Canada is home to many immigrants, students, and expats who occasionally need to transfer their savings back home or to another country. Whether it's hryvnia to Ukraine, euros to Europe, or US dollars to the US, it's important to understand the different transfer methods, their advantages, disadvantages, fees, exchange rates, and time frames. In this article, we will take a detailed look at the key methods for transferring funds in foreign currencies, provide comparisons and practical recommendations so that you can choose the most convenient and secure option.
1. Bank SWIFT transfer
1.1 Description and procedure
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global network for interbank transfers. To send funds:
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Log in to your online banking or visit a bank branch.
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Request a SWIFT transfer, providing the beneficiary's details: bank name, SWIFT/BIC code, account number, IBAN (where required) and payment purpose.
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Your bank in Canada will hold your currency (CAD, USD, EUR) and send it via correspondent banks in the recipient's currency.
1.2 Fees and exchange rate
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**Fixed bank fee — 20–50 CAD ** per transfer plus correspondent bank fees (10–30 USD).
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Exchange rate is determined by the bank, usually slightly worse than the interbank rate.
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Execution time — 1–5 business days.
1.3 Advantages and disadvantages
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- Reliability and transparency
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- Works with any currencies and countries
- – High fees and unfavorable exchange rate
- – Long transfer time
2. Online money transfer services
2.1 Wise (formerly TransferWise)
Wise offers a fair mid-market exchange rate and transparent fees (0.4–1% of the amount).
- Register on Wise.com.
- Enter the amount in CAD, select the recipient's currency (UAH, USD, etc.), enter the details, and pay by bank transfer or card.
- Wise converts the funds and sends them to the recipient.
- Time — instant or up to 1 day.
- Commission — 0.4–1% + fixed fee.
- Advantages — favorable exchange rate, fast, convenient.
- Disadvantages — limited options in some countries, possible limits.
2.2 Revolut, Wise, XE, WorldRemit, Remitly
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Revolut — adds a fee depending on the tariff (free up to a certain limit for premium users).
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XE — offers competitive rates, but the commission may be higher (1–2%).
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WorldRemit & Remitly — services focused on fast cash payments and mobile wallets, commission from 1.5%.
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Advantages — speed, simplicity, additional payment methods (cash, mobile wallet).
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Disadvantages — higher fees than Wise, limited number of currency pairs.
3. Using international accounts and banks
3.1 Multi-currency accounts
Some Canadian banks (HSBC, Scotiabank International) and foreign banks offer multi-currency accounts where you can hold USD, EUR, GBP, CAD, and other currencies.
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Transferring funds in the same currency between your own accounts is usually free or costs a nominal fee.
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You can then withdraw or transfer funds through the recipient's local bank with minimal fees.
3.2 Partner bank networks
Canadian banks sometimes have correspondent agreements with banks in other countries, which reduces the cost of transferring USD and EUR.
- Contact your bank for information about partners and preferential terms.
- This option is often cheaper than SWIFT, but is only available for certain currencies and countries.
4. Postal transfers and other options
4.1 MoneyGram and Western Union
- Cash transfers to the nearest pickup location.
- Commission from 5% to 10% depending on the amount and destination.
- Fast (minutes), convenient, but expensive.
4.2 Cryptocurrencies and DeFi
- Fast transfers without intermediaries.
- High exchange rate volatility.
- Requires knowledge of blockchain technology and access to crypto exchanges.
5. Comparison table of transfer methods
| Method | Commission | Time | Exchange rate | Advantages | Disadvantages |
|---|---|---|---|---|---|
| SWIFT | 20–80 CAD + correspondent | 1–5 days | Unfavorable | Reliability, coverage of all currencies | High costs, long time |
| Wise | 0.4–1% + fixed | 0–1 day | Average market | Favorable exchange rate, fast | Limits, not all countries |
| Revolut / WorldRemit | 1–2% | Instant | Competitive | Various payment methods | Higher fees, limits |
| Multi-currency account | Bank fees | 0–1 day | Bank | Free within the account | Account opening, minimum requirements |
| MoneyGram / WU | 5–10% | Minutes | Fixed | Fast, cash | Expensive |
| Cryptocurrencies | 0–1%, network fees | Instant | Volatile | No banks | Volatility, complexity |
6. Practical tips for profitable transfers
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Plan ahead: avoid transfers at high exchange rates or during peak demand.
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Monitor exchange rates: use alerts in Wise and XE to track fluctuations.
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Split large amounts: sometimes transferring in parts lowers the average rate and allows you to take advantage of the best rate on different days.
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Check for hidden fees: find out about fees for intermediary banks and payout fees at destination.
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Use referral programs: many services offer discounts on the first transfer.
7. Summary
Transferring accumulated funds from Canada to Ukraine or another country can be fast, safe, and profitable if you choose the right tool. SWIFT is universal but expensive; online services (Wise, Revolut) are optimal in terms of exchange rate and time; multi-currency accounts combine speed and low fees; traditional money transfers are fast but come with high fees. Careful planning, analysis of fees and exchange rates, and the use of partner networks and tax tools will allow you to transfer funds as efficiently as possible without unnecessary costs and delays.