How to Receive International Remittances in Canada

The most common surprise in cross-border payments is not the fee you agreed to. It is the amount that actually lands — smaller than the invoice, with no clear explanation of where the difference went.

That gap has three causes, and only one of them appears on a published fee schedule: a receiving fee charged by your bank, a deduction taken somewhere along the correspondent banking chain, and the exchange rate applied when the money is converted. This guide covers how international payments reach a Canadian business, what each route costs, and which decisions actually move the number.

A note on scope: this article is written primarily for businesses receiving commercial payments — customer invoices, supplier settlements, service fees. If you are an individual receiving money from family abroad, the section on digital money transfer services is the one that applies to you.

Key Takeaways

Three separate costs reduce an incoming international payment: your bank's receiving fee, intermediary bank deductions, and the currency conversion spread.
The conversion spread is usually the largest of the three. RBC publishes a CAD 17.00 incoming wire fee on Canadian dollar accounts; the exchange rate applied to the same transfer typically costs more than that fee.
Intermediary deductions are real but unpriced. RBC's own schedule states that "additional charges may be deducted from the payment amount by the receiving financial institution and/or its intermediaries" — no bank publishes the amount in advance.
Receiving in the currency you were paid in is usually cheaper than converting on arrival, because it lets you choose when and where to convert.
Being able to hold a currency is not the same as being able to collect through that currency's local payment network. Check both before choosing a provider.

Best Ways to Receive International Remittances in Canada

1. PhotonPay — Best for Eligible Businesses Receiving International Payments

If overseas customers are slow to pay and the money arrives short, the answer is rarely a cheaper wire — it's a different route. SWIFT transfers hop through correspondent banks, each taking a cut, and your bank converts the currency at whatever rate applies on arrival. PhotonPay is built for business collection, not personal remittances: instead of waiting for a SWIFT payment to cross a correspondent chain, you send an invoice or payment link and your customer pays through a method available to them.

What that means for your cash flow:

Collection across 200+ countries and 60+ currencies, including major fiat currencies and stablecoins such as USDC and USDT
Invoicing and payment links, so customers pay locally instead of wiring to a Canadian account
A multi-asset wallet holding fiat and stablecoin balances under your business identity, so funds can sit in the currency they arrived in
Conversion on your terms — fiat and stablecoin swaps available 24/7, not at whatever rate applies the day the wire lands

It fits best for businesses invoicing overseas customers, where both the delay and the shortfall come from the correspondent chain. It's not a personal remittance service, and not a substitute for a Canadian bank account when you specifically need a SWIFT transfer credited to CAD. Supported countries, currencies and payment methods are product-specific — confirm what's available for your market.

2. Bank Transfers and International Wire Payments

This is the default route, and the one most overseas senders will use without being asked.

To receive an international wire at RBC, the sender needs your transit number (5 digits), account number (7 digits), institution number (003), and RBC's SWIFT code ROYCCAT2. For USD payments, RBC also publishes a correspondent route through JPMorgan Chase (CHASUS33 / ABA 021000021); EUR routes through BNP Paribas (BNPAFRPP) and GBP through Lloyds (LOYDGB2L).

That last detail matters more than it looks. An international wire rarely travels directly from the sender's bank to yours — it hops through one or more correspondent banks, each entitled to deduct a charge. That is why the amount credited is often less than the amount sent.

The advantages are real: wires are universally accepted, understood by overseas accounting teams, and settled into an account your auditors recognise. The costs are a receiving fee, an unpredictable intermediary deduction, and a conversion rate you do not choose.

3. Digital Money Transfer Services

If you are an individual receiving money from family abroad, this is your category. Services here are built for person-to-person transfers, usually quoted as a fee plus an exchange rate, with bank deposit, cash pickup or mobile wallet as the delivery method.

They are genuinely better than a bank wire for small personal transfers: the fee is disclosed up front, the rate is shown before you commit, and delivery is often same-day.

They are not a business receiving solution. They are designed for personal use, they typically cap transfer sizes, and the paper trail they produce is not what an accountant needs to reconcile a customer invoice.

4. Multi-Currency Business Payment Accounts

These sit between the two: a business account holding balances in more than one currency, so you can receive in the currency you were paid in and convert when you choose.

The critical distinction is which currencies you can actually be paid in, not how many you can hold. Venn publishes this split explicitly: 36 currencies for sending, and only four — CAD, USD, GBP and EUR — for receiving, with free domestic transfers over EFT, ACH, SEPA and FPS. Other providers publish different splits, and not all publish one at all.

Ask three questions before signing up: which currencies can receivables arrive in, whether you get local receiving details in those currencies or only international wires, and what conversion costs when you eventually move to CAD.

