International money transfer: Same-day overseas transfer from Canada

Sending money across borders shouldn't feel like navigating a maze. Yet for Canadian businesses expanding globally, international transfers often become a bottleneck – slowing down supplier payments, complicating payroll for overseas teams, and eating into margins with hidden fees. The cross-border payments landscape is evolving rapidly, with current volumes exceeding USD 200 trillion and expected to increase by 5% annually until 2027 ¹.

You're not alone if you've wondered why sending money to your supplier in Singapore takes days while your competitor seems to pay instantly. Or why that USD invoice from your US vendor comes with unexpected conversion charges. The reality is that traditional international transfers haven't kept pace with the speed of modern business.

The hidden complexity of cross-border payments

Every international transfer involves multiple players – your bank, intermediary banks, the recipient's bank, and payment networks. Each adds time and cost. According to recent data, institutions like SWIFT facilitate over 44 million transfer messages daily ². This massive volume highlights both the scale of global commerce and the infrastructure challenges businesses face.

The traditional system wasn't built for today's pace. When you send money internationally through conventional channels, your funds might pass through 2-4 intermediary banks. Each stop can add 1-3 business days and additional fees. Research shows that 44% of respondents are frustrated by poor exchange rates, while 35% cite high or hidden fees as major pain points ³.

Exchange rates: The silent profit killer

Exchange rates significantly impact your bottom line. Traditional banks often mark up rates by 2-4% above the interbank rate – the real exchange rate banks use between themselves. On a $100,000 transfer, that markup alone could cost you $2,000-$4,000.

Consider this: only 20% of Airwallex's transactions currently contain FX, suggesting many businesses haven't optimized their foreign exchange strategy ⁴. This represents a massive opportunity for cost savings.

Speed matters: Why same-day transfers are becoming essential

Speed ranks as the top priority for 65% of respondents when choosing a payment method ³. This isn't surprising – faster payments mean better supplier relationships, improved cash flow management, and competitive advantage.

The G20 has set ambitious targets for cross-border payments, aiming for 75% of remittances to arrive within one hour by the end of 2027 ³. While traditional banking infrastructure struggles to meet these goals, modern payment platforms are already delivering.

Real-world impact of payment speed

Faster payments transform business operations:

• Supplier relationships: Pay invoices instantly to secure early payment discounts

• Inventory management: Restock quickly when demand spikes

• Employee satisfaction: Ensure overseas contractors receive payments promptly

• Market opportunities: Act fast on time-sensitive deals

McLaren Racing exemplifies this transformation, having modernized their cross-border payments with Airwallex to streamline global operations ⁵.

Breaking down the countries: Your global payment reach

Airwallex enables businesses to send and receive funds across more than 150 countries ⁴. This extensive network covers major trade corridors and emerging markets alike.

North American corridors

United States: Canadian businesses can leverage high-speed transfers to US suppliers and employees at low interbank rates. Funds are received quickly, securely, and in as little as one business day ⁶. With major retailers like Walmart adopting account-to-account payment methods, the US payment landscape is evolving rapidly ⁷.

Canada to Canada: Even domestic transfers benefit from modern infrastructure. Airwallex's local network eliminates transaction fees and delivers funds faster and in full ⁸.

Asia-Pacific powerhouses

The Asia-Pacific region generates 47% of global payments revenues ($1 trillion) with the fastest annual growth rate of 25% excluding China ⁹. Key markets include:

• Singapore: Where Airwallex's revenue rose 153% year-on-year in FY2024¹⁰

• Hong Kong: A major financial hub with sophisticated payment infrastructure

• Japan: Part of Airwallex's expansion into new markets⁴

• Australia and New Zealand: Mature markets with strong trade ties to Canada

European connections

Europe's payment landscape is sophisticated, with the region accounting for 29.4% ($37.8 billion) of global payment gateway revenues ⁹. The International Bank Account Number (IBAN) system, used primarily in Europe, standardizes account identification for international payments ¹¹.

Key European markets demonstrate varying digital payment adoption:

• Ireland and Sweden lead with 47% and 45% of small business websites accepting online payments

• The EU average stands at 24% of small business websites taking online payments⁹

Emerging markets and beyond

Airwallex has been expanding its financial infrastructure to new markets, including the UAE and Latin America ⁴. Latin America is forecast to be the fastest growing region with a CAGR of 11% from 2022-27 ⁹.

