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

26 August 2026

Whether you're transferring savings to set up in Australia, sending a DASP or super payment back the other way, or just managing money across two countries during the transition, at some point almost every Canadian on this corridor moves a meaningful sum from CAD to AUD. The bank-to-bank route is the default most people reach for, and it's also the most expensive.

Why bank transfers cost more than they look like they do

Two costs stack against you when you transfer through your Canadian bank. First, the exchange rate margin: banks don't use the mid-market rate, they typically add roughly 2-4% on top, usually folded into the rate itself rather than shown as a line item. On a $20,000 transfer, a 3% margin costs you about $600. Second, the flat fee: banks generally charge $20-40 per outgoing international transfer, and the receiving bank in Australia may charge its own fee on top.

Specialist transfer services

These providers price at or near the mid-market rate and charge a transparent fee or a tight margin instead of hiding the cost inside the rate. Verified against each provider's own pricing pages as at 26 Aug 2026.

Wise. Uses the mid-market rate plus a small upfront fee. Widely used for the CAD-AUD corridor, generally fast, and you can hold both currencies in one account during the transition. Automatic fee discounts on larger transfers.

OFX. No transfer fee on most transactions, and CAD-AUD is one of its core supported corridors. Competitive for larger, less frequent transfers - call for a rate quote rather than relying on the online calculator.

TorFX. No transfer fees, roughly £100 (or local equivalent) minimum, margin-based rather than fee-based. Most major-currency transfers settle same day or within two business days.

Currencies Direct. Fee-free transfers, revenue comes from the wholesale-to-retail spread, which narrows as the amount goes up. SWIFT intermediary fees can apply separately.

XE Money Transfer. No fee on most bank-funded transfers, margin sits around 0.5-1% on major routes, narrowing with size. Rates are decent though usually slightly behind Wise and OFX.

CurrencyFair. Markets itself as up to eight times cheaper than the banks, supports both CAD and AUD among 20+ currencies, regulated across AU, Europe, Singapore and Hong Kong.

Revolut. Fee-free FX up to a monthly allowance (roughly $1,000-equivalent on the Standard plan), 0.5% beyond that, plus a weekend markup between Friday 5pm and Sunday 6pm US Eastern time that varies by plan tier. Confirmed available with local accounts in both Canada and Australia (from Jul 2026) as at 26 Aug 2026.

Bank transfer margin

2-4%

built into the exchange rate, rarely shown as a separate line

Bank flat fee

$20-40

per outgoing SWIFT transfer, plus a possible receiving-bank fee

Specialist provider margin

0-1%

Wise, OFX, TorFX and Currencies Direct all price close to the mid-market rate for CAD to AUD

Typical settlement time

Same day - 2 business days

for a specialist transfer service, most major-currency routes

Which service for which situation

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

Larger one-off transfers ($10,000-$100,000): OFX, TorFX or Currencies Direct. Call for a rate quote rather than using the online calculator - larger amounts can often be negotiated.

DASP or super payouts specifically: these land in AUD and need converting to CAD - the same specialist providers apply in reverse. Don't let the ATO's default conversion via your nominated bank be your only option; compare it against a specialist provider's rate for the same day before you decide where the payment lands.

Timing your transfer

CAD to AUD rates move, sometimes meaningfully over a few weeks. A few percentage points of timing can matter on a large transfer, though it isn't worth obsessing over for smaller amounts.

Don't try to time the market for amounts under $20,000. The stress isn't worth the potential gain.
Set rate alerts with 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 three to six months and want certainty. OFX, TorFX and Currencies Direct all offer these.

Moving from Canada to Australia?

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The bottom line

Use Wise for regular and smaller transfers. Use OFX, TorFX or Currencies Direct for large one-off transfers and call for a personalised rate. Avoid bank-to-bank transfers for anything beyond a small, occasional amount, and keep the same discipline when a DASP or super payout eventually comes the other way.