How to Send Money Home: Wise vs. Western Union (Cheapest Rates

For most people arriving in Canada in 2026, "remittance"—the act of sending money back to family in your home country—is a top priority. Whether it’s for a mortgage back home, school fees, or family support, you want the maximum amount of your Canadian Dollars (CAD) to reach the other side.

The "Big Banks" in Canada often charge $30 to $50 for a wire transfer, but the real cost is hidden in the Exchange Rate. In 2026, two giants dominate the market: Wise (the digital disruptor) and Western Union (the global veteran).

This is the Official 2026 Comparison. We’ve tested both platforms across major corridors like India, Nigeria, and the Philippines to help you choose the right tool for your monthly transfer.

Quick Comparison: Wise vs. Western Union (2026)

Wise: The "Transparency" King for 2026

Wise has become the gold standard for tech-savvy newcomers because they do not hide their fees.

• The "Real" Rate: Wise uses the Mid-Market Rate. If Google says 1 CAD = 65.40 INR, that is exactly the rate Wise gives you. They make their profit by charging a small, transparent fee upfront.³
• Speed: In early 2026, nearly 70% of Wise transfers arrive in the recipient’s bank account in under 20 seconds.
• The "Large Transfer" Perk: If you are sending more than $20,000 (e.g., for a property purchase), Wise offers a lower percentage fee, making it significantly cheaper than a bank wire.
• Internal Link Landmark: Near the large transfer mention: "Before moving large sums, ensure your account is protected with the February 2026 MFA Backup to avoid being locked out."

Western Union: The "Cash Access" Leader

Western Union has over 500,000 locations globally. If your family lives in a rural area without a reliable bank, Western Union is often the only choice.

• The "Markup" Trap: Western Union often advertises "$0 Fees," but they make their money by giving you a worse exchange rate than Google. In 2026, this markup is typically between 2% and 4%.
• Speed: If you pay with a debit card for "Cash Pickup," the money is usually ready in minutes.
• The 2026 Shift: Western Union has improved its mobile app to compete with Wise, but they still struggle with transparency regarding the total cost of the transfer.

CAD to INR: The 2026 "Panda vs. Wise" Battle

Answer: In January 2026, the best rate for sending CAD to INR is often found through Wise or Panda Remit. While Western Union is convenient for cash, Wise provides the mid-market rate (approx.⁴ 65.40 INR per 1 CAD), saving the average sender about $45 per every $1,000 sent compared to traditional Canadian banks.

Sending to the Philippines: GCash vs. Bank Transfer

For newcomers from the Philippines, the choice is usually between a bank deposit or a mobile wallet like GCash.

• The 2026 Hack: Using Wise to send directly to a GCash or PayMaya wallet is often faster than a bank transfer. The funds arrive instantly, and the fees are lower because Wise uses a local payout partner in Manila.
• Internal Link Landmark: Near the mobile wallet mention: "Tracking these monthly costs is easier when you align them with your GST Payment Dates."

The Nigeria "Parallel Market" Challenge 2026

Nigeria’s exchange rate has been volatile in 2026.

• The Strategy: Avoid using "Official Bank Rates" for Nigeria if possible. Digital platforms like Wise are now more closely aligned with the "FMDQ" market rates, offering significantly more Naira for your Canadian Dollar than Scotiabank or RBC.
• Verification Alert: For Nigeria, the CRA often monitors large outflows. Keep your receipts in case you are asked to verify your "World Income" on your First Tax Return.

The "Hidden Cost" Calculator: 1,000-Breakdown

Most newcomers only look at the "Fee" (e.g., $5), but the Exchange Rate Markup is what actually costs you the most money.

The Math of a $1,000 Transfer (CAD to PHP)

• Real Rate (Google): 1 CAD = 42.80 PHP
• Wise Rate: 1 CAD = 42.80 PHP + $9.45 fee. Recipient gets: 42,395 PHP.
• Western Union Rate: 1 CAD = 41.20 PHP + $0 fee. Recipient gets: 41,200 PHP.
• The Difference: Even though Western Union had "Zero Fees," you lost 1,195 PHP ($28 CAD) because of the bad exchange rate.

Why "Interac e-Transfer" is a Newcomer Lifesaver

In 2026, most digital platforms (Wise, Remitly, WorldRemit) allow you to fund your transfer via Interac e-Transfer.

• The Benefit: It is faster than a bank transfer (which takes 2 days) and cheaper than a credit card (which counts as a "Cash Advance" and charges 22% interest).
• The Limit: Remember that your Newcomer Bank Account may have a daily e-Transfer limit of $3,000. If you need to send more, you will need to use a "Wire Transfer" or a "Direct Debit (ACH)."

Frequently Asked Questions (FAQ)

Is it safe to use Wise for large amounts?

Yes. In 2026, Wise is regulated by FINTRAC in Canada and is licensed in every country it operates in. For transfers over $20,000, they may ask for "Proof of Funds" (like a paystub or a bank statement) to comply with anti-money laundering laws.

Does Western Union give a better rate in-person?

Generally, no. The best rates for Western Union are usually found on their Mobile App. In-person "Agent Locations" (like those in convenience stores) often have higher fees to cover the shopkeeper’s commission.

What is the MTCN number?

This stands for Money Transfer Control Number. It is the unique 10-digit code Western Union gives you. You must send this to your recipient; they cannot pick up the cash without it.

• Scam Warning: Never share your MTCN with anyone except the intended recipient. Scammers often pretend to be "CRA Agents" or "Landlords" asking for an MTCN to "Verify Funds." Read more in our Tax Scams 2026 Guide.

Action Steps: Which One Should You Use?

1. Use Wise if: You are sending to a bank account or mobile wallet and want the absolute cheapest price.
2. Use Western Union if: Your recipient needs Physical Cash immediately at a local pickup point.⁵
3. Always Check Both: Before you hit "Send," open both apps. In 2026, Western Union occasionally runs "Loss Leader" promotions (like $0 markup for first-time users) that can beat Wise for a single transfer.
4. Avoid Credit Cards: Never fund a transfer with a credit card unless it is a life-or-death emergency. The high interest and "Cash Advance" fees will ruin your Credit Building Strategy.

About the Author

Jeff Calixte (MC Yow-Z) is a Canadian labour market researcher and digital entrepreneur specializing in government benefit data and cost-of-living support. As the founder of CanadaPaymentDates.ca and BetterPayJobs.ca, Jeff helps newcomers, students, and workers navigate the Canadian social safety net—from tracking CRA payment schedules to finding entry-level work.

Sources

• Wise: CAD to INR Exchange Rate Comparison 2026
• Western Union: International Money Transfer Fees Canada
• NerdWallet: How to Transfer Money Internationally from Canada
• CRA: Reporting Foreign Income and Remittances

Note

Official 2026 payment dates and benefit amounts are determined by the Canada Revenue Agency (CRA) and provincial governments. While we strive to keep this information current, government policies and schedules are subject to change without notice. All data in this guide is verified against official CRA circulars at the time of publication and should be treated as an estimate. We recommend confirming the status of your personal file directly via CRA My Account or by calling the CRA benefit line at 1-800-387-1193.