Money Transfer in Ottawa, Ontario: How to Send and Receive

What a transfer really costs

Every international transfer has two price parts: a fee charged by the provider and the exchange rate used to convert your Canadian dollars. A low or zero fee tells you little on its own. The number that matters is how much the recipient actually receives after both parts are applied.

Use the Bank of Canada's published daily rates as a reference point. Those rates reflect large interbank transactions rather than retail counter rates, so no provider will match them exactly, but they show how far a quoted rate sits from the market on that day.

A provider that charges no visible fee but converts at a rate well away from the benchmark can cost more than one with a clear fee and a rate closer to it. Ask for the exchange rate, the fee, and the final amount in the destination currency before you commit to anything.

Ways to send money from Ottawa

Residents can send money abroad through their bank, through Canada Post outlets using money orders, or through money services businesses that are registered with FINTRAC. Some of those businesses operate storefronts, and others serve customers online.

Banks are convenient if you already hold an account, but exchange-rate margins and intermediary bank charges can be wider. Canada Post money orders suit smaller amounts and are available for certain destinations. Registered money services businesses focus on transfers and often cover more countries.

• Your bank, in branch or through online banking
• Canada Post outlets for money orders
• Storefront money services businesses registered with FINTRAC
• Online transfer providers registered with FINTRAC

Identification and records under Canadian rules

Money services businesses must register with FINTRAC, Canada's anti-money-laundering regulator, and must verify who is sending and receiving money. In practice you will need government-issued photo identification such as a passport, a driver's licence, or a permanent resident card.

Expect the provider to record your name, address and date of birth, and to ask about the purpose of the transfer. Cash transactions of CAD 10,000 or more must be reported to FINTRAC. Keep your receipt, because it carries the reference number you need if the transfer is delayed or you file a complaint.

Comparing rates and fees

Compare offers the same way each time. Fix the amount you want to send, then ask what the recipient will get. That single figure captures both the fee and the exchange-rate margin, and it is the only fair basis for comparison.

Delivery methods and timing

How the money arrives depends on the provider and the destination country. Common methods are a deposit into the recipient's bank account, cash collection at a branch or agent, a credit to a mobile wallet, or a load onto a payment card.

Timing varies. Transfers to major currencies and well-connected banking systems often arrive the same day or within one to two business days. Smaller markets, remote areas, or routes that pass through intermediary banks can take several business days. Weekends and public holidays at either end add delays.

Ask about the cut-off time for same-day processing and whether the recipient needs photo identification and a reference number to collect. If you are using a provider for the first time, sending a small test transfer first is a practical check.

Receiving money and where to complain

Receiving works in reverse. If funds are deposited into your Canadian bank account, the provider converts them and your bank credits the Canadian-dollar amount using the provider's rate, not the Bank of Canada benchmark. If you collect cash, bring photo identification and the reference number.

Providers must give you clear information about fees, the exchange rate, and when the money should arrive. If a transfer goes wrong, complain to the provider first and keep your receipts and reference number. Report suspected fraud to the Canadian Anti-Fraud Centre.

For problems with a bank or another federally regulated financial institution, the Financial Consumer Agency of Canada explains your rights and the escalation process. If you are sending to a country with security or infrastructure risks, check Global Affairs Canada's travel advisories before you send.