The statistics say that yearly remittances from Canada to the USA are CAD 695 million. Money transfer platforms, such as XE Money Transfer, Wise, or Remitly, are the most popular for using this corridor.
You’ll learn everything about MTPs and other ways to send money from Canada to the USA in this guide. It’ll cover all relevant details for this corridor, so make sure to read it before sending money!
How to Send Money from Canada to the USA Using a Money Transfer Provider?
The process of sending money to the USA from Canada by using an online money transfer service is simple. You only need to follow these three steps to execute all money transfers!
Step 1: Compare Providers to Find the One That Best Fits You
Step 2: Sign Up with the Chosen Provider
Step 3: Transfer the Money
How to Send and Receive Money from Canada in the USA
Platforms to transfer money are the fastest, easiest, and cheapest way to send money from Canada to the USA. But they aren’t the only option, so let’s see how the methods compare! Additionally, if you would like to go deeper, you can take a look at the following guide on how to send money to Canada.
How to send money from Canada to USA
Money Transfer Services
money transfer providers are primarily online-based services, although some have offline branches, too. You register an account, deposit funds via bank transfer for example, and use it to send money from Canada to the USA when necessary.
The process of money transfers includes a couple of steps and shouldn’t take more than a few minutes. Processing and finalizing the transaction could be done in seconds, but for some methods, it could take up to a few days.
Platforms to transfer money online are affordable since the transaction fees are non-existent and low - zero transfer fees. The entire deal of using MTPs is tempting. Their speed, affordability, and ease of use make them the best option to send money to the USA.
Bank Transfers
Classic bank transfers include the option to transfer money from a bank in Canada to another one in the USA. It requires having the information about the recipient’s bank account and details for executing an international transaction via that bank. The transaction fees are often higher, which is weird because transfers take longer.
Here is a detailed comparison of MTPs and bank transfers to see why the former is better!
| Costs & Fees | XE Money Transfer | Wells Fargo |
| Transfer fees | From 0% | SWIFT fee can go up to USD 100 |
| Receiving fees | 0% | Vary |
| Exchange rate margin | 0-3% | 4-6% |
| Other fees and notes | For some methods, money is available instantly | It might take at least a business day to finalize the transaction |
It’s worth noting other methods are also available for using the corridor from Canada to the USA to send money. For example, Interac is an e-wallet exclusively available in Canada. You can use PayPal,
Debit or Credit Card
Whether you have MasterCard, Visa, or another debit or credit card, the deposits to a platform to transfer money should be instant. But the trick is that fees might be higher if using a credit card. Depending on the website, the charges could be from 10% to 30% higher.
What Details Do You Need to Send Money from Canada?
Identity confirmation. An ID card or passport that proves you are a Canadian resident will do the trick.
Payment method. You only need to have the method selected, such as a credit card, valid bank, or digital wallet account.
Sum to send. You need the amount planned for the recipient and the one covering any relevant fees.
Proof of money origin. A wage statement from the company or any contract that shows how you got the money is sufficient.
What Details Do You Need to Receive Money in the USA?
Identity confirmation. The receiver needs to provide a valid ID or another document issued in the Philippines, and it should contain a photo.
Transfer details. Some providers give the sender a transaction reference number that the receiver should use to collect the money.
Other information. Depending on the chosen method, it could be additional sender’s info, details on how they’ll use the money, etc.
Google Pay, and classic wire transfers.
Best Money Transfer Services to Send Money from Canada to the USA
| Name | Score | Visit | Security | Support | Mobile | Launch Date | Disclaimer | |
|---|---|---|---|---|---|---|---|---|
 | 9.2 | Visitwise.com | 2FA, Biometrics | Phone | Android, iOS, Web App | 2010 | ||
 | 8.6 | Visitxe.com | 2FA, Biometrics | Email, Live Chat, Phone | Android, iOS, Web App | 1993 | ||
 | 8.9 | Visit | PIN | Dedicated Account Manager, Email, Phone | iOS, Android, Web App | 2004 | ||
 | 8.9 | Visitcurrenciesdirect.com | PIN | Phone, Email, Dedicated Account Manager | Android, iOS, Web App | 1996 | ||
 | 8.1 | Visitinstarem.com | Biometrics, PIN | Email, Live Chat | Android, iOS, Web App | 2014 | ||
 | 6OFX | 7.0 | Visit | 2FA, Biometrics, PIN | Email, Phone | Android, iOS | 1998 | |
 | 7.2 | Visitpaypal.com | 2FA, Biometrics, PIN | SMS, Phone, Live Chat, Email | Android, iOS, Web App | 2000 |
XE Money Transfer – Cheapest way to send money from Canada to the USA
Wise – Fastest way to send money from Canada to the USA
Remitly – Easiest way to send money from Canada to the USA
PayPal – Best mobile app to send money from Canada to the USA
Ria Money Transfer – Best for one-time senders
Remitly – Easiest way to Send Money from Canada to the USA
No fee complications are the reason why Remitly is the simplest option for using this corridor to send money. There’s a flat charge of CAD 2.99 per transfer, regardless of the amount.
