What Is Remitly? Explore Better Alternatives in Canada

Remitly is a popular digital money transfer service that allows users to send funds internationally with fast delivery and competitive exchange rates. It provides multiple payout options, including bank deposits, cash pickups, and mobile wallets, making it a convenient choice for global remittances. However, some users look for Remitly alternatives in Canada due to factors like transfer fees, exchange rate markups, and transfer limits. If you’re searching for a service that offers lower fees, better rates, or faster delivery, this guide will explore the best options available. Keep reading to discover which Remitly alternative is right for you!

Does Remitly Work In Canada?

Yes, Remitly works in Canada, allowing users to send money from Canada to over 150 countries worldwide. It is a popular choice for Canadians who want a fast, secure, and flexible way to send international remittances.

Remitly operates through its mobile app and website, where users can set up transfers using their bank account, debit card, or credit card. The recipient can receive money through bank deposits, cash pickups, mobile wallets, or even home delivery in select countries. The transfer speed depends on the chosen delivery option—Express transfers arrive within minutes but come with higher fees, while Economy transfers take 3–5 business days but are more cost-effective.

Key Features & Fees

• Remitly Transfer Limit: Varies by country, transfer history, and account verification level. Higher limits require additional identity verification.
• Remitly Exchange Rate: Includes a small markup over the mid-market rate, which varies by currency.
• Remitly Canada Rate: Fees depend on the destination and payment method—bank transfers are cheaper, while card payments incur higher fees.

While Remitly is safe and regulated in Canada, its fees and exchange rate markups can make transfers more expensive. If you’re looking for lower fees, better exchange rates, or higher transfer limits, there are great alternatives to Remitly that may better suit your needs. Keep reading to find the best Remitly alternative in Canada!

Get the Best Money Exchange Rates

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6 Top Remitly Alternatives in Canada for Fast Transfers

1. Xe

Xe is a well-known name in currency exchange and international transfers, offering real-time rates and fast transactions to over 170 countries. Unlike traditional banks, Xe provides no fixed transfer fees on most transactions, making it an attractive option for those looking to avoid hidden costs. The platform is widely used by individuals and businesses who need to send money abroad quickly and securely. Xe is particularly useful for users who want live exchange rate tracking, ensuring they get a fair deal on their international transfers without worrying about excessive markups.

• Key Features: Supports over 130 currencies, provides real-time exchange rates, and offers live tracking tools for exchange fluctuations.
• Fees: No fixed transfer fees, but a small exchange rate markup applies. Minimum transfer: CAD 100.
• Security: Regulated by FINTRAC in Canada, with bank-level encryption and fraud protection in place.
• Why Choose Xe? A trusted provider for those who frequently send money abroad and want a transparent, no-hidden-fee experience with a well-established financial brand.

2. Wise

Wise (formerly TransferWise) is the go-to platform for low-cost international transfers with real exchange rates. Unlike many competitors, Wise does not add a hidden markup to its exchange rates, making it one of the most cost-effective ways to transfer money. The Wise account in Canada allows users to hold multiple currencies, making it especially useful for freelancers, travelers, and expats. If you’re looking for a Remitly alternative in Canada that guarantees fair pricing, Wise is an excellent option.

• Key Features: Offers real mid-market exchange rates, a multi-currency account, and low-cost international bank transfers.
• Fees: A small percentage-based fee (varies by currency and payment method) but no exchange rate markup.
• Security: Licensed by FINTRAC, uses two-factor authentication and strong encryption to protect transactions.
• Why Choose Wise? Perfect for those who want to avoid currency conversion fees and need a transparent, no-markup international transfer service.

3. Xoom

Xoom, a PayPal-owned money transfer service, specializes in fast international transfers with multiple payout options, including bank deposits, cash pickups, and bill payments. It’s a great choice for those who need to send money quickly, especially to countries where cash pickup is necessary. Unlike Wise, which focuses on bank-to-bank transfers, Xoom allows recipients to collect cash at thousands of global locations. The Remitly exchange rate is often compared to Xoom’s, but Xoom’s PayPal integration makes it a convenient choice for existing users.

