How to transfer a large sum of money to Canada from Ireland

1. Sending money to Canada: What are my options? >
2. Making large transfers to bank accounts in Canada   >
3. What is the process involved in sending large overseas payments >
4. What bank details are needed to send money to Canada? >
5. How long does it take to transfer money from Ireland to Canada? >
6. Why your high-street bank may not be the best choice for sending large cross-border payments >
7. Achieve the Best Exchange Rate for your EUR to CAD Transfers >
8. How Fexco can help >


1. Sending money to Canada: What are my options?

Sending money to Canada from Ireland can be a straightforward process once you understand the steps involved and the associated costs. You now have more options beyond traditional banks, offering cheaper, easier, and often faster ways to send money internationally.  

Overseas payments to Canada can be made using these methods:  

MethodDescriptionSpeedAdvantagesDisadvantagesSuitable for large amounts
International Money Transfer Service Convenient services offering various payout options Quick- Lower fees and rates are often more favourable than the traditional bank.

- Often more accessibility to banks worldwide.

- Streamlined payment options.
Client is required to sign up to tradeModerate to Large amounts
ACH (Automated Clearing House) Using in country payment systemsSimilar to money transfers but through a network of banks. Requires bank-specific instructions.ModerateWide accessibility, lower feesSlower processing compared to some methodsModerate to large amounts.
Traditional Bank transfersDirect transfer between banks, requiring recipient's bank info. Quick, fees depend on institution.ModerateSpeed and reliabilityLittle transparencyLarge amounts.
Cash-to-Cash TransferDrop off cash for pickup at a transfer centre.QuickQuick access for the recipient, convenienceFees can be relatively high, limited to cashModerate to large amounts.
Prepaid Debit CardsTransfer funds via a debit card for recipient's use.QuickConvenient for recipient, versatile usageActivation or monthly fees may applySmall to moderate amounts.
Foreign Currency ChequeIssue cheques in foreign currency, sent to recipient's local bank.SlowSimple process, local bank accessibilitySlower processing, processing feesModerate to large amounts.


2. Making large transfers to bank accounts in Canada  

If you’re looking to transfer a substantial amount of money to or from Canada, opting for a money transfer specialist is often the best choice.¬†

The primary reason is that you are likely to secure a more favourable exchange rate compared to a typical high street bank. 

A recent survey to over 4,205 consumers globally found that personal customers value trust, security and transparency when choosing an international payments provider for their overseas payments.

Specialist payment providers are often considered better for international payments involving large amounts due to solution offerings that enhance security and reliability.

They also provide dedicated and easily accessible support often lacking at neo banks and  typical high street banks.

When transferring large funds overseas, you need assurance that you have somebody at the end of a phone line in the event of a problem arising.

Payment FX specialists leverage extensive relationships with banks and financial institutions to offer their clients competitive exchange rates and reduced fees which better  the services of traditional banks.

Their in-depth knowledge of the foreign exchange market ensures clients  can access personalized solutions, establishing them as the top choice for cost-efficient and streamlined cross-border transactions. 

Get a bank-beating FX rate for your EUR to CAD overseas payments

Get a quote


3. What is the process involved in sending large overseas payments:

Step 1 ‚Äď Identity Verification¬†

Before initiating the money transfer from Ireland to Canada, your identity needs to be verified to comply with global anti-money laundering regulations. Typically, verification is quick and easy. You may be asked to provide: 

  • a copy of your passport/driver’s license and ¬†
  • a recent bill as proof of address¬†

It’s advisable to complete this step well in advance even if you’re not ready to transfer immediately.¬†


Step 2 ‚Äď Lock in an Exchange Rate (EUR to CAD)¬†

The next step involves locking in an exchange rate for converting Euros (EUR) to Canadian Dollars (CAD).¬† You’ll need to specify the amount of CAD you wish to purchase.

Your money transfer specialist will then provide a live quote for the EUR/CAD exchange rate. Remember that no transaction will occur without your authorization. If you decide to proceed, the specialist will secure the agreed-upon exchange rate for your transaction. 


