How to Transfer Money from Canada to US Easily: The 7 Best Options

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.

In this article, 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:

  1. WorldRemit
  2. Wise (Formerly Transferwise)
  3. Interchange Financial
  4. OFX 
  5. XE Money Transfers
  6. Western Union
  7. Skrill Money Transfer

In-Depth Review of the Top Money Transfer Services to Send Money from Canada to the United States of America

how-to-transfer-money-from-canada-to-us

1. WorldRemit

WorldRemit was founded in 2010 by Ismail Ahmed. 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.

WorldRemit Fees and Exchange Fees

Transfer Fee: CAD 3.99 per transaction.

Exchange Rate: WorldRemit adds a margin to the exchange rate.

Payment Method

Payments can be made using debit, credit, or prepaid cards, Apple pay, Interac, and through your bank account.

Delivery Method

Recipients can receive funds as bank account deposits and airtime top-ups.

Delivery Period

Delivery times differ based on your transfer method. Most times, transfers sent using WorldRemit arrive within minutes.

How to Transfer Money from Canada to US with WorldRemit?

  • Create an online account and log in.
  • Enter how much your transfer method(bank deposit or Airtime top-up) and where to. 
  • Enter your recipient’s information.
  • Make local payments to WorldRemit through a bank account, debit card, or credit card.

Mobile App: Worldremit has an easy-to-use app available on iOS and Android. When you have an account with WorldRemit, you can make transfers through their website or the Apple and Android apps.

Is WorldRemit Safe?

In most cases, transfers sent using WorldRemit arrive within minutes.

What We Like About WorldRemit

  • It Offers bank deposits and Airtime top-up
  • The online platform and cell phone app are easy
  • Costs are transparent with an accurate calculator tool
  • 24/7 customer support
  • They have a wild global network of cash pickup locations;

What We Dislike

  • It is not always the cheapest provider;
  • Most of the fees are buried non-transparently in exchange rates.

Sign up for a WorldRemit account using >> this unique link << and receive a voucher for $30 CAD


2. Wise (formerly: TransferWise)

Wise is one of the most popular money transfer services in Canada. It is one of the most popular money transfer services available in Canada. The company was launched in 2011 and has over 8 million customers per month. 

Their Borderless Account, which allows free or discounted transfers to be sent or received internationally, is attractive for ex-pats who live in the USA and receive international transfers from overseas.

Transfer Fee

To send money in CAD to the United States, you pay a small, flat fee of 2.44 CAD plus a percentage of the amount you are sending depending on how much you are sending. You’ll always see the total cost upfront.

  • Fixed fee – 2.44 CAD
  • % fee for transfers up to 172,921 CAD – 0.52%
  • % fee for transfers up to 518,763 CAD – 0.42%
  • % fee for transfers up to 864,605 CAD – 0.37%
  • % fee for transfers up to 1,729,210 CAD –      0.36%
  • % fee for amounts over 1,729,210 CAD – 0.35%

Exchange Rate: The exchange rate used by Wise is the mid-market rate.

Payment Method

You can make payments through direct debit, debit card, credit card, and bank transfer.

Delivery Period

Wise can send your money within one day or even within seconds. Different payment methods and routine checks may affect the transfer delivery time.

Wise Mobile App:  The Wise app is available on both Android and Apple devices. It’s fully featured with a 4.4 (Android) and 4.8 (Apple) rating out of 5 stars.

How to Transfer Money from Canada to US with Wise

  1. Sign up for your free account online
  2. Set up your transfer and find out how much will arrive in the overseas bank account
  3. Send copies of your ID for verification
  4. Enter the bank details of the person receiving your funds overseas
  5. Review the Wise summary and press ‘Confirm.’
  6. 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.

What We Like About Wise

  • Fast online set-up
  • Transparent fees so there are no surprises
  • Transfers to a bank account are swift
  • The mobile app is easy to use
  • Transfer fees are meagre, especially if you’re sending smaller amounts.
  • They use the mid-market rate.

What We Dislike

  • You cannot make a direct transfer with cash or cheque — you must pay by bank transfer, debit card, or credit card.
  • Recipients of the money can’t get it as a cash pickup, have it delivered, or transferred to a mobile wallet.

3. 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.

Interchange Financial Fees and Exchange Rate

Transfer Fees: No transfer fees

Exchange Rate: Interchange Financial offers an exchange rate that is much better than what banks offer. They offer the best exchange rate guarantee that they will improve on any other verifiable exchange rate. If you receive a better exchange rate than they have and point it out to them, they will improve the exchange rate for you. Quotes for current exchange rates are available on the Interchange Financial website.

Payment Method

You can make payments through bank account transfers and cash payments.

