How to Transfer Money From Canada to the USA

The fastest and cheapest way depends on the amount and how soon you need it there

You have four main routes to move money from a Canadian bank account to a US bank account: a wire transfer through your bank, an international money transfer service, a currency exchange broker, or a peer-to-peer payment app. Wire transfers are the most reliable but often the most expensive. Money transfer services like Wise, OFX, and Remitly are usually cheaper for smaller amounts under $10,000 CAD. Currency brokers work well if you're moving a large sum and don't need the money when ready. Apps like PayPal and Wise also work for smaller transfers if both people have accounts set up.

The cost and speed vary widely. A bank wire typically costs $15 to $50 CAD and takes one to three business days. A money transfer service might charge 1 to 3 percent of the amount and also take one to three business days, but the rate you get on the currency conversion is usually better than your bank offers. A currency broker may charge nothing upfront but builds the cost into the exchange rate, and speed depends on whether you're moving the money same-day or over several days. Before you choose, know exactly how much you're sending, when you need it to arrive, and whether you have a US bank account already set up to receive it.

Key Takeaways

• Bank wire transfers are reliable and work for any amount, but they typically cost $15 to $50 CAD and offer poor exchange rates.
• Money transfer services like Wise and OFX usually offer better exchange rates and lower fees than banks for amounts under $10,000 CAD.
• You will need a US bank account with routing number and account number, or the recipient's details if someone else is receiving the money.
• Currency brokers are worth considering for large transfers over $25,000 CAD because they negotiate better rates, even though the process takes longer.
• Exchange rates change constantly, so the amount you receive in US dollars will depend on the rate on the day the transfer completes, not the day you initiate it.

Bank wire transfers: reliable but expensive

A wire transfer through your Canadian bank is the most straightforward method if you already have a relationship with your bank and don't mind paying for convenience. You walk into a branch or call your bank, provide the US recipient's bank details (routing number, account number, and full name), and the bank sends the money electronically. Most Canadian banks complete domestic wires the same day if you initiate before 3 p.m., and US wires typically arrive within one to three business days.

The cost is the trade-off. Most Canadian banks charge between $15 and $50 CAD for an outgoing international wire, depending on the bank and whether you're a premium customer. On top of that, your bank will convert your Canadian dollars to US dollars at their own exchange rate, which is typically 1 to 2 percent worse than the mid-market rate you'd see on Google or XE.com. For a $5,000 CAD transfer, that poor rate could cost you an extra $50 to $100 USD. Wire transfers make sense if you're sending a very large amount (over $50,000 CAD) and the percentage fee is smaller than what a money transfer service would charge, or if you need the money to arrive the same day and have no other option.

Money transfer services: better rates for mid-sized amounts

Services like Wise, OFX, Remitly, and MoneyGram offer exchange rates much closer to the mid-market rate than banks do, and their fees are transparent and usually lower. Wise, for example, charges a small flat fee plus a percentage of the amount (typically 1 to 1.5 percent total for a transfer from Canada to the US), and shows you the exact amount you'll receive before you confirm. OFX charges a flat fee of around $12 to $15 CAD plus a percentage, depending on the amount. These services are designed for people moving money across borders regularly, so the process is streamlined.

To use a money transfer service, you create an online account, enter the amount you want to send, provide the US recipient's bank details, and fund the transfer from your Canadian bank account. The money usually arrives in one to three business days. These services work best for amounts between $500 and $10,000 CAD. Below $500, the percentage-based fee can make the cost comparable to a bank wire. Above $10,000, a currency broker might offer a better rate because they negotiate on volume. Most money transfer services also let you lock in an exchange rate for a set period (usually 24 to 48 hours), so you know exactly what you'll receive even if rates move.

Currency brokers: the best rates for large transfers

A currency broker like Knightsbridge, Canadian Dollar, or CIBC Investor's Edge Foreign Exchange acts as a middleman between you and the foreign exchange market. They don't charge an upfront fee the way banks and money transfer services do. Instead, they make money by offering you an exchange rate that is slightly better than the mid-market rate but not as good as what a large institution would get. For a transfer of $25,000 CAD or more, the savings from a better rate can easily outweigh the fee you'd pay to a money transfer service.

The process is slower and more hands-on. You call the broker, tell them how much you want to send and when, and they quote you a rate and hold it for a set time (usually 24 to 48 hours). You then fund the transfer by sending money from your bank account to the broker's account, and the broker sends the US dollars to the recipient's US bank account. The whole process typically takes three to five business days. Brokers are best for planned, large transfers where you have time to shop around and don't need the money to arrive when ready.

