You have many alternatives while sending money to Canada from the US often involves using a bank transfer, a credit card payment, or another mobile payment, although it may appear complicated.
Regardless of the quantity or manner of receiving, there is a reasonable probability that you want to reduce the cost of your transfers from the US to Canada.
If this describes you, we advise you to make it a habit of using our comparison tool before each move. This will guarantee that you choose the most affordable provider in real-time and save a lot of money on transfers to Canada.
Key Takeaways
- 5 Best Apps that allows you to send money from Canada to the US
- How to send money to Canada from the US
- Answers to most of the frequently asked questions
5 Best Apps That Allow You To Send Money From Canada To The US
You wish to transfer money right now to a foreign country. You’re looking for the finest app to send money abroad and have a smartphone or tablet in your hand. We’ve got you covered, so don’t worry. We’ve broken down the top currency conversion apps so you can choose the one that best meets your money transfer needs.
1. Wise
Wise was established in 2011 to facilitate quicker, less expensive, and more straightforward international transactions. The goal is to progressively reduce prices until making a Wise cross-border transfer cost-free.
Today, Wise is trusted by more than 12 million clients and delivers payments to more than 80 countries each month, totaling over $8 billion.
Wise employs its payment network, which has much lower prices than the conventional methods of international money transfer that banks favor. Customers benefit from these cost reductions via reduced fees, and since Wise bypasses the typical intermediaries involved with foreign transfers, your money may also arrive sooner.
The amount you wish to give or the final amount you want your receiver to receive may be entered to set up wise payments. You’ll finance the payment by transferring dollars to Wise’s US bank account, and Wise will transfer the equal amount in your recipient’s local currency from that bank account. Fast, inexpensive, and secure. You may always follow your money’s whereabouts online or in the Wise app, and international regulatory agencies govern all Wise services.
Feature
- Send money abroad or establish a multi-currency account to store and trade more than 50 currencies.
- Transparent pricing: Before you confirm any transaction, all prices are fully disclosed, with no markups applied to the mid-market exchange rate.
- Modern methods for international money transfers – Wise uses its payment network rather than the old-fashioned SWIFT network banks use.
Pros
- Low, transparent fees with no further expenses included in the exchange rate. One of the cheapest providers accessible is often Wise.
- 80% of transactions are delivered within 24 hours, and 40% are instantaneous.
- With industry-leading methods for protecting consumers’ money that is registered with FinCEN
- With multilingual help online, in-app, and over the phone, all services are accessible via the Wise app and online.
- Services at the personal, commercial, and enterprise levels are offered.
Cons
- There is no branch network; thus, you cannot deposit cash payments.
- Depending on the destination country, different costs and restrictions apply.
- Accounts do not bear interest.
2. OFX
OFX is a supplier of international money transfers that was established in Australia. It is an international company that enables you to send money in more than 50 different currencies. Open Financial Exchange is referred to as OFX.
OFX is a currency exchange service that enables it quick and straightforward for anyone to exchange currencies, move money abroad, and make international payments. Over 20 years of operation, OFX has facilitated over £65 billion.
OFX often offers you a cheaper exchange rate than the market rate rather than charging you any extra transfer costs when you send money abroad. When the exchange rates are excellent, we like OFX for transferring more considerable international money transfer sums. You’ll probably pay less with OFX than with PayPal or your bank to transfer money.
Features:
- Simple internet setup
- For more significant quantities, reasonable exchange rates and a lock-in rate
- 24-hour phone support
- Mobile application
Pros
- Delivering top-notch client service
- Without levying extra fees for payments over $10,000
- Sending more significant sums of money to places where the exchange rates are more affordable
- Presenting a thorough mobile strategy
- Providing services to customers, online vendors, and other companies
Cons
- Lowest transfer threshold
- Any transfer under $10,000 will incur a $15 charge (not in US or UK)
- Credit cards are not accepted there.
- Personal financial advice is not covered by 24/7 support.
3. WorldRemit.
You may send money to your loved ones all across the globe with the online money transfer service WorldRemit.
Sending money with WorldRemit is quicker and less expensive than other options. People still physically transport money to post offices, agents, or banks in many regions of the globe to transmit abroad at significantly higher costs.
