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Canadian dollars for someone in Toronto
The people sending from Riyadh and Jeddah to Canada tend to know exactly what the recipient needs in Canadian dollars. A rate that moves between send and settlement breaks that.
Grey fixes the USD to CAD rate when you confirm and pays into RBC, TD, Scotiabank, BMO, CIBC or any Canadian bank. Gulf-based families send to children studying in Canada and to relatives who have relocated.
How sending to Canada works
Sign up
Opening takes a passport or iqama and a selfie. What you get is a foreign-currency account in Riyadh that can pay out to Canada. Grey works with licensed partners serving the Gulf.
Fund
Hold your foreign earnings in USD on Grey. When a payment to Canada is due, convert exactly that amount to CAD and send.
Send
Pick Interac e-Transfer for instant delivery, or bank transfer with transit and account number for next business day. Confirm CAD, send.
The cost of a transfer to Toronto
Grey shows one rate, USD to CAD, and one fee. Both are fixed before you send from Riyadh. The amount that reaches Toronto matches what you were shown.
What you agree is what arrives
The rate you accept in Riyadh is the rate applied. Movements in either currency afterwards don't touch what arrives at RBC, TD, Scotiabank, BMO, CIBC.
Bank transfers to Canada clear next business day with an 18:00 Eastern cutoff. Interac e-Transfer is instant, any day. For a student whose rent is due tomorrow, that's the difference.
What Saudi-based senders put up with before
Banks in Canada charge receiving fees on international wires and sometimes hold them for review. A payment from Riyadh that lands as a domestic CAD credit at RBC, TD, Scotiabank, BMO, CIBC clears faster and arrives whole.
On the receiving side
The person in Toronto gets what they'd get from a local transfer: CAD credited to their account at RBC, TD, Scotiabank, BMO, CIBC. No collection, no code, no receiving fee. Confirmation shows in your app in Riyadh at the same time.
RBC and the rest
Every bank in Canada is covered, from the big names to regional ones.
Domestic credit
Your recipient sees a normal CAD deposit, not an international wire.
Confirmation in Riyadh
The app in Saudi Arabia shows settled the moment Toronto receives it.
Funding from Saudi Arabia, in practice
Before the CAD reaches Toronto, the money has to get onto Grey in Riyadh. Expatriates in Saudi Arabia fund Grey from abroad: a salary paid in dollars, a client overseas, family. That balance sends home without a riyal step. Hold the balance in dollars and convert to CAD exactly when the payment to Toronto is due.
Get paid to Grey
USD, EUR or GBP account details in your name.
Keep it in dollars
Convert to CAD only when Toronto needs paying.
Send in one step
Rate shown, fee shown, CAD delivered.
If the CAD amount matters more than the USD amount, enter the CAD figure first and let Grey work back to what you'll pay.
Who this route is for
Urgent transfers
Interac e-Transfer lands instantly when something cannot wait a business day.
Parents of students
Rent and living costs for students at U of T, York, Calgary, Alberta, Manitoba and colleges across Ontario.
New permanent residents
Support for family who have landed through Express Entry or PNP and are waiting on a first job.
Tuition instalments
Term payments sent to a student's account for onward payment to the institution.
The senders on this corridor are easy to describe. Expatriate workers in Saudi Arabia hold USD on Grey, from salaries paid abroad or clients overseas, and send home from there. Gulf-based families send to children studying in Canada and to relatives who have relocated.
Why senders in Riyadh switch
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