How to Receive an International Remittance in Canada

Step 1: Confirm the Sender's Country and Payment Method

Start with what the sender can actually do. A US customer can pay by domestic ACH; a customer in a market with capital controls may only be able to send an international wire. The rails available at the sending end determine which receiving options are realistic — there is no point publishing EUR receiving details to a customer who cannot pay in EUR.

Step 2: Choose the Correct Receiving Account or Service

Match the account to the currency and the purpose. Receiving USD into a USD-denominated account avoids an automatic conversion; receiving it into a CAD account forces one at whatever rate applies that day. For commercial collections, decide whether a wire, an invoice or a payment link is the right instrument before you send any details.

Step 3: Share the Required Receiving Details

Requirements vary by route. A wire into a Canadian bank needs the beneficiary's name and address, transit number, account number and institution number, plus the receiving bank's SWIFT code — and in some currencies, the correspondent bank's details too. Digital services typically need an email address or phone number. Business collection platforms need the invoice or link issued first.

Send exactly what was requested. Most delayed payments are delayed because one field was wrong.

Step 4: Track the Transfer and Confirm the Amount Received

International wires usually take two to five business days, depending on the corridor, the number of intermediaries, and compliance review at either end. Do not treat that as a promise — banks publish little about inbound timing, and a payment flagged for review can take considerably longer.

When it lands, compare the credited amount against the invoice, not against the sent amount. That difference is your actual cost, and it is the only number worth tracking.

Step 5: Convert or Hold the Funds as Needed

If you were paid in a currency you routinely spend in, holding it is usually cheaper than converting twice. Convert only the portion you need in CAD and keep the rest in its original currency until you have a reason to move it.

How Much Does It Cost to Receive an International Remittance?

Incoming Transfer Fees

This is the one cost that is published. RBC's schedule charges CAD 17.00 for an incoming wire from another financial institution worldwide into a Canadian dollar account, where the amount exceeds CAD 50. The same fee is USD 17.00 on a US dollar account, €12 on a euro account and £10 on a pound account. Transfers under CAD 50, and transfers from another RBC unit in Canada, are free.

Other banks publish their own figures, and business schedules differ from personal ones. Check the schedule attached to your specific account rather than assuming a competitor's number applies.

Intermediary and Receiving Bank Fees

This is the cost nobody can quote in advance. RBC's schedule carries the note that "additional charges may be deducted from the payment amount by the receiving financial institution and/or its intermediaries" — the bank's own way of saying the deduction is real and outside its control.

In practice, a USD wire to Canada often passes through a US correspondent bank before reaching yours. You can reduce the exposure by asking the sender to use the full-value routing option where their bank offers it, but you cannot eliminate it on a traditional wire.

Currency Conversion Costs

This is the largest of the three, and the least visible. When a foreign currency payment is credited to a CAD account, your bank converts it at its own rate, which includes a spread over the mid-market rate. The spread varies by bank, currency and account type, and is rarely published as a percentage.

On a USD 10,000 invoice, a 1.5% spread costs roughly CAD 200. Compare that to the CAD 17 receiving fee, and the priority becomes obvious.

Withdrawal or Settlement Fees

With business payment platforms, costs usually appear at the withdrawal step: moving funds from a held balance to your Canadian bank account. Model this at your actual monthly volume, since per-transfer charges scale differently than percentage fees. Confirm whether settlement to your bank is included or charged separately.

Worked Example: A USD 10,000 Invoice

Scenario: a Canadian business is paid a USD 10,000 invoice by a US customer.

Assumptions (illustrative — confirm against your own bank's published schedule):

Mid-market rate: USD 1 = CAD 1.3600 → invoice value ≈ CAD 13,600
Intermediary deduction: USD 18 (≈ CAD 25). No bank publishes this figure; treat it as an estimate.
RBC receiving fee used as the published reference: CAD 17.00 / USD 17.00
Conversion: 1.5% below mid-market if the bank converts on arrival; 0.5% if you convert later at a rate you choose

	Route A — wire into CAD account	Route B — wire into USD account
Invoice value	USD 10,000	USD 10,000
Mid-market equivalent	CAD 13,600	CAD 13,600
Intermediary deduction	− USD 18 (≈ CAD 25)	− USD 18 (≈ CAD 25)
Amount arriving	USD 9,982	USD 9,982
Receiving fee (RBC published)	− CAD 17.00	− USD 17.00
Conversion	1.5% below mid-market	0.5% below mid-market
Estimated net received	≈ CAD 13,354	≈ CAD 13,484
Total cost vs mid-market	≈ CAD 246 (1.8%)	≈ CAD 116 (0.9%)

Two things stand out. The receiving fee is under 10% of the total shortfall — the conversion is the rest. And the difference between the routes comes from who chooses the rate and when, not from the fee schedule.

