How to Send Money to the US from Canada?

Why do Canadians send money to the USA?

Canada and the United States share the world's largest bilateral trading relationship. Personal and business transfers between the two countries happen millions of times per day, for a wide range of reasons.

Common personal reasons

• Supporting family members living in the US
• Paying US university or college tuition fees
• Funding a US property purchase or ongoing ownership costs
• Covering living expenses while studying, working, or snowbirding in the US
• Online shopping and subscription services billed in USD
• Sending money to a US bank account after relocating

Common business reasons

• Paying US-based suppliers and vendors
• Paying invoices denominated in USD
• Paying US contractors, remote workers, or freelancers
• Transferring operating funds to a US subsidiary or account
• Covering US office costs, software subscriptions, or service fees

How to send money from Canada to the US: your main options

There are several ways to transfer money from Canada to the USA. The right option depends on how much you are sending, how quickly it needs to arrive, and how much you want to spend on fees and exchange rate costs.

Note: Bank fee figures are based on publicly available rate schedules from major Canadian banks as of mid-2025. Fees are subject to change; always verify directly with your bank before initiating a transfer.

All fee data is sourced from publicly available bank rate schedules and FINTRAC's official EFT reporting guidance.

Bank wire transfer from Canada to the USA

A bank wire transfer is the most widely used method for sending larger amounts from Canada to the US. It moves funds directly between bank accounts through the SWIFT network and is well understood by recipients on the US side.

What does a bank wire transfer cost?

The cost has two components that are often confused.

• Wire fee: A flat fee charged per transfer. Based on published rate schedules (June 2025), RBC charges from CAD $45, TD charges up to CAD $50, and CIBC charges up to CAD $80 for online wire transfers.
• Exchange rate markup: Banks apply a margin of approximately 2% to 4% above the mid-market rate when converting CAD to USD. On a CAD $10,000 transfer, a 3% markup costs approximately CAD $300 on top of the wire fee.
• Correspondent bank fees: If the payment routes through an intermediary bank, that bank may deduct a fee of USD $15 to $30 before the funds reach the recipient. This is not always disclosed upfront.

Total cost for a CAD $10,000 transfer via bank

• Wire fee: approximately CAD $45 to $80
• Exchange rate markup at 3%: approximately CAD $300.
• Possible correspondent bank deduction: USD $15 to $30.
• Total estimated cost on a single transfer: CAD $345 to $410 or more, depending on the bank and routing.

These costs compound with frequency. A business making 12 monthly transfers of this size pays approximately CAD $4,140 to $4,920 per year in fees and markup alone.

Limitations of bank wire transfers

• Daily limits: TD Bank's online international transfer service is capped at CAD $6,500 per 24-hour period for most customers. Larger amounts require a branch visit, where the CAD $50 fee and higher markup still apply.
• Speed: Standard bank wire transfers to the US take one to three business days. Cutoff times apply; a transfer submitted after the bank's daily cutoff processes the following business day.
• Limited visibility: Once a wire is sent, real-time tracking is not always available. A CBC News report from June 2025 documented a case where a Scotiabank customer's transfer took two weeks to resolve due to routing issues and limited transparency.

How to send money from Canada to the US online

Online money transfers to the USA are increasingly the default approach for both individuals and businesses. You can initiate transfers from your computer or mobile device at any time, without visiting a branch.

How online bank transfers work

Most major Canadian banks offer online international transfer services. You log in, enter the recipient's US bank details, select the amount, and confirm the transfer. The exchange rate and fee are typically shown before you confirm.

The limitation is that online bank transfers often carry the same FX markup as branch-initiated wires, even if the stated wire fee is lower. Many banks charge no wire fee for online international money transfer service for amounts up to CAD $50,000 per day, but still apply an exchange rate markup of approximately 2.5%.

Specialist FX providers for online transfers

Specialist foreign exchange providers process online money transfers to the USA using rates much closer to the mid-market rate. The typical margin for a specialist provider runs between 0.3% and 1%, compared to 2% to 4% at most banks.

The practical difference: on a CAD $20,000 transfer, a 2.5% rate improvement means approximately CAD $500 more arriving as USD in the recipient's account. On larger or more frequent transfers, this difference grows proportionally.

How to send money from Canada to US for free?

Truly free transfers, with no wire fee and no exchange rate markup, are rare. Some bank accounts waive the stated wire fee for premium account holders, but the exchange rate markup remains. Some providers offer fee waivers on larger transfers, but the rate margin still applies.

