8 Best Ways To Send Money from United States to Canada 2024 (2024)

Shopping around is the best way to find the right service for your payment from United States to Canada. Our handy comparison tool makes the job easy.

We’ve taken a selection of reputable, reliable and safe money transfer services and rated them based on cost, speed and customer trust, to help you pick the right one for you. Our table starts from least to most expensive provider, so you can easily see the cheapest way to send money from United States to Canada, taking into account transfer fees and available exchange rates.

• Money transfer services compared: 8 services
• Currently the cheapest: Wise
• Cheapest cost: 6.47 USD
• Currently the fastest: Wise
• Fastest time: Instant-2 Days
• Currently best rated: Currencies Direct
• Money transfer companies included: Wise, XE, Remitly, Currencies Direct, CurrencyFair, OFX, Western Union, WorldRemit

Banks and specialist international money transfer services each have their own pros and cons, so you’ll need to compare a few to decide which is best for you. Here are a few important factors to consider:

• Transfer time: Transfer times can vary a lot. While some specialist money transfer services can deliver your payment instantly or in just a few minutes, it’s common for banks to take 3 to 5 days if the transfer is processed using the SWIFT network. In our comparison, the fastest way to send money from United States to Canada was with Wise.

• Transfer fees: When you send an international payment you may have several different fees to pay including an upfront transfer fee, exchange rate markup and possible third party costs. Some providers split out all their fees transparently, but it’s not always the case. That means you’ll have to carefully compare both the stated transfer fees and the exchange rates to see which is the best overall value. In our comparison, Wise had the lowest overall cost when sending money from United States to Canada.

• Required documentation: For security reasons and to comply with international laws, you’ll often need to provide proof of your ID and address when sending a payment abroad. This can normally be done using a government issued ID document like your passport or driving license, and a bank statement or utility bill which shows your name and address clearly. Higher value transfers may also require extra paperwork, such as proof of the source of the funds. Learn more about the documents needed when sending money from United States to Canada here.

• Exchange rates: Banks and money transfer services set their own exchange rates, which can include fees. Use a currency converter tool to check the mid-market exchange rate, and compare this against the rates offered by different providers, to pick the one that’s best value for your specific needs.

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Choosing an international money transfer service can feel like a risk. However, our comparison tool recommends secure providers which operate within the law in any part of the world they’re in.

When you’re looking for the safest ways to send money to Canada from United States you’ll usually want to look out for providers which are registered with and operate under the FCA. In some cases operators may also be regulated by the PRA. And if you’re sending money with your bank, you may also read about the FSCS. Too many acronyms? Let’s look at what they mean.

FCA - Financial Conduct Authority - almost all financial activities have to be authorised by the FCA. The FCA’s job is to regulate and oversee financial activities to make sure standards are upheld and financial businesses are trading safely and legally.

PRA - Prudential Regulation Authority - the PRA exists to make sure banks, building societies, insurance companies and other similar financial institutions are being managed safely, to control risk and keep customer money safe.

FSCS - Financial Services Compensation Scheme - the FSCS protects customers when their bank, insurer or other eligible financial service company fails. You may be able to get compensation through the FSCS to make sure you don’t lose out if your bank goes bankrupt or runs into other financial difficulties.

Using a bank transfer from United States to Canada is one of the most straightforward methods for both the sender and the recipient. The recipient doesn't have to do anything, the funds simply arrive in their account in the chosen currency, ready for use or withdrawal.

If you're looking to transfer money from United States directly to a bank account in Canada, choosing a specialist provider can be cheaper and quicker than an international bank transfer. While different providers have different steps to process payments, the following steps usually apply to most:

• Choose and Register: Begin by selecting a regulated bank or money transfer provider that supports international bank transfers from United States to Canada.

• Account Verification: For enhanced security and to comply with international financial regulations, banks and online transfer providers require users to verify their identity before sending a money transfer. This process usually includes uploading digital copies of proof of ID (such as a passport or driving license) and a proof of address (like a utility bill or bank statement).

• Fund Your Account: Once registered, you'll need to deposit funds. While there are multiple methods available, local bank transfer or using a debit card are usually the most economical options.

• Initiate the Transfer: With your account funded, add your recipient's full name and their bank account details. Check everything over, and start your transfer.

Remember, the speed and efficiency of your transfer can vary based on the provider you choose. It's always wise to compare rates, reviews, and transfer times before making a decision.

Sending money overseas can seem complicated, especially if this is your first time sending money to Canada from United States.

Whether you're a business making a payment, an expat supporting your family, or just sending a gift, you will need a few important details to get your transfer to the right place. We've narrowed down the essential information you'll need to make your transfer:

• Recipient's Full Name: Ensure you have the recipient's full legal name as it appears on their bank account
• Recipient's Address: This includes their street address and postcode
• Bank Name: The name of the recipient's bank in Canada
• Sort code: A six-digit number that identifies the recipient's bank, crucial for transfers to Canadian bank accounts
• Account Number: The recipient's bank account number
• SWIFT/BIC Code: Important for international transfers to Canadian banks

Before you send a larger sum of money to someone in from United States to Canada you may want to take the following steps:

• Research Multiple Providers: By comparing provider rates, fees, and user reviews from different providers, you'll be able to get the best deal for your transfer.