For businesses collecting invoices rather than waiting on wires, removing the conversion decision from the bank is the whole point. That is the logic behind issuing an invoice or payment link and settling into a multi-currency wallet — as PhotonPay's collection flow does — instead of having the bank convert the moment the money lands: you decide the currency you hold and when you convert, rather than accepting whatever rate applies on arrival.

How Long Does It Take to Receive an International Remittance?

Bank wires are the slowest standard route, typically two to five business days. The variable is not distance — it is the number of correspondent banks in the chain, the cut-off times at each, and whether the payment is pulled for compliance review. A flagged payment can sit for considerably longer, and neither bank will usually commit to a date.
Local payment rails are faster. A USD payment collected through ACH, or GBP through Faster Payments, generally settles within a business day or two — but only if the payer can access that rail and your provider supports receiving on it.
Digital money transfer services are fastest for personal transfers, often same-day, because they pre-fund local accounts in the destination market rather than moving money across borders per transaction.

Be sceptical of any provider promising instant settlement for every corridor. Settlement depends on the payment method, the countries involved, compliance review, and banking hours in both jurisdictions.

Can Canadian Businesses Receive International Payments in Multiple Currencies?

Yes — but the useful question is narrower than it sounds.

Holding a currency and collecting in it are different capabilities. A provider may let you hold twenty currencies while supporting incoming payments in four, because collecting in a currency requires access to that currency's local payment network, not just a ledger entry. Venn publishes this split directly: 36 currencies out, four in. Other providers do not publish it at all, which is a reason to ask rather than assume.
Choose receiving currencies based on your revenue, not on a coverage list. If 80% of your overseas income is USD, a USD receiving capability matters far more than breadth you will never use.
Decide the conversion policy separately. Receiving in USD and holding USD avoids a forced conversion at someone else's rate. Converting immediately gives you certainty and a clean CAD figure for bookkeeping. Neither is wrong; the cost difference is the spread, and on recurring invoices it compounds.

International Remittance vs International Business Payment

These get conflated constantly, and the confusion costs businesses money because they end up shopping in the wrong category.

Personal remittances are money sent to individuals — family support, gifts, personal transfers. The sender is a person, the amount is usually modest, the frequency irregular, and the priority is speed and convenience for the recipient. Digital money transfer services are built for this.

International business payments are commercial transactions: customer invoices, supplier settlements, service fees, marketplace payouts. The sender is a company, the amounts larger and recurring, and the priorities shift to reconciliation, documentation, the exchange rate applied, and whether funds can be held in their original currency.

The practical test: does the payment need to tie back to an invoice and appear in your books? If yes, you need business payment infrastructure, not a remittance service. Consumer remittance products usually fail on documentation long before they fail on price.

Frequently Asked Questions

How can I receive an international remittance in Canada?

Through a bank wire into a Canadian account, a digital money transfer service, or a business payment platform, depending on whether the payment is personal or commercial. For a wire you need your transit number, account number and institution number, plus your bank's SWIFT code. For a business collecting customer invoices, an invoicing or payment-link flow is usually faster than waiting on a wire.

Can I receive money from overseas directly into a Canadian bank account?

Yes. International wires can be credited to a Canadian dollar account, or to a foreign-currency account if your bank offers one. Expect a receiving fee — RBC publishes CAD 17.00 for incoming wires over CAD 50 into a CAD account — plus possible intermediary deductions, and an automatic conversion if the payment arrives in a currency different from the account's.

Can Canadian businesses receive payments in foreign currencies?

Yes, where the provider supports receiving in that currency — which is not the same as supporting a balance in it. Venn, for example, supports receiving in CAD, USD, GBP and EUR while supporting 36 currencies for outgoing payments. Confirm which currencies you can actually be paid in, and whether you get local receiving details or only international wires.

What is the difference between receiving a remittance and receiving a business payment?

A remittance is a personal transfer, usually to an individual, where speed and convenience matter most. A business payment is a commercial transaction tied to an invoice, where reconciliation, documentation, the exchange rate applied and the ability to hold the original currency matter more. Consumer remittance services are generally unsuitable for commercial collection.

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Bank fees quoted from RBC Royal Bank's published Additional Account Services schedule for personal accounts; business account schedules differ. Intermediary deduction figures are illustrative estimates — no bank publishes them in advance. Wire timing ranges reflect commonly cited industry estimates rather than a bank guarantee. Product capabilities, fees and eligibility change — confirm current details with each provider.