Send Money to Canada: Best & Cheapest Ways in 2024

Last Updated on December, 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… 

Quick Summary

Wise is recommended as the best method for transferring money to Canada because it offers competitive exchange rates, transparent fees, and quick transfer times, often completed in just 2 days.

When sending money internationally, it’s crucial to compare transfer fees, exchange rates, and transfer speed among different providers. These factors can significantly impact the total cost and efficiency of the transfer.

Various money transfer services offer different benefits, such as competitive exchange rates, low fees, fast transfer speeds, and user-friendly platforms. Some providers specialize in large transfers, while others focus on quick, real-time exchanges or personalized customer support.

Compare Money Transfer Services

  • Cheapest: Wise
  • The Best Rated: Currencies Direct
  • Best Exchange Rate: Wise
  • Fastest Provider: Instarem

7 Best Ways to Transfer Money to Canada

1. Wise 

wise logo displayed on a laptop screen

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.

Pros

Fast transfers
Low fees
Real-time exchange rates

Cons

It may not be available in all countries

2. OFX

ofx logo displayed on a laptop screen

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.

Pros

Competitive exchange rates
No transfer fees for large amounts 
Flexible transfer options

Cons

Minimum transfer amounts may apply

3. XE

xe logo displayed on a laptop screen

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.

Pros

Trusted brand
Real-time exchange rates
Easy-to-use mobile app

Cons

Limited transfer options compared to other services

4. CurrencyFair

currencyfair logo displayed on a laptop screen

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.

Pros

Competitive rates
Transparent fees
Easy to use platform

Cons

Transfers may take longer compared to some other services

5. Remitly

remitly logo displayed on a laptop screen

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.

Pros

Fast transfers
Competitive exchange rates
User-friendly mobile app

Cons

Limited availability in some regions

6. Currencies Direct

curencies direct logo displayed on a laptop screen

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.

Pros

Tailored services
Competitive rates
No fees for regular customers

Cons

Limited online presence compared to some competitors

7. Western Union

western union logo displayed on a laptop screen

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.

Pros

Extensive global network
Fast transfers
Multiple transfer methods

Cons

Hefty fees compared to some online transfer services

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

image of a sending money from usa to canada

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

Here are some things to think about when deciding which option is best for you:

  • Transfer time varies. Some specialized services can send money instantly, while banks might take 3 to 5 days using the SWIFT network. GUESS WHAT? Wise is the fastest way to send money from the US to Canada.
  • Banks and money transfer services set their exchange rates, which can include fees. To find the best value, compare the rates offered by different service provider(s) with the exchange rate markup using a currency converter tool.
  • The transfer fee can include an upfront fee, exchange rate markups, and other costs. Providers may not ALWAYS clearly show all fees, so it’s important to compare both fees and exchange rates. Wise has the lowest overall cost for sending money from the United States to Canada.
  • For security and legal reasons, you’ll usually need to provide ID and address proof. This often involves using a government ID like a passport or driver’s license, along with a bank statement or usage bill showing your name and address. Larger transfers might need additional paperwork to prove the source of funds.

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.

Specialist services like XE and Currencies Direct are good for transfers between the United States and Canada. Cryptocurrency transfers are an OPTION if the recipient has a cryptocurrency wallet, with costs varying based on the currency and service.

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. 

Note: Compare fees and exchange rates before choosing the best option for you.

The Cheapest Method to Send Money From the US to Canada

Here is the cheapest way to send money from the US to Canada.

Wise offers the best rate at $1.35 for 1 Canadian Dollar, with a fee of $14.85. Compared to XE, which charges a cost of $11.92, you could save up to $0.03 by choosing Wise, considering the exchange rate. 

Always check the exchange rate against the interbank rate, which today is $1 = 1.36 Canadian Dollars.

Other providers, such as CurrencyFair, OFX, and Currencies Direct, charge different rates and fees. CurrencyFair charges $13.25, OFX charges $13.86, and Currencies Direct charges $24.14.

illustration image of sending money from the USA to Canada

Remember, banks may add hidden fees to their exchange rates, so it’s essential to compare all costs. The cheapest option may vary based on various factors like currency and amount. (Use comparison tools to find the best deal.)

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. 

Here are some OPTIONS and their estimated delivery times:

  • Wise: 2 days (Instant)
  • Remitly: 0 to 2 days
  • Western Union: 0 to 2 days
  • OFX: 1 to 3 days
  • CurrencyFair: 1 to 3 days

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

Provider Website AndroidiOS
Wise ✔️✔️✔️
Remitly✔️✔️✔️
XE✔️✔️✔️
OFX✔️✔️✔️
Currencies Direct✔️✔️✔️
Western Union✔️✔️✔️
CurrencyFair✔️✔️✔️

How to Do Bank Transfers From the US to Canada?

an illustration image of bank transfers from usa to canada

TRUST ME. To send money from the United States to Canada, using a bank transfer is simple for both the sender and the recipient. 

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?

When sending money to Canada from the US for the first time, gather these details:

  • Recipient’s Full Name (as on their bank account)
  • Recipient’s Address (street and postal code)
  • Bank Name in Canada
  • Sort Code (6-digit number for recipient’s bank)
  • Account Number
  • SWIFT/BIC Code for Canadian banks

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

Here are the steps you should take before sending a large sum of money from the United States to Canada:

  • Research different online money transfer providers to find the best rates, fees, and reviews.
  • Check if there are any limits on the amount you can send with your chosen provider and if your bank has any transfer limits.
  • Please make sure your account is fully verified and that your funds are ready to transfer using a debit card or bank transfer.
  • Keep an eye on the exchange rate between the US Dollar and Canadian Dollar. If your transfer isn’t urgent, wait for a favorable exchange rate to save money.
  • Ask your provider if you need any additional paperwork to send a large sum of money, such as proof of the source of funds or details about the purpose of the payment method. 

How Much Does it Cost to Send Money?

Do you know? Sending money from the United States to Canada has varying costs depending on who you use, how much you’re sending, and how you’re sending it. 

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?

an image of a debit & credit card on a dollar background

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.

Here are some companies that let you pay with a card:

  • Wise: They accept bank transfers, cards (direct debit or credit), SWIFT, Google Pay, or Apple Pay. 
  • XE: You can do it online.
  • Remitly: You can use a bank transfer or a card (debit, credit, or prepaid).
  • Currencies Direct: They accept bank transfers or cards (debit or credit).

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:

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

The transfer time varies by service. Wise is the fastest option, often completing transfers within two days, while Currencies Direct may take longer. The specific duration also depends on the payment method used.

Yes, you can use apps like XE and Currencies Direct for sending money to Canada. It’s advisable to compare these apps to find the one that best suits your needs.

You can use a bank, a money transfer service, cryptocurrency, or cash agencies. XE is often the cheapest option for sending money to Canada.

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Author
Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.

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