You can book an exchange rate at a time of your choosing and then complete the transaction to transfer money from Canada to US in person or online through one of their locations.

Delivery Method

Your recipient can receive money via bank deposits or cash.

How to Transfer Money from Canada to US with Interchange Financial

  1. Sign up on the website or the app
  2. After signing up, you will be provided with a link that can be used to transfer funds into any US bank account of your choice.
  3. The funds will automatically go from your bank account to your recipient in the US.

Is Interchange Financial Safe?

Yes, it is. The Canadian monitoring body FINTRAC regulates interchange Financial. This company is A+ Rated on the Better Business Bureau’s website and claims it uses the latest encryption technology to make sure any information submitted through its website is secure.

What We Like About Interchange Financial

  • Zero transfer fees
  • The company guarantees you the best possible exchange rate.
  • Creating an account is easy and takes only a few minutes.
  • Your payment information is secure as Interchange Financial is a government-regulated currency exchange and transfer specialist.

What We Dislike

  • The transfer process is not instant; it can take up to three days on average.
  • There are no options for making an in-person payment or paying through a credit card.

4. OFX

Ozforex, formerly 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.

Transfer Fee: OFX does not charge any transfer fees. Occasionally, third-party banks may deduct a cost from the initial payment before paying your recipient. This fee may vary, and OFX has no bearing on it beyond receiving the initial funds for transfer.

Exchange Rate: OFX adds a margin to the exchange rate when converting Canadian dollars to US dollars.

OFX Payment Methods

OFX has a list of safe and convenient payment options, including Direct Debit, BPAY, and Electronic Funds Transfer.

Delivery Period

Generally speaking, OFX can deliver funds from Canada to the US in 3-4 days: 2 days for your Canadian bank to Bill Pay or wire the money and 1-2 days for OFX to convert your Canadian Dollars into US Dollars and send to the US bank account (via SWIFT).

Delivery Method

OFX can transfer money to any bank in the United States

How to Transfer Money from Canada to US with OFX

  • Gather relevant banking information of the recipient, including the name on account, routing number, and bank account number.
  • Create a free online OFX account or log in to get a live quote for your money transfer.
  • Enter your details and your recipient’s details.
  • To continue with the payment, select ‘Finalize Transaction.’

OFX Mobile App: Currently the app, is compatible with iOS v7 and Android Honeycomb versions 3.0/API Level 1.

Is OFX Safe?

Yes, it is. OFX is also registered as a Money Service Business with the Financial Crimes Enforcement Network (“FinCEN”), a United States Department of Treasury bureau and licensed as a money transmitter by relevant state regulatory agencies in the U.S. 

What We Like About OFX

  • OFX is one of the largest and most experienced companies in the business
  • Their extensive network of banks provides fast and cheap service for transferring money.
  • Customer service and expertise is outstanding
  • Online set-up is easy
  • They offer great exchange rates and lock-in rates for larger amounts
  • 24/7 phone or online support

What We Dislike about OFX

  • OFX is a bit costlier than other services for sending small amounts
  • Only available in English

5. 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.

XE Money Transfers Fees and Exchange Rates

Transfer Fee: Transfers are free with no minimum transfer size.

Exchange Rate: The exchange rate you get depends on the amount you transfer. XE’s exchange rate margins are usually around 0.4% and 1.6% of the transfer value, which is why they are more attractive than what banks offer. However, it is still not the most attractive of all. More importantly, XE provides better exchange rates the larger the transfer.

Payment Method

You can make payments through credit cards, debit cards, bank transfers, and direct debit.

Delivery Period

Transfers generally take 1-4 business days, depending on your payment method. Bank transfers, debit, and credit cards transfer usually get to the recipient within 24 days, while direct debits take more than three days.

How to Transfer Money from Canada to US with XE?

  • Create an account online or over the phone.
  • Enter how much you want to send, where to, and which currency.
  • Pay XE, and they will transfer the money to your recipient’s bank account.

Is XE Safe?

Yes, they are licensed as money transmitters and registered with FINTRAC. Also, the company uses industry-standard encryption technology to protect clients’ funds, and they also adhere to regulatory requirements by holding all client money in segregated user accounts.

Mobile App: XE Money Transfer has a mobile app available on iOS and Android. Users can send money from their smartphone in a few taps and get exchange rate alerts with the app. 

What We Like About XE

  • Fee-free transfers and no minimum amounts for international money transfers
  • Euronet Worldwide supports them
  • Rate alert setup is available
  • They have a broad scope, supporting 130 countries and around 100 currencies
  • Most transfers take just one full day to complete.

What We Dislike 

  • The exchange rates are competitive but not often the best you’ll find;
  • You can only fund and receive transfers through bank transfers and deposits.

