How to Transfer Money from US to Canada: Safe and Easy (2024)

Have you ever wanted to transfer money from the US to Canada?

Money transfers can be a long and arduous process, but the good news is that there are ways to make it simpler.

So, if you’ve always thought of it as complicated, don’t worry! We’ll break down how to transfer money from the US to Canada with the best money transfer services, and you’ll see how each service works so that you can do it without hassle.

In this article, I’ll discuss how to transfer money from the US to Canada and what factors you should consider when deciding how best to transfer your funds.

We also review some of the most popular services to help you accomplish this goal, such as Wise (formerly known as TransferWise), WorldRemit, XE Money Transfers, Xoom, and OFX.

The Best, Safe and Easy Options to Transfer Money from the United States of America (USA) to Canada

1. Wise (formerly: TransferWise)

Wise, founded in 2010, is a company dedicated to making it fast, easy, and cheap for you to send money overseas.

With sleek branding and a high level of customer satisfaction worldwide, Wise has quickly grown into one of the biggest international money transfer providers in North America and throughout the world.

With Wise USA, you can send money in a way that is fast and simple. Recipients are guaranteed to receive their funds quickly after payment is made; they also offer best-in-class exchange rates.

Whether you want to send small transfers to Canada from the US or large transfers, Wise has got you covered.

What are the Costs of Transferring Money from the US to Canada with Wise?

Transfer Fee: 0.53% for transfers up to US$135,000 or 0.43% for transfers above US$135,000, plus a US$1.12 flat fee.

Exchange Rate: Wise uses the mid-market exchange rate. Therefore, they do not add any margin to the exchange rate, unlike big banks like Wells Fargo, Bank of America, and the like that add a margin to the exchange rate. Wise exchange rate is the same exchange rate you’ll see on Google.

Payment Method

You can make your payment through direct deposit, a debit card linked to your bank account, or by credit card.

Delivery Time

Your recipient will get the money within 1 business day. Most transfers are received by the recipient the same day.

Is Wise Safe?

Yes, Wise is safe. They are regulated by the US Financial Crimes Enforcement Network (FinCEN) and other agencies worldwide. Their security is state-of-the-art, and reviews from customers are excellent. Your account access is also very secure through Wise’s strong encryption and robust security provision.

Mobile App

Wise has a fully-featured mobile app for Android and Apple devices.

How to Transfer Money from the US to Canada with Wise?

1. Sign up for a free Wise account online and log in.
2. Input the amount you want to send from US to Canada.
3. Enter your recipient’s information.
4. Make payment to Wise using your debit or credit card, bank transfer, or SWIFT.

What We Like About Wise

• Online set-up is fast.
• Their fees are transparent, so there are no surprises.
• The mobile app is easy to use
• Transfer fees are pretty low, especially when you’re transferring smaller amounts.
• They use the mid-market exchange rate.
• They offer services to both individuals and businesses.

What Could Be Better

• You can’t pay for your transfer with cash or a cheque. You can only fund it by bank transfer, debit, or credit card.
• You can only send money to your recipient’s bank account, which will be challenging if they don’t have one.
• Recipients cannot receive their funds as a pickup, have it delivered to them, or transfer the money into their mobile wallets.

2. WorldRemit

WorldRemit was founded in 2020 by Ismail Ahmed and has since grown to support over 90 different currencies across 150 countries with 4 million customers.

They specialize in remittances and smaller transfers, making it perfect for personal money transfers of up to $10,000 to Canada. WWorldRemit’s rates are usually better than the bank’s, and they offer more flexible delivery options than you’d find with companies like PayPal, Western Union, or MoneyGram.

What are the Costs of Transferring Money from the US to Canada with WorldRemit?

Transfer Fee: The fee differs depending on the amount you are sending. However, they let you know how much it costs before making your transfer.

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

The maximum transfer amount is US $10,000

Payment Method

You can make your transfer using your credit or debit card or a bank transfer.

Ways to receive money from WorldRemit

Cash pickup, mobile money, bank deposit, and airtime top-up.

Delivery Time

Overall it depends on your method of delivery. A wire transfer will get to your recipient in 0-2 business days, while cash delivery can be ready instantly.

