How to Send Money From the US to Canada

Money transfers between the United States and Canada occur for various reasons, including supporting family, business transactions, gifts, or property purchases. Understanding the methods and requirements ensures a smooth and secure movement of funds.

Methods for Sending Money from the US to Canada

Bank wire transfers are a common international method, leveraging the SWIFT system. They are secure but involve fees ($25-$50) and processing times of 1-5 business days. Both banks may levy fees, impacting the total received.

Online money transfer services offer competitive rates and lower fees. Operating digitally via websites or mobile apps, they display rates and fees upfront. Processing is often faster (minutes to hours, or 1-3 business days), with fees varying by amount, payment method, and service.

Money orders and cashier’s checks are paper-based. Money orders can be purchased at post offices, banks, or retail locations. Cashier’s checks are drawn on bank funds and are secure. Both involve longer processing times than electronic transfers, as the physical document must be mailed and cleared. Money order fees are generally under $10; cashier’s check fees range from $10-$20.

Peer-to-peer (P2P) apps like PayPal can facilitate transfers, but direct US-to-Canada bank transfers often have limitations or higher costs. While PayPal allows international payments, direct bank-to-bank transfers to Canada may involve currency conversion and higher transaction costs than specialized services. US-centric apps like Venmo and Zelle are not designed for international transfers to Canada, focusing on domestic transactions.

Cryptocurrency, especially stablecoins pegged to the US dollar, is an advanced cross-border transfer method. Stablecoins minimize price volatility, making them more suitable than fluctuating cryptocurrencies. Transfers are nearly instantaneous with low fees, but require sender and recipient to have crypto wallets and understand blockchain. The process involves converting fiat to crypto, sending it, and converting it back to Canadian dollars, which can introduce additional steps and fees.

Gathering Necessary Information and Documents

Before initiating any money transfer, gather all required information. Senders need personal identification for anti-money laundering (AML) compliance, including a photo ID. Some services may also request proof of address and source of funds for larger transfers.

Accurate recipient information is essential for funds to reach the correct Canadian account. Senders need the recipient’s full legal name (as it appears on their bank account), complete residential address, and Canadian bank details. These include the bank name, account number, transit number, and institution number. The SWIFT/BIC code for the recipient’s Canadian bank is almost always required for international transfers, acting as a global identifier.

Understand the amount to be sent and the currency exchange process. Verify the current exchange rate offered by the chosen service, as this can differ from the interbank rate. Services display the exchange rate and associated fees clearly before confirmation. Be aware of how many Canadian dollars the recipient will receive after conversion and fees.

For regulatory compliance, financial institutions and transfer services require the sender to state the transfer’s purpose. A clear purpose helps ensure adherence to financial regulations in both countries. Double-checking all recipient details (names, account numbers, bank codes) is a security measure.

Steps for Initiating and Tracking Your Transfer

After compiling information and selecting a transfer method, initiate the money transfer. For online platforms, log into your account and navigate to the “send money” or “international transfer” section. Select Canada as the destination and input the US dollar amount. The platform converts this to Canadian dollars based on its exchange rate and displays fees.

Next, enter the recipient’s details: full name, address, bank name, institution number, transit number, account number, and the bank’s SWIFT/BIC code. A review screen summarizes the transaction, showing the amount, exchange rate, fees, and final amount the recipient will receive in Canadian dollars. Choose your payment method (e.g., bank transfer, debit, or credit card) and confirm.

For bank or in-person transfers, visit a branch or authorized agent with your government-issued ID and the recipient’s banking details. Fill out a transfer form with the prepared information, then pay the transfer amount plus fees. The bank or agent will provide a confirmation receipt.

Upon successful initiation, you will receive a confirmation number or transaction ID. This identifier tracks the transfer’s progress. Most online services offer a tracking feature on their website or app where you can enter this code to monitor the status. Communicate with the recipient about the transfer and provide the confirmation number; this allows them to anticipate and confirm receipt once funds are deposited. If a transfer encounters a delay or issue, contact the service provider’s or bank’s customer support with your transaction ID to resolve it.