How to Send Money From Canada to US? 9 Best Ways

Last Updated on April, 2024

International money transfers have become a regular thing. But there are so many online money transfer providers that can send money from one country to another.

If you want to know ‘How to transfer money from Canada to the United States?’ You need patience because I’ve covered everything about money transfer services, wire transfers, transaction fees, international bank transfers, the best way to save money, and much more!

So, this time, take this seriously and read everything individually to find the BEST way to send money from Canada to the US.

Quick Summary

There are various online money transfer providers to send money from Canada to the US, and Wise is considered the best in terms of cost, speed, exchange rate, and ratings among others.

Bank transfers are generally the most cost-effective method for sending money to the US, but using a money transfer specialist can often offer better exchange rates and lower fees.

It is important to consider factors such as transaction fees, exchange rates, and additional features when choosing a money transfer service, and to check for any required details and documents for the transfer to go smoothly.

How Do You Send Money From Canada to the US?

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Best Methods to Transfer Money to the US

What do you expect from ‘The Best’? I got you if it’s all about the cheapest, best exchange rate, fastest, and best-rated methods.

I’ve shortlisted the following as ‘THE BEST’ money transfer services. (You can trust me because I did 100s research to satisfy your expectations.)

Compare Money Transfer Services to the US

I’ve compared my favorite eight international money transfer services for sending money to the United States. After considering transfer funds and exchange rates, here’s our ranking from least to most expensive.

The international money transfer providers included in my comparison are Wise, XE, OFX, CurrencyFair, TorFX, and Currencies Direct.

If you do, PayPal funds transfer is as easy as:

  • Currently, the cheapest OPTION is Wise, which costs CAD 59.07.
  • Wise is also the fastest, providing transfers in as little as an instant to two days.
  • However, the highest-rated service among the eight is Currencies Direct.

What is the Cheapest Way to Send Money From Canada to the US?

Remember! When sending money to the United States, it’s important to find the most cost-effective option. Check out the following options with their fees and exchange rates.

So, you can easily find the cheap and fast ways – which you’re looking for!

ProviderExchange RateFeesAdditional Info
Wise0.7446 CAD/USD59.08 CADSavings compared to Currencies Direct is 65.77 CAD
CurrencyFair0.7391 CAD/USD67.49 CAD 
XE0.7399 CAD/USD60.36 CAD 
TorFX 90.82 CAD 
OFX0.7391 CAD/USD68.09 CAD  
Currencies Direct0.74144 CAD/USD120.71 CAD 
WorldRemit0.7250 CAD/USD3.99 CAD 
PayPal0.7106 CAD/USD2.99 CADNot recommended due to consistently poor exchange rate(s), and high fees

It’s important to note that some providers may claim low or no fees but might include fees in the exchange rate. So, keep an eye on both the displayed fee and the exchange rate.

For example, the interbank exchange rate is 0.74457 CAD/USD. If a bank adds a 3% markup, your effective rate could be $1 = 0.76691 USD.

However, Wise transfers are the most cost-effective, offering a competitive exchange rate of 0.7446 CAD/USD with a fee of 59.08 CAD. In contrast, traditional banks might add hidden markups, making them less favorable for international money transfers.

What is the Quickest Way to Send Money to the US?

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GUESS WHAT? Sending money to the United States is faster with money transfer companies than with banks, typically taking 3 to 5 working days.

This is because banks use the SWIFT network, involving multiple intermediaries, slowing down the process. Money transfer companies like Wise have networks for faster depositing the money instantly into the recipient’s account.

In this comparison, Wise stands out as the fastest, with a delivery time of instant – 2 Days. Other providers, such as CurrencyFair (1 to 3 Days), OFX (1 to 3 Days), XE (2 to 3 Days), and TorFX (2 to 3 Days), offer relatively quicker transfers compared to traditional banks.

Who are the Best Rated Providers to Send Money From Canada to the US?

As mentioned, I’ve discovered eight money transfer providers for sending money to the US. 

Check the following details to know how they compare based on the number of reviews and average scores on Trustpilot:

  • Currencies Direct has a Trustpilot rating of 4.9, which is considered Excellent.
  • TorFX received a Trustpilot rating of 4.9, which is also classified as Excellent.
  • OFX has a Trustpilot rating of 4.3, indicating an Excellent category.
  • XE money transfer, with a Trustpilot rating of 4.3, also falls into the Excellent category.
  • Wise received a Trustpilot rating of 4.2 and was labeled a Tresbien (French for great or very good).