For the same price, you can activate the Express transfer. It ensures fast delivery, which is usually within minutes. And if the money doesn’t arrive in the promised timeframe, you get your fee back.
Remitly does have daily and other restrictions, but you can adjust them by subscribing to another membership tier.
For the first transfer from Canada to the USA, Remitly will secure a special fee. Their new customer offer is only valid for the first USD 999. Debit and credit cards, as well as bank transfers, are the available deposit methods.
Bank account delivery and cash collection are the delivery options. Remitly has over 23,000 pickup locations in the United States and is partnered with Wells Fargo, Capital One, and other reputable banks.
Wise – Fastest Way to Send Money from Canada to the USA
Financial Crimes Enforcement Network (FinCEN) authorized Wise for international money transfers. The platform adheres to all security standards and keeps clients’ funds in separate accounts. That gives peace of mind to customers and makes the platform suitable for large transactions.
Wise is the fastest way to send money from Canada to the USA since it can deliver funds in minutes. But it’ll depend on the payment method selected. You can choose from debit and credit cards, direct debit, bill payment, and wire transfers. The fees largely vary, and using cards comes with a higher deposit fee.
You’ll notice the guaranteed exchange rates. It’s active for 48 hours at Wise. As long as you send money within that timeframe, you’ll get the promised rate.
XE Money Transfer – Cheapest Way to Send Money from Canada to the USA
XE Money Transfer gives up on its fees, but only if you use direct debit or bank transfers. While the latter usually goes through within 24 hours, direct debit might take up to three business days. If you want to speed things up, cards offer faster transfers but with higher fees.
Apart from offering 0% fees on some methods to transfer money, XE Money Transfer is also the cheapest way to send money from Canada to the USA because it offers great exchange rates.
XE has a free app for Android and iOS. It offers the same features and a convenient way to send money from portable devices. The UK Financial Conduct Authority regulates the platform overall, making it trustworthy for international transfers.
How Long Does It Take to Send Money from Canada to the USA?
The platforms aim to process your transaction instantly or on the same day. Card deposits are usually instant, but it could take longer for bank transfer deposits to become available. Depending on that factor, the transfer time could extend to up to several business days.
How Much Does It Cost to Send Money from Canada to the USA?
Apart from the margin on the exchange rate, money transfer providers could apply transaction fees. These could be flat and around CAD 2 to CAD 10 per transaction. They might also vary in sum. Some providers increase charges for higher amounts, while others offer favorable deals for bigger transfers. The charges also depend on the payment method used.
Best Apps for Sending Money from Canada to the USA?
If you prefer using mobile apps to send money from Canada to the USA, the best options to use are the following:
PayPal. Although the platform has high fees, the transactions are almost instant, and the app comes with fast page loading times.
MoneyGram. It’s another app that supports this corridor, and its fees are up to 2%.
Western Union. The app is intuitive, and you can send money to the USA in a few clicks.
What To Consider When Sending Money to the USA from Canada?
The sender and receiver should agree on a suitable delivery method. The most common options include bank account delivery and cash collection. Here are some other factors to consider when moving funds from Canada to the USA!
CAD to USD Exchange Rate
The Canadian dollar doesn’t have anything to do with the US dollar, except they share a similar name. Both countries have strong economies, but the USD is worth somewhat more.
The rates vary on the platform selected. For example, you could get USD 0.718 for CAD 1 at one MTP but a better rate at another site. Some platforms offer favorable rates for the first transfer, and using this welcome deal might save you some money!
Do I Have to Pay Tax on Money Transfers from Canada to the USA?
Yes, the United States taxes its residents on worldwide income. The country has different tax brackets, with the rate going from 10% to 37%.
The higher the yearly personal income, the higher the tax rate. Married taxpayers and heads of households might be subject to different rates, so it’s best to consult a tax expert. There’s also an annual gift tax exclusion of up to USD 15,000.
As for senders from Canada, there are no applicable taxes.
What Is the Best Way to Make Business Transfers to the USA from Canada?
International business transfers are an entirely different category from individual transactions. You need to register a separate account by providing relevant business documents. The regulations, taxes, and other details vary. It’s why only some money transfer platforms support his option, but they are still more affordable than bank transfers.
What Is the Best Way to Make Large Transfers to the USA from Canada?
Platforms like TorFX that work on a quote-based basis support transferring huge sums to the USA from Canada. You can even send over USD 250,000, but if you previously contact customer service. The limits vary on the side – Remitly puts it as low as USD 999, and Western Union limits it to USD 5,000 per transaction.
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