How to Send Money to the US from Canada?

Last Updated: 24 Aug 2024

There are several ways to transfer money from Canada to the USA. The best option comes with affordable rates and lower transfer fees.

Whether your business requires purchases of goods, services, or any other financial transactions, finding an affordable and convenient method for sending money to the United States is crucial. This is where experts in foreign exchange and global payments, such as MTFX, can play a pivotal role.

In contrast to traditional banks, which often impose high rates and fees, MTFX offers a more cost-effective solution that can positively impact your business's financial performance.

How to wire money from Canada to US?

For quick and affordable Canada to US money transfer, you need to select the right service provider. It is key to ensuring a smooth and cost-effective transfer. Here’s a breakdown of your options:

Your bank

Your first thought might be to use your bank, and that’s definitely an option. Banks are trustworthy and well-established, so you know your money is in safe hands. However, it’s important to keep in mind that banks often charge higher fees for international transfers and might not offer the best exchange rates. Plus, the process can sometimes take a few days, which might not be ideal if you’re in a hurry.

Online money transfer service

Online money transfer services have become increasingly popular for good reason. These platforms allow you the luxury of sending money globally anywhere, anytime. You don't need to visit your bank and the money transfer takes 24 to 48 hours. Moreover, online services charge much lower fees than traditional banks, which can save you a significant amount, especially for larger transfers. These services often provide more competitive rates, meaning more of your money reaches its destination.

Specialty service

If you’re making frequent transfers or dealing with large sums, you might want to consider a specialty service. Some providers offer tailored solutions for businesses or high-volume transactions, with features like rate locking, forward contracts, or hedging options. MTFX, for instance, offers these kinds of advanced tools, making it easier to manage international payments with confidence.

How to transfer money from Canada to the US - Step by step

The two most common approaches for sending money from Canada to the USA include an online money transfer service or relying on a traditional bank. Below, you'll find a step-by-step procedure for executing a money transfer from Canada to the USA:

Choose your method: An online money transfer service may be the best option if you want a quick and easy way to transfer funds. However, using your bank or pre-paid card may be best if you prefer the conventional approach and do not need your funds immediately.

Gather the necessary information: You will need certain information to complete the transaction, depending on your chosen method. For example, using an online money transfer service or bank, you will need the recipient’s bank details and contact information.

Initiate the transfer: Once all the required information has been provided, initiate the transfer and wait for it to be completed (this could take anywhere between one day to one week, depending on which method you choose).

Track your transfer: Once you've initiated the transfer, monitoring its progress to confirm its arrival in the destination country is essential. This tracking process is typically available through most online services and can also be facilitated by your bank.

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

When sending money to the United States or any other destination, minimizing the difference between what you send and what your beneficiary receives is important.

Unfortunately, relying on banks or traditional financial institutions to transfer funds can result in unfavourable exchange rates and hefty international bank transfer fees, making the process less cost-effective.

The great news is that with MTFX, you have an easy and cost-efficient method to send money from Canada to the USA.

It has never been more straightforward. With a swift sign-up process, competitive currency rates, rapid transfers, and cutting-edge technology to ensure seamless transactions, you can now bypass the costly transfer fees imposed by banks. Also, you'll receive personalized guidance to help you move your funds to the intended destination.

What is a reasonable USD/CAD exchange rate?

You can save thousands of dollars on international transfers if you know how to get the best exchange rates.

Knowing where to find the best place to exchange money is critical to business globally. You have two main options for exchanging currency: your bank or a foreign exchange (FX) specialist, like MTFX.

While your bank may seem like a prominent place to start, they don’t always offer the best exchange rates available for USD/CAD and can charge transfer fees of up to CAD 150.00 per transaction, which quickly adds up if you need to make transfers often. In contrast, MTFX takes pride in its commitment to personalized service and cultivating robust client relationships. Our company is dedicated to providing favourable exchange rates and minimal transfer fees, empowering clients to maximize the worth of their international transactions.

Who can use MTFX to send money to the United States?

Both companies and individuals can use MTFX to transfer money to the USA.

Why do individuals send money to the USA from Canada?

Individuals typically send money to the USA from Canada for the following reasons:

Making purchases in the US
Buying homes or businesses
Investing in the US
Relocating to the US

Why do companies send money to the USA from Canada?