People may collect money transfers via a variety of alternatives through WorldRemit. These include cash pickups, mobile wallets, airtime top-ups for mobile credit and internet allowances, bank transfers, wallets from WorldRemit, Alipay, bill-paying services, and door-to-door deliveries.
Features:
- Provides cash pickup, bank deposits, mobile money, and airtime topping
- Simple mobile apps and internet platforms
- Transparent pricing and a reliable calculator tool
- 24/7 client assistance
Pros
- There is no set minimum for transfers.
- More than 70 nations provide cash pickup services.
- Direct sending capability to mobile wallets in 22 different countries.
- Top of phone credit through airtime in more than 70 nations.
- Their website is simple to use, and creating an account takes just a few minutes.
- They provide attractive rates, often better than those offered by your bank.
- Support is accessible around-the-clock in around 20 different nations.
- Using their online calculator, you can quickly get an exact price for your transfer.
Cons
- They have a $9,000 maximum transfer amount, and certain currencies have much lower limits.
- Don’t support companies in any way.
- Their transfer charge fluctuates between various currencies since it is not set.
- They cannot provide financial guidance.
- Cash cannot be used to pay for an international money transfer.
- Not all nations provide all transfer options. For instance, you cannot arrange cash pickup while transferring money to India.
4. Revolut
You can quickly and easily manage your money with Revolut, a bank built with mobile in mind. Online money transfers are secure, dependable, and speedy and may be sent to homes, bank accounts, mobile phones, or other locations.
Revolut is dubbed a “challenger bank” since they reinvent how consumers like you handle their finances. You can see and make transactions using the fully featured Revolut app, which is convenient if you don’t want to go to a bank branch.
With the Revolut card, you may quickly make purchases in the nations where they do business, and the money will be immediately converted to the local currency.
There is excellent news for company owners since Revolut does provide business accounts. It enables you to accept local and international payments and makes laborious accounting quicker and simpler! Additionally, you may set up repeating transactions and bulk payments.
Revolut is well-known for its wide variety of services; they have more than 10 million clients and have handled more than 350 million transactions totaling US$50 billion.
Features:
- Quickly transfer money online between Revolut accounts or directly to bank accounts anywhere globally.
- Three levels of multi-currency accounts with various features and costs are available.
- Hold and trade more than 28 fiat currencies in addition to cryptocurrencies
- Spend with your associated Revolut card in 140 different currencies.
- Free withdrawals from 55,000 networked ATMs plus 1,200 USD in free out-of-network withdrawals per month
Pros
- You may create an account in minutes, and it’s straightforward to do so.
- Even the cheap plan has a ton of valuable digital services.
- You get a connected debit card to make purchases simpler.
- Typically, money transfers are quick, easy, and affordable.
- They provide the best rate, the “Interbank” mid-market foreign exchange rate.
Cons
- The cost will be higher if you transfer money abroad over a given amount or at a certain period of the week.
- To ensure you have a sufficient amount, you must top up your account elsewhere.
- Cash or checks cannot be used to deposit funds into your account.
- Compared to a regular bank account, the bank account can’t do as much as a standard bank account (yet)
- You can only open local currency accounts in pounds and euros now.
- After you reach your monthly withdrawal limit, you will be charged an additional fee to use an ATM.
5. Western Union
The world’s most significant money transfer business is called Western Union as the New York and Mississippi Valley Printing Telegraph Company; the business was founded in 1851. Since then, it has changed into a business that openly advertises its capacity to transfer money anytime and anywhere.
The world network and worldwide reach of Western Union, which has more than 500,000 agent locations, is their greatest strength.
Fees and levies, however, are not clear, straightforward, or simple to compute.
The transfer fees you pay when using Western Union for currency transfers vary depending on how much you are transferring and where you need to send it.
For instance, transferring $1,000 in cash to Argentina would cost you $70, whereas sending the same amount to the UK will only cost you $10. You may enter the details of your money transfer requirements into the conversion calculator on the Western Union website to quickly and easily figure it out.
Features:
- Transferring money from convenience shops is simple.
- No more difficult processes
- Outstanding simplicity
- Free of receiver fees
Pros
- More than 200 nations are accessible via Western Union for money transfers.
