6 Best Ways to Send Money from Canada to US

Are you looking for the best ways to send money from Canada to US? Here, we’ll compare the best ways to send money from Canada to the US based on convenience, speed, fees, and overall customer experience.

1. 6 Best Ways to Send Money from Canada to the US (Comparison Table)

2. How Bank Transfers Work

Nowadays, most people prefer online banking on their phones and that is why banks are also trying to facilitate their customers. But international money transfers are still not the primary focus of banks and that is why they are generally expensive and slower than specialized money transfer services.

Below we’ve analyzed some of the major Canadian banks in terms of sending money to the US.

• Scotiabank
  You can send money to the US and other countries by using the mobile app and following these simple steps.
  The fee is $1.99 CAD per transfer (on select accounts) and the minimum transfer amount is $100 CAD. It can take 1-3 days for the money to arrive.

• Canadian Imperial Bank of Commerce (CIBC)
  You can send money to the US and 120 other countries from Canada by using CIBC’s “Global Money Transfers.” 
  There is no transfer fee to more than 120 countries; the money can arrive in 1-3 days. You can send a minimum of $100 CAD and a maximum of $30,000 CAD in a 30-day period.

• The Royal Bank of Canada (RBC)
  With their app, you can transfer money to 120 countries, including the US. Just tap “Send Money” if you have an Android device or “Move Money” if you have an iOS device, and then pick “International Money Transfer”. The transfer fee is $13.50 CAD and the maximum amount you can send per day is $2,500 CAD. It takes 3-5 business days for the money to arrive.

• The Bank of Montreal (BMO)
  You can send money to the US and 50 other countries by logging in and selecting “Global Money Transfer.” You will need to provide the recipient’s name, bank code, and account number.
  The fee is $5 USD per transfer unless you have one of the following bank plans: premium plan, platinum plan, performance plan under the NewStart® Program, and Bank at Work. The minimum transfer amount is $100 CAD and the maximum amount is based on your daily debit card limit. You can’t cancel the transfer once it’s completed.     

• TD Canada Trust (TD)
  You can send money to the US by registering for global transfers on the website or their mobile app. You need the recipient’s bank details and tax ID.
  You can use your bank account, or line of credit to fund the transfer. The transfer limit varies depending on your account type and the time period. You can check your limit on your mobile app or website. Transfer fees are also shown in advance.

Note about fees:
Sending money from Canada to the US through bank transfers is a dependable option, but it is generally much more expensive (up to 6 times) than using specialized money transfer services. This is because you need to take into account the exchange rate and the fee the bank at the other end will take when calculating total fees.

It also takes more time (3-5 business days) for the transactions to be completed.

Now let’s see what other better services are available for you to take advantage of.

3. 8 Best Apps to Send Money from Canada to the US

1. Remitly – Remitly has a highly-rated mobile app both in Google Play and App Store that lets you send money securely. You can choose between express or economy transfers, track your transaction status every step of the way and get customer support 24/7. 

2. Western Union – Western Union is one of the most popular and trusted money transfer apps in the world with a broad global network that supports over 200 countries and 130 currencies. You can send money to a bank account or go for cash pickup while getting real-time exchange rates and fees on the app.

3. MoneyGram – Another well-known money transfer app that allows you to send money to the US from Canada. You can fund transfers with a debit card, credit card or bank account, and choose between direct deposit or cash transfer. You can also earn rewards points and redeem them for discounts on fees.

4. WorldRemit – Offers fast, flexible and secure money transfers. They also offer a variety of delivery options for your money transfers including bank deposit, cash pickup, mobile money, and airtime top-up. You can send money, and get upfront exchange rates and fees on the app. 

5. Wise – Wise is one of the best money transfer apps for getting the mid-market exchange rate which is the same rate you see on Google. Wise charges a transparent low fee for each transfer. They support over 40+ currencies. Wise currency converter (no sign-up required) will show exchange rates and fees for specific transfers and track your transactions.

6. CurrencyFair – CurrencyFair supports over 20 currencies and they currently offer (limited time only) 10 fee-free transfers.

7. OFX – A good option for sending large transfers as it has no maximum limit. You can use the app to track your transfers, check live rates, and set up alerts. OFX also has a dedicated customer service team to help you with your transfers. OFX has a $15 CAD fee for transfers below $10,000 CAD but we have organized to have this fee removed (opens a new tab) so you can enjoy $0 OFX fees (minimum $250 transfer).