The closest approach to a low-cost transfer is to use a specialist provider with a narrow exchange-rate margin and no flat wire fee. The rate margin is unavoidable, but keeping it as small as possible is where the real saving lies.

How the CAD to USD exchange rate affects your transfer

The CAD to USD exchange rate is the single most important variable in any Canada to US money transfer. It determines how many US dollars your recipient actually receives for every Canadian dollar you send.

What is the mid-market rate?

The mid-market rate is the real-time midpoint between the buy and sell prices for CAD/USD in the global foreign exchange market. It is the rate quoted on financial news sites and currency calculators. It is also the rate at which banks trade with each other.

When you send CAD to USD through a provider, the rate you receive is the mid-market rate minus that provider's margin. The margin is how the provider earns revenue on the conversion. The smaller the margin, the more USD your recipient receives.

You can use the MTFX CAD to USD converter to check out the mid-market rate and ensure you're not overpaying.

Why does the CAD to USD rate change daily?

Exchange rate fluctuations between CAD and USD happen continuously based on economic data, interest rate decisions from the Bank of Canada and the US Federal Reserve, oil price movements (given Canada's significant oil exports), trade news between Canada and the United States, and broader shifts in global market sentiment.

For most everyday transfers, the rate on any given day is what it is. Checking the CAD to USD exchange rate today before initiating a transfer and comparing the rate offered by your bank to the mid-market rate takes under a minute and immediately shows you how much the conversion markup is costing you.

Convert CAD to USD: what to look for

• Check the live mid-market rate: Use any reputable currency calculator to see the current CAD to USD rate before initiating your transfer.
• Compare it to what your provider is offering: The difference between the mid-market rate and your quoted rate is the FX margin. Multiply it by your transfer amount to see the real cost.
• Use rate alerts for non-urgent transfers: If your transfer is not time-sensitive, setting a target CAD to USD rate and being notified when the market reaches it can result in a more favourable conversion.

How to wire money to the USA from Canada: step by step

Whether you are using a bank or a specialist FX provider, the process for how can I send money from Canada to USA follows a consistent structure. Here is a clear walkthrough of each stage.

Step 1: Gather the recipient's banking details

You need the following information before you can initiate any transfer:

• Recipient's full legal name: As it appears on their US bank account.
• US bank account number: The specific account you are sending funds to.
• ABA routing number: The nine-digit number that identifies the recipient's US bank. This is the US equivalent of a Canadian transit number.
• Bank name and address: The full name and branch address of the recipient's US bank.
• SWIFT/BIC code: Required for international wire transfers. Not all US banks have one; in those cases, the ABA routing number alone may suffice.
• Recipient's address: Required by most providers for compliance purposes.

Step 2: Choose your provider and log in

If you are using your bank, log in to your online banking and navigate to the international transfers or wire transfer section. If you are using a specialist provider, log in to your account or create one if you have not already done so. Account creation typically requires identity verification to be completed once at setup.

Step 3: Enter the transfer details

Enter the amount you want to send in CAD (or specify the USD amount you want to arrive) and fill in the recipient's banking details. At this stage, your provider will show you the exchange rate being applied and the total amount the recipient will receive in USD. Review this carefully before proceeding.

Step 4: Review the rate and total cost

This is the most important step. Before confirming, check:

• The exchange rate shown versus the current mid-market rate
• Any stated wire fee or transfer charge
• The exact USD amount your recipient will receive

If the rate seems significantly worse than the mid-market rate, you are looking at the provider's FX margin in action. This is the cost of the conversion, and it is worth comparing across providers for larger amounts.

Step 5: Fund the transfer and confirm

Confirm the transfer. Your provider will debit your Canadian dollar account for the total CAD amount and initiate the wire. You will receive a confirmation with a reference number.

Step 6: Track the transfer

Most providers give you a reference number that can be used to track the transfer's status. For bank wires, tracking is limited. Specialist providers often offer more detailed real-time updates. Standard Canada-to-US wire transfers typically settle within one to two business days.

Can you use Interac e-Transfer to send money to the USA?

Interac e-Transfer is a domestic Canadian payment system. It is designed for transfers between Canadian bank accounts and is not natively available for international transfers to US accounts.

However, some Canadian financial institutions and third-party platforms accept Interac e-Transfer as a funding method. You send an Interac e-Transfer to fund your account with the provider, who then initiates the international transfer to the US bank account on your behalf.

The Interac transfer itself is domestic. The actual international movement of funds to the US is handled separately.

This approach is convenient for smaller amounts and for topping up accounts with FX providers quickly, but it is not the same as directly sending an Interac e-Transfer to a US account, which is not currently possible.