Step 3 ‚Äď Submit your Euros¬†¬†

Before the money transfer to Canada can take place, you’ll need to send in your Euros to the designated bank account of your payment processor.


Step 4 ‚Äď Currency Conversion and Transfer¬†

Once your bank or money transfer specialist receives your Euros, the converted funds will then be transferred to the Canadian bank account you’ve specified.¬†


4. What bank details are needed to send money to Canada?  

Canada does not employ the IBAN system for global money transfers. Typically, they use a routing number which identifies  particular bank branches and  financial institutions within Canada. They are normally used in domestic money transfers

Typically when  someone needs to send money from Ireland to an account in Canada, they would need a the SWIFT code, account number and routing number. This will ensure that the transfer reaches a particular  bank branch faster. 


What is a routing number for a Canadian transfer 

A routing number consists of two parts: a four-digit institution number which is preceded by a zero and a five-digit transit number, also referred to as the branch number. 

  • The four-digit institution number uniquely identifies your bank.¬†

Examples of some of the largest banks in Canada:  

Institution NumberCanadian Bank
0001Bank of Montreal (BMO)
0002Bank of Nova Scotia (Scotiabank)
0003Royal Bank of Canada (RBC)
0004Toronto-Dominion Bank (TD)
0006Candian Imperial Bank of Commerce (CIBC)


  • The five-digit transit number indicates the branch where the account was originally opened. ¬†

This table breaks down the routing number for a TD Bank branch located in Whitby, Ontario, with branch number  

Routing number 000402732 

Routing NumberDescription
0Start off
004Institution Number (Example: Toronto-Dominion Bank)
02732Branch Number (Example: Whitby, Ontario)


To successfully transfer money to Canada, you’ll need the following details: 

Recipient's Full NameThe recipient's complete name as it appears on their Canadian bank account.
Recipient's AddressThe recipient's full address in Canada
Recipient's Bank Account NumberThe unique account number of the recipient in their Canadian bank. This should be preceded by the full 9-digit routing number
Recipient Bank's NameThe name of the recipient's Canadian bank.
Recipient Bank's Routing Number (SWIFT/BIC)The SWIFT or BIC code that uniquely identifies the recipient bank and its branch.


By following these steps, you can smoothly transfer money from Ireland to Canada and complete your international transaction with ease. 


5. How long does it take to transfer money from Ireland to Canada? 

As a general guideline, it takes around 2-3 working days for your CAD to reach Canada with traditional banks.

However, the actual duration can vary depending on the receiving bank in Canada. Some Canadian banks may have their internal checks on incoming international funds, which can slow down the process. 

Additionally, the time taken can be delayed by one working day if your funds are sent in the afternoon, rather than the morning, as the daily cut-off time is typically around 2pm.  

Transferring money to Canada from Ireland is quick, secure and cost-effective with Fexco.

Some high street banks charge up to ‚ā¨20 extra if¬† you need funds to reach the Canadian account on the same day. At Fexco, there is no added charge.

Once you have registered and locked in your exchange rate with Fexco, and we have received your cleared Euro settlement funds, your CAD can be delivered to Canada on the same day at no extra cost, provided funds are sent before the cut-off time.  

Please note, Fexco’s cut-off time to transfer funds is 2pm daily. If you have a tight deadline to meet, and your Euros are received after the cut-off time the payment will be delayed until the next working day. ¬†

Speak to our support team who can advise you on transfer times and they will keep you up to date on your payment.    


6. Why your high-street bank may not be the best choice for sending large cross-border payments:

a. Cap on transfer amounts

Some of the larger banks in Ireland have daily online limits to how much you can send abroad for personal customers. Fexco does not apply a daily limit on the amount you can transfer.

BankDaily online limitCost per transaction
Permanent TSB‚ā¨10,000Outside of the EU ‚ā¨31.50 + FX rate markup
Bank of Ireland (BOI)‚ā¨20,000‚ā¨5 + FX rate markup
Allied Irish Bank (AIB)‚ā¨10,000‚ā¨6.35 + FX rate markup for amounts over ‚ā¨127

Sources: Permanent TSB, BOI, AIB




b. Poor FX Rates and fees 

  • For example, you’re buying property in Canada¬†priced at ‚ā¨300,000. ¬†

To complete the property purchase, you need to transfer this amount to a Canadian bank. However, many banks could charge up to 5% margin on the FX rate on top of extortionate fees which can significantly affect your budget. 

