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New to Canada and sending money home? Apps like Wise, LemFi and Remitly usually cost far less than a bank wire. But the fee you see is only half the price — the exchange rate is the other half. Here's how to compare them properly.
1. A transfer fee — a flat amount, a percentage, or both. Some apps waive it on your first transfer or above a certain amount.
2. An exchange-rate markup — the gap between the rate you get and the mid-market rate (the one Google shows). Many apps advertise "no fee" and earn their money here instead. A 2% markup on $1,000 costs you $20, the same as a $20 fee.
Banks charge both: an outgoing international wire at RBC starts at $45, before the bank's own exchange-rate markup.
Invite link — new-customer bonus
Converts at the mid-market exchange rate (the one you see on Google) and charges a separate fee that it shows upfront. Signing up through an invite link makes your first transfer free of Wise's fees. Can also pay out to Alipay in China. Registered with FINTRAC as a money services business.
Invite link — new-customer bonus
App built for newcomers sending money home. New users who sign up through an invite link and complete a first international transfer get a cash back bonus; the amount is set by LemFi and shown in the app.
Large remittance app with bank deposit, cash pickup and mobile wallet delivery. Usually has a better rate or no fee on the first transfer.
Sends to bank accounts, mobile money, cash pickup and airtime top-ups in many countries, including the Philippines and much of Africa.
PayPal's money transfer service; convenient if you already use PayPal.
Large cash pickup network. Shows the fee and rate before you send.
Sending to China? Rules on the receiving side are stricter, and not every app can pay into a Chinese bank account — check the payout options (bank, Alipay, WeChat) in the app before you sign up.
Just arrived? See bank accounts for newcomers and cards to build Canadian credit.
Provider information as of November 2026. Fees, exchange rates and promotions change often — the app shows the exact amount before you send. Wise and LemFi links are invite links: we may get a referral reward, and you get the new-customer offer. Other links go to the provider's own site. crediteasy.ca is independent and does not provide financial advice.