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Global Money Transfer: How To Send Money Back Home

Written by CNN Team

So you want to send money back home? This is what you need to know about making a global money transfer. 

When it comes to internationally sending money from Canada, there are many options. For example, you can go through a traditional banking institution, a money transfer company, or use an online payment service. The best way to conduct a global money transfer will depend on your situation. This is based on how much you plan to send, the delivery channel, and the urgency of the transfer. 

Traditional Banking Institutions

If you are looking for a safe and easy method for sending money, then do it directly from your bank account. Conveniently send money from your chequing or savings accounts by supplying the recipient’s information and the transfer amount. Unfortunately, banks do have high fees and their exchange rates can be costly. 

Every banking institution has its own process for making a global transfer. Therefore, the how may vary depending on who you are banking with while you are in Canada. This article will provide an overview of the big banks in Canada and how they conduct global money transfers. 

RBC Royal Bank International Transfer 

Securely send and/or receive a large sum of money using the RBC Wire Transfer Channel. Send money from Canada to your home country in any currency. In order to conduct a wire transfer you must have the following information: 

  • The amount of money you wish to transfer. 
  • Beneficiary Transit Number.
  • Beneficiary’s name and address.
  • Beneficiary’s Account Number – IBAN.

TD Bank International Money Transfers

The TD Global Transfer is specifically for TD customers to initiate international money transfers. For the sender’s convenience, TD Bank offers options for their customers to globally transfer money:

  • Cash pickup with Western Union.
  • Visa Debit Card.
  • Visa Credit Card.
  • Reloadable Visa Prepaid Card with Visa Direct.

Scotiabank International Money Transfer

Make things easier and conduct international money transfers directly to your recipient’s bank account with the Scotia International Money Transfer. If you bank with Scotiabank, then you can send the money from your account balance or transfer the money using Western Union. Whichever option makes more sense for your situation! 

BMO International Money Transfer

Also, the Bank of Montreal (BMO) offers customers two secure and convenient ways to globally transfer money: wire payments from your BMO chequing or savings account, and a Western Union Money Transfer in over 200 countries and territories. 

CIBC Global Money Transfer

Utilize CIBC Global Money Transfer to send money to over 120 countries with no transfer fee. That’s right, no transfer fee! In addition, you can earn rewards such as points and cash back, and your money will arrive within 24 hours. How to send your money:

  • Sign on to “CIBC Online Banking” or “CIBC Global Banking”.
  • Select “Global Money Transfer”.
  • Enter your recipient’s information.
  • Choose the amount you want to transfer and use the promo code GMTEVENT before pressing “Submit”.
  • All done!

Money Transfer Companies

It is no surprise that money transfer services are gaining popularity among Canadians who wish to send money at relatively low costs, with quick delivery, and have competitive exchange rates. Additionally, these companies offer secure and affordable money transfers that operate through physical branches or, more often, online.


Due to Transferwise’s secure and convenient delivery, affordable fees, and transparency, it is probably the most popular money transfer service company among Canadians. Moreover, they have over 9 million customers and support over 50 currencies.

Whether you are choosing to send money for business or personal reasons, Transferwise offers low rates. In addition, Transferwise’s Borderless multicurrency account can help you to manage, hold, and send multiple currencies from the same account because they connect local bank accounts across the globe. This removes those pesky international transfer fees.

World Remit

Another international money transfer company to utilize is World Remit. Send money to 150+ countries for airtime top-up, bank deposit, mobile wallet, or cash pickup. They offer quick delivery — 90% of their transfers are ready in minutes — and they use industry-leading technology to protect your money. 

Online Payment Services

Lastly, you can always choose online payment services that allow international money transfers. These rates vary based on the transfer amount, recipient’s country of residence, and method of payment. 


PayPal is a quick, hassle-free, and safe method for transferring money. Basically, PayPal allows you to send and receive money digitally between two registered PayPal accounts. In fact, you can send and receive money without sharing any personal details or banking information with the recipient. 

Western Union Money Transfer

Western Union Money Transfer service has a global acceptance for supporting multiple currency transfers and having fast delivery. This includes same-day delivery options. Therefore, you can send money back home by using cash, credit, debit card, Apply Pay, a bank transfer, or the Western Union Money Transfer app. So you can send money directly to a bank account, mobile wallet, or cash pick-up location. Also, they have 500,000+ Agent locations in more than 200 countries and territories. 

*Opinions expressed are those of the author, and not necessarily those of Student Life Network or their partners.