For many Edmonton residents, transferring money without unnecessary fees is critically important, especially when it comes to regular payments, helping family, or paying bills. Transfer fees can quickly add up and eat into a significant portion of your funds, so knowing about services with no or minimal fees is a real financial advantage. In this article, we will take a detailed look at the best options for sending money without fees both within Canada and abroad, and we will clarify the terms, restrictions, and pitfalls of each service.
Understanding “free” transfers: what does it really mean?
Before moving on to specific services, it is important to understand what “free” transfers mean in the financial industry. Many providers claim to have zero fees, but this does not always mean that you pay nothing. The cost may be hidden in the exchange rate when it comes to currency conversion. A truly free transfer means no fixed transaction fees and a transparent exchange rate with no markups.
When a bank or service offers “zero transfer fees,” they usually mean only the direct transaction fee, but they may add 1% to 4% to the exchange rate. This means that when transferring $1,000, you can lose between $10 and $40 simply due to an unfavorable exchange rate, even if the official “fee” is zero.
Free transfers within Canada
Interac e-Transfer: the most popular method
Interac e-Transfer is the standard for instant transfers between Canadian bank accounts and is available at virtually all financial institutions in the country. This service allows you to send money to anyone in Canada with just the recipient's email address or phone number, without needing to know their bank details.
The most important question is: is this service free? The answer depends on your bank and account type. Many Canadian banks offer free Interac e-Transfers for certain types of accounts. Receiving transfers is always free for all accounts, but sending can cost between $0.50 and $1.50 per transaction if your account does not include this feature for free.
RBC (Royal Bank of Canada) offers free Interac e-Transfers for all personal chequing accounts. If you have a personal chequing account with RBC, you can send and receive money via Interac e-Transfer without any fees. However, if you are sending from a savings account, there is a $1 fee per transaction.
TD Canada Trust provides free Interac e-Transfers for customers with TD Unlimited Chequing, TD All-Inclusive Banking Plan, TD Every Day Chequing Account, TD Student Chequing Account, and TD Wealth Private Banking Account. For basic accounts, the fee is between $0.50 and $1 per transfer, depending on the amount.
Scotiabank includes free Interac e-Transfers with most checking accounts, especially the Preferred and Ultimate packages. For business accounts, there is typically a $1 fee per transaction through Scotia OnLine.
ICICI Bank Canada offers completely free Interac e-Transfers for all account types with no restrictions. This makes the bank particularly attractive for those who use this service regularly.
Tangerine Bank, as an online bank with no physical branches, offers free Interac e-Transfers to all customers with no conditions or restrictions. Limits are up to $3,000 per day, $10,000 per week, and $300,000 per month, making Tangerine an excellent choice for regular transfers.
EQ Bank offers free Interac e-Transfers with limits of up to $5,000 per day, $20,000 per week, and $50,000 per month. In addition, EQ Bank offers a unique feature called EQ to EQ Transfers — free instant transfers between EQ Bank customers with higher limits: up to $30,000 per day, $100,000 per week, and $250,000 per month. These transfers do not require passwords and are executed instantly without any fees.
Simplii Financial (CIBC's online division) also offers free Interac e-Transfers to its customers with a No Fee Chequing Account.
Direct interbank transfers (EFT)
Electronic Funds Transfer (EFT) is another free way to move money between accounts at different Canadian banks. Unlike Interac e-Transfer, EFT requires you to link an external account to your primary account in advance by providing the transit number, institution number, and account number.
Most Canadian banks do not charge fees for outgoing or incoming EFT transfers. EQ Bank allows you to transfer up to $30,000 per outgoing transfer and receive up to $100,000 per incoming transfer without any fees. Tangerine allows you to transfer up to $50,000 per day via EFT for free as well.
The main disadvantage of EFT compared to Interac e-Transfer is speed. EFT usually takes 1 to 5 business days to complete, while Interac e-Transfer is completed instantly or within 30 minutes.
Checks: an old-fashioned but free method
Although checks may seem like an outdated method, they remain a completely free way to transfer money within Canada if your bank provides free checks. Tangerine, for example, offers 50 free checks to its customers. You can write a check to yourself and deposit it into another account or mail the check to the recipient.
The downside is that it takes several days for the check to clear, and there is a risk of the check getting lost in the mail.