How to Transfer Money from the US to Canada with WorldRemit?

1. Sign up for an online account and log in.
2. Enter how much you want to transfer, your payment method, and your destination.
3. Type in your recipient’s details.
4. Make local US payments to WorldRemit.

Mobile App

WorldRemit has an easy-to-use mobile app for Apple and Android devices.

Is WorldRemit Safe?

Yes, they are. They are regulated in the United States (all 50 states and Canada) and Australia.

What We Like About WorldRemit

• They allow bank deposits, cash pick-up, mobile money, and airtime top-up
• Both the online platform and mobile app are easy to use, and you can create an account very quickly.
• There is no minimum transfer amount.
• You can send directly to mobile wallets in 22 countries.
• Their rates are competitive and better than what you’d find at your bank.
• 24/7 customer support is available.
• You can get an accurate quote for your transfer quickly by using their online calculator.

What Could be Better

• They have a $9,000 maximum transfer size.
• They offer no financial advice or support for businesses.
• You can’t pay for your international money transfer in cash.

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

3. XE Money Transfers

XE Money Transfers is a money transfer service provided by XE, a financial services company specializing in online currency exchange. It was launched in 2002 as XE trade and later rebranded in 2016 as Money Transfer.

XE currently has headquarters in the United States, UK, and Australia (more than 100 other countries). Its mission is to simplify how people buy and sell different currencies.

Thanks to its robust online platform, XE is one of the most reliable and trusted money transfer services. To date, it has successfully transferred more than $12 billion in funds across its suite of services, including currency exchange, global money transfers, and payment processing across 30 countries around the world.

What are the Costs to Transfer Money from the US to Canada with XE

Transfer Fee: Transfers are free, but there can be hidden charges at the local bank.

Exchange Rate: The CAD/USD exchange rate depends on the amount you transfer.

Payment Method

After booking your transfer, simply pay via ACH (up to $30K), credit/debit card (up to $3K), or wire transfer on the website or app (limitless).

Ways to receive money from XE

XE will only send money to the recipient’s bank account.

Delivery Time

The money will take 1 to 2 business days to get to your recipient.

How to Transfer Money from the US to Canada with XE?

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

Is XE Safe?

Yes, they are. XE Money Transfer is wholly regulated in the US and UK. They are registered with FINTRAC and licensed as Money transmitters by the DFS. XE also uses strong security and encryption, and security to keep all your personal and money transfer information private. Also, they keep customer funds separate from the money they use to run the business, which provides more reassurance.

What We Like About XE

• No fees or minimum amounts for money transfers
• Better exchange rates accompany larger transfer amounts
• Their customer service is accessible
• They complete most transfers within one working day;

What Could Be Better

• Although the exchange rates are fair, they are often not the best you’ll find;
• There are hidden fees buried away in nontransparent exchange rate margins;
• You can only pay for and receive transfers through bank transfers and deposits.

4. Xoom (A PayPal Service)

Xoom is a digital money-transfer service by PayPal. They provide transfers to more than 160 countries and can also be used to pay bills, reload phones, send out-of-country gifts, and more!

What are the Costs to Transfer Money from US to Canada with Xoom?

Transfer fee: The fee depends on the amount being transferred or the type of transfer. A bank account transfer under $1,000 costs $4.99. However, transferring over $1,000 costs nothing! For debit and credit card payments of $1,000, the cost is $30.

Exchange rate: There’s a 2% margin added to your exchange rate when converting US dollars into Canadian dollars.

Payment Method

You can pay with your bank account, credit card, debit card, or PayPal.

Delivery Method

Recipients can receive funds in a bank account or as cash available for pick up at Ria locations.

Delivery Time

It generally takes about 1-2 business days. Transfers submitted by 11 am EST (Eastern Standard Time) on a bank business day will be delivered by 5 pm EST the following business day.

How to Transfer Money from US to Canada with Xoom?

1. Log in with your PayPal credentials or create a Xoom account with your name and email address.
2. Input how much money you wish to send, who it’s going to, and where they will receive it in Canada.
3. Pay conveniently with PayPal, a bank account, a credit card, or a debit card.

Is Xoom Safe?

