Take advantage of low fees and competitive exchange rates when sending money to Canada.
When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Canada doesn’t have to be expensive. Compare the transfer fees and exchange rates of the options available to you to get the most Canadian dollars for your U.S. dollar.
Compare Money Transfer Services
Our interactive table lets you compare current fees, exchange rates, transfer speeds and other details about sending your money overseas. Enter the amount you’re transferring, and see how much will arrive at your destination.
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Canada. This can be done 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 or mobile wallet, or made available as cash for them to pick up at a location in their country.Back to top
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 global money transfer provider will generally mean that you’ll benefit from greater cost savings.Back to top
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 exorbitant. Robyn decides to compare the services of two specialist money transfer companies to see if she can find a better deal.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 1.30 CAD||1 USD = 1.27 CAD|
|Transfer method||Bank account deposit||Cash pickup|
|Processing time||1 business day||10 minutes|
|Amount received (in CAD)||2,600 CAD||2,540 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, the second company does allow her to send an urgent transfer if she needs to.
How to compare transfer companies when sending money to Canada
You’ll want to consider costs, of course. But other factors can also affect your choice.
- Exchange rate. U.S. dollars are converted to Canadian dollars at an exchange rate that’s set by the transfer provider. These rates vary day to day, even moment to moment, and among providers.
- Fees. Most companies charge a fee to dispatch your money around the world, though some will waive that fee for large transfers. The fee and the exchange rate determine how much your transfer will cost.
- Minimum amounts. Some companies will transfer as little as a dollar, but others won’t deal with anything less than a few hundred. Look for a match with what you’re trying to send.
- Urgency. If the money needs to get there ASAP, most providers complete transactions in a day or two. Some can do it in minutes, at a higher cost. The fastest availability usually comes with picking up the funds in cash. Surprisingly, using a credit or debit card on your end can be faster than pulling money directly from a checking account.
- Process and scheduling. Do you prefer to send money online, over the phone or in person? Do you want to schedule a future transfer or use a forward contract in anticipation of better exchange rates?
- Payment methods. Will you pay with cash, a bank account or a debit or credit card? Transfer agents often see debit cards as quicker and more secure than the bank accounts they’re based on. However, using a credit card can trigger cash advance charges from your credit card company.
- Customer service. How much help will be available if you hit a snag or have a question? Are the support hours convenient?
Ways to send money to Canada from America
- Bank transfers. Most U.S. banks offer safe and secure transfers to Canada.
- Online money transfer providers. These companies, for example WorldRemit and OFX, offer convenient and affordable transfer options.
- Money transfer companies with cash pickup options. Western Union, MoneyGram and Ria are the three largest providers of these transfer services.
- PayPal. PayPal is not just for eBay purchases; it can also be used to send international money transfers.
- Checks. Ask your bank for an international guaranteed check and send it to Canada the old-fashioned way.
Emergency cash transfers to Canada
Sometimes you might need to send an urgent transfer to Canada, but make sure you review the details of your transaction before placing a transfer request. Emergency transfers often attract high fees and less-than-impressive exchange rates, so read the fine print and ensure you’re aware of what you’re paying.Back to topFind a money transfer location near youBack to top
Tips for picking up cash in Canada
Even though Canada is one of the safest tourist destinations in the world, it still pays to take some precautions when picking up cash. Bring along a friend for extra security, keep your money concealed, and deposit any large amounts of cash into your account as soon as possible.Back to top
How to send money to Canada
There are many options to choose from when you send money to Canada, and most providers require you to sign up for an account before you send your funds. This means you will need to supply:
- Your name and address
- Your email address and phone number
- A valid form of photo ID, such as a driver’s license or passport
It usually only takes a few minutes to send money and to receive a transaction reference number once you’ve finalized your transfer. Use this to track the progress of your transfer online.Back to top