At a glance
- Federal regulator
- FINTRAC registers and supervises money services businesses operating in Canada. Source: FINTRAC
- Rate benchmark
- The Bank of Canada publishes daily exchange rates and a currency converter. Source: Bank of Canada
- Identity checks
- Federal rules require identity verification for many money services business transactions. Source: FINTRAC
- Consumer guidance
- The FCAC explains costs, timing, and rights for international money transfers. Source: FCAC
How costs work: fees plus the exchange-rate margin
Every international transfer carries two costs: the fee the provider charges, and the exchange-rate margin. The margin is the gap between the rate you are given and the mid-market rate — the midpoint between buy and sell prices for that currency pair.
A low fee paired with a wide margin can cost more than a higher fee paired with a narrow one. Some providers advertise a small flat fee and build revenue into the rate; others quote close to mid-market and charge more up front. Neither approach is automatically cheaper.
To compare honestly, reduce each quote to one number: how much the recipient actually receives, or how many Canadian dollars leave your account for a fixed amount delivered. Everything else is presentation.
Ways to send money from Toronto
Three broad channels serve Toronto residents. Banks and credit unions handle transfers at branches, by phone, or through online banking. Canada Post outlets sell money orders for some destinations. FINTRAC-registered money services businesses include storefront agents and online-only services.
Each channel has trade-offs. Banks are convenient because they connect to accounts you already hold, but their margins and fees vary widely. Money services businesses often specialise in particular corridors and may be faster or cheaper; confirm registration before you use one.
Ontario does not license money services businesses separately. Registration and supervision are federal, through FINTRAC, so a provider's legal obligations are the same in Toronto as anywhere else in Canada. FINTRAC publishes the list of registered businesses.
Identification you must bring
Canadian anti-money-laundering rules require money services businesses to verify client identity for many transactions. In practice you will be asked for government-issued photo identification, such as a driver's licence or passport, and sometimes a second document.
Expect to give your full legal name, date of birth, address, and — for larger transfers — your occupation or the source of the funds. Requirements scale with the amount and the destination, so bring complete documentation on a first visit.
Banks follow their own identification procedures under federal rules. If someone else collects the money, the recipient may also need to show identification at payout, depending on the destination country's requirements.
Comparing exchange rates and fees
Start with a neutral benchmark. The Bank of Canada publishes daily exchange rates and a currency converter, showing what a currency is worth on a given day. No provider can match that rate and stay in business, but the size of the gap is the point.
Ask each provider three questions: what fee applies, what rate is used, and what the recipient receives after any deductions by intermediary or receiving banks. Money can be lost at the payout end through charges you were never shown.
Compare using a fixed amount. Ask what a set number of Canadian dollars delivers in the destination currency, then put the same question to several providers on the same day. Rates move constantly, so same-day comparisons are the only fair ones.
| Component | What it is | Where you see it |
|---|---|---|
| Transfer fee | The provider's charge for sending | Quoted before you confirm |
| Exchange-rate margin | Gap between the offered rate and mid-market | Built into the rate |
| Intermediary or receiving fee | Charges applied after sending | May reduce the amount delivered |
Delivery methods and timing
Delivery methods include deposit to a bank account, cash pickup at an agent location, credit to a mobile wallet or prepaid card, and occasionally a money order or cheque. Account deposit is usually the slowest but most convenient; cash pickup is often the fastest.
Timing depends on the corridor, the provider, and the receiving institution. Some transfers settle within minutes. Others take a few business days, particularly where intermediary banks are involved or where the destination keeps different banking hours.
Receiving money in Toronto works the same way in reverse: funds can land in a Canadian bank account or be collected as cash at an agent. For larger amounts, your bank may ask about the source of the funds before crediting them.
Consumer protection and where to complain
The Financial Consumer Agency of Canada sets out what providers must tell you about the costs and timing of an international transfer, and how to raise a problem. Federally regulated institutions also fall under federal oversight.
If a transfer fails — funds not delivered, unexplained deductions, or no response from the provider — raise it in writing first and keep the reference number. If that does not resolve it, the FCAC handles complaints about regulated financial entities, and FINTRAC handles compliance concerns.
Contact the Canadian Anti-Fraud Centre if you suspect fraud. Requests to send or receive money on behalf of someone you have not met, or rates far outside the market, are recurring patterns in transfer fraud.
Frequently asked questions
How much does it cost to send money from Toronto?
Costs vary by provider and destination. The total is the visible fee plus the exchange-rate margin, so compare the amount the recipient actually receives rather than the headline fee alone.
Do I need to be a Canadian citizen to send money?
No. Providers verify identity, not citizenship. You generally need government-issued photo identification and, for larger amounts, information about the source of funds.
Are money transfer businesses in Toronto regulated?
Yes. Money services businesses must register with FINTRAC and meet federal anti-money-laundering and identity-verification obligations, regardless of which province they operate in.
How long does an international transfer take?
It depends on the provider, the destination, and the receiving institution. Some transfers settle within minutes, while others take a few business days, especially where intermediary banks are involved.
Where can I find a reference exchange rate?
The Bank of Canada publishes daily exchange rates and a currency converter that you can use as a neutral benchmark when comparing provider quotes.
Where do I complain about a transfer problem?
Start with the provider. If it is unresolved, the Financial Consumer Agency of Canada handles complaints about regulated financial entities, and the Canadian Anti-Fraud Centre handles suspected fraud.
Sources
Every figure or rule on this page should be verified at the official source before you rely on it.
- Costs, timing, and rights for international money transfersFinancial Consumer Agency of Canada
- Money services business registration and anti-money-laundering dutiesFINTRAC
- Daily exchange rate referenceBank of Canada
- Currency converter for comparing ratesBank of Canada
- Suspected transfer fraud reportingCanadian Anti-Fraud Centre
- Money orders as a sending optionCanada Post