Sending money from Canada to the US is one of the most common financial transactions Canadians make — and one of the most consistently overpriced. Whether you’re paying a US contractor, supporting family in the States, covering US rent or mortgage payments, or settling a business invoice in USD, the method you choose determines how much of your money actually arrives. This guide breaks down every meaningful option and what each one actually costs.
The Core Problem: Most Canadians Use the Most Expensive Option
The default for most Canadians sending money to the US is an international wire transfer through their bank. It’s familiar, it feels secure, and it’s built into online banking. It’s also consistently the most expensive method for cross-border transfers — combining a visible wire fee with an invisible rate markup that’s often larger than the fee itself.
On a $10,000 CAD-to-USD transfer through a Big 5 bank, the total cost — wire fee plus rate markup — typically falls between $350 and $600. The same transfer through a dedicated currency exchange service costs a fraction of that.
Your Options for Sending Money from Canada to the US
Option 1: Bank International Wire Transfer
Every major Canadian bank offers international wire transfers to US accounts. The process is familiar: log into online banking, enter the recipient’s routing and account number, specify the amount in CAD or USD, and confirm. Funds typically arrive in 1–3 business days.
The cost structure has two components. First, the outgoing wire fee: RBC charges $13.50 online, TD charges $17.50, BMO charges $16, CIBC charges $35 in-branch, and Scotiabank charges $20–$40 depending on account type. Second — and larger — is the exchange rate markup. Canadian banks apply a 2.5–3.5% spread over the mid-market rate on all USD conversions. On $10,000 CAD, that spread alone costs $250–$350 before the wire fee is added.
Option 2: Dedicated Currency Exchange Service
A FINTRAC-regulated currency exchange specialist handles CAD-to-USD transfers at rates that consistently beat banks by 1.5–3%. The process works differently from a wire: you lock in a rate, fund your transfer via Interac e-Transfer or domestic EFT, and we deliver USD to the recipient’s US bank account — typically same day or next business day.
We charge no wire fee and no per-transfer fee on CAD/USD conversions. The rate we quote is the rate you get. On a $10,000 conversion, the savings over a bank transfer are typically $200–$400. On $50,000+, the difference becomes significant enough to justify building the process into your regular payment workflow. Call us at 1-844-915-5151 or use our live rate calculator to see exactly what your conversion is worth today.
Option 3: Online Transfer Platforms (Wise, Remitly, Xe)
Wise sends CAD to USD at or near the mid-market rate with a transparent percentage fee — typically 0.4–0.7% for CAD/USD. On a $5,000 transfer, that’s roughly $20–$35 in fees. Wise is genuinely competitive for smaller amounts and for non-USD destination currencies. For large CAD/USD transfers (above $20,000), a dedicated exchange service will typically match or beat Wise’s all-in cost while offering more flexibility for time-sensitive transactions.
Remitly is designed for international remittance corridors — it does not support CAD-to-USD transfers to US bank accounts. If someone has recommended Remitly for sending money to the US from Canada, that’s not a service Remitly offers. See our full Remitly alternatives guide for more detail on what it does and doesn’t support.
Option 4: PayPal
PayPal supports cross-border transfers between Canadian and US accounts, but applies a currency conversion fee of 3–4% on top of the transaction fee. This makes it one of the more expensive options for CAD-to-USD transfers. PayPal is useful for small personal payments where the recipient is already on the platform — it is not the right tool for business payments or large transfers.
Cost Comparison: Sending $10,000 CAD to a US Bank Account
| Method | Rate Markup | Fee | Total Cost (est.) | Delivery Time |
|---|---|---|---|---|
| Big 5 Bank Wire | 2.5–3.5% | $13–$40 | $263–$390 | 1–3 business days |
| CanAm Currency Exchange | 0.5–1% | None | $50–$100 | Same/next business day |
| Wise | Mid-market | ~0.5–0.7% | $50–$70 | 1–2 business days |
| PayPal | 3–4% | +transaction fee | $330–$430+ | Instant to 1 day |
| Remitly | N/A | N/A | Not available | Does not support CAD→USD to US accounts |
What Information Do You Need to Send Money to a US Bank?
To complete a USD transfer to a US bank account, you’ll need the following recipient details:
- Recipient’s full legal name — must match their bank account exactly
- US bank routing number — 9-digit ABA routing number (not a SWIFT code)
- US bank account number — checking or savings
- Bank name and address — required for most transfer methods
- Transfer purpose — required for regulatory compliance on larger amounts
US banks use ABA routing numbers for domestic transfers — not SWIFT codes. If you’re sending from a Canadian bank, your bank may ask for the US bank’s SWIFT code as well. US-based recipients receiving a wire from Canada should confirm both their routing number and SWIFT code with their bank to avoid delays.
FINTRAC Requirements for Large Transfers
Canada’s FINTRAC regulations require identity verification for cross-border money transfers above certain thresholds. If you’re transferring a large amount — particularly for a business, real estate transaction, or recurring payment — your exchange provider is required to verify your identity and the purpose of the transfer. This is a legal compliance requirement, not unique to any one provider.
We are fully FINTRAC-regulated. Our compliance process is straightforward: first-time customers complete a one-time identity verification, and subsequent transactions with the same account are processed without repeating that step. For business accounts with recurring USD payment needs, we can set up a streamlined workflow that removes friction from each transaction.
For Recurring Payments: Build a Process, Not a One-Off Transaction
If you’re regularly sending USD to the US — monthly contractor payments, cross-border rent, recurring US business expenses — the savings from switching away from your bank compound significantly over time. A business sending $20,000 CAD to the US monthly is paying an estimated $600–$900 more per month in unnecessary bank markups compared to using a dedicated exchange service. That’s $7,200–$10,800 per year.
For high-frequency CAD/USD transfers, contact us directly at 1-844-915-5151 to discuss setting up a recurring account structure that makes each transfer as efficient as possible. You can also review our full guide on sending money from Canada to the US for a deeper look at the mechanics of each transfer method.
Which Method Should You Use?
- Small one-time transfer (under $500): Wise or your bank — the convenience tradeoff is acceptable
- Mid-size transfer ($500–$10,000): Currency exchange service or Wise — both beat bank rates meaningfully
- Large transfer ($10,000+): Dedicated currency exchange service — the rate gap over banks and platforms becomes the dominant cost factor
- Recurring business payments: Dedicated currency exchange service — build a repeatable process with a specialist
The math on this is consistent regardless of the amount: the more you’re converting, the more a 2–3% rate difference matters. Use our rate comparison tool to see exactly what your bank’s current rate costs you versus ours.
