Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Looking for the best way to send money from Canada to family, friends or businesses in the United States (or even to your own overseas bank account)?
Don't head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better USD exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more US dollars.
Of the companies we've compared, Xe Money Transfers is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in the United States within minutes.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Bank transfers are typically the cheapest way to get your money to the United States. Xe Money Transfers and Africhange have some of the lowest bank transfer fees of the brands we've compared.When you're hunting down the cheapest ways to send money to the United States, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many US dollars your recipient will end up with.
Many online providers can offer transfers to the United States within minutes, although you're likely to pay a premium for the convenience.Here are some of the fastest average transfer speeds to the United States:
Actual transfer times from Canada to the United States can depend on several different factors including transfer amount, payment method and currency.
The safest way to get your money to the United States is to use a provider registered with Canada's industry regulator, the Financial Consumer Agency of Canada. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and the United States.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to the United States, consider using a provider such as OFX or CurrencyTransfer to benefit from its expertise in handling larger transfer amounts.Using a large transfer specialist can have the following advantages:
To send money to the United States, you'll need the necessary documentation, your recipient's details and a way to pay.
Robert is working in Canada as a doctor and he stays in regular contact with his elderly parents back home in the United States. His parents need some funds to help pay off a mortgage, so Robert plans to send them $2,000 from Canada.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
|Bank||Money transfer company|
|Exchange rate||1 CAD = 0.74 USD||1 CAD = 0.75 USD|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||1,466.81 USD||1,491.83 USD|
The money transfer company enables Robert to send an extra $25.02, which is transferred straight to his parents' Wells Fargo account.
When choosing a money transfer provider to send money from Canada to the United States, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
Compared to a month ago, the Canadian dollar is stronger against the US dollar. Currently $5,000 is equivalent to $3,753.00, whereas a month ago, $5,000 was equivalent to $3,687.50. That's an increase of 1.78% over the past month.
But compared to a year ago, the Canadian dollar is weaker against the US dollar. A year ago, $5,000 was equivalent to $3,946.50. That's a decrease of 4.9% over 12 months.
What's more important, however, is where the strength of the Canadian dollar against the US dollar goes from here – which is harder to call. But whichever way it goes, shopping around has the potential to get you more US dollars for your Canadian dollars and can help you get the best out of any market conditions.
Transferring CAD-CNY is easy with our comprehensive guide to the best ways to send money from Canada to China.
Need to transfer CAD to UZS? Learn how to pick the right service to send your money to Uzbekistan.
Want to send CAD to the Democratic Republic of the Congo? We will help you pick the best international money transfer service and explain fees and exchange rates.
Transferring CAD-XOF is easy with our comprehensive guide to the best ways to send money from Canada to Congo-Brazzaville.
Looking for the best way to send money from Canada to Haiti? Services, rates and fees compared.
Want to send CAD to the Central African Republic? We will help you pick the best international money transfer service and explain fees and exchange rates.
Transferring CAD-XOF is easy with our comprehensive guide to the best ways to send money from Canada to Curaçao.
Looking for the best way to send money from Canada to Mali? Services, rates and fees compared.
Transferring CAD-XAF is easy with our comprehensive guide to the best ways to send money from Canada to Chad.
Looking for the best way to send money from Canada to Mauritania? Services, rates and fees compared.
You must be logged in to post a comment.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.