Plus, Trustpilot has an average of 3.9 for CurrencyFair and WorldRemit. PayPal has the lowest among all, which is 1.3 (bad). 

In short, Currencies Direct and TorFX have the highest ratings, both excellent, followed by OFX and XE money transfer. 

While still good, Wise received a slightly lower rating but is considered Tres bien, which means ‘Very good’ in French. 

How Do You Send Money to the United States?

You have a few options if you want a better way to send money to the United States:

  • Bank Transfer: You can send money internationally through your bank. This can be done online, by visiting a branch, or over the phone. Your payment in USD will go directly from your bank to your recipient’s US bank account in the chosen currency.
  • Walk Into A Branch: Some specialized money transmitter services have physical branches where you can visit to make a cash payment in USD.
  • Online Money Transfer: If you prefer online or mobile payments, you can use your bank’s online service or an international payment specialist. These specialized services often offer better exchange rates and lower fees than banks.
  • Cash Pickup: Sending money for cash pickup is a quick way to get funds to your recipient’s account. However, it’s usually more expensive because it’s prioritized and can even be instant. 

How Do You Transfer Money to Another Bank Account in the United States?

a person transferring money using a mobile

Listen, sending money to someone in the United States from your bank account in Canada can be the easiest OPTION for both you and the recipient.

The bank deposit will be directly sent to their chosen account, and they don’t need to do anything to receive it. To make this process cost-effective and quick, consider using specialized services.

The general steps for transferring money are similar across providers:

  • Create An Account: Start by registering for a bank account with your chosen service. You can do this by providing your contact information and some basic details. Some services even allow you to sign up using your Facebook or Google accounts for added convenience. 
  • Verification: You might need to verify your account depending on the payment type. This usually involves uploading images of your identification documents. This step is essential for the security of your money and may also be a legal requirement.
  • Top Up Your Account: Add funds to your bank account in US dollars using a bank transfer or a card payment.
  • Add Recipient Details And Send: When you’re ready with this way to send money internationally, enter your recipient’s personal and US bank account details. Then, confirm the exchange rate and any hidden fees applied to your payment.

Your money will be sent, and you can easily track its progress online or through the provider’s app. By following these simple steps, you can quickly transfer money to the United States confidently and conveniently. 

Methods to Do Money Transactions to US

Methods? Well, sending money from Canada to the United States can be done through various services, each offering different ways to fund your transfer. Here are some OPTIONS provided by other companies.

ServicePayment Methods
Wise Bank transfer, card (debit or credit), SWIFT, Google Pay, or Apple Pay
XECan send money from Canada online (online transactions)
OFXBank transfers or direct debit
TorFXBank transfer, SWIFT, debit card, or cheque
Currencies DirectBank transfer or debit card
CurrencyFairBank transfer, and debit card
PayPalPayPal balance, PayPal credit, credit or debit cards, and reward balance
WorldRemitCard (debit/credit), bank account transfer, Apple Pay, and iDEAL. 

GUESS WHAT? Using a bank transfer is often the most cost-effective method for most providers. At Currenciap, we use this method to compare different providers. Consider these OPTIONS and choose the one that best suits your needs.

Best Money Apps to Transfer Money to the US

Wise

wise online money transfer

Wise provides online and in-app money transfer services to the United States and 80+ other countries, with mid-market exchange rates and low fees starting from 0.41%. It provides a cost-effective option. 

Transfers are fast, with 50% being instant and 90% reaching within 24 hours. You can send money abroad in 50 currencies to 70 countries. However, there are no cash payment options, and Wise doesn’t have a physical branch network.

Head over to this Wise review if you want to learn more about this platform.

Pros ConsTransaction Fees, Exchange Rate, and Additional Fees
Mid-market exchange rates and low fees (from 0.41%)No cash payment options Transfer Fees: Send money from 0.41%
Fast transfers (50% instant, 90% under 24 hours)Lacks a physical branch networkExchange Rate: Mid-market exchange rate
Send money abroad in 50 currencies to 70 countries Additional Fees: Varies based on destination and payment method

XE

xe online money transfer

XE money transfer allows you to send money from Canada to over 104 countries without transaction fees. While it’s a trusted way to send money safely, exchange rates include a small markup. Transfer times vary based on payment method and destination. You can pay for transfers using a bank transfer or card.

Pros ConsTransaction Fees, Exchange Rate, and Additional Fees
No transaction feesExchange rates include a small markupTransfer Fees: Differ based on how you choose to pay, and the currencies involved
Trusted and safe for over 104 countriesFees and delivery times varyExchange Rate: Include a small markup
Payment options include bank transfers or cards Additional Fees: Varies based on payment method and currencies involved

CurrencyFair

currencyfair online money transfer

CurrencyFair is a budget-friendly OPTION for international money transfers from Canada to the United States. It supports 15 currencies and offers low transaction fees. Many currencies can be sent on the same day or within one working day. 