If you decide to go ahead with the transfer without considering alternative FX providers, you might lose as much as ‚ā¨7,500 due to these unfavourable rates and fees imposed by your bank. ¬†

This is a substantial sum that could have been used to furnish you new home for example . 

In such situations, it’s crucial to explore cost-effective FX transfer options to ensure you make the most of your hard-earned money when purchasing property abroad. ¬†

Because of their relationships with global banking partners, cross-border payment specialists like Fexco can offer more competitive FX rates and lower fees to their customers than a traditional bank.


c. No dedicated support

High-street banks often do not offer the same level of customer support for international payments transactions compared to specialist payment  providers.

High-street banks typically provide a wide range of financial services, from mortgages to savings accounts.

Cross border payments is just one of many services they offer. As a result, their staff may not be as specialised or knowledgeable in the intricacies of international payments compared to dedicated support and dealing teams at specialist providers. 

While  many neo banks have have appeal for their technical capability and may offer online chat support or email assistance, these channels may not always be sufficient for addressing complex issues or urgent concerns with large money transfers.

Customers may prefer speaking to a representative over the phone or in person to resolve their problems quickly and effectively.

For transfers exceeding ‚ā¨5,000, using a money transfer specialist like Fexco can provide peace of mind. In the unlikely event that a problem arises in the process of sending or receiving a payment, our team is here to provide real-time updates and address any concerns.

Should you have questions or encounter any issues, you can simply pick up the phone and call us for immediate assistance.


7. Achieve the Best Exchange Rate for your EUR to CAD Transfers 

Navigating the foreign exchange market when converting your Euro to Canadian Dollars can be challenging. Even slight changes in the rates can significantly impact the amount of Canadian Dollars you receive for your Euros. 

We understand the importance of mitigating currency risks and strive to offer you the best possible exchange rate at the time of your transfer. A mere¬†1 ‚Äď 2%¬†movement in the Forex rate could result in a substantial loss of Canadian dollars, depending on the amount you are sending.¬†

Our team of dealers constantly monitor the market and will promptly alert you when the EUR to CAD exchange rate is at an optimal level to transfer your funds, ensuring you get the best value for your money. 

High-Street BankFX Transfer Providers
Advantages: ConvenientAdvantages: Cost-effective, dedicated account manager providing support when you need it and better technology
Disadvantages: High fees, unfavourable exchange rates, limited assistance, legacy technologyDisadvantages: Registration is required.
Suitable for: Smaller transfer payments (less than ‚ā¨5,000)Suitable for: Larger transfers (exceeding ‚ā¨5,000).


Please be aware that not all money transfer specialists have the same level of regulatory security. It is advisable to research the provider before you choose to send your money abroad that they are authorised and regulated.  

The Central Bank of Ireland webpage enables you to search through all Central Bank of Ireland registers to find specific information about a financial service provider. 

This level of personalised support sets us apart from high-street banks, where such dedicated assistance may not be readily available. It’s one of the reasons why many of our valued customers have chosen to entrust their international payments to money transfer specialists like us, ensuring a smoother and more reliable experience. 


How Fexco can help 

Fexco Corporate Payments Limited (t/a Fexco Corporate Payments) is regulated by the Central Bank of Ireland and is regulated by the Financial Conduct Authority for the conduct of payment business in the UK.

We are the trusted provider for personal clients seeking to transfer high value payments to overseas bank accounts. We process payments for overseas property purchases/sales,  repatriation of salary/investments  and more.

If you are transferring a large sum of money to a bank account in  Canada, our team will guide you through the process from start to finish.

If you need to make regular transfers to Canada, our online payments platform PayDirect facilitates transfers at your own pace from any destination.



Get a free EUR to CAD quote today


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