How to Send Money to the US from Canada?

Compare your options for sending money from Canada to the US

Specialist FX providers like MTFX are often the best way to send money from Canada to the US because they typically offer lower fees, faster delivery, and CAD to USD exchange rates closer to the mid-market rate than traditional banks.

Note*: Fees are subject to change; always verify directly with your bank before initiating a transfer.

Why Canadians send money to the USA

Canadians send money to the US for everything from tuition payments and property purchases to business invoices and cross-border investments.

Because most Canada-to-US transfers require converting CAD to USD, exchange rates, transfer fees, and provider markups can significantly affect how much money arrives in the recipient’s account.

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

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?

Bank wire transfers from Canada to the US typically include three costs: a wire transfer fee, an exchange rate markup, and possible intermediary bank charges.

• Wire fee: A flat fee charged per transfer. Based on published rate schedules (as of May 2026), 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

A Canadian sending CAD $10,000 to family in the US through a traditional bank could lose CAD $345 to CAD $400 in transfer costs once wire fees, exchange rate markups, and intermediary bank charges are added. 

If they make similar transfers throughout the year for tuition, property payments, or supporting relatives abroad, these hidden costs can quickly add up to several thousand dollars annually.

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

While bank wire transfers are widely used for Canada-to-US payments, they also come with several limitations that can affect cost, speed, and transparency.

Transfer limits can restrict larger payments

• TD Bank’s online international transfer service is capped at CAD $6,500 per 24-hour period for most customers.
• Larger transfers may require an in-branch visit instead of a fully online transfer.
• Additional branch fees and wider exchange rate markups may still apply on larger bank wire transfers.

Bank wire transfers are not always fast

• Standard bank wire transfers from Canada to the US typically take one to three business days.
• Processing times can increase during weekends, holidays, or high-volume banking periods.
• Transfers submitted after a bank’s daily cutoff time are usually processed the following business day.

Tracking and transparency can be limited

• Real-time tracking is not always available once a bank wire has been sent.
• Intermediary bank routing can sometimes delay delivery without immediate status updates.
• In some cases, transfer delays may take days or even weeks to fully resolve.

How to send money from Canada to the US online

Online money transfers allow Canadians to send USD directly from their computer or mobile device without visiting a bank branch. Most transfers involve entering the recipient’s US banking details, reviewing the exchange rate and fees, and confirming the payment online.

Online bank transfers

Most major Canadian banks offer online international money transfer services that allow customers to send USD without visiting a branch.

• Customers enter the recipient’s US banking details and confirm the transfer online.
• Banks typically display the exchange rate and transfer fee before confirmation.
• Some banks waive wire fees for online transfers up to certain limits.
• However, CAD to USD rate markups of 2% to 4% above the mid-market rate still commonly apply.

Online transfers with FX platforms

• FX specialists, such as MTFX, also allow Canadians to send money to the US fully online.
• These providers typically offer CAD to USD exchange rates much closer to the mid-market rate.
• Typical FX margins range from approximately 0.3% to 1%, compared to 2% to 4% at most banks.
• On a CAD $20,000 transfer, a 2.5% rate improvement could mean approximately CAD $500 more arriving in the recipient’s US bank account.
• Savings become even more significant for larger or recurring transfers.

How to send money from Canada to the US for free

Completely free money transfers from Canada to the US are rare because most providers still charge either a wire fee or an exchange rate markup. Some bank accounts waive the stated wire fee for premium account holders, but the exchange rate markup remains.

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, and 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 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?

The CAD to USD exchange rate fluctuates continuously based on economic and market conditions in both Canada and the United States. Common factors that affect the exchange rate include:

• Interest rate decisions from the Bank of Canada and the US Federal Reserve
• Inflation and employment data releases
• Oil and commodity price movements
• Trade and tariff developments between Canada and the US
• Broader global market sentiment and investor risk appetite

What to look for when converting CAD to USD

• 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

Sending money from Canada to the US online usually takes only a few steps.

Step 1: Gather the recipient's banking details

You will typically need the following information before initiating a transfer:

• Recipient's full legal name as it appears on their US bank account
• US bank account number for the receiving account
• ABA routing number, the nine-digit number that identifies the recipient's US bank
• Bank name and address of the recipient's US bank
• SWIFT/BIC code for international wire transfers, if required
• Recipient's address for compliance and verification 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 payments 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

Before confirming the transfer, review:

• The CAD to USD exchange rate being applied
• Any wire transfer fee or service charge
• The total USD amount your recipient will receive
• Whether the quoted rate differs significantly from the live mid-market rate

If the quoted exchange rate is much worse than the mid-market rate, the difference is likely the provider’s FX margin.

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 to track the transfer's status. Specialist providers often offer more detailed real-time updates than banks.

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 cannot be used to send money directly to a US bank account because it is a domestic Canadian payment system designed for transfers between Canadian financial institutions.

