Moving Money from Australia to Canada: The Cheapest and Fastest Ways

bank notes and coins of various currencies scattered on a table

Moving money between Australia and Canada is something almost every relocating Australian deals with, whether it’s transferring savings to set up in Canada, sending money back to family, or managing accounts in both countries during the transition.

The bank-to-bank approach is the most common and the most expensive. Here’s how to do it properly.

The problem with bank transfers

When you transfer money through your Australian bank to a Canadian bank, two things work against you:

The exchange rate margin. Banks don’t use the mid-market (real) exchange rate. They add a margin of typically 2-4% on top. On a AUD $50,000 transfer, a 3% margin costs you $1,500.

Transfer fees. Banks typically charge AUD $20-$30 per outgoing international transfer, plus the receiving bank may charge a fee on the Canadian side.

On a large transfer - moving savings to buy a car or set up a home - the difference between using a bank and using a specialist transfer service can easily be CAD $1,000-$3,000.

Specialist transfer services

These services use the mid-market rate or very close to it, and charge a transparent fee rather than hiding margin in the rate.

Wise (formerly TransferWise). The most widely used option for Australia-Canada transfers. Uses the mid-market rate and charges a transparent fee (typically 0.4-0.7% of the transfer amount). Fast - often same day or next business day. Highly recommended for most transfers. You can also hold both AUD and CAD in a Wise account, which is useful during the transition period.

OFX. Australian-founded transfer service with strong Australia-Canada coverage. Competitive rates, no transfer fees on most transactions, and good customer service. Better than Wise for very large transfers (over $50,000 AUD) where OFX’s rate is often more competitive.

Currencies Direct. Good option for larger, less frequent transfers. Offers rate alerts and forward contracts (locking in an exchange rate for a future transfer).

TorFX. Similar to OFX - strong for large transfers, personal service, no fees.

XE Money Transfer. Part of the XE currency brand. Rates are decent though slightly behind Wise and OFX. Good track record and widely trusted.

Which service for which situation

Day-to-day or smaller transfers (under $10,000 AUD): Wise is the easiest and usually cheapest. Set up takes about ten minutes, it’s fully digital, and it’s fast.

Large one-off transfers ($10,000-$100,000 AUD): OFX or TorFX. Call them for a rate quote rather than using the online calculator - for large amounts you can often negotiate a better rate.

Very large transfers ($100,000+ AUD): Use a specialist forex broker and call them directly. At this level the rate difference between providers is significant enough to warrant shopping around. TorFX, OFX, and Currencies Direct all handle transfers of this size regularly.

Timing your transfer

The AUD/CAD exchange rate fluctuates. Over 2024-2025, 1 AUD has generally been worth approximately 0.88-0.92 CAD. A few percentage points difference in timing can meaningfully affect a large transfer.

Practical approaches:

Don’t try to time the market for amounts under $20,000. The stress isn’t worth the potential gain.
Set rate alerts on Wise or OFX so you’re notified when the rate hits a target level.
Use a forward contract if you know you’ll need to transfer a large amount in 3-6 months and want certainty. A forward contract locks in today’s rate for a future transfer date. OFX and TorFX offer these.

Setting up accounts in both countries

During the transition period you’ll likely be managing money in both Australia and Canada. A few things that help:

Keep your Australian account open. Don’t rush to close Australian bank accounts. You may receive income, tax refunds, or super withdrawals in Australia for some time after leaving.

Open a Wise multi-currency account. A Wise account lets you hold, send, and receive both AUD and CAD. You get local bank details in both countries, which means you can receive Australian payments without international transfer fees.

Be aware of FBAR/reporting requirements. If you maintain Australian financial accounts while a Canadian tax resident, you may have reporting obligations to the Canada Revenue Agency (CRA) regarding foreign assets. Get advice on this from a cross-border accountant.

Superannuation

Your Australian super stays in Australia. You generally cannot access it until you meet a condition of release under Australian law - typically reaching preservation age (currently 60) or permanently departing Australia on a temporary visa.

If you left Australia on a temporary visa and have since departed permanently, you may be able to claim your super as a Departing Australia Superannuation Payment (DASP). This is taxed at 35% for taxed elements. Get advice before claiming, as the tax treatment is not always straightforward.

Do not transfer Australian super directly into a Canadian RRSP - there is no tax treaty provision that makes this advantageous, and it triggers Australian tax on the way out.

The bottom line

Use Wise for regular and smaller transfers. Use OFX or TorFX for large one-off transfers and call them for a personalised rate. Avoid bank-to-bank transfers for any amount over a few hundred dollars. Keep your Australian accounts open during the transition. Set up a Wise multi-currency account early - it makes managing money across both countries significantly easier.

Move Between helps Australians and Canadians navigate international relocation. Browse our guides, checklists, and visa resources to plan your move with confidence.