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Tips for sending money outside of Canada

If you’re sending money outside of Canada, whether it’s to a business or a loved one, there are a few things to consider.

How to send money outside of Canada

There are different ways you can send money internationally, including through your bank, or a foreign exchange broker. And there may be a fee for sending or receiving the money, so check this first.

With HSBC, you can use online banking to make a wire transfer to someone outside of Canada.

Before you start, make sure you have:

  • enough funds in your account to cover the transfer, and any fees
  • up-to-date contact details
  • a security device so you can generate a code during the transaction
  • your payee’s bank details
  • a ‘purpose of payment’

Find out more about what you need before you send a wire transfer.

If you’re transferring money to a new payee, you need to add them to your payee list before you can make a wire transfer.

Follow our step-by-step guide on how to use a wire transfer to send money.

If you want to send $7,000 or less to someone in Canada, you can use INTERAC e-Transfer®.

If you need help making a transfer, contact us on 1-877-621-8811, or visit us in branch.

Is it safe to send money outside of Canada?

It pays to be careful when sending money outside of Canada. Take some time to find the right international money transfer service, so you can feel confident your money is secure and will arrive safely.

When sending an international payment through HSBC online banking for the first time, we’ll ask you to authorise your payment. This added level of security verifies your credentials and increases your security against possible fraud.

How to send money between global accounts

If you have chequing accounts in different countries, you may need to transfer money between them. It could be a regular payment, or a one-off, but it’s worth being aware that there may be a fee for doing this.

HSBC Global View and Global Transfers lets you transfer money between globally linked accounts without a fee. You’ll also be able to see your eligible international accounts in one place and set up recurring payments, if needed.

4 tips for sending money outside of Canada

  1. Make sure you’re getting the coverage you need
    If you're going to be sending money outside of Canada to several different countries, it may be convenient to use one service that covers all of them. For example, HSBC's international payments service enables you to send money to over 150 countries.
  2. Learn the jargon for transferring money
    Getting to know the terms, like IBAN, SWIFT or BIC, and what they mean can help make the process of sending money outside of Canada run a bit smoother.
  3. Check exchange rate information and fees

    Exchange rates can fluctuate quickly, so check the information you’re shown on websites is up-to-date. Be sure to input the exact amount you're looking to send, as this may affect the rate you're offered.

    Remember to check if there are any fees or charges for sending, or receiving, the money. Fees may vary between money transfer services and for the amount you’re wanting to send.

    Explore: Foreign Exchange Calculator

  4. Get organised

    If you want to regularly send money outside of Canada to the same person, consider setting up a recurring payment.

    You may even be able to set up future payments, so you don’t forget.

Explore more

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®Trade-mark of Interac Inc. Used under license.