Rules for sending money from Canada to the USA: what you need to know

Canada's anti-money laundering regulations require reporting entities, including banks and registered money services businesses, to report international electronic funds transfers of CAD $10,000 or more to FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).

This reporting obligation is handled by your provider on your behalf. As the sender, you are not required to file anything directly with FINTRAC. However, you will be expected to provide accurate information about yourself, the recipient, and the purpose of the transfer, particularly for larger amounts.

What this means for you as a sender

• Identity verification: Any regulated provider must verify your identity before processing transfers. This is typically completed at account opening and does not need to be repeated for each transfer.
• Source of funds: For larger transfers, providers may ask you to demonstrate where the funds came from. Employment income, property sale proceeds, or savings documentation are typical examples.
• Purpose of transfer: You will usually be asked to select or describe the reason for the transfer. Tuition payment, property purchase, family support, and business payment are common categories.
• No sender tax on transfers: Canada does not impose a tax on outgoing international transfers. However, depending on the nature of the funds and your residency situation, there may be income tax considerations. Consult a tax adviser if you are uncertain.

FINTRAC threshold: CAD $10,000

Under the Proceeds of Crime and Terrorist Financing Act (PCMLTFA), all regulated providers must report international EFTs of CAD $10,000 or more to FINTRAC. The 24-hour aggregation rule also applies: two or more transfers totalling CAD $10,000 or more within a 24-hour window from the same person must be reported together.

This is standard compliance, not a restriction on sending. Your provider handles the reporting. You simply need to provide accurate information when requested.

Is it safe to send money to the USA online from Canada?

Yes, provided you use a regulated, reputable provider. Online money transfers to the USA from Canada are processed through secure, encrypted platforms under the oversight of Canadian and international financial regulations.

What makes a provider safe?

• FINTRAC registration: In Canada, any business that processes international money transfers must be registered as a Money Services Business (MSB) with FINTRAC. This registration requires ongoing compliance with AML and KYC regulations.
• Encryption and security protocols: Reputable providers use bank-grade encryption for data transmission and secure storage for personal and financial information.
• Segregated client funds: Many specialist providers hold client funds in trust accounts that are separate from operational funds, protecting your money if the provider encounters financial difficulty.
• Transparent pricing: A trustworthy provider shows you the rate and total cost before you confirm the transfer. No post-confirmation surprise deductions.

How to avoid common transfer risks

• Double-check recipient details: Wire transfers are difficult to reverse once sent. Verify the account number, routing number, and bank details with your recipient before confirming.
• Be cautious of unsolicited requests: Fraudulent wire transfer requests often involve urgency and a request to send funds to an unfamiliar account. Independently verify any unusual transfer request before proceeding.
• Use a regulated provider: Check that any provider you use is registered with FINTRAC and has a verifiable track record. Unregistered providers are not subject to the same oversight and consumer protections.

Best, cheapest, and fastest ways to send money from Canada to the USA

There is no single answer that fits every situation. The best option depends on the size of your transfer, how quickly it needs to arrive, and how much you want to pay.

How MTFX approaches Canada to US money transfers

MTFX has been processing international transfers for Canadians for nearly 30 years. For CAD to USD specifically, MTFX is built around the elements that matter most: a rate close to the mid-market rate, speed, security, and transparency before every transfer is confirmed.

What MTFX provides for Canada to US transfers

• CAD to USD rates up to 4% better than banks: MTFX's margin on CAD to USD conversions is significantly lower than what major Canadian banks typically charge, meaning more USD arrives on the other side.
• Same-day and next-day settlement to US bank accounts: Most MTFX transfers to the US settle within one business day, faster than the one to three days typical for bank wires.
• Rate alerts: Set a target CAD to USD rate and receive a notification when the market reaches it. Useful for non-urgent transfers where timing flexibility exists.
• Rate lock-in for planned future transfers: Secure today's CAD to USD rate for a transfer that will execute on a future date, removing the risk of adverse rate movements before the payment is due.
• Fully online platform: Transfers can be initiated from any device at any time. No branch visits required.
• Transparent pricing: The exchange rate, the fee, and the exact USD amount your recipient will receive are all shown before you confirm. No surprises after the fact.
• Dedicated FX specialists for larger transfers: For significant amounts, MTFX provides access to a named currency specialist who can advise on timing, rate tools, and documentation requirements.
• FINTRAC-regulated: Every transfer is processed within a fully compliant regulatory framework with KYC and AML checks built in.

Opening an MTFX account takes a few minutes. Once verified, your first CAD to USD transfer can be initiated the same day.

