Send Money to Canada: Best & Cheapest Ways in 2024

Last Updated on October, 2024

Are you looking for the best ways for online money transfers? I mean to transfer money to Canada from the USA? Don’t worry, you’re not alone. I know we all prefer to be in the safe zone when dealing with money. That’s why I’ve picked 7 best methods to transfer money to Canada.

In this piece, I’ve basically covered everything you’re looking for including the method to send money to Canada, transfer fees, online money transfer provider(s), process of international money transfers, and a lot more. Your part is to check them out and choose your preferred method. 

Deal? Then keep reading… 

Compare Money Transfer Services

7 Best Ways to Transfer Money to Canada

1. Wise 

Wise is a trusted online platform that lets you transfer money to Canada quickly and securely. They offer competitive exchange rates and transparent fees, so you’ll know exactly how much your transfer will cost.

Get the full scoop on Wise in this review.

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2. OFX

OFX is a reliable international money transfer company that provides excellent rates and personalized customer service. They offer 24/7 support and a user-friendly online platform for transferring money to Canada.

Get the full scoop on OFX in this review.

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3. XE

XE is a popular choice for transferring money online to Canada because of its competitive rates and comprehensive currency tools. They offer simple and secure money transfers for fast transfers with low fees.

Get the full scoop on XE in this review.

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4. CurrencyFair

CurrencyFair is known for its peer-to-peer marketplace, which allows users to exchange currency at rates set by other users. This can result in better rates than traditional banks or other transfer services.

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5. Remitly

Remitly specializes in international money transfers, offering fast and affordable options for transferring money to Canada. Their express service allows for instant transfers, while their economy service offers lower fees for slower transfers.

Get the full scoop on Remitly in this review.

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6. Currencies Direct

Currencies Direct is a trusted provider of international money transfer services, offering competitive rates and personalized support. They also offer flexible transfer options and dedicated account managers for larger international transactions.

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7. Western Union

This is a well-established company offering a wide range of money transfer services to Canada and other countries. They provide multiple transfer options, including money pickup and mobile wallet transfers.

Get the full scoop on Western Union in this review.

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How to Send Money to Canada?

You can transfer money online through your bank or a specialist international money transfer service. Next, compare providers. Enter the amount you want to send from the US to Canada to see fees, exchange rates, delivery speed, and recipient payout.

Choose the best option for your needs.

Then, if it’s your first time using an online transfer service, sign up and verify your account. Provide personal information and upload ID and address documents. If using a bank, open an account either online or in person, and make an opening deposit if necessary. 

Finally, start your transfer. Log into your chosen provider’s account, enter the amount to send and the currency to receive, and follow the prompts to input recipient details for secure transfers. You may have different payout options, like bank deposit or cash collection.

Things to Consider When Sending Money From the US to Canada

Sending money internationally can be done through banks or specialized money transfer services.

What are the Best Methods to Transfer Money Internationally?

You can send money online through various methods. Bank transactions are safe and reliable, done online, through apps, or in person at a bank branch, but international transfers can be costly due to added fees.

Online money transfer services let you send money using your phone or laptop. Different service provider(s) offer various features and fees, including fast delivery times and multiple payout methods.

Cash pickup services like Western Union allow recipients to collect cash from local agents, which can be convenient, but fees may be higher compared to bank transfers.

How to Wire Money?

To wire money to Canada, you can use a bank transfer service. With a bank transfer, you can transfer the money through your bank’s website or app or by visiting a branch. 

International bank transfers may have added fees. Online money transfer services, like XE or Currencies Direct, allow you to send money quickly using your phone or computer. For either method, you’ll need the recipient’s bank details. 

If the recipient needs cash, online money transfer service(s) offer cash pickup options at local agents. 

The Cheapest Method to Send Money From the US to Canada

The Fastest Method to Send Money From the US to Canada

When you want to send money from the United States to Canada, using dedicated money transfer service providers is often faster than using a bank. Banks usually take 3 to 5 working days because they use the SWIFT network, which involves multiple providers and causes delays. 

Online money transfer services, on the other hand, have efficient networks. This means your money can be transferred quicker, sometimes even instantly, to your recipient’s bank account. 

Among these, Wise is the fastest, with transfers usually taking up to 2 days.

What is the Safest Way to Send Money?

Yes, what you’re thinking is correct. Sometimes, sending money internationally can be risky. So, it’s important to find secure providers that follow the law no matter where they operate.

To ensure safety when sending money online from the United States to Canada, look for providers registered with the FCA (Financial Conduct Authority). 

Some may also be regulated by the PRA (Prudential Regulation Authority). If you’re using your bank, you might also come across the FSCS (Financial Services Compensation Scheme).

Best Apps

How to Do Bank Transfers From the US to Canada?

First, choose a reliable bank or money transfer service that supports international transfers from the US to Canada. Next, register with the selected provider. Then, you’ll need to verify your identity by providing digital copies of your ID and proof of address.

After verification, deposit funds into your account. You can do this through a local bank transfer or using a debit card. Once your account is funded, provide the recipient’s full name and bank account details. 

After that, double-check all details before initiating the transfer. The recipient doesn’t need to do anything; the money will arrive in their account in the chosen currency.

Different providers have different processing times, so compare rates, reviews, and transfer times before deciding. Plus, choosing a specialist provider can often be cheaper and quicker than using an international bank transfer.

International Online Money Transfers: Limits From the US to Canada

The government doesn’t set a specific limit on sending money overseas to Canada. However, the amount you can send may vary depending on where you’re sending it from, such as your bank or an online service.

Each place might have its own rules about how much money you can send. For instance, if you’re using a card, there might be a different limit compared to sending money through a bank transfer.

What Details Do You Need to Send Money?

How to Send a Large Sum of Money for Someone From the US to Canada?

How Much Does it Cost to Send Money?

If you’re doing it online, it could cost between 11.92 CAD and 24.14 CAD to transfer $2000, including fees and any extra charges for currency conversion. Banks might charge you more, with payments for the transfer itself, currency exchange, and additional fees paid to other banks involved in the process.

For instance, the cheapest option to send money from the United States to Canada is Wise, which would cost $14.85, assuming an exchange rate of 1.35 USD to 1 Canadian Dollar.

How to Transfer Money Online With a Credit Card or Debit Card?

If you want to send money internationally, many providers accept payments by credit or debit card. Using this method might speed up your transfer, but it could also mean extra fees, which makes it less expensive than using a bank transfer.

US Dollar/Canadian Dollar Exchange Rate Trends

Knowing when to send money internationally can be easier if you understand how the value of the US Dollar compares to the Canadian Dollar. The value changes because of things like how much people want each currency, important events in the world, and signs about how well the economy is doing. 

Right now, you can trade $1 for 1.35 CAD.

You can monitor these changes by using a tool that quickly converts money from one currency to another. This can help you determine when it is best to send your money. 

You can also get alerts when the exchange rate reaches a certain point you like. This way, you’ll know when it’s a good time to make your transfer. 

Useful guides:

• Can a US Citizen Open a Bank Account in Canada?
• Where to Get Canadian Money?
• Send Money to India From Anywhere in the World

Conclusion

In short, Wise is the most affordable international money transfer service. However, if you’re also looking for the fastest option, try Wise (it’s my favorite option).

You should understand something. You can come across many similar articles prioritizing different financial institutions. At that point, what you need to know is that the best way to transfer money to Canada varies for everyone.

Therefore, you should pick what suits you the best! 

FAQs