At a glance
- Who registers providers
- FINTRAC registers money services businesses under federal anti-money-laundering law. Source: FINTRAC
- Identification needed
- Government-issued photo identification is generally required when sending money. Source: Financial Consumer Agency of Canada
- Rate baseline
- The Bank of Canada publishes daily reference exchange rates you can compare against. Source: Bank of Canada
- Main cost drivers
- Exchange-rate margin plus service fee; delivery method can add cost. Source: Financial Consumer Agency of Canada
- Fraud reporting
- Suspected transfer fraud can be reported to the Canadian Anti-Fraud Centre. Source: Canadian Anti-Fraud Centre
Costs first: the exchange rate and the fee
The advertised fee is only one part of the cost of sending money abroad. Most providers convert your Canadian dollars at a rate that includes a margin over the mid-market rate, which is the midpoint between buy and sell rates in the wholesale market. On larger transfers that margin can matter more than the fee itself.
To compare offers fairly, ask one question: how many Canadian dollars leave your account to deliver a fixed amount abroad? That single figure captures the fee, the exchange-rate margin and any payout charge, and it is the only reliable way to rank quotes from different providers.
Exchange rates move during the day. The Bank of Canada publishes daily reference rates; a provider's rate will differ, but the reference rate gives you a baseline for judging how wide a margin is being applied.
| Cost component | What it means |
|---|---|
| Exchange-rate margin | The gap between the mid-market rate and the rate you are given |
| Service fee | A flat or percentage charge set by the provider |
| Payout charge | A fee to deliver to a bank account, cash pickup or mobile wallet |
| Receiving-party fees | Charges deducted by the recipient's bank or payout agent |
Ways to send money from Hamilton
Hamilton residents can send money abroad through a bank branch, a Canada Post outlet, or a money services business registered with FINTRAC. A bank is convenient if you already hold an account and want the transfer tied to an existing banking relationship.
Independent money services businesses include storefronts and online-only providers. Storefronts let you handle the transaction in person and pay in cash, while online providers usually require a bank account, debit card or credit card. Which services are available varies by provider and by location.
Ontario does not operate a separate provincial licensing scheme for money services businesses, so federal FINTRAC registration is the main marker to look for. A storefront also needs a municipal business licence in the city where it operates.
Identification you must bring
Canadian anti-money-laundering rules require banks and money services businesses to verify who is sending money. Bring government-issued photo identification, such as a passport, driver's licence or permanent resident card, and expect the details to be recorded.
For larger transfers, providers are also required to collect and keep information about the recipient, which can include a full name, address and the purpose of the transfer. Having those details ready shortens the process at the counter. If someone sends on your behalf, the provider may ask about that relationship; these questions are required by law rather than chosen by staff.
Delivery methods and timing
Most transfers are delivered by deposit into the recipient's bank account, as cash for collection at a payout location, or into a mobile wallet where that service exists. Some providers also pay out to a card. The method you choose affects both cost and speed.
Bank-to-bank transfers typically take a few business days, while cash pickup can be available sooner. Cut-off times, weekends and public holidays in Canada and in the destination country all affect arrival. Ask for a delivery estimate before you confirm the transfer.
Once a transfer is sent, the exchange rate is normally locked at the rate you agreed. If you get a quote and do not complete the transaction, the rate may have changed by the time you return.
Receiving money in Hamilton
Incoming transfers to Hamilton arrive either as a deposit into a Canadian bank account or as cash for collection, depending on how the sender chose to send. You will usually need photo identification and the reference number given to the sender.
Incoming funds can be held briefly for verification, and the receiving bank or payout agent may charge its own fee. If you receive money from abroad regularly, keep records: the Canada Revenue Agency publishes rules on foreign income and foreign property reporting that may apply to your situation.
Consumer protection and where to complain
Banks and other federally regulated financial institutions operate under federal rules, and the Financial Consumer Agency of Canada explains how international money transfers work and how to escalate a complaint. Keep your receipt, the reference number and any written quote you were given.
If you suspect fraud, stop the transfer if you still can, contact your bank or provider, and report it to the Canadian Anti-Fraud Centre. FINTRAC registers and supervises money services businesses for compliance with anti-money-laundering law, but it does not resolve individual customer disputes.
Frequently asked questions
What identification do I need to send money from Hamilton?
Bring government-issued photo identification, such as a passport, driver's licence or permanent resident card. Providers are required to verify your identity and, for larger transfers, to record details about the recipient as well.
Do I need an appointment at a bank branch?
Policies vary by institution and by branch. Some branches handle international transfers at the counter without an appointment, while others prefer you to book ahead or complete the request through telephone or online banking.
How long does an international transfer take?
Timing depends on the provider and the delivery method. Bank-to-bank transfers typically take a few business days, while cash pickup can be faster. Cut-off times and holidays in both countries affect the arrival date.
Is the exchange rate the same at every provider?
No. Each provider sets its own rate and adds its own margin. You can compare a quoted rate against the Bank of Canada's published daily reference rate to see how wide the margin is.
Can I send money from Hamilton using cash?
Some money services businesses accept cash and will require identification. Banks generally require you to hold an account and to fund the transfer from that account.
Where can I complain about a money transfer problem?
Raise the issue with the provider first. Complaints about a bank can be escalated to the Financial Consumer Agency of Canada, and suspected fraud can be reported to the Canadian Anti-Fraud Centre.
Sources
Every figure or rule on this page should be verified at the official source before you rely on it.
- Daily reference exchange rates used as a comparison baselineBank of Canada
- Registration and supervision of money services businessesFINTRAC
- Consumer guidance on sending money internationally and escalating complaintsFinancial Consumer Agency of Canada
- Reporting suspected fraud in a transferCanadian Anti-Fraud Centre
- Rules on foreign income and foreign property reportingCanada Revenue Agency
- Money orders and money services at post officesCanada Post