8. Currencies Direct – Another app that allows you to send large amounts of money to the US with no fees and good exchange rates. You can use the app to do money transfers, monitor rates, view your transaction history, and add and manage recipients. If you want to save money on your transfers, Currencies Direct can offer you better rates depending on how much you send. You can request a free quote anytime.

4. Best for Cash

We believe MoneyGram and WorldRemit are the best options for transferring cash from Canada to the US. It’s important to note here that cash transfer limits are usually low.

4.1. MoneyGram

MoneyGram is a US-based company that offers money transfer services worldwide. It supports more than 48 global currencies and has a vast network of over 350,000 agents in over 200 countries. 

It has a global reach and a solid presence in Canada. You can find it in many big and small cities easily. The company lets you transfer money through various agents and financial establishments, such as banks, check cashiers, and supermarkets. 

To send cash, fill out a form and pay the amount and the agent will transfer it. Your recipient can receive it in minutes. 

The maximum sending limit is $990 CAD. Just visit their official website for cost estimation.

4.2. WorldRemit

WorldRemit is a popular well-established money transfer service. It supports more than 70 currencies and allows its customers to send money to 130 countries.

WorldRemit has a well-regulated platform in both Canada and the US. It supports several transfer methods for sending money from Canada to the US. Moreover, their Cash transfer service is one of the fastest and cheapest options.

The Cash payment is delivered to your recipient in the US in no time. They just require a valid government ID to access the money.

The transfer fees are very competitive, but they do not use mid-market exchange rates and apply a markup of 0.4-1.5% on currency conversion.

5. Best for Smaller Transfers

If you want to send small amounts (less than $7000 USD) from Canada to US, Wise and CurrencyFair are the two best services.

5.1. Wise

Wise is considered to be one of the best international transfer services in the world. They follow financial regulations in Canada and US and also have an official presence in both countries.

Wise does not add any markup to the mid-market exchange rate, unlike other transfer services. This means they offer one of the best exchange rates in the world. They also guarantee their rate for a certain period of time when you start a transfer.

Currency conversion usually happens in minutes. You can transfer money to other Wise users in the US for a minimal fee and mostly instantly as well. Bank transfers, on the other hand, can take 1-3 business days.

5.2. CurrencyFair

CurrencyFair charges an average markup of 0.1-0.6% on the mid-market exchange rate. They charge a flat fee of $4 CAD (or equivalent) for every transfer. They currently offer 10 fee-free transfers if you use our link.

Transfers usually take 1-3 business days to get to the recipient.

6. Best for Larger Transfers

OFX and Currencies Direct are our best picks for transferring large sums (above $7000 USD) to the US from Canada. 

6.1. OFX 

OFX makes sending larger transfers from Canada to the US very easy and affordable. OFX is regulated by FINTRAC in Canada and FinCen in America. They also have physical offices in both countries. 

There is no fee for transfers above $10,000 CAD. However, if you are transferring an amount below $10,000 CAD, you could be charged $15 CAD for every transaction but we have organized to have this fee removed (opens a new tab) so you can enjoy $0 OFX fees (minimum $250 transfer).

OFX applies a markup to the exchange rate (Approx. 0.4-1.5%) which decreases with the amount of transfer. In short, the higher the amount, the cheaper it gets to transfer.

They only allow bank-to-bank transfers so there can also be sending and receiving fees charged by the banks. 

Here is a helpful video on how to make a transfer with OFX

6.2. Currencies Direct

Currencies Direct have been around since 1996 and have specific expertise for transferring large funds from Canada to the US. 

They allow personal payments of up to $25,000 without any fees.

Currencies Direct makes money from exchange rates. They buy currencies in bulk and apply a margin (Approx. 0.4-1.5%) when selling them to you. Apart from this, there can be sending and receiving fees from your banks. 

Currencies Direct can give you more favorable rates for your transfers based on the amounts you send. You can get a free quote whenever you want.

Currencies Direct transfers from Canada to the US usually take 1-3 days to complete.

7. Cheapest Transfers from Canada to the USA

In general cash transfers can involve higher fees compared to bank-to-bank transfers. This is mainly because of the extra costs involved with having a physical presence and working with third-party kiosks and agents.

That said, companies like Remitly and Worldemit have significantly reduced fees by partnering with third parties and building efficient ways to make transfers happen.  Competition from services like these has also helped to reduce the fees of services like Moneygram where you can send cash-to-cash.

