The Best Ways to Send Money from Canada to the US

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When you live or run a business in Canada, you often need to transfer money to the USA. You may use transfers to pay for goods and services, settle debts, send gifts to friends or family, or meet business procurement needs. When choosing the best method, you’ll find that Wise is favored by many for its low fees, fast speed, and ease of use. This way, you can complete cross-border fund transfers more efficiently.

Key Takeaways

• When choosing a transfer method, focus on fees, delivery speed, and security. Online services like Wise and Remitly often have an advantage.
• Small transfers (e.g., under $500) are ideal for online services with low fees and fast delivery. Large transfers (e.g., over $10,000) may benefit from currency exchange companies.
• When using online transfer services, note that first-time users may enjoy waived fees or favorable exchange rates, further reducing costs.
• Ensure accurate recipient information to avoid delays or fund losses due to errors.
• Stay vigilant to prevent scams, verify all contacts requesting personal information, and protect your funds.

Recommended Methods

Reasons for Recommendation

When choosing to transfer money from Canada to the USA, you’re typically most concerned about fees, delivery speed, and ease of operation. Currently, Wise, Remitly, PayPal, and bank wire transfers are common options. If you prioritize low fees and high exchange rates, online services like Wise and Remitly usually have an edge. You’ll notice that bank wire transfers generally have higher fees, typically between $30-$50, with less favorable exchange rates. In contrast, professional cross-border transfer services like MTFX have starting fees as low as $15, with exchange rates 2-4% better than banks.

If you choose online transfer services, funds typically arrive within 1-2 business days. Bank transfers take 2-5 business days. When you care about delivery speed, online services are noticeably faster. Platforms like MTFX also offer transparent fee structures, focusing on cross-border transfers, making them ideal for users needing efficient, low-cost transfers.

When selecting the best method, you should also consider technological innovation, consumer preferences, regulatory frameworks, economic conditions, available transfer options, and your own needs. If you value ease of operation, online services offer user-friendly interfaces, supporting mobile and desktop operations, suitable for most users.

Tip: When using some online transfer services for the first time, you can often enjoy waived fees or exchange rate discounts. You can take advantage of these promotions to further reduce costs.

Suitable Audiences

Your choice of the best transfer method will vary depending on the scenario.

• If you’re transferring small amounts (e.g., under $500), you can prioritize online services like Wise or Remitly. They have low fees and fast delivery, ideal for daily life, family support, or small purchases.
• If you need to transfer large amounts (e.g., over $10,000), you can consider professional cross-border transfer companies like MTFX. They offer better exchange rates and lower fees, suitable for business procurement, real estate transactions, or similar scenarios.
• If you have a high demand for speed, you can opt for Remitly’s expedited service or PayPal’s instant transfers, but note that fees may be higher.
• If you’re unfamiliar with online operations or need in-person service, you can choose bank wire transfers. While fees are high and speed is slower, they offer strong security, suitable for users with strict process requirements.

When choosing the best method, you should consider your needs, transfer amount, and priorities regarding speed and fees to make a flexible choice. This way, you can complete cross-border transfers in the most suitable way, saving both money and effort.

Transfer Methods

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Online Services

You can choose online transfer services like Wise, Remitly, or PayPal. These platforms are easy to use, supporting both mobile and desktop operations. You simply register an account, verify your identity, and input recipient information to complete the transfer. Most services require you to upload identification such as a passport or driver’s license, along with proof of address.

Online services typically have daily or monthly transfer limits, ranging from $1,000 to $10,000. First-time transfers may offer waived fees or exchange rate discounts.

The table below compares the features of three major online services:

If you prioritize speed and low fees, Wise and Remitly are better choices. PayPal is suitable for small, frequent personal transfers but has higher fees.

Bank Wire Transfers

You can also transfer funds from Canada to the USA via bank wire transfers. Major banks like RBC, TD, BMO, and CIBC offer international wire transfer services. You need to visit a bank branch or use online banking to fill out recipient account information. Bank wire transfers typically have no upper limit, but transactions over $10,000 require reporting.

Bank wire transfer fees are higher, usually between $30-$80 USD, with delivery times of 1 to 5 business days. The table below shows the fee structures of several major banks:

If you prioritize security and large transfers, bank wire transfers are a reliable choice, but they are less competitive in terms of fees and speed compared to online services.

Digital Wallets

You can also use digital wallets for cross-border transfers. Common digital wallets like PayPal and Xoom support instant transfers from Canada to the USA. The advantage of digital wallets is their speed, with funds arriving almost instantly, and their ease of use.

However, you should note that digital wallets often have higher fees, especially for small transfers. Some services impose limits on large transfers, and not all regions are supported.

The table below summarizes the pros and cons of digital wallets:

If you need quick, small transfers, digital wallets are a convenient choice.

Cash Services

You can transfer funds from Canada to the USA through cash transfer services. Common channels include MoneyGram and Western Union. You simply bring cash to a service location and fill out recipient information to send the funds.

