How to transfer money from Canada to US is a question that many Canadians have asked at one time or another.
Luckily, there are ways of doing this, and it is not as difficult as you might think!
We will show you how to transfer money from Canada to US with some of the best money transfer services and what you should look out for when transferring money.
- How To Transfer Money from Canada to US
- In-Depth Review of the Top Money Transfer Services to Send Money from Canada to the United States of America
- 1. Wise (formerly: TransferWise): Get $3,000 Free Transfer with Wise
- 2. Simplii Global Money Transfer (GMT): Get up to $800 Cash Bonuses
- 3. WorldRemit
- 4. Interchange Financial
- 5. OFX
- 6. XE Money Transfers
- 7. Western Union
- 8. Skrill Money Transfer
- How to Transfer Money From Canada to US
- How to Transfer Money From Canada to a US Bank
- What to Look Out For When Transferring Money From Canada to US?
- Documents Required to Transfer Money from Canada to US
- Frequently Asked Questions (FAQs) on How to Transfer Money from Canada to US
- Bottom Line: How to Transfer Money from Canada to US (United States)
In this guide, we will discuss how to transfer money from Canada to US with the top money transfer services. We will also lookout for what you should pay attention to when transferring money from Canada to the US.
Lastly, we’ll go through some documents required for sending your money from Canada to the United States. Shall We?
How To Transfer Money from Canada to US
This is a list of the best money transfer providers in Canada, simply create an account with them, select how much you want to send, enter your recipient’s details, and pay for your transfer. They are:
- Wise (Formerly TransferWise): Get $3,000 Free Transfer.
- Simplii Financial Global Money Transfer (GMT): $800 up for grabs.
- Interchange Financial.
- XE Money Transfers.
- Western Union.
- Skrill Money Transfer.
In-Depth Review of the Top Money Transfer Services to Send Money from Canada to the United States of America
1. Wise (formerly: TransferWise): Get $3,000 Free Transfer with Wise
Their Multi-currency Account, allows free or discounted transfers to be sent from Canada to US and to other countries internationally.
How to Transfer Money from Canada to US with Wise
- Sign up for your free account online
- Set up your transfer and find out how much will arrive in the US bank account
- Send copies of your ID for verification
- Enter the bank details of the person receiving your funds in the US
- Review the Wise summary and press ‘Confirm.’
- Make your payment and track the transfer
Is Wise Safe?
Wise is regulated by the Financial Transactions and Report Analysis Centre of Canada (FINTRAC). They provide robust security and encryption for your personal information, as well as two-factor authentication for extra safety.
2. Simplii Global Money Transfer (GMT): Get up to $800 Cash Bonuses
Simplii Financial is currently offering Welcome Bonuses for new clients who sign up for their Global Money Transfer service. You can earn up to $800 when sending money internationally.
How to Transfer Money from Canada to US with Simplii GMT
- Depending on whether you are an existing or new Simplii Financial client, you will need to either sign in or open an account with Simplii.
- Once you are logged into your Simplii Financial account, select “Global Money Transfer” to start the money transfer process.
- Fill in the required details: the transfer currency, the destination country, the recipients details, and the amount you want to transfer from Canada to US
- Confirm and send.
Internationally transfers for cash pick-up is available instantly to be picked up by the recipient at MoneyGram locations. While other transfer methods could get to your recipient instantly or take up to 3 business days to get to the recipient.
Simplii GMT Cash Bonuses
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WorldRemit was founded in 2010. Since that time, the company has grown to support over 90 different currencies in 150 countries and 4 million customers.
If you’re looking for an inexpensive way to send small amounts of cash from Canada to the USA, WorldRemit is a good option. WorldRemit specializes in small remittances and transfers, making it perfect for sending personal international money transfers.
Sign up for a WorldRemit account using >> this unique link << and receive a voucher for $30 CAD
4. Interchange Financial
Established in 2001, focusing on providing better exchange rates, Interchange Financial Corporation has grown and become one of the country’s most prominent independent currency exchange specialists.
They now offer services to over 70 recognized world currencies.
Ozforex, known as OFX, is a good option for transferring money online. They have offices worldwide and just stopped charging a flat transfer fee to customers in the US.
RELATED: OFX vs Wise
6. XE Money Transfers
Founded in 1993, XE Money Transfer is a fast-growing money transfer company handling approximately US$10 billion every year for 500 thousand personal customers and 6 thousand businesses.
XE is one of the larger money transfer services, as it owns xe.com, which allows you to check the mid-market exchange rate on just about any foreign currency in the world. It also provides customer support over the phone.
7. Western Union
The Western Union Company is an American company that provides services to send and transfer money both domestically and internationally. Founded in 1851 as the New York and Mississippi Valley Printing Telegraph Company, it changed its name to the Western Union Telegraph Company after merging with a competitor.
Comprised of two primary divisions, Western Union focused on using the new telegraph technologies to send money worldwide beginning in 1871.
