China only)
Customer service: Phone, Live chat, Email
Maximum transfer amounts: $1,500,000
Number of currencies: 52
Mobile app: Yes (iOS and Android)
Pros:
Offers the mid-market exchange rate
Easy to use online platform
Supports large transfer amounts and multiple payment options
Registered with FINTRAC
Cons:
Can only send transfer to bank accounts
You’ll need to pay transfer fees
No option to pay for your transfer with Apple Pay or Google Pay
Remitly offers international transfers to over 170 countries around the world, including those that use euros. It lets you send money to a bank account, mobile wallet or for cash pickup, depending on where your recipient is based. This provider has been in business since 2011, is listed on the Nasdaq stock exchange and has a highly rated app.
How much it costs: An exchange rate markup and transfer fee apply. The markup varies depending on the currency you’re sending to, and the transfer fee generally ranges from $1.99 to $7.99 if you’re sending less than $1,000.
Pay by: Credit card, Debit card, Bank transfer
Receiving options: Cash pickup location, Bank account, Mobile wallet, Home delivery
Customer service: Phone, Live chat
Maximum transfer amounts: $999
Number of currencies: 129
Mobile app: Yes (iOS and Android)
Pros:
Highly rated app with over 10 million downloads
Express transfers available if you want your recipient to get money within minutes
Wide range of receiving options
Remitly will refund your fees if the transfer isn’t delivered on time
Cons:
Low maximum money transfer threshold
No advanced transfer tools to help you save money
Exchange rate margins can vary widely depending on the destination
Instarem is great for small transfers to more than 30 currenices around the world. It offers very competitive exchange rates and is licensed in 11 countries. Another perk of using Instarem for money transfers to Europe is the option for instant or same-day transfers.
Costs: No-fee money transfers are available for many destinations, although you’ll have to pay an exchange rate markup that varies based on the transfer destination.
Payment options: Bank transfer
Receiving options: Bank account
Customer service: Phone, Live chat, Email
Maximum transfer amounts: $3,000
Number of currencies: 30
Mobile app: Yes (iOS and Android)
Pros:
Earn loyalty points with each transfer and redeem later for discounts
Many transfers qualify for instant and same-day delivery
Send and track transfers using the Instarem mobile app on Google Play and Apple App stores
Cons:
Low maximum transfer amount threshold of only $3,000 CAD
Some transfers can take 1-2 business days to complete
Only supports transfers to 30 currencies (including EUR)
OFX (also known as Forex) has been in business for over 20 years helping people transfer money in 52 currencies, including EUR. It has offices in Canada, Australia, the US and five other countries across the world. A nice perk of opting for OFX is that it offers advanced tools to help you get the best exchange rate. Most OFX money transfers to Europe take 1-2 business days to be delivered.
Costs: A flat fee of $15 applies to all transfers below $10,000, with no fee for any transfers above that amount. There’s also an exchange rate markup of typically around 1.5% or less on the mid-market rate.
Payment options: Debit card, Bank transfer
Receiving options: Bank account
Customer service: Phone, Email, In person
Maximum transfer amounts: Unlimited
Number of currencies: 52
Mobile app: Yes (iOS and Android)
Pros:
No fees on transfers above $10,000
Unlimited maximum transfer limit
Streamlined online transfer platform
Cons:
Adds a markup to the mid-market rate
Only accepts bank transfer and debit card payments to send funds
Having been in business for over 80 years, MoneyGram has become one of the most well-known brands in the money transfer space. It allows you to send money to more than 200 countries, including in Europe. With a minimum transfer cutoff of only $1, MoneyGram lets you send small transfers. Plus, with the help of its 430,000+ locations worldwide, MoneyGram supports cash pickup transfers, bank account transfers, mobile wallet deposits and even home delivery.
Costs: Transfer fees for international money transfers are typically higher if you pay with a debit or credit card. The exchange rate markup will also vary depending on how you pay for the transfer.