Cash services are suitable for recipients without bank accounts, but they carry certain risks. Using unregulated channels may lead to fund security issues and lack transparency. Some countries have strict regulations on cash transfers, and non-compliance may result in legal risks.

Tip: You should prioritize regulated, legitimate channels and avoid underground transfer services to ensure fund security.

Currency Exchange Companies

You can also choose currency exchange companies like Knightsbridge FX for cross-border transfers. These companies specialize in large fund exchanges, typically offering better exchange rates than banks. Knightsbridge FX has a markup of about 0.5%, compared to banks’ 2%-3%. Using currency exchange companies can save you 1.5%-2.5% in fees.

However, specific fees from currency exchange companies require contacting them for customized quotes. If you need large transfers and prioritize low costs, currency exchange companies are among the best options.

Method Comparison

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Fee Comparison

When choosing a transfer method, fees are a primary consideration. The fee structures of different services include exchange rate margins, transaction fees, and service fees.

• Exchange rate margins are the difference between the market rate and the rate offered by the service provider, typically ranging from 1% to 4%.
• You also need to watch for additional transaction and service fees, which directly impact the total cost.
• When choosing online services, exchange rates are usually more favorable, and fees are lower. Bank wire transfers and some digital wallets have higher fees, especially for small transfers.

If you want to save costs, it’s recommended to compare the exchange rates and fees of different platforms and choose the method with the lowest total cost.

Speed Comparison

Delivery speed directly affects your fund arrangements. You can refer to the table below for typical transfer times of different methods:

International wire transfers typically take 2-5 business days. If you initiate the transfer before the bank’s cutoff time, delivery may be faster. Online services like Wise and Remitly usually deliver within 1-2 days, ideal for those prioritizing speed.

Convenience Comparison

When using different transfer methods, convenience varies significantly.

• Many online services and digital wallets support mobile apps, allowing you to transfer money anytime, anywhere via phone or computer without visiting a physical branch.
• Real-time tracking lets you monitor transfer progress, enhancing peace of mind.
• Platforms like Wise, PayPal, and Remitly offer responsive customer service with live chat, email, and phone support, helping you resolve issues quickly.

If you value ease of operation and service experience, consider prioritizing services with mobile support and real-time customer service.

Security Comparison

When making cross-border transfers, security is equally critical.

• Choose reputable service providers that use encryption and other security protocols to ensure your funds’ safety.
• You should carefully verify recipient information to avoid fund losses due to errors.
• It’s recommended to enable two-factor authentication to protect your account.
• In Canada, money service businesses must comply with FINTRAC and other regulatory requirements to prevent money laundering and terrorist financing, ensuring operations within legal frameworks.

You should monitor your account after transferring and address any anomalies promptly.

Choosing the Best Method

Speed Priority

If you prioritize delivery speed, consider online transfer services first. Many platforms like Wise and Remitly can complete transfers within minutes to a day. You simply input accurate recipient information, and the system handles the rest, significantly reducing wait times.

• Online transfer services are typically faster than traditional banks, often completing transactions in minutes.
• Providing accurate recipient information prevents delays, ensuring smooth fund delivery.
• Choosing credit or debit card payments is usually faster than bank account transfers, though fees may be slightly higher.

If you urgently need funds, these methods help meet your needs faster. Bank wire transfers, while secure, take longer, typically 1-5 business days. In urgent situations, prioritize online services.

Tip: When operating, double-check recipient information to avoid delays or losses due to errors.

Cost Priority

If you’re most concerned about transfer costs, compare the fees and exchange rates of different platforms. Online services like Wise and Remitly typically offer better exchange rates and lower fees. You can use a platform’s fee calculator to estimate total costs in advance.

Bank wire transfers and some digital wallets have higher fees, especially for small transfers, where fees take up a larger proportion. For large transfers, currency exchange companies like Knightsbridge FX offer markups as low as 0.5%, compared to banks’ 2%-3%.

You can refer to the table below to quickly compare the fee structures of different methods:

If you want to minimize costs, prioritize online services or professional currency exchange companies, which are often the best options.

Large/Small Transfers

Your choice should vary depending on the transfer amount.

• Small transfers (e.g., under $500): You can choose online services like Wise or Remitly, which have low fees and fast delivery, ideal for daily life, family support, or small purchases.
• Large transfers (e.g., over $10,000): You can consider currency exchange companies or bank wire transfers. Currency exchange companies like Knightsbridge FX offer low markups, suitable for business procurement or real estate transactions. Bank wire transfers, though expensive, provide strong security, ideal for those with high safety requirements.

You can flexibly combine different channels based on the transfer amount to save costs and ensure fund security.

Special Needs

If you have special needs, such as regular transfers, business cross-border payments, or managing multiple transactions, you can opt for more specialized solutions.

• You can set up automatic recurring payments through online transfer platforms, ideal for paying rent, tuition, or family support.
• You can choose dedicated transfer services with subscription plans or loyalty rewards to reduce costs for frequent transfers.
• If you’re a business user, you can use enterprise-grade platforms (e.g., RBC Express) for financial management, efficiently handling cross-border banking needs.