• Check the limits: Ask your provider if they have any payment limits, and check if your own bank has limits on local transfers.

• Prepare your account and funds: Complete your account verification in full and prepare to fund your transfer with a debit card or bank transfer to avoid delays.

• Monitor Exchange Rate: If your transfer isn't time-sensitive, tracking exchange rates and waiting until the currency US Dollar/Canadian Dollar exchange reaches its peak value can help you to save money on your transfer.

• Prepare for additional checks: Ask your provider if you’ll need any further paperwork to send a large amount of money from United States to Canada. For example, you might need to show the source of the funds, or give details about what the payment is for.

Choosing the right provider when sending large amounts of money from United States to Canada can help you save on fees and hidden exchange rate markups. Banks and online transfer providers can add hidden markups in their rates, which can quickly grow as the amount you are looking to send increases.

Money transfer providers often offer discounts for high amount transactions, which may mean as reduced fees or more favorable exchange rates. To ensure you're securing the most advantageous offer for your transfer, use the Exiap cost comparison calculator and evaluate all options available.

The cost of transferring money abroad can vary based on the service provider, the amount being sent, and the method of transfer. Bear in mind also that bank transfer fees from United States to Canada can include upfront costs, an exchange markup and extra third party fees added by correspondent banks.

When sending your money from United States to Canada using an online money transfer provider, the cost of transferring 2000 USD can range from 6.47 USD to 40.74 USD, including provider transfer fees and any exchange rate markups the transfer provider might apply. If you plan to send with a bank, you could pay more overall. Bank costs often include a transfer fee, exchange rate markup, and SWIFT fees which are paid to third parties involved in the transfer.

As an example: the lowest cost option to send money from United States to Canada would be Wise with the total cost of 6.47 USD using a 1.3494 US Dollar/Canadian Dollar exchange rate.

If you make a bank transfer from United States to Canada, how long will it take to arrive?The answer here will depend on multiple factors such as the chosen money transfer service, the payment method, and how the recipient wishes to receive it.

Based on the 8 providers we reviewed, an international transfer can take from Instant-2 Days to 2 Days to arrive when sending money from United States to Canada if you pay for your transfer with a debit card or bank transfer.

Wise offers the quickest money transfer from United States to Canada. On the other hand, Currencies Direct has the longest transfer duration for US Dollar, taking 2 Days.

Understanding US Dollar/Canadian Dollar exchange rate changes can help you to make better informed decisions on when to send your international transfer. Exchange rates are constantly changing, due to factors such as supply and demand, geopolitical events, and economic indicators.

The current exchange rate for US Dollar/Canadian Dollar stands at 1.34935.

Exchange Rate Monitoring: Using a currency converter tool is an easy way to keep tabs on the US Dollar/Canadian Dollar exchange rates. This way, you can be up-to-date on the latest changes and can identify the best time to start your transfer.

Rate Alerts: Consider setting up rate alerts with our rate tracking tool. This service will notify you when the US Dollar/Canadian Dollar exchange rate reaches your desired threshold. For the best monitoring and alert tools, take a look at Currency Live's recommendations.

For transfers from United States to Canada, the mid-market exchange rate often offers the best value. This is the rate at which banks handle currency exchanges in the worldwide markets.

Individuals transferring money overseas don't always get this rate. In most cases providers add a markup to the rate they quote customers. This inflates the overall fee, making the exact cost of your international money transfer less transparent.

The provider with the best exchange rate is Wise, with the US Dollar/Canadian Dollar exchange rate of 1.34935

Most of the international transfer providers allow credit or debit card payments. While this method can speed up your transfer, it might also introduce added fees, making it less cost-effective than a bank transfer.

Here’s a handy list of providers that support card payments:

• Wise: Bank transfer, card (debit or credit), SWIFT, Google Pay or Apple Pay
• XE: Online
• Remitly: Bank transfer or card (debit, credit, and prepaid)
• Currencies Direct: Bank transfer or debit card
• Western Union: Bank transfer or card (debit or credit)
• WorldRemit: Bank transfer, card (debit, credit, and prepaid) or Apple Pay

The best way to send money from United States to Canada varies for everyone, depending on what the priority is for you.

For those looking for the cheapest option, Wise is the most affordable international money transfer service. On the other hand, if you are looking to get your transfer across the fastest way possible, Wise is the ideal choice, ensuring your funds reach to Canada in Instant-2 Days.

If you're concerned about safety, you can take comfort in the fact that all of our reviewed providers are trusted and regulated, guaranteeing secure transfers from United States to Canada.

To send your payment to Canada safely, you’ll need to include the following information when you arrange it:

• Recipient's Full Name
• Recipient's Address
• Bank Name
• Sort code
• Account Number
• SWIFT/BIC Code

The exchange rate used to convert your payment makes a big difference to the amount the recipient will get in the end. Banks and international money transfer services set their own exchange rates which can include an extra fee, known as a markup. Bank exchange rates may include a markup as high as 3% which pushes up the costs overall. That makes shopping around and comparing providers essential.

In our comparison, the best available exchange rate was with Wise with the US Dollar/Canadian Dollar exchange rate of 1.34935.