How to send money to Canada

Get the best rate when transferring funds to Canada from anywhere in the world.

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While banks might seem like an easy way to send money to Canada from all over the world, you can save a lot of money by using an online money transfer company instead.

TransferWise International Money Transfers

Send your money with TransferWise

TransferWise gives you the real exchange rate when you send money overseas.

  • Same or next-day delivery
  • Transparent fees
  • Easy to use
  • Secure and regulated by FINTRAC

    Compare money transfer services

    Our comparison calculator lets you compare current fees, exchange rates, transfer speeds and other details about sending your money to Canada. Enter the amount you’re transferring, and see how much will arrive at your destination.

    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
    CAD 0 Within an hour CAD 3.99 0.763 USD
    3,811
    Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
    An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
    Go to site Show details
    CAD 1 1 - 2 days CAD 45.00 0.766 USD
    3,793
    Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
    CAD 2,000 1 day CAD 0.00 0.751 USD
    3,755
    Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider. Go to site Show details
    USD 150 1 day CAD 15.00 0.753 USD
    3,755
    Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
    A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
    Go to site Show details
    CAD 0 1 day CAD 0.00 0.754 USD
    3,770
    Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
    CAD 5 1 - 2 days EUR 3.00 0.754 USD
    3,770
    Special offer: Pay zero fees on your first 5 transfers.
    Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
    Go to site Show details
    USD 150 1 day CAD 0.00 0.758 USD
    3,789
    TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
    Send money overseas in 45 currencies.
    Go to site Show details
    CAD 7,000 1 day N/A N/A N/A Venstar Exchange offers competitive exchange rates and zero fees on large transfers over US$10,000. Go to site Show details

    Compare up to 4 providers


    The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

    Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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    How do international money transfers work?

    An international money transfer allows you to send money to a recipient in another country by providing funds to a bank or an independent transfer provider. They will send the money to your recipient where they can pick it up in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account, mobile wallet, or made available as cash for them to pick up at a physical location. Canada has specific tax laws, security reporting rules and regulations regarding receiving money transfers over $10,000 in the country; click on the link below for more information.
    Tax guidelines and regulations for large money transfers into Canada

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    Banks versus money transfer services

    While banks are capable of handling international wire transfers, they typically charge higher fees and offer unfavorable exchange rates compared to specialist money transfer providers.

    Using the services of a international money transfer provider will generally mean that you’ll benefit from greater cost savings.

    Case study: Robyn sends money to Canada

    Robyn has scored her dream job in New York and left her family behind in Toronto, but that doesn’t mean she’s forgotten her roots. She wants to send $2,000 to her younger sister back in Canada as a birthday gift, but the thought of paying her bank’s $50 transfer fee seems expensive. Robyn decides to compare the services of two specialist money transfer companies to see if she can find a better deal.

    Money transfer company 1Money transfer company 2
    Exchange rate1 USD = 1.30 CAD1 USD = 1.27 CAD
    Transfer fee$5$87
    Transfer optionBank account depositCash pickup
    Transfer time1 business day10 minutes
    Total CAD received 2,600 CAD2,540 CAD

    As you can see, while Robyn can send an extra $60 CAD and save more than $80 in fees by using the first company, however the second company does allow her to send an urgent transfer if she needs to.

    A beginner’s guide to starting an import/export business with Canada

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    How to compare transfer companies when sending money to Canada

    By comparing a few elements of your transfer, you can ensure that you get the cheapest deal for your needs.

    • Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
    • Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
    • Payment and delivery options. Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive your funds: bank account, cash pickup, mobile wallet and more.
    • Transfer speeds. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you have more time, you’ll get better rates and fees with an independent provider.
    • Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate —especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
    • Flexible transfer options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
    • Customer support. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
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    Foreign exchange rates explained

    The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. As of April 2019, one US dollar was worth about 1.33 Canadian dollars. Canada has a flexible exchange rate, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
    Currency exchange rate for transfers from CAD to USD

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    Steps to send money to Canada

    1. Register for an account with a provider, supplying your name, address, contact details, proof of ID (usually, government-issued photo i.d. is required) and information about your selected payment method.
    2. Provide your recipient’s contact information.
    3. Select the amount of your transfer and complete the transaction.
    4. Keep a record of any transaction reference number you receive so that you can review the progress of your transfer and for the recipient, should they need it to confirm the transaction when picking up their funds.

    What are the ways to send money to Canada from outside the country?

    • Bank transfers. Many major US banks will allow you to send money to Canada.
    • Money transfer providers. Providers like Ria and World First can help you quickly and easily transfer your money online.
    • Providers with cash pickup. Western Union and MoneyGram allow you to send funds for cash pickup at agent locations.
    • PayPal. Electronic payment giant PayPal allows you to send money from the US to Canada.
    • Checks and money orders. Although not a quick option, you could send an international check overseas, obtained from your bank or US Postal Service.
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    Emergency cash transfers to Canada

    If a friend traveling through the country loses their wallet, and you need to send money in an emergency, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
    Find a money transfer location near you

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    Tips for picking up cash in Canada

    Whether picking up funds in Montreal or anywhere else around the world, take a few simple safety precautions to prevent yourself becoming a target for thieves.

    • Call ahead. Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
    • Bring a friend. Carrying money when alone can be dangerous. Ask a friend to come along.
    • Deposit your money immediately. The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
    • Keep your cash hidden. Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.

    Best INR > CAD exchange rates

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    Cash pickup locations in Canada

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