Every year, Canadians send billions of dollars to family members abroad. And every year, a significant chunk of that money disappears in fees before it ever reaches the people who need it most.
The global average cost of sending a remittance is around 6%. On a $500 transfer, that's $30 gone. On $1,000 a month, that's $720 a year — money that could have paid for groceries, school fees, or medical bills.
WEC Bank was built to change that.
Why international transfer fees are so high
Traditional banks and money transfer operators charge fees in two ways: a flat service fee (often $5–$20 per transfer) and a hidden markup on the exchange rate. That markup is where most of the money disappears.
When a bank quotes you an exchange rate, they're typically giving you a rate that's 2–5% worse than the real mid-market rate. You don't see it as a "fee" — but it comes out of your transfer all the same.
How WEC Bank works differently
WEC Bank uses the live mid-market exchange rate — the same rate you'd see on Google or XE.com — with no markup. And we charge zero transfer fees on top of that.
That means when you send $500 CAD, your recipient gets the full equivalent in their local currency. No deductions. No surprises.
- Traditional bank: $500 CAD → ~$430 USD equivalent (after fees + rate markup)
- WEC Bank: $500 CAD → ~$465 USD equivalent (live rate, zero fees)
That's a real difference — and it adds up fast.
Who can use WEC Bank?
WEC Bank is available to Canadian residents aged 18 and over. You'll need to complete a quick identity verification (KYC) process — required by Canadian law for all licensed money services businesses. The process takes about 5 minutes and you only do it once.
Destinations we support
WEC Bank currently supports transfers to over 50 countries, with a focus on the corridors most important to Canada's diaspora communities: Philippines, India, Nigeria, Ghana, Jamaica, Pakistan, and many more.
Is WEC Bank safe?
Yes. WEC Bank is a licensed Money Services Business (MSB) registered with FINTRAC under registration number M18291045. Your transfers are protected, your identity is verified, and your money moves through secure, licensed channels.
Ready to send money home for free?
Start your first free transfer with WEC Bank — sign up takes less than 2 minutes, and your first transfer is completely free. Stop paying fees. Your family deserves every dollar you send them.