At a glance
- Who regulates MSBs
- Money services businesses must register with FINTRAC and follow federal anti-money-laundering rules. Source: FINTRAC
- Reference exchange rates
- The Bank of Canada publishes daily exchange rates for reference, not as rates you can buy at. Source: Bank of Canada
- Identification
- Providers must verify identity for many transfers, so bring government-issued photo identification. Source: FINTRAC
- Money orders
- Canada Post sells money orders that can be sent to some countries; limits and availability vary. Source: Canada Post
- Total cost
- Ask the provider for the total cost, including fees and the exchange rate used. Source: FCAC
What to Prepare Before You Send Money Abroad
Before you choose a provider, gather three things: your own identification, your recipient's full details, and a way to record the transaction. Recipient details usually include the full legal name, the bank name, the account number or international bank account number, and the recipient's address and country. Missing or mismatched details are a common reason transfers are delayed or returned.
Keep the receipt and the reference number. If a payment is delayed, reversed, or questioned later, that record is what a provider, your bank, or an investigator will ask for. For larger or repeated transfers, a simple written log of dates, amounts, and exchange rates makes it easier to reconcile your accounts and your records.
Identification You Must Bring Under Canadian Rules
Money services businesses and banks operating in Canada fall under federal anti-money-laundering requirements, and identity verification is part of that. In practice you will be asked for government-issued photo identification such as a passport, a driver's licence, or a permanent resident card, and sometimes a second document or proof of address.
For online transfers, verification is often done by uploading a photo of your identification or by answering questions tied to your credit file. Requirements can differ by provider and by the size of the transfer, so ask what is accepted before you complete an application. The Financial Consumer Agency of Canada sets out the general steps for sending money abroad.
Where You Can Send Money From Peterborough
Residents have three broad routes. Your bank or credit union can send an international wire, usually from a branch or through online banking. Canada Post outlets sell money orders, which are prepaid and can be sent to eligible destinations. Licensed money services businesses, which may operate online or through agent locations, focus on remittances.
As a regional centre, Peterborough has bank branches, credit unions, and postal outlets that also serve surrounding townships. Even so, not every location offers every service, currency, or destination, so confirm availability before you make the trip. Online options are subject to the same identification rules as in-person ones.
| Route | How it works | What to check |
|---|---|---|
| Bank or credit union | International wire sent from a branch or online banking | Wire fee, exchange rate margin, cut-off time |
| Canada Post outlet | Prepaid money order sent to eligible destinations | Eligible countries, maximum amount, delivery time |
| Licensed money services business | Remittance service online or through an agent location | Registration status, total cost, delivery method |
Comparing Exchange Rates and Fees
The cost of a transfer has two parts: the fee the provider charges and the exchange rate applied to your money. The Bank of Canada publishes a daily reference rate for major currencies. That rate is a benchmark, not a price you can buy at, so comparing a provider's quoted rate against the reference rate shows roughly how large the margin is.
A low or zero fee paired with a weak exchange rate can cost more than a higher fee with a rate close to the reference. The clearest way to compare is to ask each provider what the recipient will actually receive in the destination currency for the same amount and currency pair.
Delivery Methods and Timing
Delivery depends on the route. A wire between banks typically takes a few business days to settle, though daily cut-off times, weekends, holidays, and the receiving bank's own processing can extend that. Money orders move more slowly because they are physical documents. Some digital services deliver to an account or mobile wallet within hours.
Ask about the cut-off time for same-day processing, whether the recipient's bank applies its own fees or holding period, and what happens if the details are wrong. Keep the reference number until the recipient confirms the money has arrived.
Receiving Money and Where to Get Help
Receiving money in Peterborough works in reverse: funds land in your Canadian account, or you collect a money order or cash from an agent location. You may be asked for identification and for the sender's details. Incoming wires can carry correspondent bank charges, so the amount credited may be less than the amount sent.
If something goes wrong, start with the provider's own complaint process. Federally regulated banks are required to have a complaint procedure and access to an external dispute-resolution body, and the Financial Consumer Agency of Canada explains how to escalate. Report suspected fraud to the Canadian Anti-Fraud Centre.
Be cautious with requests from someone you only know online, pressure to send money urgently, or instructions to send funds to a different name than the person you are dealing with. These patterns appear often in reported fraud.
- Contact the provider and quote your reference number.
- Ask for the written complaint procedure and its timelines.
- Escalate to the provider's external dispute-resolution body if unresolved.
- Report suspected fraud to the Canadian Anti-Fraud Centre.
Frequently asked questions
How long does an international money transfer take?
It depends on the route. Bank wires usually take a few business days, money orders take longer because they travel as physical documents, and some digital services deliver within hours to a day. Cut-off times and the recipient's bank can add delays.
What identification do I need to send money from Peterborough?
Expect to show government-issued photo identification such as a passport or driver's licence. Providers may also ask for proof of address or a second document, and the requirements can vary with the amount being sent.
Can I send money abroad from a Canada Post outlet?
Canada Post outlets sell money orders, including for some international destinations. Not every country or amount is eligible and limits apply, so confirm the current terms before you go.
How do I compare exchange rates and fees?
Ask each provider what the recipient will receive in the destination currency for the same amount. Then compare that figure and use the Bank of Canada's published reference rate to judge the margin built into the provider's rate.
Is my money protected if a transfer goes wrong?
It depends on the type of provider and the problem. Federally regulated banks must have a complaint process and an external dispute-resolution body. Licensed money services businesses are registered with FINTRAC, but registration is not a guarantee of a refund.
Where do I report a suspected remittance scam in Canada?
Report it to the Canadian Anti-Fraud Centre and to local police if you have lost money. Contact your bank or provider immediately if you have already sent funds.
Sources
Every figure or rule on this page should be verified at the official source before you rely on it.
- Steps and consumer information for sending money internationallyFinancial Consumer Agency of Canada
- Money services business registration and anti-money-laundering obligationsFINTRAC
- Daily reference exchange ratesBank of Canada
- Domestic and international money order servicesCanada Post
- Reporting fraud and scam preventionCanadian Anti-Fraud Centre