How to Transfer Money from US to Canada: 2022 Best Options

How to Transfer Money from US to Canada: The Best Options in 2022

There are many reasons why you might need to transfer money from the US to Canada.
Maybe you have relatives up north, or perhaps you are a Canadian citizen living and working in the USA.

Whatever your reason may be for sending money from the United States to Canada, several different options can make this process easier for you.

This post will discuss how to transfer money from US to Canada, how other people have transferred money between these two countries, and how they did it successfully while getting the most bang for their buck!

Sending money from the US to Canada is easier than you think, and this way, it can be delivered via an online bank transfer.

The best thing about sending money with a bank transfer is how easy it is for Canadians in both countries to access it – all they need are their account numbers, card payment, bank transfer, or another form of mobile payments!

✅ We only compare regulated and secure money transfer providers, which we have researched and tested.

How to Transfer Money from the US to Canada: What’s the Best Method?

In the United States, it is common to be overpaying because of three factors related to how money is sent, each associated with the three major types of costs involved:

  1. Fixed fees: The fees for transferring money from the US to Canada can be as high as $45 for big US banks.
  2. Commissions: This refers to the percentage fee charged on the total amount transferred, meaning that as your transfer reduces in size, so does the commission you have to pay. Commissions can vary from a low of 0.50% for small transfers and rising to 2%.
  3. Exchange rate margin: The percentage difference between the commercial exchange rate (the rate at which banks and businesses transact) and the mid-market exchange rate (the rate at which banks transfer currency.)

Quick Verdict ⤵️

Wise (formerly TransferWise) is the best option to Transfer money from US to Canada because it has the lowest fees, the best exchange rates, and is super fast.

When you Transfer money with TransferWise, they move your money as local bank transfers (ACH), which are less expensive than international wire transfers. That means you save money, and your recipient gets their money faster.

TransferWise is upfront about their fees – they don’t have any hidden charges like some other companies. Their low fees and excellent exchange rates give them a huge advantage over traditional banks. And if you need to Transfer money in a hurry, TransferWise is one of the fastest options available.

All of these factors make TransferWise the best choice for anyone looking to Transfer money from US to Canada.


Safe and Easy Options to Transfer Money from the United States of America (USA) to Canada

How to transfer money from us to canada

➤ Transfer Money from the US to Canada with TransferWise (now: Wise) Money Transfer

Wise (formerly TransferWise) provides cheap, fast and secure international money transfer services. Wise provides solutions for transferring your money to Canada at competitive rates with minimal fees and commissions without using an FX broker. The benefits of their service include:

  • A simple process that takes less than one minute
  • Easy to get a quote
  • No hidden or undisclosed charges
  • Transparent fees and provide the best rates online.
  • Quick online set-up
  • Simple Mobile App

What Are the Costs to Transfer Funds to Canada?

Transfer Fee: 0.53% of the total sum up to US$135,000 or 0.43% for any transaction above that amount. A flat fee of US$1 is charged on all transactions, regardless of the percentage carried out.

Exchange Rate: Wise offers the best possible rate (google’s current exchange rate). They don’t add a margin.

Additional Fees: Bank debit (ACH) is the most affordable; then by bank wire transfer; after that is a debit card and credit card transfers.

How to Transfer Money with Wise?

  • Log on to your account and create a profile.
  • Tap in where you want to send money and how much. Enter your recipient’s details.
  • To be able to make a payment in the United States, you will need to use one of our supported local payments like using a bank transfer, SWIFT, or your debit or credit card.

TransferWise vs Other International Money Transfer Services

How Long Does It Take?

Your beneficiary will get the money in Canadian dollars from Wise’s local account within 0-24 working hours.

Is Wise safe?

Yes, they are.


➤ Transfer Money from US to Canada with WorldRemit Money Transfer

WorldRemit is a transfer company specializing in remittances and smaller transfers. They’re perfect for personal money transfers from the US of up to US$10,000 to Canada, as their rates are usually better than your local bank’s rates. They also offer more flexible delivery options than companies like PayPal, Western Union or MoneyGram, for example.