Free international transfers
RemitBee: free transfers over $500
RemitBee is a Canadian platform that specializes in international money transfers and offers some of the most competitive rates on the market. The key feature of RemitBee is that they offer free transfers for amounts over $500 if you use Bill Payment, e-Transfer, or EFT payment methods.
For transfers under $500, RemitBee charges a flat fee of $2.99 when using e-Transfer, Bill Payment, or EFT. If you use a debit or credit card, the fee ranges from $2.99 to $8.99+ depending on the amount.
RemitBee supports transfers to over 100 countries worldwide, including Ukraine, India, the Philippines, China, and many others. RemitBee's exchange rates typically include a markup of 0.3% to 0.8% above the mid-market rate, which is quite competitive.
RemitBee has a particularly attractive offer for transfers between Canada and Ukraine. Under a partnership program with PrivatBank, the first transfer of up to CAD 250 is free, and the minimum transfer amount is only $10.
For conversions between Canadian and US dollars, RemitBee offers free conversion with no fees for amounts over $10, with a limit of up to $1 million per day.
RBC Cross-Border Banking: free transfers between the US and Canada
If you regularly transfer money between Canada and the United States, RBC Cross-Border Banking offers a unique opportunity to make unlimited free instant transfers between your Canadian and US RBC accounts.
The program allows you to open both a Canadian and a US bank account with RBC and transfer up to $25,000 per transaction as many times as you need, with no transfer fees. Transfers are instant, which is a huge advantage over traditional international wire transfers, which can take up to three business days and cost $50 or more.
It is important to understand that although RBC does not charge a transfer fee, you are still converting currency at the exchange rate set by RBC, which may include a small markup compared to the mid-market rate. However, for those who have regular financial transactions on both sides of the border — working in the US, owning real estate, paying for education, or making purchases — this program can save hundreds of dollars a year.
CIBC Global Money Transfer: zero transfer fees
CIBC (Canadian Imperial Bank of Commerce) offers a Global Money Transfer service that allows you to send money to over 130 countries worldwide with no transfer fees. You can use CIBC Online or Mobile Banking to make transfers at competitive exchange rates.
Although CIBC does not charge a transfer fee, it is important to understand that the exchange rate is set by the bank and may include a markup. For large transfers, this markup can be significant, so it is worth comparing CIBC's rate with the average market rate before making a transaction.
TD Global Transfer: no TD fees
TD Bank offers TD Global Transfer through EasyWeb Internet Banking and the TD app, which allows you to send money abroad without TD fees. When you use TD's service to send funds, TD does not charge a transfer fee.
However, if you send funds in a currency other than your account currency, you will purchase that currency from TD at the exchange rate they set and disclose to you before completing the transfer. In addition, other banks involved in the transfer may charge additional fees to the recipient of the funds.
TD also offers the option to use third-party services in TD Global Transfer, which may have their own fees, but these fees are displayed before you confirm the transaction.
Scotiabank International Money Transfer: free for certain customers
Scotiabank offers Scotia International Money Transfer with a fee of only $1.99 per transfer. However, for customers with the Ultimate Package and for participants in the New to Canada program, transfers are completely free.
Scotiabank's StartRight program, designed for those who have recently obtained permanent residence in Canada or have had it for less than three years, also allows you to send money for free. This is especially useful for immigrants and international students who regularly send money home.
Transfers via Scotia International Money Transfer usually take 1 to 3 days if sent during business hours.
Wise: low and transparent fees
Although Wise (formerly TransferWise) is not technically a completely free service, it deserves a mention because of its exceptionally transparent and low fee structure. Wise always uses the real mid-market exchange rate with no markups and charges only a small, transparent fee, which is typically between 0.48% and 1% depending on the currency and amount.
For comparison, if you send 1,000 Canadian dollars to the US via Wise, the total fee will be approximately $7.40 (0.48% variable fee plus $2.64 fixed fee). This is significantly cheaper than the hidden markups in most banks' exchange rates, which can cost between $20 and $40 for the same amount.
Wise also offers a multi-currency account that allows you to hold over 40 currencies for free. Sending money, converting currencies, and receiving payments in most currencies is also free, with the exception of USD wire transfers (6.11 USD fee) and CAD Swift payments (10 CAD fee).
