Send Money from USA to Canada

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

2. How Bank Transfers Work in America

Banks use two methods to send money from America to Canada. The first way is by a wire transfer. The second method is ACH payment. The second method usually costs less but takes longer to complete. 

Both methods are usually five to six times more expensive – and slower – than specialized money transfer services.

Check our brief analysis of some popular US banks below.

U.S. Bank

To initiate the transfer using the website or mobile app:

1. Tap on “Pay bill & transfer“ on the home page
2. Select “External transfers“.
3. Choose “Make an external transfer“ or “Send a wire transfer“.

The International Wire transfer fee (outgoing) is $50 USD for consumer or personal account holders, while for business account holders, it is $75 USD.

Bank of America

You can send money to Canada using the international wire transfer feature on the website or the mobile application. If you send USD directly, there is a fee of $45 USD per transfer but if you send in foreign currency such as CAD, the fee gets reduced to $0. The bank also applies a margin to currency conversion and may also apply other fees that are part of the wire transfer process.

Wells Fargo

To send money to Canada using the app or on the website select:

1. “Wire Money“ option from the “Transfer & Pay“ menu.
2. Then provide the recipient details, including the Canadian Payment Routing Number.

Transfer limits and transfer fees are shown to you when you set up the transfer. They also make money by charging you a markup for currency conversion.

PNC Bank

PNC has recently allowed online international money transfers without the need to visit a branch in all regions. Before, it was only available in select locations. You can send money to Canada from:

1. “Transfer Funds” menu
2. Select the “Send a Wire or International Transfer“ option.

They charge a $5-40 USD transfer fee for outgoing international wire transfers. This fee depends on the account type and can vary. Transfers are completed in 3-5 business days.

Note: Banks not mentioned here also have similar fee structures and features.

3. 8 Best Apps for Sending Money from USA to Canada

Nowadays people are using mobile apps to send money more frequently. These apps are fast, secure, and offer complete functionality that also includes different methods of transferring money. 

Here are our 8 best money transfer apps for sending money from US to Canada.

4. Best for Cash

In our analysis, we found MoneyGram and WorldRemit to be the best options for sending cash payments to Canada from the USA.

4.1. MoneyGram

MoneyGram is a global money transfer service headquartered in the US. They have a broad network of more than 350,000 agents worldwide. 

MoneyGram also has a collaboration with Walmart in the US. You can send money from any Walmart store that carries a MoneyGram sign.

They also have a strong presence in Canada. You can find their agent locations in Canada from the website easily.

MoneyGram specializes in cash transfers. You can send cash payments below $1000 USD from US to Canada without any fee on your first online money transfer*. The transfer fee varies with how you fund your transfer and how the recipient wants to receive the money.

There is also approximately a 3-5% exchange rate fee. The recipient can get the cash within 10 minutes after the transfer. Read MoneyGram full review

4.2. WorldRemit

WorldRemit is a popular money transfer service that specializes in remittances. They offer several methods of sending money from US to Canada but it’s their cash transfer service that makes them stand apart from others. 

WorldRemit is very well regulated in both the US and Canada. They also have offices in both countries and can help you in case of issues.

To send cash you need to create an account and fund your WorldRemit account. Your cash could be available for pickup within minutes. They charge $2.99 USD as a transfer fee but you can potentially get 3 fee-free transfers if you use the promo code ‘3FORYOU’. Moreover, you also pay approximately 1.5-2.5% exchange fee for USD to CAD conversion. Read WorldRemit full review

5. Best for Smaller Transfers

We think Wise and CurrencyFair are good options for sending small amounts (less than $7,000 USD) to Canada from the US.

5.1. Wise

You can consider Wise as the go-to service for sending money below 7,000 USD or 9,500 CAD.

Wise is officially registered in both the US and Canada as an e-money transfer service. This means they follow all the regulations that are in place to ensure safe and secure financial service delivery.

The transfer fee that they charge is very competitive – on average only 0.66%. Transfers are generally completed in near instant-3 days. What’s even better? You can easily check the current exchange rate and the amount your recipient will receive by using the Wise Calculator (opens new tab) – no sign-up is required.

They also offer the mid-market exchange rate without any extra hidden fee. It’s one of the best exchange rates you can find worldwide. And this is not it – they also let you fix the conversion rate for up to 48 hours. Read Wise full review

5.2. CurrencyFair

CurrencyFair is one of my favorites. Their fees are pretty competitive and you can just give them a call at one of their offices if you need to talk to their customer service

When it comes to fees, CurrencyFair keeps it simple. They charge a flat $4 USD fee for each transfer but you can use this link to get your First 10 Transfers Fee-Free. Money arrives in Canada in 1-3 days. They add a 0.2-0.6% markup on top of the mid-market rate. Read CurrencyFair full review

6. Best for Larger Transfers

After testing several money transfer services over the years, we prefer using OFX and Currencies Direct over their competitors for transferring large amounts (more than $7,000 USD) to Canada from the US.

6.1. OFX

OFX has been in the money transfer business since 1998 and has built quite a reputation for its reliable service. OFX is best for sending larger transfers (more than $7000 USD or $9500 CAD) from the US to Canada.

What’s great is that they have offices in both countries (San Francisco and Toronto). This allows them to provide greater stability via 24/7 phone support and reduce costs for their clients.

OFX follows a gradual markup scheme for currency exchanges. The initial conversion fee starts at about 1.1%-1.5% and decreases to 0.4% as the amount you’re transferring increases.