However, some banks and foreign exchange specialists allow Canadians to use Interac e-Transfer as a funding method for international transfers. In this process:

• You send an Interac e-Transfer to the provider
• The provider converts CAD to USD
• The provider then sends the funds to the recipient’s US bank account

This approach is often convenient for smaller transfers and quick account funding, but it is not the same as sending an Interac e-Transfer directly to a US recipient.

FINTRAC rules for sending money from Canada to the USA

Canadian anti-money laundering regulations require banks and registered money services businesses to report certain large international money transfers to FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).

This reporting obligation is handled by your provider on your behalf.

What this means for you as a sender

• Identity verification: Regulated providers must verify your identity before processing international transfers. This is usually completed during account setup.
• Source of funds: For larger transfers, providers may ask where the money came from. Common examples include employment income, property sale proceeds, investments, or savings.
• Purpose of transfer: You may be asked to explain the reason for the transfer, such as tuition payments, property purchases, family support, or business payments.
• No sender tax on transfers: Canada does not charge a tax on outgoing international money transfers, although certain situations may still have tax implications depending on residency or income type.

FINTRAC threshold: CAD $10,000

Under Canadian anti-money laundering regulations, banks and registered money services businesses must report international electronic funds transfers of CAD $10,000 or more to FINTRAC. The reporting rule also applies when:

• Multiple transfers total CAD $10,000 or more within a 24-hour period
• Transfers originate from the same sender

This reporting requirement is handled by your provider and does not prevent you from sending money internationally.

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 an international money transfer provider safe?

• FINTRAC registration: In Canada, businesses that process international money transfers must register as Money Services Businesses (MSBs) with FINTRAC and comply with AML and KYC regulations.
• Encryption and security protocols: Reputable providers use bank-grade encryption to protect financial and personal data during transfers.
• Segregated client funds: Many international payment providers hold customer funds separately from operational accounts to improve financial protection.
• Transparent pricing: Trustworthy providers clearly display the exchange rate, transfer fee, and final USD amount before the transfer is confirmed.

How to reduce the risk of transfer fraud

• Double-check recipient details: International wire transfers are difficult to reverse once processed, so always verify account numbers and routing details carefully.
• Be cautious of urgent payment requests: Fraud attempts often involve pressure, urgency, or requests to send funds to unfamiliar accounts.
• Use regulated providers: Always confirm that your provider is FINTRAC-registered and has a verifiable operating history.

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

The best way to send money from Canada to the US depends on your transfer size, delivery speed, and how much you want to pay in fees and exchange rate markups. Comparing providers can help you reduce costs and improve the final USD amount received.

For most Canadians sending medium-to-large amounts to the US, specialist FX experts typically offer the best balance of exchange rates, transfer speed, and overall cost.

Why choose MTFX for Canada to US money transfers

Canadians sending money to the US often look for providers that offer competitive CAD to USD exchange rates, transparent pricing, faster settlement times, and strong regulatory oversight.

MTFX is designed around these priorities, with tools and services focused on reducing transfer costs and improving visibility before funds are sent.

What MTFX provides for Canada to US transfers

• Competitive CAD to USD exchange rates: MTFX offers exchange rates closer to the mid-market rate than many banks, helping more USD reach the recipient.
• Fast settlement times: Most transfers to US bank accounts settle within one business day.
• Rate alerts: Customers can set target CAD to USD exchange rates and receive notifications when the market reaches preferred levels.
• Rate lock-in tools: Future transfers can be protected against exchange-rate fluctuations by securing a rate in advance.
• Fully online transfers: Payments can be initiated from desktop or mobile devices without visiting a branch.
• Transparent pricing: The exchange rate, transfer fee, and final USD amount are displayed before confirmation.
• Dedicated FX support: Larger transfers may include access to a currency specialist for timing and documentation guidance.
• FINTRAC-regulated transfers: Transfers are processed within a compliant AML and KYC framework.

Send money to the USA from Canada with MTFX

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. Foreign exchange specialists offer rates closer to the mid-market rate, faster settlement, and more transparent pricing.

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

What people are saying about MTFX

“MTFX was efficient, highly communicative, and speedy at getting our transaction completed. It took 24 hours in total, and it was the best rate with low fees, so we kept more of our money.”

Katie

See why Canadians trust MTFX on Trustpilot and Google.

FAQs

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

Standard bank wire transfers to the US generally take one to three business days. 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.

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, bank name and address, and SWIFT code. Log in to your bank's international transfer service or your FX provider's platform, enter these details, enter the amount, review the rate and fees, then confirm.

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

Fees vary significantly by provider. Major banks charge wire fees ranging from $45 to $80, plus a rate markup of 2% to 4%. Correspondent bank fees of USD $15 to $30 may also apply. FX specialists charge lower or waived fees and apply much narrower rate margins.

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 like MTFX with a narrow exchange rate margin and no or low wire fees is typically the most cost-effective. 

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. 

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. 

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.

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. 

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. 

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,