Best Features:

  • Offers cash pick-up, mobile money, bank deposits and airtime top-up
  • Transparent costs with the accurate calculator tool
  • An easy online platform and mobile app
  • 24/7 customer support

What Are the Costs to Transfer Funds to Canada?

  • Transfer Fee: Depending on the amount you are transferring or the destination you are sending funds to, fees vary. However, you are notified of any charges before making your transfer.
  • Exchange Rates: WorldRemit offers a higher exchange rate than some other providers.
  • Maximum transfer amount: up to US$10,000.

How to Transfer Money with Worldremit?

You’re Invited >> Sign up for a WorldRemit account, using referral code CHARITYA78.
Send a transfer of at least $100 CAD, WorldRemit will email you a voucher for $30 CAD!

  • Create a free account online account using the referral code → CHARITYA78
  • By using the above referral code, you will get $30 CAD free from WorldRemit after you send $100 CAD or more (this can be done over multiple transfers)
  • Log into your account, type in how much money you want to send and select where you would like to transfer it. Enter the recipient’s information.
  • Make a local payment in the United States to WorldRemit, either with your bank account or debit or credit card and complete the transaction.
  • Your recipient has the option of receiving the money as a cash pickup, bank transfer or mobile money.

How Long Does It Take?

Wire transfers can take up to 2 days to complete, while cash delivery will be prepared instantly if you have a valid photo ID and the transaction reference number.

Is WorldRemit safe?

Yes, they are. WorldRemit is a more credible money transfer company that might work for you. See how trustworthy they are.

Sign up for a WorldRemit account using >> this unique link << and receive a voucher for $30 CAD


➤ How to Transfer Money from US to Canada With XE Money Transfers

XE Money Transfers is one of the most reliable and secure providers for international money transfers. They offer a wide range of features that are designed to make your transfer as simple as possible, including:

How Much Does it Cost to Send Funds to Canada?

  • Transfer Fee: None, but there can be additional charges at the local bank.
  • Exchange rate: the exchange rate you get when converting your US dollars to Canadian dollars will depend on the amount of your transfer.

How to transfer money with XE?

  • There are many options to set up an account; online or over the phone.
  • Tap in how much you want to send, where you’re sending the transfer and what currency.
  • Transfer money to a Canadian bank account by paying XE.

How Long Does It Take?

When you send a money transfer to Canada, your recipient will receive the funds in Canadian dollars into their account within 1-2 business days.

Is XE Safe?

Yes, they are. XE is registered with the New York Department of Financial Services (DFS) and FINTRAC, which is supervised by the Canada Revenue Agency.

Best Features:

  • You are not expected to pay any fees or minimum amounts when transferring money.
  • Well-known and trusted brand
  • Better exchange rates for larger amounts
  • Individual and business support, plus easy customer service.

Service Details:

For related contact information and the phone number of XE, call 1-877-932-6640.

Go to XE Website


➤ How to Transfer Money from US to Canada with Xoom (powered by PayPal)

Xoom (a PayPal Service) is a money transfer company that allows you to send and receive money transfers from the US to Canada.

They are one of the largest providers in this industry, but it is more expensive to use them to transfer money to Canada from US, than compared to other money-sending specialists.

Best features:

  • Safe, trustworthy, fully licensed and authorized company
  • Regular status updates via text or email
  • Pay beneficiary bills or phone reloads via app

What are the costs of transferring funds to Canada?

Transfer Fee: Transfer costs differ for different amounts. If the transfer is under $1,000, it’s $4.99, but transfers over $1,000 are free. Credit cards and debit card transfers of 1,000 dollars cost over 30 dollars, but if the amount transferred is more than 1,000 dollars, then there.

Exchange Rates: There is a 2% margin on the exchange rate when converting US dollars to Canadian.

Maximum transfer amount: $3,000 if you provide sender ID within 24 hours or $10,000 if you provide social security number or passport number.

How to Transfer Money from US to Canada with Xoom?

To start your US to Canada money transfer, sign up for Xoom via the Xoom app or xoom.com and log in to get started.