Any transfers above $5,000 USD are absolutely free. However, there can be a $5 USD fee for every transaction below this limit. But, we have some great news for you: we have arranged to waive this fee (opens a new tab) for you, so you can save some money if it applies to you. Transfers are normally completed in 1-3 days.

Keep in mind that with OFX you can only transfer funds between bank accounts and banks might charge you additional fees. Read OFX full review

6.2. Currencies Direct

Another reliable choice for sending large transfers. Currencies Direct and TorFX are part of the same group. 

Over the years, they have developed specialized relationships and partnerships that help them in transferring substantial amounts of money from the US to Canada. 

You can send non-business related payments of up to $25,000 USD without any transferring fee. Money reaches the Canadian bank account within one to three days.

One of the cool things about Currencies Direct is that they can offer you better rates depending on how much you send and you can get a free quote anytime.

Currencies Direct earns most of its income from exchange rate margins (around 0.4-1.5%). They buy currencies in large quantities and then resell after adding a margin. Read Currencies Direct full review

7. Cheapest Transfers from USA to Canada

Cash transfer services have to rely on dependable physical networks to provide a reliable service. Maintaining these networks involves extra business costs. This is why cash transfers are often more expensive than bank-bank transfers. 

Yet, more competition has helped reduce costs for cash-to-cash transfers. After newer providers like WorldRemit and Remitly entered the field, the more established players like MoneyGram had to reduce fees.

Having said that, cash transfers are still not cheaper than bank transfers.

In terms of being the cheapest service for sending smaller transfers (less than $7000 USD) from the US to Canada, Wise is way ahead of all other services. They don’t charge any markup on the mid-market exchange rate plus their fee is very competitive (only 0.66% on average).

If you want to completely rely on e-transfers from the US to Canada without the bank account details, then go ahead with PaySend as they offer card-to-card transfers.

For larger transfers (above $7000 USD), OFX is the cheapest option. The reason for this is their low fees and the gradual exchange rate that gets better as you transfer more. So, in percentage terms, your savings keep going up.

8. Fastest Transfers from USA to Canada

Wise is a great option for quickly transferring smaller amounts of below $7000 USD or $9500 CAD. Most of their transfers are completed within a few minutes. If not, then the delay is never more than a couple of days, which is still faster than the other services. 

For larger transfers of over $7000 USD, OFX is usually the quickest service. They are one of the initial innovators in the money transfer business and have developed a robust mechanism to move a large amount of money quickly.

That said, if your priority is to send cash, then MoneyGram is often the quickest option. They have an extensive network of agents to help facilitate quick cash pickups.

Transfer Service	Time of Transfer
Banks	3-5 business days
	Cash (10-30 minutes), Bank-to-bank (2-3 days)
	Cash within minutes. Bank transfers (2-3 days)
	Wise-to-Wise (near-instant). To bank (1-3 days)
	1-3 days
	1-3 days
	1-3 days

9. Fees Compared

Using banks to send money to Canada from the US is an expensive choice because they charge almost six times more than other services. 

For smaller transfers, Wise is our top choice. They are one of the most economical money transfer services in the world. You pay only a 0.66% fee on average for your transfers and get the mid-market exchange rate without any markup. 

That being said, OFX is often the most economical service for bigger transfers. They have no fee for transfers above $10,000 USD. In our experience, the exchange rate offered also keeps getting better in percentage terms with an increase in the sending amount.

Transfer Service	Exchange Rate	Fees
Banks	2-5% markup on average (Also depends on account type)	$0-45 USD (Changes with bank and account type)
	3% to 5% markup	$0-$37.99 USD Changes with receiving and funding method
	1.5% to 3% markup	$2.99 USD
	No markup	Average 0.66% variable fee
	0.2% to 0.6% markup. Use the P2P marketplace for the best rate	$0-4 USD on each transfer
	0.4% to 1.5% markup	If more than $5,000 USD zero fee. If below $5,000 USD, $5 USD fee
	0.4% to 1.5% markup	No fee for personal payments only (can send up to $25,000 USD)

10. Requirements and Restrictions

Generally, you have to fill out a form for sending cash transfers. The receiver also has to present a valid government-issued ID to receive the cash payment.

To create an account on most currency transfer platforms, you would have to provide your name, phone number, valid ID with your picture, and social security number. In some cases, you might also have to provide proof of employment.

There is also extra documentation for transfers over $7000 USD or $9500 CAD. This is because most of the regulations change both in the US and Canada after this limit.

If you want more information on the specific limits and rules for each service, just click on the link to the detailed review in the first table.

11. How to Keep Your Money Safe

1. Try to avoid clicking on suspicious links. If by mistake you do click on a link then never provide any financial information. Try to verify with your service provider if you have doubts about a link.

2. Keep your financial information private. Don’t share it unless you absolutely have to. Even then, make sure that the person you are giving this information to won’t abuse it in any way.

3. Don’t make hasty decisions. Think a little before taking action.

4. Regularly update your mobile software along with apps. Also, set up notification alerts on your phone for money-related activity.

12. Final Word

Currencies Direct is another excellent option for large transfers. You can send up to $25,000 USD without any transfer fee, and the money will reach Canada in 1-3 days. Read more review (above)

All these services are secure and regulated by different financial authorities, so you can relax about your money. But you should always compare their fees, speed, and features to find the best deal for you.

Happy transfers!