One of the most common — and most expensive — newcomer mistakes is sending money home through a bank wire. Banks can quietly take around 8% of every dollar through fees and poor exchange rates. Over years, that’s enormous.
Use the right tools
- Wise — transparent fees and the real mid-market exchange rate.
- Remitly — economy and express options by corridor.
- Monito — a free comparison tool that shows the true cost across services in 30 seconds.
Why bank wires are usually wrong
The headline “fee” hides the bigger cost: a marked-up exchange rate. Always compare the amount your family actually receives, not just the fee.
A tax note for larger transfers
If your total foreign assets ever exceed CAD $100,000, you must report them to the CRA on Form T1135. Most remittances are well below this, but it’s worth knowing as your finances grow.
Get the full picture. This is one chapter of your first year. The complete guide — in order, with 13 fillable worksheets — is in Your First Year in Canada. And grab the free First-30-Days Checklist + resource hub.
General information, not legal, financial, or immigration advice. Programs and amounts change — verify with official sources before deciding. Current as of 2026.