6. 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.

Western Union Fees and Exchange Rate

Transfer Fee: 

Fees vary depending on the payment methods and payout methods. As of July 2021: 

  • Debit card transfers to cash pickup cost $6 CAD
  • Transfers that are done personally in-store to cash pickup cost $7 CAD
  • Bank account transfers to cash pickup cost $5 CAD
  • Bankaccount or debit card transfers to the receiver’s bank account are free

Exchange Rates: The exchange rate margin is 2.31% of the mid-market value.

Payment Method

Western Union offers many ways to transfer money from Canada, including bank-to-bank payments, card payments, and cash payments in person. Cash payment methods are only available for cash pick up. Customers can also send money online via the Western Union website and mobile app.

Delivery Method

Your US recipient can receive the funds through cash pickup, in their bank account, or mobile wallet transaction (when you transfer via the mobile app). 

Delivery Period 

  • Debit cards transfer to cash pickup: In minutes 
  • Transfers are done personally in-store for cash pickup: In minutes
  • Bank account transfers to cash pickup: 0-3 business days
  • Bank account to bank account: 0-3 business days
  • Debit card transfers to the receiver’s bank: Next banking day.

Mobile App: Western Union has a mobile app available on both Android and iOS devices. With the Western Union mobile app, you can choose whether your recipient gets their funds in their bank accounts, at an agent location, or via phone with the Mobile Wallet (app).

How to Transfer Money from Canada to US with Western Union

  1. Create a Western Union account on the website or mobile app using your email address.
  2. To transfer over a threshold limit, you’ll be required to verify your identity.
  3. After signing up, enter the amount you’d like to send, where to, currency, and your delivery method.
  4. Enter your recipient’s details, including their full name, email address, mobile phone number, and bank details. 
  5. Review your transfer details and make your payment. 

Is Western Union Safe to Use?

Yes, it is. Western Union is duly authorized and regulated in all countries of operation, including the US and Canada. They utilize proprietary data analysis to remain compliant with all government regulations everywhere it operates. 

.Also, with its state of the art regulatory compliance and anti-money laundering infrastructure, Western Union has included in their company a dedicated page to educate customers on fraud prevention.

What We Like About Western Union

  • It offers many ways to pay in as a customer including cash, credit card, and bank transfer. 
  • Western Union offers an enormous network of cash pickup locations worldwide
  • Western Union exchange rates are fair for online transfers;
  • Numerous payment channels are available (including agent locations, website, mobile app, and telephone).

What We Dislike About Western Union

  • Around 90% of their fees are hidden in nontransparent margins;
  • They are typically not the cheapest service
  • The website offers limited options for finding help

7. 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.

Skrill’s Fees and Exchange Rates

Transfer Fees: Skrill Money Transfer charges no fixed fees or other transaction costs for sending money using a debit card, bank transfer, or Paysafecash. But it charges up to 4.99% in commission fee for credit card payments, excluding any extra foreign transaction fees that your credit card issuer may also charge.

Exchange Rate: Skrill charges a small markup over the mid-market exchange rate. It can range as high as 4.99% of the transferred amount.

Payment Method

You can pay with a debit card, bank transfer, and credit card for your money transfer.

Delivery Method

Recipients can receive funds into their bank account directly or in their Skrill mobile wallet if they have one.

Delivery Period

Usually, Skrill delivers your funds on the same business day. However, it can take some time between three and five business days at the extremes depending on your payment method and delivery method.

How to Transfer Money from Canada to US With Skrill

  1. Create a new Skrill mobile wallet account on the website or mobile app
  2. Set up your transfer. You can either add money into your Skrill wallet or use the sending page directly. 
  3. Add your beneficiary
  4. Review your transfer and make payment

Is Skrill Safe?

Yes, Skrill is indeed a safe and secure platform that is regulated by many regulators worldwide. For example, the Financial Conduct Authority (FCA) in the United Kingdom and supported by US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). So they are trustworthy and legitimate.

What We Like About Skrill

  • Fees and exchange rates are competitive;
  • Skrill transfers are safe, fast, and convenient;
  • The service supports a wide range of countries and currencies;
  • Transfers are available through debit and credit cards.

What We Dislike

  • Recipients can only get their funds in a bank account or a mobile wallet;
  • Fees associated with these transfers are levied through a nontransparent exchange rate margin.

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?

how-to-transfer-money-from-canada-to-us

Fixed Fees

 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.

Commission

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.

Fast Transfer

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.

Security

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.

Convenience

 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.

Customer Support

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.


AUTHOR

Charity Oisamoje

Charity's professional competencies and expertise make her qualified to write about 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)
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