In 2025, Airwallex acquired CTIN Pay, a regulated payment service firm in Vietnam, further strengthening its Southeast Asian presence ¹⁰.

The technology powering modern transfers

Modern payment infrastructure leverages several key technologies to deliver speed and efficiency:

Local payment networks

Instead of routing every payment through SWIFT, modern platforms use local payment rails. Payments are made using Airwallex's local network to eliminate transaction fees and deliver your funds faster and in full ⁶. This approach bypasses traditional intermediaries.

Multi-currency capabilities

Airwallex offers multi-currency accounts to receive funds, allowing businesses to hold, convert, and pay in multiple currencies ⁵. This eliminates unnecessary conversions and reduces costs.

API-driven automation

The integration of payment systems with modern platforms is transforming how businesses operate. Airwallex has partnered with payments orchestration platform Yuno, enabling access to more than 1,000 payment methods across over 195 countries ¹⁰.

Cost transparency: Understanding your true expenses

Traditional banks often obscure the true cost of international transfers through:

• Marked-up exchange rates

• Wire transfer fees

• Intermediary bank charges

• Receiving fees

In contrast, Airwallex Business Account offers market-leading FX rates on every transaction, big or small, with zero hidden fees ⁶. While Airwallex may charge additional transfer fees for specific services like SWIFT network usage, these are clearly disclosed upfront ⁸.

Breaking down the savings

Consider a Canadian company paying suppliers across multiple countries monthly:

Merchants paid approximately $138 billion in processing fees in 2022 globally ⁹. By optimizing international transfers, businesses can reclaim a significant portion of these costs.

Real businesses, real results

RYSE transformed complex cross-border finances into streamlined, cost-saving, and efficient global operations with Airwallex ². This transformation isn't unique – it's becoming the standard for forward-thinking businesses.

The impact extends across industries. About 96% of Singapore SMEs surveyed have adopted or plan to adopt fintech solutions, with 91% trusting fintechs to manage their financial operations ¹⁰.

Compliance and security in global transfers

Modern payment platforms maintain rigorous compliance standards. Airwallex holds more than 60 licences globally, including in Singapore, Hong Kong, Australia, Malaysia, New Zealand, mainland China, and Japan ¹⁰.

This regulatory foundation ensures:

• Secure fund transfers

• Compliance with local regulations

• Protection against fraud

• Transparent operations

Integration with your existing systems

Modern payment solutions integrate seamlessly with existing business infrastructure. Airwallex offers:

• Automated accounts payable management¹²

• Expenses and reimbursement management

• Multi-currency company and employee cards

• Integrations with eCommerce platforms¹³

These integrations mean you don't need to overhaul your entire financial stack. Airwallex also integrated with platforms like Amazon and PayPal, allowing businesses to collect and pay in local currencies ¹⁰.

The future of international transfers

The payments landscape continues evolving rapidly. The digital payment market is expected to grow at a compound annual growth rate of 13.5% from 2024 to 2033, reaching $32.07 trillion ¹⁴.

Key trends shaping the future include:

• Real-time payments: The Automated Clearing House (ACH) announced they will increase the limit on RTP transactions to 10 million, a 10x increase⁷

• ISO 20022 adoption: The Fedwire Funds Service is expected to migrate to ISO 20022 in March 2025⁷

• AI implementation: Airwallex is increasingly implementing AI across its internal and customer-facing services⁴

Making the switch: Practical steps

Transitioning to modern international payment solutions doesn't require disrupting your entire operation. Here's how to start:

1. Audit current costs: Calculate your total international transfer expenses including fees and FX markups

2. Identify priority corridors: Focus on your highest-volume payment routes first

3. Test with small transfers: Start with lower-value payments to build confidence

4. Scale gradually: Expand usage as you see results

5. Leverage automation: Use APIs and integrations to streamline processes

The competitive advantage of speed and efficiency

In today's global economy, payment efficiency directly impacts competitiveness. Businesses using modern payment infrastructure gain:

• Better supplier terms through prompt payment

• Improved cash flow visibility

• Reduced operational overhead

• Enhanced ability to seize market opportunities

Airwallex has onboarded 150,000 businesses and aims to boost its monthly active customers to more than one million by 2030 ⁴. This growth reflects the broader shift toward modern payment solutions.

