Is it possible to make free wire transfers as a Canadian business? A closer look

Wire transfers are essential for Canadian businesses managing payments and cross-border transactions, but frequent transfers can quietly add up in cost. That's because most banks charge fees per transfer, and currency conversion often comes with hidden markups.

This guide will take you through the wire transfer options in Canada and introduce you to Wise Business for secure transfers at the mid market exchange rate with low fees.

Do any Canadian business accounts offer free wire transfers?

Many business accounts advertise free domestic wires, but hidden charges often apply based on the account type and transfer method:

• RBC Cross-Border Business Checking: Offers free transfers between your Canadian and US RBC business accounts¹.
• TD, BMO, CIBC: Typically charge anywhere from 15–30 CAD per outgoing domestic wire; fees may be waived only with premium or bundled packages.

No major Canadian bank offers totally free international business wires, with costs including wire fees, FX markups, and often intermediary charges . So, while free domestic wires exist under specific conditions and offers (e.g., RBC cross-border transfers), real savings depend on your account type, frequency, and whether the transfers you’re making stay within the same bank.

Fees and exchange rate markups on business wires

Most Canadian banks offer wire transfers for business accounts, but the fees and FX markups can vary widely. Outgoing international wires are typically the most expensive, with costs depending on your account type, destination, and currency. Below is a comparison of standard fees for international business wire transfers:

Canadian business wire fees – outgoing international

Are any wire transfers really free?

Some Canadian business accounts offer free domestic wire transfers or no fees between linked accounts (such as RBCs US Cross-Border banking), but completely free international wire transfers are virtually nonexistent. Most banks charge outgoing wire fees, and additional costs like foreign exchange markups and intermediary bank fees often apply, which can significantly increase the total cost of sending money abroad.

Hidden costs and FX concerns

Even when wire transfer fees seem clear, hidden costs often remain, the biggest being foreign exchange. Banks typically add a markup of 2–3%¹⁰ on the interbank rate, which can significantly increase the actual cost of international transfers.

Intermediary or correspondent banks may also deduct fees from the transfer amount without notice, especially on SWIFT wires, and reduce value for Canadian businesses sending money abroad.

Alternatives to wire transfers

Interac e-Transfers
For domestic payments within Canada, Interac e-Transfers can be a fast and affordable alternative to wires. Most Canadian business accounts include a limited number of free e-Transfers each month, with additional transfers typically costing around 1.50 CAD each^11,12. Daily sending limits are generally capped at 10,000 CAD^13,14 depending on the account. However, Interac e-Transfers can't be used for international payments.

International money transfer services
Some Canadian banks offer international money transfer services that are distinct from traditional wire transfers. These may have lower fees, but are often limited in amount and access.

RBC - International Money Transfer
RBCs International Money Transfer service is available through personal Online Banking. Transfers are capped at 50,000 CAD per day and there are no transfer fees¹⁵, making it more affordable than a wire. Customers can send money in most local currencies and most payments are received within 2 business days.

TD - Global Transfer
TD offers the TD Global Transfer service, which is available to personal customers. It supports payments via Visa Direct, Western Union, or direct-to-bank options. Transfer limits range from 2,500 CAD to  6,500 CAD¹⁶ daily, depending on the method and fees also vary depending on the destination country.

BMO - Global Pay
BMO offers international transfers through its Global Pay service, which is integrated with Online Banking for Business. While still part of the broader wire transfer infrastructure, Global Pay allows businesses to send payments of up to 100,000 CAD to over 30 countries within 1–2 business days¹⁷. The service includes upfront exchange rate confirmation and automatic conversion into the recipient’s local currency. However, unlike RBC or TD’s personal-focused IMT services, Global Pay is not a low-cost alternative but a streamlined tool for executing standard international wires¹⁸.

Wise: Send wire transfers with low and transparent fees

Banks often charge layered fees for wires — from fixed transfer fees to FX markups and hidden intermediary costs. Wise Business, on the other hand, offers a transparent, low-cost alternative, especially for international payments. You pay only for what you use, and always get the real exchange rate, or the mid-market rate, with no hidden charges.

Benefits of Wise Business:

• One-time setup cost of  55 CAD¹⁹ to unlock full business features (no ongoing monthly fees)
• No FX markup - uses the mid-market exchange rate
• Low, transparent transfer fees with discounts for high-value payments
• No intermediary or recipient bank charges — transfers use Wise’s payment network of local banks
• Open multi-currency balances to hold, manage, and pay in 40+ currencies
• Batch payments, accounting integrations, and user permissions for business operations

Free vs low-cost wire comparison

Conclusion

Truly free wire transfers are rare in Canadian business banking, especially for international payments. While some banks offer limited fee waivers or free transfers within linked accounts, most international wires are expensive and come with hefty service charges, FX markups, and hidden intermediary fees.

If your business regularly sends funds abroad, why not try Wise instead? With no monthly fees, transparent pricing, and the real exchange rate, it’s a smart way to cut costs and simplify global payments.

Sources:

1. Cross-Border Business Banking - RBC
2. Business Account Service Charges and Fees - TD Bank
3. As seen on June 23 with Wise
4. Better Banking Guide for Business - BMO (Page 18)
5. Business payment methods | CIBC
6. Business Account Service Fees | CIBC
7. Sending and Receiving Wire Transfers | CIBC
8. Wire Payments in RBC Online Banking for business – Fees and Cut-Off Schedule - RBC
9. Your Guide to Fees and Interest Schedules - Scotiabank
10. A guide to Canadian bank fees for wire transfers - XE
11. How does INTERAC e-Transfer compare to VISA Direct? - TD Bank
12. CIBC Unlimited Business Operating Account ® fees and details
13. How to send and receive money with Interac e-Transfer at CIBC
14. Are there limits to how much money I can send or receive in an Interac e-Transfer? - Learning Hub - Vancity
15. RBC International Money Transfers - RBC Royal Bank
16. Send money internationally with TD Global Transfer TM
17. International Banking: Solutions for Growth - BMO Canada
18. BMO Global Pay – a quick and simple way to send international business payments
19. Wise Business Fees & Pricing: Only Pay for What You Use