• Key Features: Instant or same-day transfers, wide cash pickup network, and direct PayPal integration.
• Fees: Varies by destination and payment method; higher fees for credit/debit card transfers, lower for bank-funded transfers.
• Security: Fully regulated and protected by PayPal’s security infrastructure with real-time fraud monitoring.
• Why Choose Xoom? Best for fast, PayPal-linked international transfers, especially when cash pickup is needed.

4. MoneyGram

MoneyGram is a global money transfer provider offering bank deposits, mobile wallet transfers, and cash pickups in over 200 countries. It’s one of the longest-standing players in the remittance industry, making it a strong Remitly alternative in Canada for users who need cash payouts in remote areas. While MoneyGram fees vary, its wide availability makes it a go-to for users needing urgent, reliable international transfers.

• Key Features: Offers same-day cash pickup, transfers to mobile wallets, and supports bill payments to select countries.
• Fees: Varies by country and payment method; bank transfers are cheaper, while card payments have higher fees.
• Security: Regulated by FINTRAC and global financial authorities; money-back guarantee if funds aren’t received.
• Why Choose MoneyGram? Ideal for users who need instant cash pickups with a reliable, globally recognized service.

5. WorldRemit

WorldRemit provides affordable international transfers with multiple payout options, making it one of the best apps like Wise for users who prioritize low fees and flexibility. Whether you need a bank transfer, cash pickup, or mobile wallet transfer, WorldRemit has you covered. Compared to Remitly Canada rates, WorldRemit is often more cost-effective for smaller remittances.

• Key Features: Supports 130+ countries, allows cash pickup, mobile money, and bank deposits, and offers instant transfers to many locations.
• Fees: Small fixed fee + exchange rate markup; varies by destination.
• Security: Fully regulated, partnered with major global banks, and uses bank-grade encryption.
• Why Choose WorldRemit? A great choice for affordable, flexible transfers with multiple payout options.

6. OFX

OFX is designed for larger international money transfers, offering competitive exchange rates and no transfer fees. Unlike Remitly, which is best for small remittances, OFX is better for business owners, expats, or anyone transferring significant sums internationally. With 24/7 customer support, OFX provides personalized assistance for every transaction, making it a strong alternative for high-value transfers.

• Key Features: No fixed transfer fees, better exchange rates for large transfers, and 24/7 support.
• Fees: No fixed fees, but exchange rate markup applies. Minimum transfer: CAD 250.
• Security: Regulated by FINTRAC, provides bank-level encryption and fraud monitoring.
• Why Choose OFX? Best for those making large transfers with low fees and better exchange rates.

Comparison of the Best Remitly Alternatives in Canada

When choosing a money transfer service, factors like fees, exchange rates, and transfer speed can significantly impact the cost and efficiency of your transaction. While Remitly is a popular choice, there are other alternatives that offer lower fees, better exchange rates, and different payout options. In this section, we compare Remitly with six top alternatives, helping you find the best service for your international transfers. Whether you need bank-to-bank transfers, cash pickups, or large transactions, this table will guide you in making the right choice.

FAQ

Is Remitly secure for sending money from Canada?

Yes, Remitly is secure for sending money from Canada. It is regulated by FINTRAC, ensuring compliance with Canadian financial laws. The platform uses bank-level encryption, fraud monitoring, and two-factor authentication to protect transactions. Additionally, Remitly provides a money-back guarantee if your transfer doesn’t reach the recipient.

Does Remitly work in Canada for USD to CAD transfers?

No, Remitly does not support USD to CAD transfers within Canada. It is primarily designed for international remittances, allowing users to send money from Canada to other countries. If you need a USD to CAD transfer, consider Wise, Xe, or OFX, which provide competitive exchange rates and multi-currency support.

Are there Remitly alternatives that offer better rates than Remitly Canada?

Yes, several Remitly alternatives in Canada offer better exchange rates and lower fees. Wise provides real mid-market exchange rates with transparent fees, while Xe and OFX offer lower exchange rate markups for large transfers. If you need cash pickup options, WorldRemit and MoneyGram may provide better value.