Compare money transfer services and save when sending money to the US.
Sending funds from Canada to the US is one of the most common international money transfer routes. Whether you need to send funds to family and friends, pay outstanding business expenses or cover payments on your overseas property, there are many companies that offer affordable and fast service.
Aside from using a dedicated money transfer service, many Canadian banks also allow you to send money to Canada from the US. Some Canadian banks even allow you to have a multi-currency US account, while some banks offer access to American visa cards and other services.
Consider the reason that you are sending money and find a product that works for you below.
Compare your options to transfer funds to the US below.
Use the table below to sort through different products offered by companies. You can use the table headings to compare fees, exchange rates, supported currencies and other factors. To find out more about a product, click “More”. Once you find a product that interests you, click “Go to Site” to register.
Speak to an FX expert about sending money
The USD is the most highly traded currency in the FX market. With the high number of imports and exports between the US and Canada, there is always a high demand for services that will transfer money between the two nations.
Case study: Banks vs money transfer services
Michael works for a food manufacturing company based in the US, however the company also has factories in Canada. He has been asked to oversee operations in Canada for at least the next year but is hesitant about leaving his wife and son behind. They decide that it is in their son’s best interests to remain in the US and finish school while his father is in Canada.
Michael needs to find a way to send money to his wife and son in order to maintain the house and their lifestyle. He starts by checking the differences between using a bank and a money transfer service. Michael will be paid in Canadian dollars and will open a Canadian bank account once he is in the country.
|Bank to bank money transfer||Money transfer service|
|Exchange rate||$1 CAD = 0.76 USD||$1 CAD = 0.78 USD|
|American dollar amount for every $1,000 Canadian dollars||USD760||USD780|
|Transfer time||Two to five business days.||Less than 24 hours.|
|Transfer options||Funds are transferred from your Canadian bank account to an American bank account.||This is a bank to bank transfer. Money can be sent as a cash pick up for an additional fee.|
What is the difference?
If Michael sends money back to the US using a dedicated money transfer service, he will get a higher exchange rate, which will result in his wife receiving USD20 more each month. Furthermore, the service provider has cheaper fees, saving him CAD5 every time he sends money. Michael learns in the process that some Canadian banks allow multi-currency accounts for US dollars.
How do I compare transfer companies when transferring money to the US?
Since Canada and the US are neighbours, many banks and money transfer services provide affordable and fast money transfers between the two countries. Unlike many other money transfer routes, banks can sometimes offer cheaper ways to send money to the US from Canada. This means that you need to do a bit of research before settling for your bank or settling for a dedicated money transfer service. When doing your own research, check the following factors that each company offers:
- Competitive exchange rate. Small differences in the exchange rate can make a big difference when transferring large amounts of money. Some companies may offer competitive exchange rates, however they can be offset by expensive fees. Consider what exchange rate is offered.
- Low to no fees. Fees can vary greatly between banks and dedicated transfer companies. Consider if fees will be charged on your end only or if your recipient will also be charged a fee to pick up the money. Some providers may charge zero fees, however this is generally only the case when you send amounts of $10,000 or higher.
- A range of transfer methods. Banks will send bank account to bank account transactions while money transfer companies may offer bank transfers and cash pick up. Consider what works best for you, your budget and your recipient.
- Transfer speed. Some companies may be able to transfer the money within minutes while others may take 2 to 5 business days to transfer the funds. Fees are generally higher if you need the money to be available for pick up right away.
- Reliable customer service. The accessibility of a customer service representative and their dispute handling is also something to consider in the event that something goes wrong. Some companies will offer 24/7 customer service while others may only be available a few days a week.
Ways to send money to the US from Canada
Since so many Canadians own properties in the US, have friends and family in different States or own companies that do business in the US, there are many easy and affordable ways to send currencies between the two countries. Consider these types of companies when sending money to the US from Canada:
- Money transfer services. Sending money to the US is one of the most commonly traded routes for currency exchange so there are many providers that offer this service. Since money transfer services conduct a large amount of international trades each day, they are able to offer better rates and lower fees than banks generally can.
- Canadian banks. All Canadian banks likely allow transfers from Canada to the US. Fees and exchange rates will differ between banks. If you send money frequently, you should consider opening a multi-currency account with your bank, like the one HSBC offers.
Need an emergency cash transfer in the US?
Thousands of Canadians travel to the US every month. If you are travelling and lose your wallet or purse, you have a few options in terms of receiving emergency cash transfers. Consider the following options:
- Transfer service company. If you have a valid photo ID, you can have a friend or relative in Canada send you money via a transfer service company. You can pick up the cash at a local branch in the US.