Yes, they are. Xoom is a highly reputable payment platform owned by PayPal and regulated by the U.S. federal government and several state governments. They also secure your private information with 128-bit encryption.

What We Like About Xoom

• Xoom is a safe, trustworthy, fully licensed, and authorized company
• They offer a good variety of pay-in and pay-out choices;
• Transfers are easy to make and fast;
• Regular status updates through email or text

What Could be Better

• Their rates are rarely competitive;
• Xoom’s exchange rate margin is undisclosed, and 74% of fees are hidden.

SEE >> PayPal vs Wise

5. OFX

OFX is particularly good for larger transfers because they have personal account managers that are helpful, mainly if it’s your first time sending money to Canada. They also offer better exchange rates the more you transfer. OFX is one of the oldest money transfer companies and has a good track record for security.

OFX is one of the oldest money transfer companies with a good track record for security. They are a good option for larger transfers because they have helpful personal account managers and can better assist if it’s your first time sending money to Canada. They also offer better exchange rates the more you transfer

What are the Costs to Transfer Money from US to Canada with OFX?

Transfer Fee: OFX no longer charges a flat fee for U.S. customers.

OFX Exchange Rate: OFX adds a margin to the exchange rate when converting US dollars into CAD (Canadian Dollars).

The minimum transfer amount is US$150 for a single transfer; US$250 for recurring transfers.

OFX offers a currency exchange calculator, which shows the interbank rate. This is the rate before they add their margin. To receive an accurate quote, sign up with OFX or use their money transfer comparison tool to see OFX’s actual exchange rates, fees, and comparison with other services.

Payment Method

OFX lets you pay for your money transfer in these few ways:

Bank transfer to an OFX account using your client reference number, also called a wire transfer; ACH Direct Debit in the US; and Direct Debit (for business transfers). OFX does not allow you to fund your transfer with cash or cheques.

Delivery Method

OFX will only pay money directly into a bank account overseas. They offer no other options for cash pickup, home delivery, or other methods of delivery.

How to Transfer Money from US to Canada with OFX?

1. Sign up for a free online account and log in to receive a live quote.
2. Input your recipient’s information, such as bank account, account number, financial institution number, and branch transit number.
3. Review your transaction and pay using a bank or wire transfer. You can pay with a direct debit if you are a business customer.

Delivery Time

Your recipient will receive the money in Canadian dollars into their account within 1-2 business days.

Mobile App

OFX provides a mobile app so you can access many of its services on your smartphone.

Is OFX Safe?

Yes, they are. OFX is one of the leading international money transfer providers with more than 20 years of experience. Over the course of their career, they’ve transferred more than £65 billion for over a million customers in over 50 countries. OFX also promotes online security by encrypting your data and creating secure connections with your website.

What We Like About OFX

• Setting up online is easy.
• They offer more competitive exchange rates and lock-in rates for larger transfers.
• Phone support is available 24/7
• They offer services to individuals, online sellers, and other businesses
• They charge zero transfer fee in the US

What Could be Better

• There is a minimum transfer amount.
• Their 24/7 support doesn’t apply to personal financial advice.

SEE >> OFX vs Wise

6. Instarem Money Transfer

Instarem is a new service that offers low-cost, convenient, and secure currency exchanges. They have transparent fees with a flexible commission based on the amount of money being transferred. These are ideal for those who are transferring smaller sums of cash.

Payment Method

To fund your transfer, you can make a local bank transfer or pay with a debit or credit card.

Instarem Mobile App

Instarem’s Android mobile app has 4.1 stars on Google Play Store with 5 thousand ratings and 3.7/5 on the Apple App store with 100 ratings. With Instarem’s mobile apps, it is possible to send money 24/7 and track your transfers.

Is Instarem Safe?

Instarem is a safe and secure money transfer service. They offer industry-standard security measures and protect client funds according to regulatory money rules. All customer money is held in an account separate from Instarem’s operating cash, so it remains very safe, making it a popular option.

How to Transfer Money from US to Canada with Instarem

1. Visit Instarem’s website and sign up for a free account.
2. Log into Instarem’s online portal and provide details about who is sending and receiving the funds.
3. Use a local bank transfer or pay by credit card/debit to fund the transaction. Instarem will then convert your money in the recipient’s currency and send it through the selected pay-out option.