However, you can only pay in Canadian Dollars through bank transfers, as there’s no card option. 

Pros ConsTransaction Fees, Exchange Rate, and Additional Fees
Low transfer feesExchange rates include a markupTransfer Fees: 68.37 CAD
Supports sending in 15 currenciesPayment in CAD only through bank transfer, no card option Exchange Rate: Include a markup
Quick delivery times for many currency routes Additional Fees: Third party fees may apply depending on how you set up your transfer

OFX

ofx online money transfer

OFX is a currency specialist providing quick international transfers and currency risk management solutions. While there’s no transfer fee, exchange rates include a markup.

Arranging money online, in the app, or by phone is easy. OFX supports many countries and currencies, but the minimum transfer amount is $1000.

Pros ConsTransfer Fees, Exchange Rate, and Additional Fees
No transfer feesExchange rates include a markupTransfer Fees: No transfer fee, potential third-party fees may apply
Offers currency risk management solutionsMinimum transfer amount is 1000 USDExchange Rate: Include a markup 
Supports a broad range of countries and currencies Additional Fees: Third party fees may apply 

TorFX

torfx online money transfer

TorFX supports transfers in 24 currencies and allows card or bank transfer payments. It offers online, in-app, and by-phone services, including instant transfers, usual fees, and currency risk management products.

However, exchange rates include a markup and no cash pay-in or pay-out options.

Pros ConsTransaction Fees, Exchange Rate, and Additional Fees
No transaction feesExchange rates include a markupTransfer Fees: No transaction fees
Supports sending in 24 currenciesNo cash pay-in or pay-out optionsExchange Rate: Include a markup
Offers instant transfers, regular payments, and currency risk management Additional Fees: Potential third-party fees may apply

Currencies Direct

currencies direct online money transfer

Currencies Direct is an OPTION for sending money internationally online, providing a phone support service for those who prefer assistance.

While most services have no transfer fee, exchange rates include a markup. Additional features include rate alerts to check rates before transferring money. You can also talk through your payment OPTIONS by phone.

Pros ConsTransaction Fees, Exchange Rate, and Additional Fees
No transfer fee for most servicesExchange rates include a markupTransfer Fees: No transaction fees for most services
Set rate alerts for timing transfersNo cash payout optionsExchange Rate: Include a markup
Phone support for personalized assistance Additional Fees: Potential third-party fees may apply

PayPal

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Users worldwide have PayPal accounts and are already familiar and comfortable with using PayPal’s services. But, it has low customer satisfaction due to its expensive exchange rates.

So, PayPal is not a good choice to transfer money internationally. If you still expect a better reason, check out the following table for a better understanding.

Pros ConsTransaction Fees, Exchange Rate, and Additional Fees
ConvenientHigh mid-market exchange rateTransfer Fees: 2.99 CAD
Widely availableLow customer satisfactionExchange Rate: Use a retail exchange rate for currency conversion
Comfortable with their servicesOnly competitively priced 0.26% of the timeAdditional Fees: Receive payment from a purchase or when you receive payments from outside your country or region 

WorldRemit

worldremit online money transfer

WorldRemit is one of the recommended money transfer services. Four million users trust their reputable service. WorldRemit excels in customer satisfaction and customer support, is easy to use, and has positive reviews. 

However, sometimes WorldRemit lags in its fees and dollar exchange rate. WorldRemit is rarely the cheapest nor the transparent provider. But, still, it remains one of the competitors to send money for cash pickups. 

Pros ConsTransaction Fees, Exchange Rate, and Additional Fees
Best way to send money internationally for cash pick up locations Most of the fees are charged non-transparently in USD exchange rates Transfer Fees: 3.99 CAD
Easy to use and has customer satisfaction Not ALWAYS the cheapest method for large transfers Exchange Rate: 0.7250
Has different options for international transfer(s) Additional Fees: Bank transfer payments

In short, consider factors like transaction fees, exchange rates, and additional features when choosing a service. Wise and XE are cost-effective OPTIONS, while CurrencyFair offers low fees.

OFX and TorFX provide a broader range of currency services, and Currencies Direct has additional services like rate alerts. Remember the pros and cons of reaching service to make the right decision. 


What are the Details Needed to Transfer Money to the US?

