Sending money from Canada to the United States is something thousands of Canadians do every week — for rent, tuition, family support, business payments, or cross-border purchases. The process itself is straightforward. The cost is where most people get caught off guard.
Between exchange rate markups and transfer fees, the method you choose can mean a difference of hundreds of dollars on a single transaction. This guide breaks down every major option, what each one actually costs, and how to make sure your money goes as far as possible before it crosses the border.
The Two Costs Most People Miss
Every Canada-to-US transfer involves two separate costs that providers don’t always make obvious:
- The exchange rate markup — the spread between the mid-market rate and the rate you actually receive
- The transfer fee — a flat or percentage-based charge per transaction
Most people focus on the transfer fee because it’s visible. The exchange rate markup is where the real money is lost — and it scales with the amount you’re sending.
On a $5,000 CAD transfer, a 2.5% rate markup costs you $125. A $15 wire fee costs you $15. Getting the exchange rate right matters far more than avoiding a flat fee.
Who Needs to Send Money from Canada to the US?
This is one of the most common cross-border corridors in the world, and the reasons Canadians send money south are just as varied as the people doing it.
Cross-Border Workers and Remote Employees
Canadians earning USD from US employers or clients need to convert and move those funds regularly. Getting a better exchange rate on each paycheck adds up to real money over a year.
Snowbirds and Property Owners
If you own property in Florida, Arizona, or anywhere else in the US, you’re likely making regular payments in USD — mortgage, property management, utilities. Each transfer is an opportunity to save on the rate.
Parents Supporting Students
Tuition payments, rent, and living expenses for Canadian students studying at US universities can run tens of thousands of dollars per year. Even a 1% improvement on the exchange rate saves hundreds annually.
Business Payments and Supplier Invoices
Canadian businesses paying US vendors, contractors, or suppliers deal with CAD-to-USD conversions constantly. For companies moving $50,000+ per year across the border, the exchange rate is a material business expense.
Family Remittances
Sending money to family members who live in or have relocated to the US is a routine need for many Canadian households, especially those with cross-border family ties.
Your Options for Sending Money from Canada to the US
Canadian Banks (TD, RBC, CIBC, Scotiabank, BMO)
Every major Canadian bank offers international wire transfers to US bank accounts. The process is familiar — log into online banking, add a US recipient, initiate the transfer. For many people, it feels like the safe, obvious choice.
The problem is cost. Banks typically mark up the CAD/USD exchange rate by 2–3% above the mid-market rate and charge a flat wire fee on top. On larger transfers, that spread adds up quickly and significantly.
| Amount (CAD) | Rate Markup (2.5%) | Wire Fee | Total Extra Cost |
|---|---|---|---|
| $1,000 | $25 | $15 | $40 |
| $5,000 | $125 | $15 | $140 |
| $10,000 | $250 | $25 | $275 |
| $25,000 | $625 | $25 | $650 |
Rate markups are approximate based on typical Canadian bank spreads. Actual costs vary by institution and date.
Best for: One-off small transfers where simplicity matters more than cost, or existing cross-border banking relationships.
Online Transfer Services (Wise, Remitly, Western Union)
Services like Wise use exchange rates much closer to the mid-market rate — typically a 0.4–1% markup — which is a real improvement over the banks. They work well for regular, smaller transfers like monthly rent or recurring bill payments.
A few trade-offs worth knowing:
- Per-transfer limits can complicate larger one-time payments
- Processing times vary by funding method and destination bank
- Rates aren’t always locked at time of booking — the rate you see may not be the rate you get
- Customer support is often limited to chat or email
Best for: Frequent smaller transfers under $2,000 where a mobile-first experience is a priority.
CanAm Currency Exchange
We handle the CAD-to-USD conversion at rates up to 3% better than what the banks offer, then wire the converted USD directly to the US bank account of your choice — with no hidden fees.
The full process is online, FINTRAC-regulated, and funds typically arrive within one business day. You lock in your rate before sending us a single dollar, so there are no surprises. We also offer phone support if you’d prefer to speak with someone before booking a trade.
