There may be a time when you need to transfer money from Canada to the USA, whether you’re an expat, a business owner, or a student studying abroad. International money transfers, thankfully, have become easier and more accessible than ever before in today’s interconnected globe.
There are several methods of transferring money overseas, each with its own set of advantages and drawbacks. Before knowing how to transfer money from Canada to the USA in detail, let’s discover the ways to make the transfer.
Popular methods to transfer money from Canada to the USA
- Bank Transfer: With bank transfers, you can transfer money from a Canadian bank account to a U.S. bank account without any hassle. You can also contact your bank for information on the process, costs, and favourable exchange rates.
- Online Money Transfer Services: Online Money Transfer Services such as TransferWise, Xoom, and PayPal offer a modern solution for utmost ease. These reliable companies offer user-friendly online platforms that ensure quick and secure transactions. You can take advantage of their excellent exchange rates and significantly lower fees when compared to traditional banks. This option provides you with more value for your money.
- Foreign Exchange Market (Forex): Consider the experience of Forex Brokers, experts in currency conversion and international money transfers. If you want to make a more significant transaction, rely on their great knowledge and personalised service. Since they provide exceptionally beneficial exchange rates that can maximise your savings.
A comprehensive guide on how to transfer money from Canada to the USA
Bank transfers, online money transfers and Forex are the most used methods. These methods provide alluring advantages for international money transfers. Choose the best approach to meet your needs and acquire the best rates to make your money work harder.
How to send money from Canada to the USA using PayPal
Sending money through PayPal is pretty simple. All you need is a PayPal account for both you and the person you want to send money.
- To begin, log in to your PayPal account.
- When you’re finished, press the “send and request” button.
- The recipient’s email address, PayPal account, or phone number is required.
- Next, you can choose “sending to a friend” and input the amount you want to send in US dollars.
- The transfer will be sent once you choose to “Send Money Now” to complete.
That is all it takes to transfer money from Canada to the USA.
How to send money from Canada to the US through bank transfer
Banks are fully aware of the popularity of mobile banking. Furthermore, they know that many people prefer to manage their finances online or through mobile banking.
So, to cater to customers’ needs, they are making online self-sufficiency easy. For example, they have simplified the process of sending money abroad.
Many banks now provide hassle-free Global or International money transfers. You can send money across borders with any bank, whether it’s a big-name bank, a credit union, or a local bank.
Let’s look at how to send money to the USA using some of Canada’s top banks.
RCB
The Royal Bank of Canada, popularly known as RBC, has a simple approach to sending money to the United States. After you log in, go to the “pay bills and transfer funds” area, click “Add International Recipient,” and enter the information for the individual to whom you wish to send money.
This technique of delivering money is quite effective and convenient. RBC charges a flat fee of $13.50 Canadian for each transfer and allows you to send up to $2,500 per day. And here’s the icing: you can transfer money to over 120 nations globally, not just the United States!
So, if you’re looking for a simple way to send money abroad, RBC has you covered. There are no hassles, no exorbitant fees, simply a simple and straightforward process for getting your money where it needs to go.
Scotiabank
Although slightly different from RBC’s services, Scotiabank also provides international bank transfers. You can add the recipient’s details directly in the mobile app by selecting “make a transfer” and then “send money internationally.”
After that, you can select the contact or add a new one by providing their name, address, and bank account information. This process can take up to 5 business days for the recipient to get the money in their account. The charge for this transaction, however, is $1.99, and the only criterion for the amount sent is that it be at least $100 Canadian.
Before sending the transfer, always double-check the contact information you entered. Once the money has been transferred, it cannot be modified or cancelled.
CIBC
With CIBC’s superior global money transfer services, you can transform your financial world. You can transfer money from Canada to the USA and 120 more countries. You can send money from a CIBC bank account or credit card. You can transfer any amount, from $100 to $30,000 each day, with complete freedom.
CIBC provides competitive exchange rates and no transaction fees for money transfers. Additionally, recipients can expect speedy delivery within one business day.
The process is remarkably simple: simply log in to your account, navigate to the menu, and select “Global Money Transfer”. Enter the recipient’s banking information. Now enter the desired amount along with your own account details, before submitting the transaction.
TD Canada Trust
TD Canada Trust, like CIBC, provides global transfers. To send money in this manner, there are some prerequisites.