Send money to the USA from Canada?

Sending money from Canada to the US involves choosing a method, understanding what the CAD to USD exchange rate means for your transfer, gathering the recipient's US banking details, and working with a regulated provider.

Bank wire transfers work but carry higher fees and FX markups than most alternatives. Specialist FX providers offer rates closer to the mid-market rate, faster settlement, and more transparent pricing. For any transfer, the two things most worth comparing are the exchange rate margin and the total USD amount the recipient will receive.

Set up your MTFX account today and send money to the US at bank-beating exchange rates and low fees.

FAQs

1. Which services offer the fastest international money transfers to the USA?

Specialist FX providers typically offer the fastest settlement to US bank accounts, often same-day or within one business day for transfers initiated before the daily processing cutoff. Standard bank wire transfers to the US generally take one to three business days. Speed also depends on when the transfer is initiated: transfers submitted after a provider's daily cutoff will be processed the following business day.

2. How do I send money to a bank account in the USA from Canada?

You need the recipient's full name, US bank account number, ABA routing number (the nine-digit number identifying their bank), bank name and address, and SWIFT code if required. Log in to your bank's international transfer service or your FX provider's platform, enter these details, enter the amount, review the exchange rate and fees, then confirm. The funds are sent via SWIFT or the US banking network and typically arrive within one to two business days.

3. What are the fees for sending money to the United States from Canada?

Fees vary significantly by provider. Major Canadian banks charge wire fees ranging from CAD $45 at RBC to CAD $80 at CIBC per outgoing international transfer, plus an exchange rate markup of approximately 2% to 4%. Correspondent bank fees of USD $15 to $30 may also be deducted in transit. Specialist FX providers typically charge lower or waived wire fees and apply much narrower exchange rate margins, often 0.3% to 1% above the mid-market rate.

4. What is the best online service for international money transfers to the USA?

The best service depends on your priorities. For the lowest overall cost on large transfers, a specialist FX provider with a narrow exchange rate margin and no or low wire fees is typically the most cost-effective. For occasional small transfers, an online bank transfer may be convenient if the wire fee is waived. For businesses making regular USD payments, a specialist provider with dedicated account management, rate alerts, and batch payment tools will offer the most value.

5. What are the steps to complete an international wire transfer to the USA?

Gather the recipient's banking details (account number, ABA routing number, bank name and SWIFT code). Log in to your transfer platform. Enter the recipient details and transfer amount. Review the quoted exchange rate and total USD amount to be received. Confirm the transfer and note the reference number. Track the transfer using the reference number. Settlement typically takes one to two business days from a specialist provider or one to three business days from a bank.

6. How can I send money to the USA?

The main options are a bank wire transfer, an online bank transfer service, or an online specialist FX provider. All of these convert your CAD to USD and send the funds to a US bank account. Specialist FX providers and some online bank services allow you to do this entirely online without visiting a branch. You will need the recipient's US banking details, including their ABA routing number.

7. What is the best way to send money to the USA from Canada?

The best way depends on the amount and your priorities. For the best exchange rate and fastest delivery on large transfers, a specialist FX provider is generally the most effective option, and often the best way to send money from Canada to US. For very small one-off amounts, an online bank transfer with a waived wire fee may be sufficient. In all cases, comparing the exchange rate offered to the current mid-market rate before confirming your transfer is the most reliable way to ensure you are not overpaying on the conversion.

8. How long does it take to transfer money to the USA from Canada?

With a specialist FX provider, most transfers to US bank accounts settle within one business day. Standard bank wire transfers typically take one to three business days. Processing time is also affected by when you initiate the transfer: transfers submitted after your provider's daily cutoff are processed the following business day. US bank holidays may also add a day to settlement.

9. Is it safe to send money to the USA online from Canada?

Yes, provided you use a FINTRAC-registered provider. In Canada, any business processing international money transfers must register as a Money Services Business (MSB) with FINTRAC and comply with ongoing AML and KYC requirements. Reputable providers use encrypted platforms and hold client funds in segregated accounts. Always verify recipient banking details carefully before confirming, as international wire transfers are difficult to reverse once processed.

10.What is the cheapest way to send money from Canada to US?

Using a foreign exchange specialist like MTFX is often one of the cheapest ways to send money from Canada to the US. Unlike many banks that add high exchange rate markups and transfer fees, MTFX offers competitive CAD to USD exchange rates, low fees, and transparent pricing. Canadian customers can also benefit from fast transfers, dedicated support, and the ability to send large amounts securely to US bank accounts.