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Top 3 Money Transfer Providers for Canada to USA

Provider Amount Received Fee Exchange Rate Speed
WorldFirst WorldFirst USD $7,410.99 No Fee 0.7411 1-3 days more...
TorFX TorFX USD $7,388.65 No Fee 0.7389 1-3 days more...
OFX (prev. CanadianForex) OFX (prev. CanadianForex) USD $7,384.92 No Fee 0.7385 1-3 days more...
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CANADA
Canada has no foreign exchange controls, making overseas money transfers to Canada or sending money from Canada simple Read More
USA
The dollar, the world’s most traded currency, is held on a free-float exchange rate and is fully convertible to foreign currencies Read More
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Top 10 Money Transfer Providers

Latest prices for transferring money from Canada to USA
Exchange Rates as of 5 June 2020, 21:00

WorldFirst

Est. 2004

Transparency and security | Great customer feedback rating from Feefo

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FXcompared
Score
Amount Received
USD $7,410.99
CAD $197.45
saved vs. banks

TorFX

Est. 2004

Excellent exchange rates | No transfer fees | Thousands of 5 star reviews 

More InfoLess Info
FXcompared
Score
Amount Received
USD $7,388.65
CAD $167.45
saved vs. banks

OFX (prev. CanadianForex)

Est. 1998

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

More InfoLess Info
Amount Received
USD $7,384.92
CAD $162.45
saved vs. banks

Moneycorp

Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

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FXcompared
Score
Amount Received
USD $7,314.17
CAD $67.45
saved vs. banks

Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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Amount Received
USD $7,380.46
CAD $156.45
saved vs. banks

Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More InfoLess Info
Amount Received
USD $7,373.75
CAD $147.45
saved vs. banks

Currencies Direct

Est. 1996

Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure

More InfoLess Info
Amount Received
USD $7,388.65
CAD $167.45
saved vs. banks

RationalFX

Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
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FXcompared
Score
Amount Received
USD $7,381.20
CAD $157.45
saved vs. banks

Global Reach (formerly FC Exchange)

Est. 2005

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

More InfoLess Info
Amount Received
USD $7,381.20
CAD $157.45
saved vs. banks

Average Canadian Bank

Est. 1800

Average of the top Canadian Banks costs as compiled by our own FXC Intelligence group

More InfoLess Info
Amount Received
USD $7,253.84
No saving vs. banks

How to Transfer Money from Canada to USA

What is in this guide

Canada to USA Guide

Canada to USA Summary

There are no money transfer restrictions if you are sending money from Canada to the US, whether to purchase a property, fund university education, or pay for imports. Canada and the US have a very close economic and political-social relationship as neighbours and main trading partners.

Banking & Money for Canadians in the US

If you move to the US, it is likely that you will need to open a US bank account. US citizens or resident aliens may open bank accounts online in most cases. To do so, you must provide your US address, driving licence or other state-issued ID, and your Social Security Number (SSN). We recommend that you apply to the Social Security Administration as soon as possible for a SSN, which is required in order to be locally employed and collect Social Security benefits and other government services.

None of Canada’s main commercial banks, such as RBC and CIBC, have a major branch network in the US. The private banking arms of groups such as RBC are global, but it may be preferable to open an account with one of the major American banks. US banks, by contrast, have a larger presence in Canada.

 

Taxation for Canadians in the US

As in Canada, US taxes are calculated on the calendar year. This will simplify the process of paying a partial year of taxes in either country. Nonetheless, we recommend seeking expert advice on how your move will affect tax payments, particularly if you plan to make a large purchase, such as a home, in the US.

For tax purposes, the US Internal Revenue Service (IRS) allows Canadians to stay in the US for only 182 days a year, while the limit set by the Homeland Security, Immigration and Naturalization Act is 180 days. Canadians who remain in the US for more than 180 days in any rolling 12-month period risk being deemed unlawfully present and face a three-year travel ban. Stay longer than 182 days and you could be taxed by the IRS on your worldwide income. However, this 182-day limit is more complicated than that. The IRS has a more complicated way of calculating residency called the “substantial presence” test, which adds the number of days you were in the US in the current year to one-third of the number of days you were there the previous year, and to one-sixth of your US days in the year before that. If this exceeds 183 days, then you could be considered a US resident for tax purposes.
 

Visas and immigration for Canadians for the US

Canadian citizens only require a valid passport to enter the US and may visit the country for up to six months per year without a visa. Visas are required in certain cases for visits exceeding six months, including foreign citizen fiancé(e) (K-1 Visa), a US citizen’s foreign spouse awaiting completion of immigration processes (K-3 Visa), and spouses of lawful permanent residents (V-1 Visa). Approval is also required for non-immigrants travelling to the US for short-term work assignments, including employees of foreign governments (A Visa) and international organisations (G Visa). Requirements vary, and we recommend consulting current guidelines at your nearest US consulate.

If you plan to immigrate to the US for work, you will need to obtain a work visa. Canadians are eligible for several different types of visas depending on experience, citizenship status and professional projects. Professionals with certain skill sets may be eligible to obtain a three-year TN visa under the North American Free Trade Agreement (NAFTA). Canadian students do not require a visa to study in the US and need only obtain an I-20 Certificate of Eligibility from their university.

 

Canadians Buying Property in the US

The US is a popular destination for Canadians – typically retirees – buying a holiday home to escape the harsh winters, with Florida, Arizona, California, Hawaii and Texas the most popular states for Canada’s so-called “snowbirds”. Beyond the issue of sending funds to pay for a purchase, there will be many issues to consider, such as bearing in mind that it will be considerably easier to obtain a mortgage with a Canadian bank rather than a US bank. Given the complexity of the US tax code, the tax implications of owning such an asset can be significant. If selling a property to a US citizen, the purchaser is ordinarily required to remit 10% of the gross sale proceeds to the IRS on sales over US$300,000. However, thanks to the US-Canada tax treaty, Canadians are exempt from US estate tax up to US$5.3m (US$10.7m for a married couple), so beneficiaries will not have to pay estate tax on assets below this level.
 

Canadians Studying in the US

Canada is a large source of foreign students in the US, with 27,000 student visa holders registered in 2016-17. Together, all international students spent some US$34bn in tuition fees and living costs during 2016/17. Canadian citizens do not need visas to study in the US, but do need to be registered by an accredited institution with the US Student and Exchange Visitor Information System (SEVIS).

 

Importing from Canada to the USA

With trade in nearly all goods and services duty-free since the NAFTA agreement between the US, Canada and Mexico came into force in 1994, trade between the two countries has surged. The US is Canada’s largest source of imports, with total imports of goods reaching almost US$300bn in 2018. The exports for Canada to the US were set at a high level with almost US$320bn in exports made during 2018.

Frequently Asked Questions

Are the money transfer companies shown above safe to use?

Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.

How long does an international money transfer take?

The speed of delivery will depend on where the money is being from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can depend take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.

How do I use FXcompared?

First review the comparison results (such as for a table above) for a given amount of money sending from Canada to USA. Then select a provider based on factors such as price, speed, their rating and click the green button to be taken to their website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.

What payments methods can I use to send money overseas?

The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received - to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.

What if the price shown above isn’t exactly what I am offered when I try to transfer money?

There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.

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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.