Transfer Money to Canada from Australia
Fast, low-cost, and secure online money transfers from Australia to Canada
ASIC regulatedAustralian owned
ASIC regulatedAustralian owned
Sending Money to Canada with OFX
When it comes to transferring money from Australia to Canada, you want a service that is dependable, swift, and economical. With OFX, you can transfer funds securely, quickly, and at competitive rates. Sending money to Canada from Australia has never been easier.
Unlike traditional banks, OFX specialises in international money transfers, providing competitive rates and transparent fees that help you get the most out of your Australian dollars.
How it works
Get a quote to send money to Canada
Set up an account with OFX
Confirm your details & pay for your transfer online
How to Send Money to Canada with OFX
- Gather Recipient Details: Collect all the necessary banking information from your recipient, including the full name on their account and the correct bank account details. Ensuring these are accurate will help your transfer arrive smoothly and on time.
- Set Up Your OFX Account: Create a free online OFX account, or log in if you already have one. Once logged in, you can get a live quote for your transfer and see exactly how much your recipient will receive.
- Enter Transfer Details: Fill in your own details along with your recipient’s information, including the amount you wish to send and the currency conversion. OFX will show the fees and exchange rate upfront, so you know the total cost before confirming.
- Send Your Money: Once everything is verified, send your funds to OFX. They will then securely transfer the money to your recipient in Canada, typically within 1–2 business days, depending on the recipient’s bank.
- Log In to Your Account: Access your OFX account by logging in. If you don't have an account, you can create one for free.
- Select 'Send Money': Navigate to the 'Send Money' section on the dashboard to begin a new transfer.
- Choose Currencies: Select the currency you're sending from (e.g., USD, GBP) and the currency you're converting to (CAD).
- Enter Amount: Input the amount you wish to send. OFX will display the exchange rate and the recipient's amount after conversion.
Recipient's Details:
- Recipient's Name: Ensure the recipient's name matches the name on their bank account to avoid delays.
- IBAN and BIC/SWIFT Code: For transfers to Canada, you'll need the recipient's International Bank Account Number (IBAN) and Bank Identifier Code (BIC/SWIFT).
- Additional Information: In some cases, you may be asked for the recipient's bank name and address.
Understanding the Fees and Exchange Rates
Transparent Fee Structure:
- Transparent Fee Structure: OFX offers competitive rates with no hidden fees. The exact fee structure may vary based on the currencies involved and the amount being transferred.
- Real Exchange Rates: OFX provides real-time exchange rates, ensuring you get the best value for your money.
- Bank Transfer: Fund your transfer by transferring money from your bank account to OFX. This is often the most cost-effective option.
- Other Payment Methods: Depending on your location and the currency, other payment methods may be available.
Review Transfer Details:
- Review Transfer Details: Before confirming the transfer, review the summary of your transaction, including the amount sent, fees, exchange rate, and the recipient's amount.
- Confirm and Pay: Complete the payment using your chosen method.
- Real-Time Tracking: OFX provides real-time tracking of your transfer.
- Notifications: Receive email notifications at each stage of the transfer process, from initiation to completion.
- Tracking Link: Use the unique tracking link provided to monitor the progress of your transfer.
- Direct Bank Deposit: The recipient in Canada will receive the full amount directly into their bank account.
- No Recipient Fees: OFX does not charge additional fees on receipt, ensuring the recipient gets the full amount sent.
- Bank Processing: The money is deposited directly into the recipient's bank account, typically within 1-2 business days.
OFX as Our Featured Money Transfer Partner
Benefits: OFX offers bank-beating exchange rates, which are typically more favorable than traditional banks. The platform is designed for fast and transparent transactions, making it advantageous for those living abroad or traveling frequently.
Fees: OFX charges low, transparent fees that are a small percentage of the transfer amount. These fees are clearly shown upfront.
Speed: Transfers in many popular currencies can be completed within 1-2 business days.
Security: The company is committed to high-security standards, including multi-factor authentication (MFA) and encryption, to safeguard your funds and personal information.
Service Reach: OFX allows you to send, hold, and convert money in multiple currencies, offering account details in major currencies like CAD, USD, EUR, and AUD. This feature supports direct receipt of salaries, pension payments, and more. You can send money from Canada to 50+ countries.
Payment Options Offered by OFX
Bank Transfer
Generally the cheapest method for transfers. Although it may take longer than other methods, it provides the best value for your money
Debit and Credit cards
Allows direct bank transfers without leaving the OFX app, combining the cost-effectiveness of bank transfers with the convenience of direct debit.
Wire Transfer
While this method can fund transfers, it is usually more expensive and slower due to fees charged by intermediary banks.
Key Stats about OFX
User Base
- Established in 1998 and over 1 million customers globally
Transaction Volume
- 80 billion GBP in transfers made so far
Speed of Transfers
- Fast Transfers: Transfers typically arrive within 1-2 business days.
Security and Regulation
- Regulated Entity: OFX is regulated by financial authorities in multiple jurisdictions, including the Financial Conduct Authority (FCA) in the UK and the Financial Crimes Enforcement Network (FinCEN) in the USA.
- Secure Transactions: OFX employs robust security measures, including two-factor authentication and encryption, to protect users' data and money.
Customer Satisfaction
- High Trustpilot Rating: OFX has a Trustpilot rating of 4.1 out of 5 stars based on over 197,000 reviews, reflecting high customer satisfaction.
- 24/7 Access: There is a 24/7 broker service available in the OFX app.