You’ll need to have a TD account. After that, simply register for worldwide transfer using Easy Web or the mobile app. To make the transfer, you’ll need the recipient’s information like their bank account number, bank details, branch ID, Tax ID, and currency. Once you’ve selected the recipient nation and the amount, we’ll give you an estimate of the transfer cost.
If you’re sending money through TD’s global transfer, you have the flexibility to use your chequing account, savings account, or line of credit. The transferring limits differ based on the account and the period. You can easily check these limits on your mobile banking or online account.
BMO
BMO, also known as the Bank of Montreal, provides hassle-free global transfers to 50 countries worldwide, including the US. The whole process is simple.
Once logged in, click “Global Transfer” and pop in the recipient’s details. Enter the amount you want to send and voila! Your transfer is good to go.
To send money to someone, you’ll need their first and last name, bank code, and bank account number. Each transfer will cost $5 USD if you do not have one of the plans listed below.
The plans are as follows:
- Premium Plan
- Platinum Plan
- NewStart Programme Performance Plan
- Workplace Banking
When you use BMO, you can send money from either your checking or savings account. The lowest transfer amount is $100 CAD, and the size of your bank account determines the maximum amount. Take advantage of the convenience!
Also read: Learn how to transfer money from the cash app to a bank account 2023
Money Transfer Apps to send money from Canada to the USA
Lastly, if you’re looking for a convenient way to send money to the US, you can rely on money transfer apps. There are a bunch of them out there, each offering varying rates. So, let’s take a look at a few.
1. Wise
Let’s dive into the first transfer app on our list: Wise, previously known as TransferWise. It is recognized as one of the highest-rated transfer apps in the market. Wise stands out for its incredibly competitive transfer fees. However, as with any service, Wise has its advantages and disadvantages that you must consider.
| Pros | Cons |
| Consistently less expensive than competing services | There is no option for cash pickup. |
| Low and transparent costs, no exchange rate margins | Many locations require two to three business days. |
| The app is simple to use | Outside of North America and Europe, costs are not always affordable. |
2. WorldRemit
WordRemit is a dependable and extremely secure money transfer service. It has a reputation for excellence and positive client feedback, making it a popular choice for sending money to the United States. While there is space for development in several areas, WordRemit remains an excellent overall pick.
| Pros | Cons |
| Worldwide network of cash pickup places Simple and excellent feedback | There are hidden costs, and currency exchange rates are not clear. |
| Excellent client service | It may be more costly to use |
| Money can be sent and received in a variety of ways |
3. MoneyGram
The second-largest transfer provider in the world, MoneyGram offers user-friendly services in over 200 countries and supports over 50 different currencies. MoneyGram has a great track record in the market. Additionally, it provides handy payment choices such as cash, credit card, and bank transfer.
It is vital to remember that the currency rates indicated by MoneyGram regularly vary from the prices that are actually charged. Furthermore, hidden fees are common, and maximum transfer limits might be rather low. This may be a hindrance for some people, especially as MoneyGram’s cost is generally greater than that of other firms.
4. OFX
OFX is a well-known player in the global foreign exchange sector, with a major presence since its inception in 1998. With a global reach of 197 countries and activities in 55 currencies, the organisation has attained a remarkable international footprint. OFX is based in Sydney, Australia, but has offices in Canada, the United States, and several other countries.
Their service stands out for having round-the-clock phone availability, considerably improving client convenience. Additionally, because of their extensive experience and knowledge, OFX is able to find a balance between affordable rates and quick money transfers. Consequently, OFX is a solution to how to transfer money from Canada to the USA.
However, it is important to keep in mind that for lesser transaction sizes, OFX’s rates could be comparably higher than those provided by some smaller competitors. It is also worth noting that their services are only available in English.
When deciding between a bank transfer or a money transfer app, it’s important to double-check the credentials to ensure a smooth experience. Keep in mind that once a transaction is made, it cannot be cancelled.
Additionally, consider your preferences for time and money. For instance, if you wish to transfer money from Canada to the USA, banks are a cost-effective option. But it might take up to 5 business days for the transaction to reflect in the recipient’s account. However, if you’re in a hurry and don’t mind paying the exchange cost, any online app would be perfect for you.
Choose what suits you best. Happy transferring!
