Moving to Canada is an exciting experience, but it’s necessary to consider how you will access your money once you have moved. With so many options to send Money To Canada From The USA, it’s not easy.
According to the World Bank, Americans spend $74.6 billion yearly on people in low- or middle-income countries. The data shows that international money transfers have an average transaction cost of 6%. This means sending $1,000 overseas to a friend or relative in your home country could be worth $60.
There is an easy way to choose between the various money transfer methods. Choose the one that will save you the most money. Here are the top money transfer options, starting with the most affordable way to send money to Canada.
Key Takeaways
- 5 Easiest ways to send money to Canada from the USA.
- The cheapest way to send money to Canada is from the USA.
- Can I use Zelle to send money to Canada?
5 Easiest Ways To Send Money To Canada From The USA.
You can transfer money between Canadian accounts using a variety of methods.
1. Wire transfers
Money can be sent internally or abroad through wire transfers. Some banks may prohibit wire transfers to the US or other countries. Always check that your recipient’s country has an option. You can’t wire money online from many banks. They require that you visit a branch.
To send wire transfers, information will be required about the recipient. This includes name, address, routing information and SWIFT code (sometimes called BIC code).
What is the cost of a wire transfer? The fees for wire transfers vary from financial institution to financial institution, but they typically range between $15 and $45.
2. Interac eTransfers
Interac eTransfers is a type of electronic funds transfer that can be facilitated through the Interac online payment system. Interac eTransfers can be sent almost instantly. The recipient’s email address or phone number is all you need for payment.
Interac eTransfers have limits. Banks may limit the amount of money you can transfer via Interac eTransfers. Please consult your financial institution if you need to send a large sum.
Your bank will determine the process for sending Interac electronic transfers. Log into your bank’s mobile app or online platform. Look for the tab labelled “send money” or send Interac eTransfer”. Your desired amount to send and the recipient’s phone number or email should be entered. The money will be deposited immediately if the recipient has enabled auto-deposit. If not, the money will be deposited immediately.
After the recipient successfully receives the funds, you will receive an email confirming that the recipient has accepted Interac eTransfer.
What is the cost of an Interac e-Transfer? You can receive an Interac electronic transfer for free. Although your financial institution might charge you for sending one, many chequing accounts offer a variety of monthly free e-Transfers. NerdWallet analysis shows that Interac eTransfers can be charged at $1.50 to $1.50.
3. Apps for money transfer
Wise, Wealthsimple cash app and Paypal are money transfer apps that can send or receive money electronically. To transfer funds, both the sender and receiver must have an account on the platform.
What is the cost? It all depends on which platform you use. PayPal does not charge fees for sending or receiving money domestically via your PayPal account. Wise charges a fee to send funds but no fees for receiving money.
4. Cheques
Although paper cheques may not be the most technologically-savvy money transfer option, they are a reliable method of moving money from one account to another.
A standard feature of chequing accounts is the ability to write cheques. However, personal cheques are not always available from all banks. If you do not have paper cheques, your bank may require you to request them. To make a cheque, you must enter the date, full name, and amount of money. To confirm the legitimacy of the cheque, you must sign it.
A certified check can be obtained at any bank branch. The issuing financial institution guarantees certified cheques. This means that your bank verifies you have the funds in your chequing account before issuing the cheque.
Some banks no longer offer certified and personal cheques as electronic transfer methods become more popular.
What is the cost of personalized paper cheques? Prices for personalized paper cheques are usually available through your bank. You can order them at a price that varies depending on the type of cheque. The average cost of certified cheques is $10-30
5. Electronic funds transfers
EFTs, also known as direct deposits, transfer money online from one account to another. EFTs are a popular way for employers to pay employees. It’s fast, secure, and accessible. You can set up EFTs as recurring deposits. This makes them viable for people who need to send money or automate bill payments.
EFTs can usually be sent via an online banking platform or mobile app. To send an electronic fund transfer, your recipient must provide you with the following details:
- Bank account number.
- Institution number.
- Branch number.
- Transit number.
You must provide your bank information to the sender to receive an electronic fund transfer. These details are often found on personal cheques. You can also download direct deposit forms from many banks online. These forms contain all the information required to open a direct deposit.
What is the cost of an electronic funds transfer? You can receive one for free, but your bank might charge you to send one.
The Cheapest Ways To Send Money To Canada From The US.
It doesn’t matter what company you choose; an online money transfer service is the simplest and cheapest way to send money to Canada for your working holiday or any other time.
This is the cheapest method; you don’t need to leave home!
Wise
Wise was founded in 2011 to make international money transfers faster, cheaper, and more accessible. The goal is to drive down the costs of Wise cross-border transfers until they are free.
Wise has over 12,000,000 customers and sends payments of over 8 Billion USD per month to 80+ countries around the globe.
Pros
- There are no hidden fees or additional costs bundled in the exchange rate. Wise is often the cheapest provider if any, available
- 40% of transfers can be done instantly, while 80% can be delivered within 24 hours
- FinCEN is a registered bank with the best industry practices to keep customers’ money safe
- All services can be accessed online or through the Wise app. Multi-lingual support is available online and in-app.