Payment options: Cash, Credit card, Debit card, Bank transfer
Receiving options: Cash pickup location, Bank account, Mobile wallet, Home delivery
Customer service: Phone, Email
Maximum transfer amounts: $990
Number of currencies: 136
Mobile app: Yes (iOS and Android)
Pros:
Transfers to 200+ countries and territories around the world
One of the largest currency offerings
Nearly instant transfer speeds
Can pay for transfers with cash or in-person
Cons:
High transfer fees
Limit of $990 for online transfers (can send more in person at an agent location)
Larger exchange rate markup compared to smaller transfer companies
Since its founding in 2010, WorldRemit has helped more than 5.5 million customers around the world send money internationally. It has one of the largest selection of destination countries and accepts a variety of payment options. WorldRemit provides 24/7 customer support in 6 different languages to help you troubleshoot any issues.
Costs: You’ll have to pay a base fee of $2.99-$4.99 for most transfers. The total fee you’re charged will vary depending on the type of transfer, the destination and your payment method. The exchange rate markup depends on the currency, but typically ranges between 0% and 2.9%.
Payment options: Credit card, Debit card, Bank transfer, Apple Pay
Receiving options: Cash pickup location, Bank account, Mobile wallet, Home delivery, Prepaid phone credit
Customer service: Phone, Live chat
Maximum transfer amounts: $40,000
Number of currencies: 70
Mobile app: Yes (iOS and Android)
Pros:
Optional cash pick-up locations
Transfer to mobile wallets available
100,000s cash pickup locations
Instant transfer delivery
Supports many rare currencies
Cons:
Mobile credit top-ups only available for some countries
Limit of $40,000 CAD transfer from Canada within 24 hours, and no more than $4,000 CAD in a single transaction
Costs: There are no transfer fees for transfers over $500 CAD, while transfers under $500 CAD are charged a $3 fee. The exchange rate markup will vary depending on the currency pair, but we found it typically falls at around 1% or less for popular destinations.
Payment options: Credit card, Debit card, Bank transfer
Receiving options: Bank account
Customer service: Phone, Live chat, Email
Maximum transfer amounts: $750,000 online (no max offline)
Number of currencies: 100
Mobile app: Yes (iOS and Android)
Pros:
No-fee transfers for amounts larger than $500
100+ transfer currencies available
High transfer limit of $560,000 online (no max offline)
Cons:
No option to pay in cash or for cash pickup
Exchange rate comparison tool only available to registered customers
Having been in business for 100+ years, Western Union is a well-established money transfer brand operating in over 200 countries around the world. It offers multiple transfer options and accepts multiple payment options. That said, Western Union may charge higher fees and weaker exchange rates compared to other dedicated money transfer services.
Costs: Fees start at $7 but vary based on how you pay for the transfer and whether you’re sending it internationally or domestically. There is a $0 fee for international bank transfers.
Payment options: credit card, debit card, bank transfer and cash (for in-store transfers)
Receiving options: cash pickup, bank account and mobile wallet
Customer service: phone, live chat, email and in person
Maximum transfer amounts: $7,500
Number of currencies: 128
Mobile app: Yes (iOS and Android)
Pros:
Nearly instant money transfers
Offers in-person transfers at Western Union agent locations
Cash pick-up available at 100,000s of agent locations globally
Cons:
Exchange rates can be as high as 6% or more than the mid-market rate
Summary: Services offering money transfers to Europe
Transfer service
Fee for bank transfer
Transfer amount
Fastest transfer speed
RemitBee
From $0
$10 – No limit
Within minutes
Wise
From 0.42%
$1 – $1,500,000
24 hours
Remitly
From $0
$1 – $999
Within minutes
Instarem
From $0
$1 – $3,000
Within minutes
OFX
$0
$200 – Unlimited
24 hours
MoneyGram
From $4.99
$1 – $990
Within minutes
WorldRemit
From $0
$1 – $40,000
Within minutes
Xe
$0
$1 – $560,000 online (no max offline)
Within minutes
Western Union
From $0
$1 – $7,500
Within minutes
How do banks compare for sending money to Europe?