- Western Union’s unparalleled global reach provides a quick and comparatively easy method of sending money abroad.
- In many circumstances, your receiver may access the money immediately.
- In most cases, Western Union offers somewhat better conversion rates than the central banks do.
Cons
- Costs do apply. Before considering if Western Union’s services are suitable for your money transfer requirements, it’s vital to evaluate the fees involved, which vary based on how much and where you are transferring the money.
- You may obtain better exchange rates from certain online money transfer firms with little work and web research.
How To Transfer Money To Canada
Two alternatives exist for transferring money from the US to Canada:
You may send money from the US to Canada through an international wire transfer from your American to a Canadian bank account. Most US banks favor delayed and expensive wire transfers to Canada. Here’s how to make a US wire transfer. Interac’s relationship with Mastercard and Western Union allows Canadians to transfer money to the US, but US bank account customers can’t send money to Canada.
Make a standard bank transfer (ACH) to an international money transfer specialist’s local bank account. They’ll pay out the cash to your Canadian recipient more swiftly and cheaply than the bank would.
These specialty services are speedier and more secure than banks when moving money from the US to Canada and cost much less. This is because wire transfers (the technique most banks use to move money overseas) must transit via SWIFT, which adds time and expenses. Our tutorial explains how ACH and wire transactions vary.
According to Monito’s search data, one of the following specialist services is ideal for US-to-Canada money transfers between June 2020 and 2021:
- Wise enables domestic bank transfers, wire transfers, and credit/debit card payments to any Canadian bank account. In 65% of June 2020-2021 Monito comparisons, transferring money to Canada was the cheapest option.
- Instagram delivers rapid and affordable bank-to-bank money transfers from the US to Canada. In 22% of Monito comparisons for the corridor between June 2020 and 2021, Instarem was the cheapest option to send money to Canada.
Transfers US to Canada In 4% of Monito comparisons between June 2020 and 2021, WorldRemit was the cheapest option to transfer money from the US to Canada.
Large US-to-Canada bank transfers
Use a foreign exchange broker to move more than $50,000 from the US to a Canadian bank account. These are money transfer and remittance services. They specialize in significant transactions and may negotiate attractive exchange rates.
OFX had the lowest transfers on 55% of Monito’s $50,000+ searches between June 2020 and 2021. OFX, Halo Financial, and Wise were the cheapest in 19% of transfer comparisons.
Conclusion
It should be no surprise that the method you choose to move money from the US to Canada will affect how quickly your transfer completes.
The most suitable choice is often an online money transfer service. While Skrill and Wise provide transfers that arrive the next business day, Instarem offers transfers that will reach the recipient’s account the same day.
Continually evaluate the exchange rate and the quickest choices to ensure you’re not getting a bad bargain.
FAQS
What Is The Easiest Way To Send Money From The US To Canada?
US-Canada wire transfer. Bank and wire transfers are secure, reliable, and practical ways to send money across Canada.
Can I Send Money From A Us Bank Account To A Canadian Bank Account?
Follow these procedures to transfer money from one Canadian bank account to another: On the website of your bank institution, look for the wire transfer area. Verify any potential transfer restrictions—type in the recipient’s bank information.
Can I Zelle From The US To Canada?
The sender’s and recipient’s bank accounts must be located in the United States to utilize Zelle.
Can I Send USD To Canada PayPal?
PayPal allows US-to-Canada money transfers. Use PayPal to send Canadian dollars.
Can Canadians Use Venmo?
You cannot have a Venmo account because the service is unavailable in Canada. You must be 18 years old, reside in the United States, and have a US mobile phone number to use the app.
What Is The Cheapest Way To Send Money To Canada?
The least expensive method of financing your international money transfer via Wise is often bank transfers. Compared to debit or credit cards, bank transfers might often be slower, but they typically provide the most excellent value for your money. Learn more about using bank transfers as a form of payment.
Can I Send Money To A Canadian Bank?
You may transfer money to their bank account or arrange a cash pickup in minutes2. Pay their Canadian bank account 3. We have 3,000+ agent locations4 throughout Canada.
You can learn more from the video below:
About Author
- I am a professional article and e-book writer with 4 years of experience, I write on well research content on cryptocurrency, stocks, loans and finances.
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