How to Transfer Money from the US to Canada

The most common ways to send money across the border

You can transfer money from a US bank account to Canada through a wire transfer, an international money transfer service, or a cross-border payment app. Wire transfers through your bank are the most straightforward but often the most expensive. Money transfer services like Wise, OFX, and Remitly typically offer better exchange rates and lower fees. Payment apps like PayPal and Wise also work if both people have accounts set up.

The method you choose depends on how much you're sending, how fast you need it to arrive, and whether you want to minimize fees. A wire transfer might take one to three business days and cost $15 to $50. A money transfer service might take one to five business days and cost $5 to $20. The exchange rate you get also varies significantly by method — your bank's rate is often worse than what a dedicated transfer service offers.

Key Takeaways

• Wire transfers through your bank are reliable but usually charge $15 to $50 and offer weaker exchange rates than money transfer services.
• Dedicated money transfer services like Wise and OFX typically charge lower fees ($5 to $20) and give you a better rate on the Canadian dollar.
• You will need the recipient's Canadian bank account number, routing number (or transit and institution numbers), and their full name to complete any transfer.
• Most transfers take one to five business days, though some services offer faster options for an additional fee.

Wire transfer through your US bank

A wire transfer is a direct electronic movement of money from your US bank account to a Canadian bank account. You initiate it at your bank's branch or online, provide the recipient's Canadian banking details, and the money moves through the banking system. This method is widely accepted and works with any Canadian bank.

To send a wire, you will need the recipient's full name, Canadian bank account number, and their bank's routing information. Canadian banks use a different system than US banks — you will need either the bank's SWIFT code (an eight or eleven-character code) or the transit number and institution number. Your bank can look up this information if you give them the recipient's bank name and branch location.

Fees typically range from $15 to $50 depending on your bank. The exchange rate your bank applies is usually less favorable than what you would get through a money transfer service. Delivery typically takes one to three business days, though some banks offer expedited options. Call your bank to confirm their current fees and timing before you send.

Money transfer services with better rates

Services like Wise, OFX, Remitly, and MoneyGram specialize in international transfers and usually charge lower fees and offer better exchange rates than banks. You set up an account online, enter the amount and recipient details, and the money moves to the Canadian account. These services are designed specifically for cross-border payments, so the process is often simpler than going through a bank.

Wise is popular for transfers to Canada because it uses the real mid-market exchange rate with a small markup, and fees are typically $2 to $5 for amounts under $10,000. OFX charges a flat fee (usually $10 to $15) plus a spread on the exchange rate. Remitly charges a percentage of the amount sent, usually 1 to 2 percent. Compare the total cost — fee plus the difference in exchange rate — before you choose.

Most of these services take one to five business days for delivery. Some offer expedited delivery for an extra fee. You will still need the recipient's Canadian bank account details, but the service walks you through what information is required. Many of these services also let you send money directly to a mobile wallet or pickup location in Canada if the recipient prefers that.

PayPal and payment apps

If both you and the recipient have PayPal accounts, you can send money directly through the app. The recipient receives the funds in their PayPal account, which they can then transfer to their Canadian bank account. PayPal charges a fee (usually 2 to 3 percent of the amount plus a fixed fee) and applies its own exchange rate.

Other payment apps like Square Cash, Venmo, and Google Pay do not currently support transfers to Canada, so PayPal is the main app option. The advantage is speed and simplicity if both people already use the platform. The disadvantage is that the recipient then has to move the money from PayPal to their bank, which adds another step and potentially another fee.

What information you need before you start

Regardless of which method you choose, you will need accurate information about the recipient's Canadian bank account. Have the following details ready: the recipient's full legal name, their Canadian bank account number, and their bank's routing information.

For a wire transfer, you need the bank's SWIFT code or the transit and institution numbers. A SWIFT code is a unique identifier for the bank (for example, ROYCCATT for Royal Bank of Canada in Toronto). A transit number is a five-digit code for the specific branch, and an institution number is a three-digit code for the bank itself. Your bank or the recipient's bank can provide these numbers.

Double-check the account number and name spelling before you send. Banks process transfers based on account number, not name, so an error in the account number will send the money to the wrong place. If the name does not match the account exactly, some banks will reject the transfer or hold it for review.

Exchange rates and hidden costs

The exchange rate is often where you lose the most money on an international transfer. Your bank's published exchange rate (the mid-market rate) is what you see on financial websites. Banks and money transfer services add a markup on top of that rate — sometimes 1 to 3 percent — which is how they profit.

Wise advertises that it uses the mid-market rate with only a small markup. OFX and Remitly explore a larger spread. Your bank typically applies the largest markup of all. When you compare services, calculate the total you will receive in Canadian dollars, not just the fee. A service with a $5 fee but a worse exchange rate might cost you more than a service with a $15 fee and a better rate.

Some services also charge a fee to receive money into your account if you are receiving a transfer (though most do not). Check whether the recipient will be charged anything on the Canadian side before you send.

Timing and what to expect

Most transfers take one to five business days. Wire transfers through banks are usually one to three business days. Money transfer services are often two to five business days. Weekends and holidays add time — a transfer sent on Friday might not arrive until Tuesday or Wednesday.

Some services offer expedited delivery for an extra fee, usually $10 to $25, which can cut the time to same-day or next-day. This is worth considering if the recipient needs the money urgently, but it is not the default option.

Once the money arrives in the Canadian account, it is there when ready. The recipient does not have to do anything to receive it — the bank deposits it automatically. If the transfer does not arrive within the stated timeframe, contact the service or your bank to check the status. Transfers can be delayed if the recipient's bank information was incorrect or if there is a holiday in either country.

Frequently Asked Questions

Can I transfer money to a Canadian credit card instead of a bank account?

Most services require a bank account, not a credit card. Credit cards do not have the routing information needed for a transfer. If the recipient only has a credit card, they will need to provide a bank account number instead, or you can use a service that offers cash pickup or mobile wallet delivery.

What happens if I send money to the wrong account number?

The money goes to whatever account matches that number. If the number belongs to someone else, the transfer is sent to them. Contact your bank or the transfer service when ready to report the error. They may be able to recall the transfer if it has not been processed yet, but once it is in the recipient account, recovery is difficult and depends on the cooperation of the other bank.

Do I need to report large transfers to the IRS or Canadian authorities?

The US requires banks to report transfers over $10,000 to the Financial Crimes Enforcement Network (FinCEN), but this is a routine report and does not mean you have done anything wrong. If you are moving money for a legitimate reason — paying rent, supporting family, business expenses — you do not need to do anything special. Keep records of why you sent the money in case you are asked.

Can I set up a recurring transfer every month?

Most money transfer services and banks allow you to schedule recurring transfers. You set it up once with the recipient's details and the amount, and it repeats on a schedule you choose. This is useful if you are sending money regularly to family or for a business purpose. Check whether the service charges a fee for each transfer or offers a discount for recurring payments.

What is the difference between a SWIFT transfer and an ACH transfer?

A SWIFT transfer is an international wire that goes through the SWIFT banking network and uses a SWIFT code. An ACH transfer is a domestic US system and cannot reach Canada directly. To send money to Canada, you must use a SWIFT transfer, a money transfer service, or a payment app — ACH will not work.