Canadian banks tend to have a higher overall cost when it comes to sending money to Europe. Money transfer services that specialize in sending funds internationally tend to offer lower fees and smaller exchange rate markups compared to banks.
We found that banks tend to charge exchange rate markups from less than 1% to over 3%, depending on the destination currency. Bank international money transfers tend be slower than money transfer services, taking 1-5 business days to complete compared to a few minutes by some transfer services.
Also keep in mind that even if a bank may offer lower fees compared to alternative transfer services, you’ll need to have an account with the bank in order to send funds – and that account will likely come with a monthly fee of its own.
Here’s a look at some of the fees you may see when using a bank in Canada to send money to Europe.
RemitBee and Wise (formerly TransferWise) have some of the lowest bank transfer fees of the brands we’ve compared. Bank transfers are typically the cheapest way to get your money to Europe.
When you’re hunting down the cheapest ways to send money to Europe, it’s more important to look at the overall cost of your transfer. This has a couple of elements:
Transfer fees. While still cheaper than your Canadian bank, some money transfer services charge either a fixed or percentage-based fee for making your transfer.
Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market CAD/EUR exchange rate.
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many euros your recipient will end up with.
What is the fastest way to send money to Europe?
Some of the fastest average transfer speeds to Europe are offered by RemitBee (within minutes), MoneyGram (within minutes) and Wise (within hours).
Although many online providers can offer transfers to Europe within minutes, you’re likely to pay a premium for the convenience. Actual transfer times from Canada to Europe can depend on several different factors including transfer amount, payment method and currency.
What is the safest way to send money to Europe?
The safest way to send money to Europe is to use a provider registered with Canada’s industry regulator, the Financial Consumer Agency of Canada. All of the companies we’ve compiled in our list are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and Europe.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
Steps to send money to Europe from Canada
To send money to Europe, you’ll need the necessary documentation, your recipient’s details and a way to pay. Follow these steps to send money from Canada to Europe.
Compare your options.
Use our table to find a money transfer provider that sends funds to Europe. One may be better for cash pickups while another may suit a bank transfer. Once you’ve found the best one for your requirements, click “Go to site”.
Create an account.
You’ll need to give your name, address, contact details, proof of ID and method of payment.
Provide your recipient’s details.
Enter your recipient’s name and contact information. If you’re sending straight to their European bank account, you’ll need the account number, SWIFT or IBAN plus their bank branch’s address.
Enter your transfer amount.
Check you’re happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total euros your recipient gets.
Complete your transfer.
Send your money transfer to Europe. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.
What information do I need to send money to Europe?
Photo identification: Most providers require a driver’s license, passport or other Canadian government-issued ID.
A way to pay: Your options depend on the provider’s services. Popular methods include cash, debit or credit card and bank account transfers.
Recipient information: You’ll need their name (matching their ID) plus contact details. If sending to a European bank account, you’ll need their account number, SWIFT and branch details.
What information do recipients need to accept money in Europe?
Transfer number: The reference number – sometimes called a PIN, MTCN or tracking number.
Government-issued ID: An official ID, such as a European passport or driver’s license.
The transfer amount: To know how much has been sent, usually to within 10% of the total.
Sender information: The sender’s name and address and the transfer’s country of origin.
What payment methods can I use to send money to Europe?
Each money transfer service will accept its own unique list of payment options for your money transfer to Europe. Still, you can expect most providers to accept transfer payments from at least debit cards, credit cards and bank transfers.
Many transfer services also allow direct debits, online bill payments, Interac Online and Interac e-Transfers. Some companies, like WorldRemit, may even allow you to pay for your money transfer using Apple Pay.
Transfer options for sending money to Europe from Canada
There are a few options if you want to send money to Europe. The various methods differ by the payment method, how you want the money to be received and how fast you need it to arrive.
Online money transfer provider. When buying Canadian dollars or euros money transfer specialists typically offer better rates and cheaper fees than a local bank.
Bank transfer. Bank transfers are an easy way to send money to Europe but they charge extra for the convenience and are often slower than other methods.
Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you’ve sent when they collect it from their agent location in Europe.
Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
Home delivery. If your recipient may struggle to get to a cash pickup location, you may be able to opt for door-to-door cash delivery.
Benefits of using transfer services for large money transfers to Europe
If you need to make a sizable money transfer to Europe, consider using a provider such as RemitBee or OFX to benefit from its expertise in handling larger transfer amounts.
Using a large transfer specialist can have the following advantages:
Tax guidance. Large transfers to Europe may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on CRA’s latest advice.
Foreign exchange (forex) tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the EUR exchange rate you want.
Account manager. Some money transfer providers assign a personal account manager who can help and advise you on your transfer needs.
Phone service. If you want to talk your transfer through with someone, providers such as RemitBee and OFX can give you support over the phone.
Example: John sends money to Europe
John is working in Canada as a film producer and he stays in regular contact with his elderly parents back home in Europe. His parents need some funds to help pay off a mortgage, so John plans to send them $2,000 from Canada.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
Bank
Money transfer company
Exchange rate
1 CAD = 0.66 EUR
1 CAD = 0.67 EUR
Transfer fee
$10
$2.50
Transfer method
Bank account deposit
Bank account deposit
Processing time
2 – 5 working days
Next day
Amount received
1,322.98 EUR
1,345.55 EUR
The money transfer company enables John to send an extra €22.57 straight to his parents’ account.
How to compare the best money transfer services to send money to Europe
When choosing a money transfer provider to send money from Canada to Europe, it’s important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. It is the best rate you can get. However, not all money transfer providers offer you this mid-market rate so compare the EUR you’re offered to the mid-market rate and look for the smallest difference.
Transfer fees. Are you being charged a flat fee or a percentage of your transfer amount? For example, a provider offering to transfer your money to Europe for a flat or low fee might work out better if you plan to send a large amount.
Transfer type. Does your recipient have an European bank account or is cash or cell phone top-up a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as MoneyGram offer instant cash pickups but may charge more. If you’re not in a rush, online money transfer services offer the best value and get your money to Europe faster and cheaper than banks.
Transfer limits. Find out how much you can send with each service. For example, MoneyGram has a transfer limit of $990 while Wise allows transfers up to $1,500,000.
Discounts. Some providers may offer you a free transfer simply for signing up. Others may offer a discount if you transfer more than a specific amount of euros.
Compare details of money transfer companies to send money to Europe
Use our table to compare the best money transfer companies to send money to Europe. You can compare deposit and receiving options, fees and transfer speeds, then click the “Go to site” button when you’ve found the best one to get your money to Europe.
We only list services that are overseen by a government regulator.
Every service we compare has been assessed and reviewed by our editorial team.
Frequently asked questions about sending money to Europe
While Interac offers Canadians the option to send Interac e-Transfers internationally, including to Europe, you have to have an account with National Bank in order to complete a transfer. Alternatively, you can opt for money transfer services, like Wise and RemitBee, that accept e-transfers as payment options when sending money to Europe.
Yes, you can send money to Europe from one PayPal account in Canada to another PayPal account in Europe. If your recipient in Europe does not have a PayPal account, you can opt for PayPal's Xoom service, which allows you to send money directly to someone's bank account using your PayPal credentials.
This depends on the provider you choose as each will have its own sending limit. For example, services such as Wise and MoneyGram allow you to transfer as little as $1 while others will have a significantly higher minimum threshold.
Remember that some providers will have maximum transfer amounts as well, either as a result of Canadian tax policies or because their service is more limited. If you need to send a large transfer, look for a provider that has higher or no sending limits to Europe.
The turnaround time for a money transfer to Europe depends on the provider and how you pay for the transfer. Expect your transfer to arrive within minutes if you pay using cash or with a debit or credit card. Paying by bank transfer can take longer – usually 2–5 days.
Yes, you can still send a money transfer if neither you nor your recipient in Europe has a bank account. Look at cash transfer providers such as RemitBee where you can pay with cash and your recipient can collect it as cash or as mobile phone reload on the other end.
Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio
Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio
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