Two regulators on the Canadian side
Since 8 September 2025 a Canadian money transfer business has answered to two federal bodies. FINTRAC registers money services businesses and lists them in its public Money Services Business Registry. The Bank of Canada now supervises payment service providers under the Retail Payment Activities Act, which requires them to manage risks and safeguard end-user funds. Its retail payments page links to a searchable registry of registered providers, but it is clear about its limits: the Bank does not handle individual disputes, and it tells customers to raise problems with the provider first and then with a provincial or federal consumer protection agency.
What a "no fee" offer leaves out
The Financial Consumer Agency of Canada's guide to sending money to someone in another country makes two points that matter on this route. First, businesses that advertise low or no transfer fees may make up the cost with a less favourable exchange rate, which is why the table ranks providers by the pesos delivered rather than by the fee. Second, federally regulated institutions must tell you what they will charge to send the money, but that figure does not include charges that may apply in the other country, and the recipient may have to pay a fee or tax to collect it.
Bank, wallet or counter in the Philippines
How your recipient takes the money affects what they end up with. Inside the Philippines, the Bangko Sentral ng Pilipinas compares the main ways of moving pesos to a recipient. Its InstaPay FAQ describes InstaPay as near-instant, available at all hours, and capped at PHP 50,000 per transaction, with no fee for receiving; PESONet has no limit and credits the same day, but on banking days only. The BSP adds that InstaPay only moves pesos between accounts held in the Philippines and cannot be used to send funds from overseas, so it matters for the final step once a provider's local partner pays out.
The same BSP table sets these against an over-the-counter money transfer agent: open business hours only, and the receiver may also bear charges. For a family that collects in cash, that charge comes out of what the table shows as delivered.
Mobile wallets are a regulated option. G-Xchange, the company that operates GCash, appears on the BSP's list of registered operators of payment systems, and both G-Xchange and Maya Philippines are on its list of supervised electronic money issuers. The BSP also notes that InstaPay credits are final, so a wrong account or wallet number is a problem to raise with the bank or wallet immediately.
Reading the table
Each row starts from C$1,000 and shows the pesos that arrive after the provider's fee and its exchange rate, against the mid-market rate. The price history tracks that figure daily, so you can see whether a provider's margin holds steady or widens.