Sending money across borders is now common, thanks to our global connections. In 2023, 1 in 5 Canadians made international transfers, up 33% from the year before. It’s important to find ways to send money that are quick, affordable, and safe.
This Canada to US money transfer guide explores your options. You’ll learn about online services, bank transfers, and special platforms. It helps you choose the best method for your needs, whether it’s speed, cost, or ease.
Guide to best way to send money from canada to us
Choosing the best remittance options Canada to US can be tough. You need to think about cost, fees, and how easy it is to use. This guide will help you find the best way to send money across the border.
Traditional banks like RBC, Scotiabank, CIBC, TD Canada Trust, and BMO offer good services. For example, RBC charges $13.50 CAD per transfer to the US. You can send up to $2,500 per day. Scotiabank’s fee is lower at $1.99 per international transfer, but you need to send at least $100 CAD.
CIBC is a standout, letting you send up to $30,000 per day without fees. They also offer competitive exchange rates. TD Canada Trust’s global transfer limits depend on your account type. BMO charges $5 USD per transfer, but some programs can waive this fee.
Digital services like Wise, OFX, Remitly, and Xoom offer cheaper options. Wise has exchange rates that are less than 1% of the transfer amount. They let you send up to $1 million per ACH transfer. OFX has no transfer fees and exchange rate markups from 1.35% to 4.50%.
PayPal is convenient but has higher fees and exchange rate markups. They charge a conversion fee of $2.99 CAD for bank transfers or PayPal-funded transfers. Plus, their exchange rates are about 4% higher than standard rates.
Here’s a comparison of some popular methods to send money from Canada to the US:
| Service | Fee | Exchange Rate Markup | Transfer Limit |
|---|---|---|---|
| Wise | Less than 1% | Less than 1% | Up to $1 million (ACH) |
| OFX | None | 1.35% to 4.50% | No limit |
| PayPal | $2.99 CAD + 2.9% (cards) | Approximately 4% | Varies |
| RBC | $13.50 CAD | Standard rates | $2,500/day |
| CIBC | None | Competitive | $30,000/day |
| Scotiabank | $1.99 CAD | Standard rates | Varies |
Understanding each service’s details helps you make a smart choice for cost-effective money transfers. Remember, fees and exchange rate markups can vary a lot. For more information, check out this guide on cross-border transfers. This way, you’ll get the best deal when sending money from Canada to the US.
Online Transfer Services
Online transfer services are a great way to send money from Canada to the US. Services like Wise offer secure online money transfers that are clear and cost-effective. They are faster and easier to use than traditional banks, making them a top choice.
Choosing fast wire transfer services means you can get the best exchange rates. Wise, for example, has better rates than most banks. This means more of your money goes to where it needs to be. Banks like CIBC and RBC might charge $30 to $80 for a wire transfer, but Wise’s fees are much lower.
Online transfers are known for being easy to use and secure. You can send money anytime, from anywhere, thanks to 24/7 global transfer services. They ask for your login, card details, and the recipient’s info, making it simple and safe.
These services also use top-notch encryption and follow strict rules to keep your money safe. They fight against scams, which is very important. Wise, for instance, lets you track your money and get updates, so you can relax knowing everything is okay.
Bank Transfers
Bank transfers are a top choice for moving big amounts of money across borders. They are known for being reliable and secure. In Canada and the US, banks use routing codes and account numbers for these transfers.
Major Canadian banks offer many international banking services. This includes wire transfers and bank drafts. SWIFT codes, used by over 200 countries, are key in this process. They give detailed info about the bank and branch.
In Canada, people also use Interac e-Transfers and mobile banking apps. These options are fast and often free. For more on secure bank transfers, check out this guide on secure large bank transfers.
Using services from major Canadian banks makes international transfers safe and efficient. Knowing about both old and new transfer methods helps make transactions smoother and cheaper.