Remember! You’ll need specific details when transferring money from Canada to the US (through a Canadian bank account). The information required may differ depending on the provider and the transfer amount. 

Generally, for any international bank transfer, you’ll be asked for:

  • Routing Number
  • Bank Account Number
  • Address

These details are essential for a smooth money transfer process. However, it’s important to note that different providers may have varying requirements, so check with your specific service for any additional information needed.

Best Methods to Transfer Large Amounts of Money to the US From Canada

When sending a large sum of money from Canada to the United States, it’s crucial to carefully research and select a reliable provider with low fees and favorable exchange rates. Please pay close attention to transfer times, as they can vary significantly. 

ALWAYS look for international money transfer services that offer discounts for large transfers by offering lower fees or better exchange rates.

Use a cost comparison calculator to make sure you’re getting the BEST deal for your specific transfer. This will help you compare different providers and their offerings.

How Do You Transfer Large Amounts of Money to the United States?

Listen, to send a large amount of money to the United States through an international money transfer service, follow these steps:

  • Create An Account: Start by registering a new account with your chosen international money transfer service.
  • Verify Your Account: Verify your account by uploading images of your identification documents. This step is necessary to comply with financial services regulations.
  • Add Transfer Information: Provide details about the amount you want to transfer and the currency involved.
  • Add Recipient Details: Enter the personal and US bank account details of the person in the United States who will receive the money.
  • Fund Your Payment: To initiate the transfer, fund your payment. This can be done through a local bank transfer, using your card, or another supported payment method. So, the money will be sent as soon as the provider receives your payment.

It’s important to note that when dealing with large sums, additional information may be required to verify the source of the funds, ensuring compliance with both local and international financial regulations.

Plus, ensure the chosen service can handle the amount you intend to transfer, as there may be maximum payment limits.

What is the Safest Way to Send Money From Canada to the US?

best methods to send money to USA

Is finding money transfer methods internationally the most challenging thing ever? The comparison tool only suggests secure providers that comply with the law worldwide. So from today, you’ll not feel stiff.

If you want to send money instantly from Canada to the United States safely, look for providers registered and operating under the FCA. The ‘Financial Conduct Authority (FCA)’ authorizes and regulates most financial activities, ensuring that financial businesses trade safely and legally.

The PRA or Prudential Regulation Authority may also regulate some operators. The PRA’s role is to oversee banks, building societies, insurance companies, and similar financial institutions to ensure they are managed safely, control risks, and secure customer money.

If you’re using your bank for the transfer, you might come across the FSCS or Financial Services Compensation Scheme. The FSCS protects customers if their bank, insurer, or another eligible financial service company falls.

It provides comprehension to ensure you don’t lose out if your bank faces financial difficulties or goes bankrupt. 

International Wire Transfer Limits, Duration, and Fee to the United States

Major US Banks and payment providers may limit how much money you can send to or receive from Canada. There is no legal restriction on how much money you can use for wire transfers. 

However, these wire transfer limits can vary among providers and may change based on your chosen funding method. For instance, the wire transfer limits for debit card payments differ from those for bank transfers.

Sending money to the United States through international money transfer providers comes with varying fees, ranging from 59.08 CAD (Exchange rate: 0.7446 CAD/USD) with Wise to 121.46 CAD (Exchange rate: 0.74144) with Currencies Direct.

It’s important to note that traditional banks may charge even higher wire money. The total cost depends on factors such as the destination, the amount being sent, the payment method, and the desired receipt.

Typically, using a specialist service for a direct wire transfer to the recipient’s US bank account charges lower costs compared to traditional bank transfers. However, fees may increase when using a credit card or cash to make the transfer.

So, when sending money internationally, it’s crucial to consider the overall fee, which includes the cost for wire transfers, an additional charge embedded in the exchange rate, and potential third-party charges like a cash advance fee imposed by your credit card issuer. 

And, here’s all about duration. Depending on various factors, sending wire money to the US can take different amounts of time. These factors include the service you choose, how you pay, and how you want the person to receive money.

Among the providers I’ve listed, Wise is the quickest for international wire money transfers to the US. With Wise, you can send money, which will reach your recipient in the US within 2 Days. 

On the other hand, Currencies Direct is the slowest OPTION for transferring CAD to US Dollars (USD). If you use Currencies Direct, it will take 2 Days for the money to be wired to the US.

CAD/USD Exchange Rate Trends

Remember! The exchange rate between the Canadian Dollar (CAD) and the US Dollar (USD) changes over time because of shifts in supply and demand.