Companies typically send money to the USA from Canada for the following reasons:

Making supplier payments in the US
Purchasing goods and services in the US
Settling financial transactions in the US
Investing in the US

What bank details are needed to transfer money to the USA?

When sending money to the USA from Canada, you will need:

Beneficiary's name
Beneficiary's address
Beneficiary's account number
Bank's name
Bank's Swift code
Bank's address
Reason(s) for transfer

Can I set up a regular money transfer to the USA?

Once you have a registered MTFX business account, you can initiate scheduled money transfers to the United States. Our MTFX platform harnesses the power of automation technology to simplify your payments, providing accessibility from anywhere at any time while ensuring secure and swift transaction processing.

How to save when you send money to the USA from Canada?

Sending money to the United States doesn’t have to break the bank. Whether you’re making regular transfers or just sending a one-time payment, there are a few tips you can use to save money.

Compare exchange rates: One of the easiest ways to save money is by getting the best rate. The exchange rate determines how much your Canadian dollars are worth in US dollars, so even a tiny difference can have a big impact. Banks often offer less favourable rates, so it’s worth checking out specialized online transfer services like MTFX.

Look out for hidden fees: Fees can quickly add up, especially if you make frequent transfers. Traditional banks charge higher fees for international transfers, which can eat into your savings. On the other hand, online transfer services usually have lower, more transparent fees.

Time your transfer wisely: Believe it or not, timing can affect how much you save. Exchange rates fluctuate throughout the day, so if you’re not in a rush, you might want to wait for a more favourable rate. Some transfer services allow you to lock in an exchange rate, giving you peace of mind that your rate won’t change even if the market does.

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Send money to the USA today

Whatever your reason for transferring money from Canada to the USA, choosing MTFX can result in significant savings.

How efficient is it? Turnaround is swift, allowing you to set up US dollar transfers for various purposes such as supplier payments, purchasing goods, property acquisitions, monthly mortgage payments, and US dollar tuition fees for students in the United States.

What assistance is provided? You'll also receive free expert guidance from a dedicated account manager throughout the process.

How secure is it? Our online platform ensures 24/7 security, providing peace of mind whenever you need to send payments.

Register with MTFX online today for your business account. Start sending money to the United States at the cheapest and most convenient exchange rates.

FAQs

1. How can I send money from Canada to the USA?

Sending money from Canada to the United States has become more accessible recently. Here's a look at some of the most popular ways to send money to the USA from Canada.

Using a bank transfer is a traditional option, although they typically charge high fees for international transfers.
Another option is through a money transfer service like MTFX, which offers competitive exchange rates and low fees.

2. How long will it take to transfer money from Canada to the USA?

It depends on the method you choose to send funds. However, sending money with a service like MTFX typically takes 1-2 business days for the funds to arrive in the recipient's account.

3. How much does it cost to transfer money to the USA?

With MTFX, you can send money abroad for as low as $15 in transfer fees. Transactions over $10,000 are subject to no additional costs, making us far more affordable than the bank's charges of up to $50 for the same service.

4. Is sending money to the USA from Canada online safe?

Indeed, when you choose MTFX, you can rest assured that your online money transfers to the USA are in safe hands. We are officially registered and regulated by FINTRAC, guaranteeing the highest levels of safety and security.

5. Does MTFX transfer money to all banks in the United States?

Yes, MTFX can transfer money to all major banks in the United States. As long as standard wire transfer networks support the bank, MTFX can facilitate the transfer.

6. Can I send money to the United States from a Canadian bank account?

Absolutely! MTFX allows you to send money directly from your Canadian bank account to a bank account in the United States. The process is simple and secure.

7. Is there any limit on how much money I can send to the United States from Canada?

MTFX typically allows you to send large amounts, but specific limits may depend on the transfer method and your account type. It's always a good idea to check with MTFX for any applicable limits on your transaction.

8. What you’ll need for your online money transfer to the USA from Canada?

To complete your online money transfer from Canada to the USA, you’ll need the recipient’s full name, address, bank account details, and the bank’s routing number (ABA number). Additionally, have your own Canadian bank account information ready, and be prepared to provide a reason for the transfer if required.