When it comes to finding the absolute cheapest money transfer from Canada to the USA most people have bank accounts, and generally, bank-to-bank transfers are always going to be cheaper than cash transfers.

Wise is leading the market by not charging any markup on the exchange rate and then charging competitive and transparent fees. That said, peer-to-peer (P2P) operations of CurrencyFair can mean even more money arrives because you are effectively swapping your money with others, which means you can do even better than the mid-market rate.

In our view, Wise is the best option for cheap transfers below $9,500 CAD because of its consistently low fees and other factors that make it stand apart. Above $9,500 CAD and we prefer services like OFX partly because the main fee they charge is tied up in the exchange rate they offer which reduces in percentage terms as the amount increases.

Additional regulations around the $9,500 CAD mark also kick in which means that money transfer services are better for either smaller or larger amounts.

8. Fastest Transfers from Canada to the USA

If speed is your priority and your transfer amount is below $9,500 CAD/ $7000 USD 000 then Wise is the best option especially if the recipient has the Wise account as well. If not, they are still one of the fastest for transfers involving banks.

If your preference is to transfer cash quickly then MoneyGram is the best option. Their transfers are often instant and they have a wide network of agents in both Canada and the US.

For sending larger transfers with the most speed, OFX is our best choice. This is partly because OFX has a strong presence in Canada and the US with many banking relationships to help expedite the process. Most importantly, OFX operates 24/7 which can make transfers much smoother by preventing any hold-ups which can happen because of the larger transactions.

In the table below we have compared the transfer times for all of the selected money transfer services.

Provider	Transfer Time
Banks	1-5 business days
	Cash Transfer (minutes to next day) Other transfers (1-3 days)
	Cash Transfers (within minutes) Non-cash transfers (2-3 days)
	Wise to Wise transfers (instant). Bank transfers (1-3 days)
	1-3 business days
	1-3 business days
	1-3 business days

9. Fees for Transfers from Canada to the USA Compared

Fees are the most important factor to consider. Often fees add up over repeated transfers and can save (or cost) a lot of money in the long run.

The most reliably cheap way to send smaller transfers from Canada to the US is Wise. They charge 0.66% fees on average and also provide the mid-market exchange rate that is the lowest among all of the listed providers.

For sending larger transfers, OFX is the best option. But keep in mind, they charge lower fees and offer better exchange rates as the transfer amount goes up.

We have compared the fees charged by each provider in the following table in detail.

Transfer Service	Fees	Exchange Rate
Banks	$1.99-40 CAD depending on Bank and Bank account type	2-4% markup (Banks apply exchange fees according to account type)
	$0-4.99 CAD	0.6-5% markup
	Varies on payment and receiving method	2-4% markup
	0.66% on average	0 markup
	$4 CAD flat fee	0.1-0.6% markup. Use the P2P market for a better rate.
	$0 fee for transfers above $10,000 CAD $15 CAD for transfers below $10,000 CAD	0.4-1.5% markup
	$0 for personal transactions (below $25,000)	0.4-1.5% markup

10. How to Keep Your Money Safe

Here are some things you should consider before you send money to the US from Canada:

• Select a trustworthy and reliable provider
• Check the exchange rate, fees and transfer times
• Verify your identity
• Decide on the payment method that works best for you
• Check customer reviews of your selected provider
• Choose a delivery method after selecting the provider
• Turn on the two-factor authentication (2FA) of your financial apps

11. Final Word

There are many ways to send money from Canada to the US. Traditional bank transfers are reliable but slow and expensive. However, there are a number of other services that can suit your unique needs and preferences.

For those seeking convenient and speedy cash money transfers (above) – providers such as Moneygram and WorldRemit provide a seamless experience. These services are faster than traditional bank transfers, ensuring that funds reach recipients in a shorter time frame. However, they may not have the best exchange rates.

When considering small money transfers (above) (below $9,500 CAD) Wise is the standout choice. With Wise, you can save money on fees and get 0 markups on the exchange rate.

If you require a large money transfers (above) (more than $9,500 CAD), we recommend OFX or Currencies Direct. They have low fees, good rates, and helpful customer service that becomes all the more important with larger transfers. Currencies Direct even have a free quote, so you can see how much money you can save by using their service.

Ultimately, the best way to send money from Canada to the US depends on your individual needs and preferences. Consider the fees (above), speed (above), and cost (above) when choosing a service.

Happy Transfers!