The short answer
Sending $2,000 CAD to the Philippines through Wise costs $14.79 — 0.74% of the amount — and the recipient gets ₱89,322.
The same transfer as a bank wire costs about $94 all-in once the exchange rate markup is counted, leaving roughly ₱85,764. That is a difference of about $79 on a $2,000 transfer.
Wise figures quoted 19 September 2026 for a bank-funded transfer. Rates and fees move daily — check today's quote before you send. The wire comparison assumes a $45 outgoing fee and a 2.5% rate markup, the low end of the typical range.
Why this corridor
The Philippines is among the top destinations for money sent from Canada, supported by one of the largest Filipino communities outside Asia and a long history of caregiver migration.
The two numbers that decide the cost
Every international transfer has a stated fee and an exchange rate. People compare the fees and ignore the rate, which is exactly backwards — on a $2,000 transfer the rate is usually the larger cost, and it is the one nobody itemises.
Wise converts at the mid-market rate: the rate you see on Google, with nothing added. It charges a visible fee instead — currently 0.74% on this corridor.
A bank converts at its own rate, typically 2.5% to 3% worse than mid-market, and books the difference as revenue. On $2,000 that markup is worth $50 to $60 before the wire fee is added.
| On $2,000 CAD | Wise | Bank wire |
|---|---|---|
| Stated fee | $14.79 | $45 |
| Exchange rate markup | None — mid-market | ~2.5%, built into the rate |
| True cost | $14.79 | ~$94 |
| They receive | ₱89,322 | ~₱85,764 |
| Arrives | 1–2 business days | 1–5 business days |
Figures for the reference transfer above. The Wise numbers are a live quote from 19 September 2026; the wire column assumes $45 and a 2.5% markup, which is the conservative end. Your bank may be worse.
Watch out for the "no fee" transfer
Every Big Five bank now offers a branded international transfer with a very low or zero stated fee — RBC International Money Transfer, TD Global Transfer, CIBC Global Money Transfer, Scotiabank's $1.99 option.
These are genuinely cheaper than a traditional wire, and they are not free. The stated fee went to zero because the entire margin moved into the exchange rate. The only way to compare them honestly is to ignore the fee and ask one question: how many Philippine pesos actually arrive? Put the same amount into each provider and compare the number at the end.
On the receiving end
Bank deposit is the cheapest way to receive, but cash pickup through networks like Cebuana and M Lhuillier remains common for recipients outside major cities. Cash pickup usually costs more than bank deposit.
Other options on this corridor
Remitly and WorldRemit are strong on this corridor, especially where the recipient needs cash pickup rather than a bank deposit — something Wise does not offer.
Whatever you compare, compare the landed amount. A provider advertising "zero fees" and a provider charging $14.79 can leave the recipient with very different sums.
How to check today's real cost
- Look up the mid-market rate for CAD to PHP — searching the currency pair gives it to you.
- Get a quote from each provider for the exact amount you are sending, and write down what the recipient receives.
- Multiply your amount by the mid-market rate. The gap between that and each quote is the true, all-in cost.
- Ask about the receiving end. An incoming wire fee at the recipient's bank can undo a cheaper send.
If this is business money
Paying an overseas contractor or invoicing a client abroad adds a problem beyond the transfer cost: the amount that arrives rarely matches the amount on the invoice, because fees and rates land between the two. Recording the invoice in one currency and the payment in another is where small businesses lose track of what was actually settled.
Biller records the payment against the invoice it belongs to, so a partially settled invoice stays visibly partial instead of quietly becoming a rounding problem at year end.
Sending to somewhere else
The same arithmetic applies on every corridor — the stated fee is small, the rate markup is where the money goes:
- Canada to Australia — $10.83 on $2,000 through Wise.
- Canada to India — $13.53 on $2,000 through Wise.
- Canada to the United Kingdom — $11.65 on $2,000 through Wise.
- Canada to the United States — $12.18 on $2,000 through Wise.
- How international transfer fees work — the full breakdown.
Related guides
- How international transfer fees work
- e-Transfer vs Wise
- e-Transfer vs wire transfer
- Sending large amounts in Canada
Free tools for getting paid by e-Transfer
No account needed to try them.
- Free e-Transfer income tracker — tally your Interac income toward the $30,000 GST/HST threshold.
- Free invoice generator for Canada — build a GST/HST-ready invoice in minutes.
- Free e-Transfer receipt generator — issue a clean, CRA-friendly receipt.