The partnership between M&T Bank and Royal Bank of Canada allows you to use the RBC Express platform for business financial management. You can accelerate collections, manage expenses, and optimize cash flow to meet business cross-border transaction needs.

Tip: When choosing specialized services, consult platform customer service in advance to learn about customized solutions and promotional policies to enhance your transfer experience.

Notes

Limits and Compliance

When making cross-border transfers, you must pay attention to each platform’s limits and compliance requirements. Most online services and banks have clear restrictions on single, daily, or monthly transfer amounts. For example, some platforms allow up to $10,000 USD per transaction, with additional identity verification required for higher amounts. When using Hong Kong-licensed banks or international financial institutions, you typically need to provide a passport, proof of address, and other documents.

You must also comply with Canadian and U.S. anti-money laundering regulations. Large transfers (e.g., over $10,000 USD) are automatically reported to regulatory authorities. You should ensure the funds’ source is legitimate to avoid delays or rejections due to incomplete information or unclear fund origins.

Reminder: Before transferring, consult the service provider about specific limits and required documents to ensure a smooth process.

Exchange Rate Impact

When transferring money from Canada to the USA, exchange rate fluctuations directly affect the USD amount the recipient receives.

• Canadian dollars need to be converted to U.S. dollars, and every exchange rate change impacts the final amount received.
• Choosing a transfer service with competitive exchange rates and transparent fees is crucial. You can compare different platforms’ real-time exchange rates to select the best option.
• Professional transfer services typically offer lower fees and faster delivery, suitable for regular payments or large transfers.

If you plan regular transfers, monitor exchange rate trends and transfer when rates are favorable. Some platforms also offer rate-locking features to help you avoid losses from short-term fluctuations.

Fraud Prevention

During cross-border transfers, you must stay vigilant to prevent various scams. Common scams include:

• Bank impersonation scams: Fraudsters pose as bank staff to obtain your banking information.
• CRA scams: Impersonators claim you owe unpaid taxes and threaten arrest.
• Job scams: Fraudsters offer fake job opportunities, requiring you to pay training fees upfront.
• Romance scams: Scammers build fake emotional relationships to gain your trust and money.
• Family emergency scams: Someone claims a relative is in an emergency abroad and demands immediate payment.
• Legal scams: Impersonators posing as law enforcement demand fines.
• Fake charities: Scammers exploit disasters to solicit donations under false pretenses.

You can take the following measures to protect yourself:

• Don’t trust calls requesting personal information, especially from unknown numbers.
• Verify all contacts claiming to be from banks or government agencies through official channels.
• Be highly cautious of requests demanding immediate action or payment through unusual methods (e.g., gift cards, cryptocurrency).
• Watch for messages claiming you’ve won a prize but need to pay a fee first.

In suspicious situations, stop operations immediately and consult or report to relevant authorities to ensure fund security.

When choosing how to transfer money from Canada to the USA, prioritize fees, delivery speed, and security. You can flexibly select different channels based on your needs. Online services typically offer low fees and fast delivery, suitable for most individuals and businesses. You should also pay attention to compliance requirements and stay vigilant against scam risks. Only then can you complete cross-border transfers efficiently and securely.

FAQ

What basic information is needed to transfer money to the USA?

You need to provide the recipient’s name, U.S. bank account number, the recipient bank’s SWIFT code, and the recipient’s address. Some platforms may also require you to upload identification documents.

How can I track the progress of a transfer?

You can log into the transfer platform’s account to check the transfer status. Most online services and banks provide real-time tracking to keep you updated on fund movements.

What should I do if a transfer fails?

You should first verify if the recipient information is correct. If accurate, contact the transfer platform or bank’s customer service for detailed reasons and solutions.

Are there limits on transfer amounts?

When using different platforms, you’ll typically encounter limits on single, daily, or monthly transfer amounts. Large transfers (e.g., over $10,000 USD) require additional identity verification and compliance reviews.

How can I get a better exchange rate for transfers?

You can compare real-time exchange rates across platforms in advance. Some platforms offer rate-locking features, allowing you to transfer at favorable rates to minimize losses.

While services like Wise and Remitly offer better rates and faster transfers than traditional banks for sending money from Canada to the US, they still come with drawbacks—exchange rate markups (0.5%–1%), potential delays (1–2 days), and limitations on large transfers—that can impact efficiency. If you’re making frequent cross-border payments or seeking lower costs and greater flexibility, there’s a better way.

BiyaPay delivers a smarter solution: fees as low as 0.5%, with same-day sending and same-day delivery across most countries, including seamless Canada-to-US transfers. Use the real-time exchange rate calculator to lock in optimal conversion rates and avoid hidden spreads. Fast, fully digital onboarding gets you started in minutes—no repeated verification needed.

Beyond remittance, BiyaPay bridges payments and investing—trade US and Hong Kong stocks directly without a US bank account, with zero fees on contract orders. Turn cross-border transfers into growth opportunities. Whether for personal support, family needs, or business payments, BiyaPay makes Canada-US money flows faster, smarter, and more rewarding. Sign up today and experience a new standard in cross-border finance.