What We Like About Instarem

• Overall their rates are reasonable and fees cheap;
• Easy to use once you set up your account;
• Fast transfers.

What Could be Better

• The registration process is slow;
• Their customer service is difficult to reach.

Essential Factors to Consider When Transferring Money from US to Canada

Transfer Time

Depending on how fast you need the money, your delivery time will be different. This is usually how long it takes funds to reach their destination account. If you only want the money to arrive in a few days or less, you should look for a service with expedited payment options and lower fees.

Customer Support

When the need arises, how easily can you contact someone regarding your money transfer? Are they open 24/7? Are there phone numbers and email addresses that you can contact? Do they offer resources to help explain how the money transfer process works or how to fill out forms for transfers?

You must select a transfer service with excellent customer service. If something happens regarding your money transfer, you want to be confident that the company will provide the assistance needed promptly.

Each recommended company has different methods for providing customer support, so carefully research how each company offers help before making your final decision. For instance, you might find speaking with a human on the phone more reassuring than waiting on a chat or email response.

Safety and Security

When sending money overseas, it is critical to select a trusted service with a good reputation. Take the time to research how each company protects your money and how they comply with regulations regarding anti-money laundering and counter-terrorism policies. These factors can make a big difference in how secure you feel during the transfer process.

Exchange rates

The Canadian dollar fluctuates relative to the US dollar daily but transferring your money to the Canadian dollar using a service that allows you lock-in exchange rates may help you save money down the line if exchange rates worsen in the future.

Transfer Fees

Avoid transferring money to a service with extremely high fees. Transfer costs will vary depending on how much you send and how you pay, making sure to read each company’s terms clearly before choosing them.

Transferring money overseas almost always requires fees, but some companies might hide them in the exchange rate. Try to find a service that does not charge hidden fees. Someone must always pay a fee, but how transparent are they about how much it is and how it’s calculated? So when sending large amounts, it may be cheaper to pay a flat fee to get a better exchange rate.

Maximum Limits

When rates are favourable, sending more can help you save money in the long run. So if you intend to send large amounts abroad, be sure to choose a provider that doesn’t limit your transfer.

Transfer Methods

Transferring money to Canada can be done in various ways, but narrow down the best option that suits your needs.

Documents Needed for Sending to and Receiving Money from Canada

To send money from the United States to Canada, you’ll need government-issued identification and other documents. To pick up your money in Canada, different conditions might apply depending on which company sends it.

➤ Documents Needed to Send Money from the US

Sending money from the US to Canada requires you to have documentation and details like:

Identification

When you use a bank account to send money from the US, they’ll ask for identification so they can confirm that you are who you say you are.

Most services ask for a passport, driver’s license, or other government-issued ID. Some services allow you to send transfers without providing your ID, but they may ask for your SSN.

Payment method

You will be asked to provide your payment method. Possibilities for transferring money can include credit or debit cards, cash, bank accounts, or personal checks.

Recipient information

You must provide your recipient’s name with the way it appears on their ID, phone number, transfers to Canadian bank accounts, and account information, including financial institution (bank) number, transit number, and account number.

➤ Documents Needed to Receive Money in Canada

To pick up funds money in person, documentation and details the recipient will need can include:

• Transfer number.
• The sender can forward the transfer’s confirmation details – called a PIN, an MTCN, a reference number, or a tracking number, depending on the transfer company.
• Government-issued ID. For example, a Canadian Passport, Canadian Driver’s License, or any other government-issued ID is usually required to pick up cash.
• Sender’s derails. Provide your sender’s full name, country, and address, if known.

FAQs on How to Transfer Money from the US to Canada

Bottom line: How to Transfer Money from US to Canada

Now you know how to transfer money from US to Canada and what factors to consider.

However, you may wonder – with so many options for how to transfer money from US to Canada, how do you know which one will suit your needs best? The answer is research.

It is essential to research how each money transfer service operates and how they can help you transfer money to Canada from the US.

When comparing these money transfer companies, remember that the best one for you depends on how soon you need the transfer completed, your budget, and the level of customer support you need.

Once you understand how each company works, it will be easy for you to select the one that best fits how you need to send your money.

AUTHOR

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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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