OFX: Free transfers over $10,000
OFX is a specialized currency transfer provider that offers free transfers for amounts over $10,000 CAD. For amounts under $10,000, OFX charges a $15 fee.
OFX has no upper transfer limit, making it ideal for large transactions such as purchasing real estate abroad, paying for education, or business payments. OFX exchange rates typically include a small markup above the mid-market rate, but it often works out to be cheaper than traditional banks.
OFX also provides 24/7 customer support and fast transfer processing—most transfers are completed within 1-2 business days.
Western Union and MoneyGram: Special Offers for New Users
Western Union occasionally offers promotions for new users, including zero fees on the first transfer. For example, in 2023, Western Union Canada offered a free first online transfer for all new users. It's worth checking their website or app regularly for current promotions.
Ria Money Transfer also offers the promo code HELLORIA, which provides zero fees on your first transfer.
This is a great opportunity to try out the service without any risk.
It is important to remember that even when the transfer fee is zero, these services usually apply a markup to the exchange rate, which can range from 1% to 5%.
Instarem: first transfer with no commission
Instarem is an international money transfer platform that offers zero commission on the first transfer for new users. After the first transfer, Instarem charges low commissions and offers competitive exchange rates.
Most transfers through Instarem are completed instantly or on the same day, although the exact time may depend on the payment method, verification process, and banking system.
Specialized services for commission-free currency exchange
CanAm Currency Exchange: no transaction fees
CanAm Currency Exchange is a specialized currency exchange service in Edmonton that offers the lowest rates with no transaction fees. They guarantee rates up to 3% better than banks and promise to beat any competitive rate.
CanAm offers same-day delivery of funds directly to your bank account. The minimum requirement is $1,500 per transaction for online transfers, but there are no minimums for in-store transactions.
The company is regulated by FINTRAC (a Canadian government agency) and keeps customer funds in a separate account at a major Canadian financial institution, ensuring the security of your funds.
Knightsbridge Foreign Exchange: lowest rates for large amounts
Knightsbridge Foreign Exchange specializes in large transfers (usually $2,000 or more) and guarantees the lowest exchange rates in Canada, charging only half a percent of your transfer. This is 2.5% better than the rates offered by Canadian banks.
Knightsbridge does not charge separate fees for wire transfers — they are included in the exchange rate. If you find a better rate with a competitor, Knightsbridge guarantees to beat it.
The service is compatible with all Canadian banks, and if you complete your transaction before your bank's closing time, you will receive your funds on the same day.
Tips for maximizing free transfers
Plan your transfer amounts strategically
Many services offer free transfers only for amounts above a certain threshold — for example, $500 for RemitBee or $10,000 for OFX. If possible, combine smaller payments into one larger transfer to avoid fees.
Open the right type of bank account
If you use Interac e-Transfer regularly, make sure your bank account includes free e-Transfers. Many banks offer student accounts, premium packages, or basic checking accounts with unlimited free e-Transfers.
Take advantage of offers for newcomers
If you are new to Canada, programs such as Scotiabank StartRight or New to Canada packages may offer you free international transfers during your first years in the country.
Compare not only fees, but also exchange rates
A free transfer with a poor exchange rate may cost more than a transfer with a small fee but a fair exchange rate. Always compare the total cost, including both fees and exchange rate differences.
Use promo codes and special offers
Many services regularly offer promotions with zero fees for new users or during certain periods. Subscribe to newsletters and keep an eye out for promotional offers.
Conclusion
Sending money without fees in Edmonton is entirely possible if you know the right tools and understand the terms of their use. For transfers within Canada, Interac e-Transfer through banks such as Tangerine, EQ Bank, RBC, or ICICI Bank provide completely free and instant solutions. For international transfers, RemitBee stands out with free transfers over $500, while RBC Cross-Border Banking is ideal for transactions between Canada and the US.
For larger amounts, OFX, Knightsbridge FX, and CanAm Currency Exchange offer free or low fees with competitive exchange rates. It's important to remember that the true cost of a transfer is determined not only by the fee but also by the exchange rate, so always compare the total cost before choosing a service.
Choosing the right service depends on your specific needs: the amount of the transfer, the destination country, the speed of delivery, and the frequency of transactions. By using a combination of different services for different situations, you can minimize or completely avoid transfer fees and save more of your money.