Cheapest Way to Send Money from Canada to Hong Kong, China, India and the Philippines
On October 16, 2026, for $1,000 CAD, Remitly delivered the most to Hong Kong: 5,528 HKD. Banks in the same comparison delivered up to 194 HKD less, mostly through a hidden exchange-rate markup averaging 3.06%. Online transfer companies usually beat banks; compare the amount received, not the fee.
| Sending $1,000 CAD to | Best value | They receive | Most a bank gave less | Average bank markup |
|---|---|---|---|---|
| Hong Kong | Remitly | 5,528 HKD | 194 HKD | 3.06% |
| mainland China | Xoom | 4,753 CNY | — | — |
| India | Western Union | 66,867 INR | 2,034 INR | 3.05% |
| the Philippines | Western Union | 44,285 PHP | 2,827 PHP | 4.76% |
What is the cheapest way to send money from Canada?
For most amounts, an online transfer company delivers more than a bank wire, because banks add an exchange-rate markup of a few percent on top of their fee. Always compare the amount the recipient gets.
Is there a limit on moving money from mainland China to Canada?
Individuals in mainland China have a yearly foreign exchange quota of US$50,000 equivalent, set by SAFE. Splitting a transfer across relatives to get around it is not allowed.
Are large transfers reported?
Banks and transfer companies report international transfers of $10,000 or more to FINTRAC. This is routine and legal; keep your records, especially for a home down payment.
Compare any amount live · Cards with no foreign fee · How we compare