Peer-to-peer apps and digital wallets

If you and the recipient both have accounts on PayPal, Wise, or Square Cash, you can send money directly through the app without involving a bank. PayPal charges around 2 to 3 percent for international transfers, and Wise charges its standard fee (usually 1 to 1.5 percent). These methods are fast—often within minutes to a few hours—and work well for smaller amounts under $1,000 CAD. The downside is that both people need to have the app set up and verified, and there are daily and monthly limits on how much you can send.

PayPal and Wise also let you hold money in multiple currencies, so you can convert Canadian dollars to US dollars whenever the rate is favorable, then send the US dollars to a US bank account later. This flexibility is useful if you're moving money gradually or want to time your conversion to a favorable rate. However, these apps charge a small fee to convert between currencies, so the total cost is still higher than using a dedicated money transfer service or broker for a single large transfer.

What information you need before you start

No matter which method you choose, you'll need the recipient's US bank details. If the money is going to your own US account, you need your own routing number (a nine-digit code that identifies your US bank) and account number. If it's going to someone else, you need their full legal name as it appears on their account, their routing number, and their account number. Some services also ask for the recipient's address and phone number. Write these details down carefully—a single digit wrong in the routing or account number can send the money to the wrong account or cause the transfer to fail and bounce back.

You'll also need to know the exact amount you want to send in Canadian dollars. Most services let you enter either the CAD amount you want to send or the USD amount you want the recipient to receive, and they calculate the other side based on the current exchange rate. If you choose to send a specific CAD amount, the USD amount will vary slightly depending on the rate at the time the transfer completes. If you choose to send a specific USD amount, your CAD cost will vary. Decide which matters more to you—the amount you're sending or the amount the recipient is receiving—before you start.

Timing, fees, and exchange rates: what to expect

Exchange rates change constantly throughout the day, and the rate you see when you start a transfer is not necessarily the rate you'll get when the transfer completes. Most services lock in a rate for 24 to 48 hours after you initiate the transfer, so you know what you'll receive. If you're using a bank wire and the rate moves significantly before the transfer completes, you might receive less than you expected. For this reason, if you're watching rates closely and waiting for a favorable moment, a service that locks in the rate when ready (like Wise or a currency broker) is worth the fee.

Timing also affects cost. A bank wire initiated before 3 p.m. on a business day usually arrives the next business day. A money transfer service typically takes one to three business days depending on the service and the time of day you initiate it. A currency broker takes three to five business days because the money has to move through multiple accounts. If you need the money to arrive urgently, a bank wire or Wise is your only option, and you'll pay for that speed. If you have a week or more, a currency broker might save you money on the exchange rate.

Frequently Asked Questions

Do I need a US bank account to receive money from Canada?

Yes, the money has to go somewhere. If you don't have a US bank account, you can open one at most US banks online, though some require a US address or Social Security number. Alternatively, you can have the money sent to someone else's US account if they're willing to receive it for you, though this adds complexity and potential tax questions if it's a large amount.

What's the difference between a routing number and an account number?

A routing number is a nine-digit code that identifies which US bank holds the account. An account number is the unique identifier for your specific account at that bank. You need both to complete a wire transfer. Your routing number is usually printed on the bottom left of your checks, and your account number is on the bottom center. If you don't have checks, call your US bank and ask for both numbers.

Can I transfer money if I don't have a US bank account yet?

You can open a US bank account online before you transfer the money. Many US banks like Charles Schwab, Ally, and others allow Canadians to open accounts remotely. The process usually takes a few days, and you'll receive your routing and account numbers when ready. Once you have those, you can initiate the transfer from Canada.

What happens if I enter the wrong account number?

The transfer will either fail and bounce back to your Canadian account within a few business days, or it will go to the wrong account. If it goes to the wrong account, you'll need to contact the receiving bank and ask them to reverse it, which can take weeks. Always double-check the routing and account numbers before you confirm a transfer.

Is there a limit to how much I can transfer?

Banks and money transfer services have daily and monthly limits that vary by service and your account history. A new Wise account might have a $10,000 CAD daily limit, while an established account might have no limit. Your Canadian bank may also have limits on how much you can wire out per day. Check with your bank and the service you're using before you initiate a large transfer.