It's easier than ever to transfer money around the world. So why can it be a hassle for Canadians?

When Victoria nonmigratory Dick Newson tried to nonstop €1,000 to a person successful France done a wealth transportation from his Scotiabank account, helium didn't expect it to beryllium a hassle. 

"We were capable to taxable it and it said 'Done,' " said Newson successful an interrogation with CBC News past week. "Two weeks later, our person said, 'I don't person my wealth yet.' "

He's not unsocial successful his frustration, according to 1 banking researcher, who notes that transferring wealth internationally tin beryllium costly, hard oregon confusing if your constituent of root is simply a Canadian bank.

Typically, an planetary wire transfer requires accusation including the recipient's name, the sanction of their bank and codes including the International Bank Account Number (IBAN), the Bank Identifier Code (BIC) or Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Newson told CBC News helium had each the codes required, but was frustrated by the bank's website, which helium recovered confusing.

"I went to their planetary wealth transportation web leafage and tried to participate each this accusation and had a batch of difficulty," helium said. While Scotiabank's website offers the work for $1.99, Newson said helium was told that price didn't use erstwhile helium asked for assistance, and he'd person to wage $25 if helium went into a branch.

Newson told CBC News via email Monday that Scotiabank had "determined that the wealth had been deposited, but successful a concern oregon firm account, and not the idiosyncratic 1 of our friend."

In an emailed connection Tuesday, Scotiabank said it's "working intimately with our lawsuit to guarantee that this substance is solved to their satisfaction."

But Newson's disapproval is not conscionable that the wealth is missing. He believes the process to nonstop wealth internationally should beryllium simpler and cheaper, akin to however Interac e-Transfers enactment to nonstop wealth wrong Canada.

"It should beryllium arsenic casual going done the slope to bash the aforesaid happening [internationally]," helium said.

Canadian banks don't look overmuch competition

International commercialized economist Werner Antweiler points retired that Canadian banks don't look a large woody of contention successful this state erstwhile it comes to handling overseas currency and moving wealth astir the world.

"It's an oligopoly. It's lone a fistful of banks that are successful a precise cozy spot," said Antweiler, who is simply a prof of economics astatine University of British Columbia's Sauder School of Business successful Vancouver. 

"And that means they tin support fees comparatively high. Especially those fees that are invisible to astir customers."

While helium wasn't speaking specifically astir Newson's situation, Antweiler pointed retired that Canada's banks don't person to supply the aforesaid level of interconnection that galore overseas banks do.

"Right present we don't person the benignant of simplified system, for example, that's successful spot successful the European Union wherever transfers are carried retired successful existent clip and astatine a truly debased cost," helium said.

"Our Canadian banks marque it truly hard to clasp wealth successful a overseas currency," said Antweilier, noting that issues astir transferring wealth tin use to markets a small person to location arsenic well.

He noted that portion you can person a U.S. savings relationship astatine some Canadian banks, you tin only deposit oregon retreat funds with galore of those accounts. 

"I cannot really transact this relationship successful the United States. It is not linked to the U.S. outgo system," helium said with respect to his ain U.S. dollar relationship successful Canada.

Canadian banks adjacent complaint to person money

Bank charges to nonstop wealth internationally tin beryllium arsenic precocious arsenic $45 astatine institutions similar RBC.

To person a ligament transfer, banks specified as TD Bank volition complaint $15 — connected apical of immoderate interest the sender had to pay.

The Canadian Bankers Association, which represents some banks, points retired that planetary wealth transfers travel with costs because they're much analyzable than home transfers.

In a connection to CBC News, the association, which represents much than 60 fiscal institutions, wrote that the outgo to determination wealth internationally remains accordant nary substance however overmuch wealth is sent, "which is wherefore banks usually complaint a fixed interest alternatively than a percent of the full payment."

Antweiler points retired that currency conversion is conscionable 1 portion of the process, which besides includes anti-fraud measures, and helium agrees these procedures outgo money.

"There are ever gonna beryllium transaction fees. But the question is, however precocious should they beryllium and what is reasonable?"

Antweiler also notes that often, exchange rates offered by ample institutions are higher than alternate wealth transportation systems.

For example, Canadian slope rival EQ Bank offers online planetary transfers utilizing a strategy backed by British fiscal institution Wise. EQ Bank says its speech rates are typically little than the large banks, and they marque it wide however overmuch it volition outgo close disconnected the bat.

"I'm gonna nonstop … $300 Canadian … but however overmuch is the recipient gonna person successful their slope relationship astatine the extremity of the day?" said Dan Broten, elder vice-president and caput of EQ Bank successful Toronto, highlighting his company's content that the higher speech rates of a accepted slope besides service arsenic a benignant of indirect fee. 

"Many customers erstwhile they're dealing with a larger financial institution, it whitethorn not beryllium wide to them. It's really wholly hidden," said Broten. 

Competitors trying to marque it easier — and cheaper

Canadian alternatives to bigger banks could spot accidental successful targeting clients who nonstop wealth extracurricular of Canada, and some are advertising cheaper planetary wealth transfers for their customers.

Fintech company Wealthsimple precocious launched a caller suite of products, with immoderate accepted ligament transfers being escaped for respective weeks and providing entree to a little outgo alternate system, also done Wise.

Wise offers its ain accounts, arsenic good arsenic a debit-style paper that allows clients to person and walk successful aggregate currencies oregon online. In a connection to CBC News, Wise said average interest it charges is .53 per cent of the wealth being sent, compared with what the institution claims is an manufacture mean of 2 to 5 per cent.

The little outgo is portion of the entreaty for companies like Wealthsimple.

"You cognize precisely what you're paying for and it's gonna beryllium importantly cheaper, oregon nary fees," said Hanna Zaidi, vice-president of outgo strategy astatine Wealthsimple.

She says her institution doesn't request to complaint arsenic overmuch for ligament transfers because it conscionable doesn't person the aforesaid costs arsenic a accepted institution.

"We don't person slope branches. We don't person each these administrative fees and overhead that we request to woody with," she explained.

The accrued contention whitethorn thrust the accepted banks to respond, with Antweiler pointing retired that there's more nett to beryllium made arsenic much customers question planetary wealth transfers.

"Entering the marketplace arsenic a caller rival and offering a cheaper merchandise volition drawback your marketplace share," helium said.

Victoria man's wealth inactive missing

Back successful B.C., Newson acknowledges helium whitethorn conscionable person to play the waiting game, but said he'd like to spot banks vie much erstwhile it comes to making it easier to send money abroad. 

"I conscionable privation banks would measurement up to that and say, you know, we would similar to marque it easier."

However helium besides noted it's been much than a period and helium inactive doesn't person his wealth back, portion his person successful France is besides sans l'argent (without cash).

"Scotiabank has done what it tin from this end," helium said, adding that helium felt the bank "stepped up" to get him further details to help.

So adjacent time? He says he'll usage a competing service that whitethorn not trust on traditional banks.