Best for: Any transfer of $1,000 or more where the exchange rate makes a real difference to your bottom line.
How the Rate Difference Adds Up
Here’s a direct side-by-side comparison on a $10,000 CAD transfer to a US bank account, using a mid-market rate of 0.72 USD per CAD as a reference point:
| Provider | Effective Rate | USD Received | vs. Mid-Market |
|---|---|---|---|
| Major Canadian bank | ~0.698 | ~$6,980 | −$220 |
| Western Union | ~0.705 | ~$7,050 | −$150 |
| Wise | ~0.715 | ~$7,150 | −$50 |
| CanAm Currency Exchange | Up to 3% better than banks | More in your pocket | — |
Rates are illustrative based on typical spreads and change daily. Contact us at 1-844-915-5151 for a live CAD/USD quote.
How to Send Money from Canada to the US with Us
Getting started takes less than five minutes and there’s no obligation to complete a trade once you see your rate.
Step 1 — Create Your Free Account
Register online at no cost. No credit check, no commitment. Once your account is active, you’ll have immediate access to live CAD/USD rates any time you log in.
Step 2 — Lock In Your Rate
Call us at 1-844-915-5151 or book online for a no-obligation quote. Once you’re happy with the rate and lock it in, it’s guaranteed — the market can move and your rate stays fixed until settlement.
Step 3 — Send Your CAD Funds
Transfer your Canadian dollars to us via Interac e-Transfer, EFT, wire, or bank draft. Once received, we convert at your locked rate and wire the USD directly to your US bank account — typically same day or next business day.
For a full walkthrough of the process, see our How It Works page.
What You’ll Need Before You Transfer
Regardless of which provider you use, have the following ready before initiating any Canada-to-US wire transfer:
- Your recipient’s full legal name (as it appears on their bank account)
- Their US bank account number
- Their bank’s ABA routing number (9 digits — found on a cheque or in their online banking)
- The bank’s name and branch address
- The amount you’re sending in CAD
The ABA routing number is the piece most people forget to collect in advance. Your US recipient can find it easily through their bank’s mobile app or by checking a personal cheque.
Frequently Asked Questions
Is there a minimum or maximum transfer amount?
There’s no hard minimum with us, though the exchange rate advantage becomes most meaningful on transfers of $1,000 CAD or more. For large transfers — $20,000 or above — we recommend calling us directly so we can discuss timing and rate options specific to your situation.
How long does the transfer take?
With us, funds typically arrive in the US account within one business day of receiving your CAD. Banks and online services can take 1–3 business days depending on the payment method and destination bank.
Are there taxes on sending money to the US?
No tax is triggered by the act of transferring money. If you’re moving business income or sending large amounts regularly, speak with your accountant about any reporting obligations. We are fully regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and comply with all Canadian financial reporting requirements.
Can I send USD directly from a USD account?
Yes. If you already hold USD and want to wire it to a US account, we can facilitate that as well. Contact our team to discuss your specific situation before booking.
Is my money safe?
We are regulated by the Government of Canada through FINTRAC, and client funds are held in trust accounts at a major Canadian financial institution. All transactions are fully traceable and confirmed electronically. We’ve processed hundreds of millions of dollars for thousands of Canadian clients and maintain an A+ BBB rating and 4.9 Google rating.
The Bottom Line
Sending money from Canada to the US is a transaction most Canadians don’t think about too carefully — which is exactly why the banks and transfer services with the worst rates stay profitable.
If you’re sending $1,000 or more, the exchange rate is your biggest cost. Our rates beat the banks by up to 3%, with no wire fees, locked-in rates, and next-business-day delivery across Canada. Whether you’re a snowbird making seasonal payments, a business managing US supplier invoices, or a parent covering tuition, getting the rate right makes a real difference.
Learn more about our Canadian currency exchange services or call us at 1-844-915-5151 to get a live quote today.
