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

When Victoria resident Dick Newson tried to send €1,000 to a friend in France through a money transfer from his Scotiabank account, he didn't expect it to be a hassle. 

"We were able to submit it and it said 'Done,' " said Newson in an interview with CBC News last week. "Two weeks later, our friend said, 'I don't have my money yet.' "

He's not alone in his frustration, according to one banking researcher, who notes that transferring money internationally can be costly, difficult or confusing if your point of origin is a Canadian bank.

Typically, an international wire transfer requires information including the recipient's name, the name 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 he had all the codes required, but was frustrated by the bank's website, which he found confusing.

"I went to their international money transfer web page and tried to enter all this information and had a lot of difficulty," he said. While Scotiabank's website offers the service for $1.99, Newson said he was told that price didn't apply when he asked for assistance, and he'd have to pay $25 if he went into a branch.

Newson told CBC News via email Monday that Scotiabank had "determined that the money had been deposited, but in a business or corporate account, and not the personal one of our friend."

In an emailed statement Tuesday, Scotiabank said it's "working closely with our client to ensure that this matter is solved to their satisfaction."

But Newson's criticism is not just that the money is missing. He believes the process to send money internationally should be simpler and cheaper, similar to how Interac e-Transfers work to send money within Canada.

"It should be as easy going through the bank to do the same thing [internationally]," he said.

International trade economist Werner Antweiler points out that Canadian banks don't face a great deal of competition in this country when it comes to handling foreign currency and moving money around the world.

"It's an oligopoly. It's only a handful of banks that are in a very cozy spot," said Antweiler, who is a professor of economics at University of British Columbia's Sauder School of Business in Vancouver. 

"And that means they can keep fees relatively high. Especially those fees that are invisible to most customers."

While he wasn't speaking specifically about Newson's situation, Antweiler pointed out that Canada's banks don't have to provide the same level of interconnection that many foreign banks do.