This fluctuation can be influenced by various factors, such as the economic conditions in Canada and the United States, changes in political stability, and even speculation by traders who buy or sell currencies based on their predictions of future trends.

Note: Currently, 1 Canadian Dollar is equivalent to 0.74496 US Dollars.

Is Google Pay a Better Option to Send Money From Canada to the United States?

GOOGLE PAY LOGO

Yes. You can use Google Pay to send money from Canada to the US. You have two good options for this. 

One is Wise, which gives reasonable exchange rates to US bank accounts, or Western Union, which provides various other payment methods, including cash pick-up.

Log in to your Google Pay account, send money to someone in the US like you usually would, and choose either Wise or Western Union when it asks how you want to send the money.

Best Money Transfer Rate to Send Money From Canada to the United States 

GUESS WHAT? Sending money from Canada to the United States at the best rate typically involves using the mid-market exchange rate. This rate is what banks use when buying and selling currencies globally. (but this costs you more money transfer fees)

However, individuals transferring money internationally may only sometimes get this rate. Instead, providers often tack on an extra fee, called a markup, to the exchange rate they offer customers.

This additional fee increases the overall cost and makes seeing what you pay for your international bank transfer challenging.

Below are some examples of the International transfer fee(s) from a Canadian bank account to the US:

  • Account Transfer Fees To Transfer Money To The US With RBC: C$6 fees + 2.7% markup on exchange rate. You’ll have to pay C$27.29 for a C$1,000 transfer to a US Bank Account.
  • Fees To Transfer Money To The US With CIBC: $30 fees + 6.47% markup on exchange rate. You need to pay C$64.70 for a C$1,000 transfer to a US Bank Account.
  • Fees To Transfer Money To The US With Scotiabank: $1.99 fees + 3% markup on exchange rate. You should pay C$32.79 for a C$1,000 transfer to a US Bank Account.

However, Wise uses the mid-market rate for international transfers from Canada to the United States.

Note: Currently, the mid-market rate for converting Canadian Dollars to US Dollars is 0.74496.

Now, I’ll tell you how to transfer money from Canada to the United States with a money transfer specialist. Keep reading:

  • First, use a comparison calculator to find the best transfer method to the US.
  • Next, open an account online or log in if you already own an account.
  • Then, set up your money transfer and provide the beneficiary’s bank details. 
  • Now, fund your transfer in CAD by wire transfer or by a credit or debit card payment method.
  • After that, transfer money from Canada to the US. 

Note: The money transfer specialist will use their local bank account in the United States to deposit the beneficiary’s account. (international banking fees will be charged).

Transfer Money Online With a Credit or Debit Card

Transferring Money Online With a Credit or Debit Card

If you’re sending money internationally, some special services permit you to use your credit card or debit card to fund the transfer.

Paying with a card can speed up the process, getting the money to the recipient’s bank account faster. However, it usually comes with extra fees, potentially more expensive than a regular bank transfer.

Here are some providers that accept card payments:

  • Wise: Supports bank transfers, cards (debit or credit), SWIFT, Google Pay, or Apple Pay.
  • XE: Online banking platform.
  • TorFX: Accepts bank transfers, SWIFT, debit cards, or cheques.
  • Currencies Direct: Allow payment through bank transfer or debit card.

Conclusion

Alright, listen! To make reliable transfers from Canada to the United States, there are so many financial institutions and International money transfers. However, depending on the services they provide, you should decide which money transfer company you’re looking for.

My favorite money transfer company is Wise because it’s cheap, fast, and instant!

If you’re looking for something else, you can go for any of the ones I’ve discussed here to transfer money internationally from Canada to the United States.

However, make the right decision!

FAQs

The best time to send money from Canada to the United States for the best deal may vary depending on your specific needs and circumstances. Factors such as the urgency of the transfer, desired delivery time, and fees charged by providers or banks can impact the ideal time to send money. Consider these factors before making a decision on the timing of your transfer.

To send money from Canada to the US at the lowest cost, it is best to avoid using your bank. Banks typically have high fees and may add extra charges for currency exchange. Instead, use a comparison tool to check real-time rates and fees for different options to find the cheapest method for sending money.

The best way to send money to the United States or other countries depends on your priorities, such as cost, speed, and convenience. You can compare different providers using our tool to find the option that best suits your needs.

No, sending money from Canada to the United States requires paying fees. Companies charge fees to cover their costs and make a profit. Some providers may hide these fees by incorporating them into the dollar exchange rate used for transfers.

No, there is no limit imposed by law on the amount of money you can transfer between Canada and the US. However, money transfer services and financial institutions may have daily transaction limits in place.

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Author
Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.

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