Western Union gradually moved away from communications in the 1980s before ceasing its operations entirely in 2006. The company now primarily operates as a money transfer service (the second largest globally,), providing services to over 200 countries.
8. Skrill Money Transfer
Skrill is a mobile wallet that can transfer money between users and offers international transfers. Established in 2001, Skrill today is owned by Paysafe Ltd.
Skrill was originally a gambling service, but now it has expanded to include an online transfer service, Skrill Money Transfer.
This separate standalone subsidiary of Paypal lets you send money worldwide and is one of the most popular ways to transfer funds internationally for Canadians.
How to Transfer Money From Canada to US
When you want to transfer money from Canada to US, there are many ways to do it. It might seem overwhelming initially with all the options– it’s an easy process. Transferring funds will generally involve a bank transfer, card payment, or mobile payment.
How to Transfer Money From Canada to a US Bank
Transferring money from Canada to the US can be done through two methods:
On the one hand, you can make an international wire transfer from Canada to the US. It’s a good option if you have a bank account in the US and want to send money from your Canadian account to your American one. Slow and expensive, this method is preferred by most established banks.
Another option is to make a direct bank transfer (i.e., an ACH transfer) to an international money transfer service’s local bank account, which will then pay out funds faster and cheaper to your recipient in the US than if you had used a traditional bank.
When sending money from Canada to the US, these specialty services offer similar security and speed as banks. However, what makes them stand out above the banks is their fractional cost of transfer against what your bank would charge you.
What to Look Out For When Transferring Money From Canada to US?
Transfer fees should be reasonable and available upfront. You do not want an unforeseen deduction of hidden fees before the recipient gets funds from a transfer.
This is how much you will have to pay towards a transaction as a percentage of every transfer. The more you send, the more you pay and vice versa. These rates usually start from under 0.50% and can go as high as 2% or more.
Exchange Rate Margin
This is the percentage difference between the mid-market exchange rate and the commercial exchange rate, i.e., the rate at which consumers pay.
Some money transfer companies advertise $0 in transfer fees, but their exchange rates are higher than the competitive mid-market rate. This means that you will ultimately pay more for your transfers when you use those providers compared to other providers.
One way to simplify the process of determining the cost and scope of your transfer is to ask if the company offers a locked-in rate for a set length of time.
If you are transferring funds from Canada to the US, then a fast transfer is essential. Instant and same-day money transfers are preferred. Read the company’s fine print to understand how available payment methods can prolong the time it takes for your transfer to be processed entirely.
Check if the money transfer company is well known and regulated by a trusted entity such as a government agency. Also, consider the online reviews about their service.
Check the options offered by the money transfer company to pay for your transfer. Money transfer companies offer credit card payments, debit cards,bank transfers, Interac, ACH, etc. Also, check the options available for receiving money. They may offer bank deposits, cash pickup, airtime top-up, mobile money, and SWIFT.
Chatting or talking with a customer service representative should be accessible if you have questions regarding your transfer.
Documents Required to Transfer Money from Canada to US
When you send a money transfer online, you might be asked to confirm your identity. This is done as regulatory requirements to prevent money laundering.
You may need the following:
- A government-issued ID that includes a photo is required, e.g., a driver’s license or passport.
- Proof of address, for example, bank statement or utility bill.
- Recipient’s full name, address, phone number, and bank account information.
- When sending a huge amount of money, additional documents may be required.
Frequently Asked Questions (FAQs) on How to Transfer Money from Canada to US
Bottom Line: How to Transfer Money from Canada to US (United States)
The first step in how to transfer money from Canada to US is finding the right international money transfer provider. There are various options for transferring funds, but they all have their benefits and drawbacks.
Choose a provider with competitive rates, fast transfer payments (instant and same-day), accept multiple payment methods and offers customer service in Canada. You can also look for companies with lower exchange rate margins to minimize how much you spend on transfers.
An excellent place to start is reading this guide and looking up reviews from past users who have used the service. Once you find a few promising options, compare how much they charge for their transfer fees and how their exchange rates work with each other to make an informed decision on which provider is right for you.
More on Money Transfers:
- How to Transfer Money from Canada to the US
- How to Transfer Money from the US to Canada
- TransferWise Canada Review
- TransferWise Business Account
- PayPal vs TransferWise
- OFX vs TransferWise
- Ezoic Payment Methods for Canadians
Charity (Charee) Oisamoje is the founder of TheFinanceKey - TFK. She leads the editorial team, which is comprised of subject-matter experts.
Her professional competencies and expertise make her qualified on this topic. She is an expert at collecting details, verifying facts, and making complex subjects easy to understand.
Backed by Solid Credentials: MBA in Finance Canadian Investment Funds (IFIC) Graduate Masters Degree in International Business Chartered Professional Accountant (CPA) Candidate ✔️Chartered Insurance Professional (CIP) ✔️BSc Accounting
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