FAQs
If you are looking to buy or sell foreign exchange in cash and want to head into a money changer near you, check out our local city guides to find the best exchange rate:
- Sydney - The best rates in Sydney are found on Pitt Street, George Street or occasionally in Haymarket.
- Melbourne - Money changers near Flinders Street Station have the best rates in Melbourne with the exception of United Currency in QV.
- Adelaide - Almost every foreign exchange store in Adelaide is located on King William Street.
- Perth - There aren't too many money exchange places left in Perth but you can find good rates in Northbridge at RedRate
- Brisbane - All the best rates in Brisbane are located in the CBD although they are spread out.
Learn more: The Best Places to Buy Foreign Currency Australia
ANZ used to offer the best bank exchange rates but they recently shut down their currency exchange operations.
None of the banks offer the best exchange rates. In our comparison tables they always come last with the worst exchange rates. This is because they pass on the cost of using a physical storefront to you.
They also charge you a ‘lazy tax’. This is when you don't know or can’t be bothered to look around for a better cost. The rates offered by banks for foreign currency are closer to the exchange rates listed by the RBA than the rate on Google.
Unlike booking flights, exchange rates for foreign exchange do not have a ‘best day to buy’. Within the travel industry it is known Tuesdays are the cheapest day to fly, but exchange rates don't work that way.
Movement in foreign exchange rates depends on the global demand and supply of goods and services, as well as political and economic factors. These bank forecasts will help give you a great understanding of which direction Australian dollar currency pairs will move in the future.
In most cases, it is cheaper to buy your foreign currency at home in Australia before you head overseas but there are some important exceptions. It's cheaper to convert Australian dollars into foreign currency if you are travelling to Singapore, Bali, Thailand or Hong Kong.
Learn more: Where is it Cheaper to Buy Foreign Currency, Australia or Abroad?
Compared to the traditional way of buying currency in person, ordering foreign currency online is usually cheaper. Money changers that have a retail store have to pay for rent, staff and insurance. Online money changers like S Money don't have these large costs, making it easier to provide better exchange rates and lower fees.
Buying foreign currency online is also a lot easier. Unlike physical stores, all exchange rates are displayed clearly so you know what you are going to pay. In most cases, you can also get your currency delivered to your door, saving you the hassle of driving into the city or nearest store.
Learn more: Is It Cheaper to Buy Foreign Currency Online?
If you have some leftover currency from a trip abroad or have some US dollars stashed away from a gift, selling it and getting your Australian dollars can be expensive. The best exchange rate when selling currency is the same as when you are buying it. That is, the "mid-market rate" or "live" rate that you see on Google. Most money changers will give you an exchange rate well above this real rate. The closer you can get to this rate, the more Australian dollars you'll have when you convert your currency.
Great question! Why don't all banks, money changers, travel cards and money transfer services just offer the rate you can see online?
Well, they offer a different rate to make money.
The difference between your rate and the rate you see online is a hidden margin and can add up.
Learn more: Why Every Currency Exchange Offers a Different Rate
According to OFX,
Spot rates are the current exchange rates at which specific currencies can be bought or sold on currency exchange markets. Spot rates fluctuate by the second.
It's also known as the 'interbank', 'wholesale', 'mid-market' or 'live' rate. It's also the rate that S Money offers for foreign currency in Australia.
When it comes to transferring money from Australia to Canada, OFX is a reliable choice.
To begin, you’ll need to create a free account with OFX, or log in if you already have one. Once logged in, you can request a live quote for your transfer, which shows exactly how much your recipient will receive after fees and currency conversion.
Next, gather all necessary banking information for your recipient. Once your payment details are entered, you can specify the amount you wish to send. OFX will automatically calculate the converted amount in Canadian dollars, factoring in their transparent fee structure.
What is the cheapest way to send money to Canada?
The most cost-effective way to transfer money to Canada is usually via a bank transfer using OFX. Unlike traditional banks, OFX applies a small, transparent margin on the exchange rate instead of charging high hidden fees.
With OFX, there are no strict minimum or maximum limits for personal transfers, although amounts may be subject to verification requirements for larger sums. This flexibility makes it easy to send anything from a few hundred dollars for personal expenses to tens of thousands for tuition, property, or business purposes.
The best method depends on your priorities. If cost is the main concern, bank transfers are ideal. If speed is essential, debit or credit cards can provide faster delivery times. OFX combines competitive exchange rates with secure, reliable transfers, ensuring your money reaches the recipient safely and efficiently regardless of the method you choose.
Transfers using debit or credit cards tend to be faster than bank transfers, often arriving in one business day.
Most transfers from Australia to Canada using OFX take between one and two business days, depending on the currency, transfer method, and recipient bank. Large transfers may require additional verification, which could add a little extra time, but OFX keeps you informed throughout the process.
Yes, sending money with OFX is secure. The platform uses bank-level encryption, secure logins, and transaction monitoring to protect your funds and personal information. Additionally, OFX is a regulated financial institution, giving you peace of mind that your money is in safe hands.
Affiliate Disclosure
This page contains affiliate links. If you choose to sign up for OFX through one of these links, we may earn a small commission, at no extra cost to you. We only recommend services we genuinely believe offer value to our users.
US dollars
Euros
Japanese yen
Fijian dollars
Indonesian rupiah
Singapore dollars
British pounds
NZ dollars
Canadian dollars
Indian rupee
Thai baht
Chinese yuan
HK dollars. 
Vanuatu vatu