Tap in how much you would like to transfer and where. Fill in your recipient’s information, then select a payment type.

The recipient receives money in the form of a bank transfer or cash at Ria locations.

How Long Does It Take?

Below are the different ways to transfer money from the US to Canada. Transfers submitted by 11 am EST will be processed and delivered by 5 pm EST on the following day.

– It is possible for a transfer to take 1-2 business days (not including weekends)

-Transfers made between 12 pm – 10 pm EST

Is Xoom (PayPal) Safe?

Yes, they are. PayPal is one of the oldest online payment platforms in existence.

Service Details:

Xoom help mobile number: (877) 815-1531 (toll free) or +1 (415) 395-4225 from US or Canada


➤ How to Transfer Money from US to Canada with OFX

OFX is a global company that offers international money transfers. OFX has been around since 1998 and working with customers from all over the world for decades, making them one of the most stable in this industry. They are an excellent choice if you want to transfer your US dollars into Canadian dollars, but they come at a higher cost than others.

OFX offers personal account managers that are helpful if this is your first time sending money to Canada and a better exchange rate for more transfers.

OFX, a company of considerable age and experience, has good ratings for security.

How Much Does It Cost to Transfer Funds to Canada?

  • Transfer fee: OFX charges no transfer fee for US-based customers.
  • Exchange rate: OFX offers competitive rates and does not add a margin to the exchange rate when converting US dollars into Canadian dollars (CAD).
  • Minimum transfer amount: A minimum of US$150 is required for single transfers; $250 for recurring transfers.

OFX’s calculator shows the interbank rate, which is a rate before they add their margin. To find out an accurate quote, you will need to set up with OFX account. Alternatively, use our money transfer exchange rate comparison tool to see its actual rates and fees and compare it with other services.

How to Transfer Money with OFX?

  • Signing up for a free online account is your first step to getting a live quote.
  • Enter your recipients’ account details, including their bank’s routing and transit numbers.
  • To finalize your transfer, use a bank or wire transfer. Business customers can pay with direct debit.

How long does it take?

The beneficiary will receive the funds in Canadian currency in 1 to 2 business.

Is OFX safe?

Yes, they are.

Best Features:

  • Easy online set-up
  • 24/7 phone support
  • Reasonable exchange rates and lock-in rates for larger amounts
  • Cell phone app

Service Details:

OFX FAQs

Go to OFX website


➤ US to Canada Money Transfers with Western Union

Western Union offers money transfers from the US to Canada.

Western Union is a company that has been around since 1851, and they are the world leader in international remittance, meaning you can transfer your US dollars into Canadian dollars with them.

They offer reasonable exchange rates, but their fees are higher than some other companies. If transferring small amounts of funds, then this won’t be an issue for you. However, if it’s larger sums, using one of the cheaper money transfer alternatives may be more cost-effective.

How to Transfer Money from US to Canada

In-person

With locations across the U.S., sending money to Canada in person is always convenient. You need to find an agent to get this done.

Online or on the go

Use the Western Union app or WU.com to send money to Canada 24/7 online, from wherever you are.

PRO-TIP: If you are looking to save on fees, do NOT use Western Union, as they have one of the highest fees when compared to other international money transfer providers. Western Union also makes money on currency exchange, thereby costing you more.

Factors to Consider in Sending Money from the US to Canada

How to transfer money from us to canada

Cost

Cost is one of the essential variables to consider when selecting, as service providers can be very different in this regard.

If you need cash to arrive quickly, WorldRemit may have the best rates.

For amounts below $9,500, it is hard to beat Wise real exchange rates and low fees.

Amounts above $9,500 and OFX come into focus with its fee structure that gets cheaper as the amount increases and its focus on online and telephone support, which can be extremely helpful when dealing with banks.

Service

The quality of customer service is a critical factor when handling large amounts. Ideally, you want someone who provides excellent on-the-spot troubleshooting and practical advice for the banks they work with in order to ensure a fast and stress-free experience.