- Personal, business, and enterprise-level services
Cons
- There is no branch network, meaning you cannot deposit cash payments.
- Based on the destination country, there may be variable fees or limits.
- Accounts do not earn interest
WorldRemit
With the help of the online money transfer service WorldRemit, Anywhere in the world, you can transfer money to friends and relatives. WorldRemit makes it easier and quicker to send money than other methods.
Many people still take cash into banks, post offices or agents in many countries to send money overseas. However, the fees are much higher.
WorldRemit makes it easy to send money via a variety of methods. These include cash pick-ups, mobile wallets and top-up mobile credit.
Pros
- Transfers are allowed up to a maximum of $2,500
- Cash pick-up available in more than 70 countries
- You can send money directly to mobile wallets from 22 countries.
- Top of the phone credit via airtime in more than 70 countries
- The website is very user-friendly, and easy to set up an account.
- These banks offer competitive rates that are often better than those you would find at your bank.
Cons
- You can transfer up to $9,000, which may be lower for certain currencies.
- Do not offer business support.
- The transfer fee isn’t fixed and can fluctuate between currencies.
- They cannot offer financial advice.
- International money transfers cannot be paid in cash.
OFX
OFX is a currency exchange service that allows individuals and businesses to quickly exchange currencies, send money overseas, and make international payments. OFX has been in for over 20 years and has assisted with transferring more than PS65 billion. Impressive!
OFX does not usually charge additional transfer fees to send money overseas. Instead, they offer a slightly lower exchange rate that the market rate. OFX is excellent for large international money transfers, especially when the exchange rates can be very competitive. Transferring money via OFX is almost always cheaper than using PayPal or your bank.
Pros
- Offering excellent customer service
- Sending money exceeding $10,000 does not incur additional fees
- You can send more significant amounts of money to countries where the rates are lower
- A comprehensive mobile strategy
- Services offered to individuals, online sellers, and other businesses
Cons
- Minimum transfer amount
- $15 fee to transfer amounts less than $10,000 (not in the USA or UK).
- They do not accept credit cards
- Personal financial advice is not available 24/7.
XE
XE Money Transfer is a leading international money transfer specialist with a strong track record. It has more than 65,000 customers worldwide and transfers more than PS115 billion yearly.
XE is a trusted source for exchange rate information. It has been in operation for over 20 years. This information can be used by banks, financial institutions, and businesses to determine the market rate. They are pretty impressive.
They do not charge transfer fees and make money from the difference between your exchange and base rates. They are one of the most competitive providers but may not be the cheapest. You’ll pay 0.5 to 2 per cent of the amount you send to XE. However, some currencies are more volatile and may cost a bit more.
Pros
- Trusted brands are well-known and can ease your mind.
- There are no fees for transferring any amount.
- Their website is very informative and can keep you informed about any currency news.
- Both individuals and businesses can get support.
- They offer many products, including limited orders.
- Excellent and easy-to-reach customer service.
Cons
- The home page does not provide information about currency exchange rate margins.
- The homepage displays the exchange rate before XE has applied its margin.
- You can’t pay by cheque or cash for your transfer.
- Cash pick-up is not possible
- They only allow you to transfer a small fraction of their currencies.
- They are not the most affordable currency exchange rates.
PayPal
PayPal is the leader in e-commerce and digital payment. It offers easy ways to send money and shop online. PayPal was founded more than 20 years ago and has accumulated over 400,000,000 users. This has changed how we shop online and spend our money in many ways.
While it’s a great way to shop online and send domestic payments, it’s not the best choice for international transfers. We will discuss PayPal alternatives later. Let’s get started.
Pros:
- A vast global network is widely accepted for shopping online
- You can send payments immediately to individuals or businesses without having to know their bank account details
- Trusted provider with a large user base and excellent protections for account holders
Cons:
- Some services may have fees, which can make it challenging to navigate.
- International transactions can attract high exchange rate markups and charges.
- Only send money to another PayPal account – do not transfer to a bank account.
Conclusion
The best way to send money to Canada is through a bank account. Many banks in the United States provide excellent wire transfer services. Make sure you select the best one for you. It is a good idea to read reviews from other customers before you make a purchase.
You can also get a sense of the experiences other customers had with that bank by reading reviews. Before you send money, make sure you check your visa requirements.
Read Also:
How To Transfer Money From PayPal To Bank Account Or Debit Card
How To Accept Credit Card Payments In 7 Simple Ways
How To Get Instant Approval Virtual Credit Card With Instant Use
FAQs
Can I Use Zelle To Send Money To Canada?
Zelle is one of the most popular ways to send and get money from your phone. However, if you have tried using Zelle for money transfers across Canada’s border, you will likely encounter difficulties.
Unfortunately, Zelle is not available in Canada. You must choose a Zelle alternative to send your money to Canada.
References
https://www.nerdwallet.com/ca/banking/how-to-transfer-money
https://www.exiap.com/international-money-transfers/send-money-to-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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