Conclusion: Your gateway to global growth

International money transfers no longer need to be slow, expensive, or opaque. With Airwallex supporting transfers to 150+ countries and regions in 60+ currencies ⁶, Canadian businesses have unprecedented access to global markets.

The numbers tell a compelling story. Airwallex is approaching $900m in annualised revenue and expects to hit $1bn later in 2025 ⁴. This growth comes from delivering real value – faster transfers, better rates, and seamless integration.

Whether you're paying suppliers in Asia, managing remote teams in Europe, or expanding into emerging markets, modern payment infrastructure removes traditional barriers. The question isn't whether to modernize your international transfers, but how quickly you can capture the benefits.

Ready to transform your international payments? Explore how Airwallex can streamline your global financial operations and unlock new growth opportunities for your Canadian business.

FAQ

How fast can I send international money transfers from Canada?

With modern payment infrastructure like Airwallex, Canadian businesses can send same-day international transfers to over 150 countries. Traditional bank transfers typically take 3-5 business days, but advanced fintech solutions now offer real-time or same-day processing for most major corridors.

What are the typical fees for international money transfers?

International transfer fees vary significantly between providers. Traditional banks often charge $15-50 per transfer plus hidden exchange rate markups of 2-4%. Modern payment platforms offer more transparent pricing with lower fixed fees and competitive FX rates, potentially saving businesses thousands annually on cross-border payments.

How long do international bank transfers typically take?

Standard international bank transfers usually take 1-5 business days depending on the destination country, correspondent banking relationships, and compliance checks. Factors like time zones, weekends, and local banking holidays can extend processing times. Same-day transfers are now available through specialized payment platforms for urgent business needs.

What information do I need for an international wire transfer?

For international transfers, you'll typically need the recipient's full name and address, their bank's SWIFT/BIC code, account number or IBAN, and the bank's full address. Some countries may require additional details like routing numbers or specific reference codes for compliance purposes.

Are there limits on how much money I can send internationally?

Transfer limits vary by provider and are influenced by regulatory requirements, your business verification level, and anti-money laundering policies. Most business accounts offer higher limits than personal accounts, with some platforms supporting transfers of millions of dollars for verified enterprises.

How do exchange rates affect my international transfers?

Exchange rates directly impact the amount your recipient receives. Banks often add 2-4% markup to the mid-market rate, while specialized payment providers typically offer rates closer to the real-time market rate. For large or frequent transfers, even small rate differences can result in significant savings over time.

Citations

1. https://www.temenos.com/blog/the-case-for-embracing-the-g20s-goals-on-cross-border-payments/

2. https://www.airwallex.com/ca/blog/how-international-wire-transfers-work

3. https://www.thunes.com/news/top-growth-drivers-in-consumer-cross-border-payments/

4. https://www.fxcintel.com/research/reports/ct-airwallex-2025-growth

5. https://www.airwallex.com/ca/blog/swift-bic-number-code

6. https://www.airwallex.com/ca/business-account/transfers/send-money-to-us

7. https://www.form3.tech/news/payment-insights/key-us-payment-trends-in-2025-and-beyond-that-banks-need-to-be-aware-of

8. https://www.airwallex.com/ca/business-account/transfers/send-money-to-canada

9. https://www.merchantsavvy.co.uk/digital-payment-market/

10. https://www.theasianbanker.com/updates-and-articles/airwallex-supports-sme-growth-with-scalable-financial-solutions

11. https://www.airwallex.com/ca/blog/iban-number

12. https://www.airwallex.com/ca/blog/ach-transfers-explained

13. https://www.airwallex.com/ca/business-account/transfers

14. https://www.globenewswire.com/news-release/2025/05/28/3089198/0/en/Digital-Payment-Industry-Report-2025-Market-to-Hit-32-07-Trillion-by-2033-Government-Initiatives-Propel-Global-Shift-to-Cashless-Transactions.html