Among them, TransferWise and OFX offer stellar telephone support without surprises (for example, requiring additional documents or bank accounts) when transferring large amounts.

Speed

The speed of a transaction depends on the method in which you fund it and the currencies involved.

Typically, paying small cash transfers can go through within minutes or hours or, at the latest, by the following day. Also, how you fund the transactions (like with a debit or credit card) will often take anywhere from one to two days, although transactions funded by these mediums require additional fees.

Safety and Security

The safety and security of your money transfers should always be a top priority.

If you are transferring larger sums, providers like TransferWise and OFX are securely sealed by Norton’s Symantec SSL certificate to provide customers with a higher level of digital security to protect the confidentiality of their personal information while it is in transit over the internet, which can provide peace of mind when it comes to large amounts.


Very Large Money Transfers from the USA to Canada

If you would like to send a large sum of money from the US to Canada (over $50,000.00), your best bet will be to work with a foreign exchange broker.

These services are similar to ordinary bank transfers and remittance services, with one key difference: they are specialized in large sums and can negotiate favourable rates on your behalf.

Research shows that OFX was the cheapest option for sending large amounts of money from the US to Canada. They offered the best transfer rates in 55% of all searches over $50,000.

OFX was followed by Wise (formerly Transferwise), which was cheaper than OFX in 19% of comparisons for big transfers. 


FAQs on How to Transfer Money from US to Canada

How Can I Send Money from USA to Canada?

The best way to transfer money to Canada for cash pickup is MoneyGram. The best-rated services on how to transfer money from the US to Canada are Wise, WorldRemit, and Instarem. The fastest service to transfer money to Canada from the US is TransferWise.

How Do I Transfer Money to a Canadian Bank Account?

1. Sign up online for a TransferWise account.
2. After you register for an account, you can choose to send money and set your desired amount.
3. Next, identify the recipient’s banking information.
3. Verify your identity before transferring funds through the app or online transfer service.
5. Finally, complete the payment process by selecting a bank card as the payment method and entering your identification details associated with it.
That’s it!

Does Cash App Work in Canada?

You cannot sign up for the Cash App if you live in Canada, so there’s no way to send money from inside the app to someone living in Canada.

How Long Does a Bank Wire Transfer Take From the US to Canada?

Wire transfers coming into Canada can take up to 3 business days on average. This is not uncommon, but depending on the bank institution, the beneficiary might receive a wire at its destination with enough time to process it within a day.

How Much Money Can I Transfer to Canada?

Money transfers of any amount can be made to Canada, but there may be limits per transfer imposed by providers. If you’re trying to transfer large sums of money, it’s best to use a provider with no limitations like TransferWise or OFX.


Final Words on How to Transfer Money from US to Canada

There are many ways to transfer money from the US to Canada.

Different methods will have various advantages and disadvantages, so it is vital for you to understand what those are before making a decision that could change your finances drastically.

If you want an organization that offers more options but higher fees than other companies in this space, then Western Union may be right for you. As someone who is very frugal, I never use Western Union as they make money on currency change and therefore do not use the real exchange rate, making their fees higher than many other money transfer options.

If you want the real exchange rate and savings on fees, TransferWise or Interchange Financial are the way to go. Get the real exchange rate with Wise and save up to 8 times more than other alternatives.

If the speed of delivery is most important to you, then Wise (formerly TransferWise) or Xoom might be a good choice since they guarantee same-day transfers as long as some conditions are met.

Other methods mentioned above are still feasible and helpful and might even be easier depending on what’s more important.

So what’s appealing about one method over another? Comment below and let us know!


RELATED >> The Best US Bank Account for Canadian Residents


AUTHOR

founder-canadawiz

Charee Oisamoje

Charee's personal experiences as a Canadian immigrant and expertise make her uniquely qualified to write about this topic. With extensive educational credentials, she is an expert at collecting details, verifying facts, and making complex subjects easy to understand. ✔️MBA in Finance ✔️MScIB ✔️CCEA (#CCG 271) ✔️CPA Candidate ✔️CIP
Learn More >> About Page


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