- Bank transfers. Your Canadian bank may be able to transfer you cash to another bank located in the US. Remember that fees will likely be quite high with this type of service.
- Credit card. Credit card companies sometimes offer complimentary travel insurance as one of the features for their card. You can call your carrier or your bank and ask to use the insurance.
- Travel Insurance. Never travel without insurance, even if you are only heading south for a few days. Depending on the extent of coverage, your travel insurance policy may cover stolen or lost cash. You will need to thoroughly read your policy or call your insurance provider to find out more.
Cash pick up locations in the US
Listed below are just a handful of the money transfer agents you will find when visiting some of the top cities in the US. If you need to locate a branch closer to where you are staying, you can easily find that information online. There are many different money transfer companies that can transfer funds from Canada to the US.
- Phnom Penh International Travel
109 Lafayette St.
New York, NY 10013Phone. 212 219-2299Open Monday through Friday 10 am to 7 pm Saturday 10 am to 3 pm Sunday 10 am to 5 pm
- Erxcity corp
185 Canal St.
2nd FloorNew York, NY 10013212 625-8339Open 7 days a week from 9 am to 7:30 pm
#3086701 W Cesar E Chavez Ave
Los Angeles, CA 90012Phone. 800-925-6278Open This location is open 24 hours a day, 7 days a week.
- Lian Shing Hong
750 N Hill St #R-S
Los Angeles, CA 90012
Phone. 213 680-2383Open 7 days a week from 9 am to 6 pm
- Duane Reade
#14102250 Broadway Frnt D
New York, NY 10007Phone. 212 571-4511Open 7 days a week from 8 am until 9 pm
- Downtown Pharmacy
165 William St.
New York, NY 10038
Phone. 212 233-0333Open Monday through Friday 8 am to 6 pm Saturday 10 am to 3 pm Sunday closed
- Duane Reade
- Federal Photo Studio
201 N Los Angeles St Ste 23
Los Angeles, CA 90012-9807Phone. 213 622-8745Open Monday through Thursday 7 am to 4 pm Friday 7 am to 3:30 pm Saturday and Sunday closed.
- The Redwood Shop
304 W 2nd St
Los Angeles, CA 90012-3501
Phone. 213 680-4053Open Monday through Friday 9 am to 5 pm Saturday and Sunday closed.
- Federal Photo Studio
Tips for picking up cash in the US
The Canadian Government recommends that you exercise a normal degree of caution when picking up money in the US. Much like in Canada, refrain from waving around any large amounts of cash, watch your purse or wallet carefully, and take a friend with you if you have to pick up cash after dark. Remember to report any theft to the local police in order to get a police report. You will likely have to show a police report if you decide to report the event to your travel insurance company.
What documentation do I need?
If you’re sending money to the US on a regular basis to cover bills and investments, a bank to bank transfer may be a better choice. However, if you anticipate needing to send money quickly you may want to consider a dedicated transfer service provider that offers almost instant cash pick up services. To send money using one of these companies you should make note of the following:
- The recipient’s full name. Your recipient will need to show photo ID to pick up the money. You have to be sure that the name you put on the order is the exact same as the name on their ID.
- Your full name. As an additional security measure, the agent may ask for the name of the sender. Ensure that your recipient knows your full name.
- Your recipient’s contact information and bank details. Have the address and phone number of your recipient on hand just in case. Provide your recipient with your contact details too.
- Remember to keep your tracking number. There will be a tracking number given to you after you initiate the transfer. Your recipient will need to give this number to the agent before the cash is released.
The paperwork given to you should be saved just in case there is a problem with the transfer. You may need to present any paperwork or recipients to customer service if there are any problems with your transfer.
Thousands of Canadians flock to the US in the winter months to stay at their rental properties. Furthermore, many Canadians have family and friends who live in the US. Hundreds of Canadian corporations and small businesses conduct transfers every day with businesses overseas in the US. There’s a huge demand for affordable and fast transfer companies and a large demand for banks to be accommodating when sending money from Canada to the US.
If your Canadian bank does not allow a multi-currency US account, consider switching banks if this will benefit you. Many Canadian banks do allow multi-currency US accounts and if not, they may allow you to have a US Visa card. Decide if seeking out a multi-currency account can benefit you in any way and if not, consider using a dedicated money transfer service.
Before you send money to the US from Canada, do your research to ensure you make the most from every single dollar. Look for competitive exchange rates, low fees, quick transfers, and reliable companies.