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Top 3 Money Transfer Providers for USA to Canada

Provider Amount Received Fee Exchange Rate Speed
OFX (US) OFX (US) CAD $12,356.78 No Fee 1.2357 1-3 days more...
Venstar Venstar CAD $12,363.01 No Fee 1.2363 1-3 days more...
Average US Bank Average US Bank CAD $12,048.79 No Fee 1.2049 1-5 days more...
Daniel Webber

FX Expertise and Experience

Daniel Webber

Founder & CEO, FXCompared

Daniel is one of the world experts on the money transfer sector. He is widely quoted across the industry with over 20 years of experience in the international finance world focused on international payments, technology, and the property sectors. More about Daniel.

Send money from USA to Canada

How to Transfer Money from USA to Canada

USA to Canada Guide

USA to Canada Summary

The United States and Canada enjoy one of the most prosperous partnerships in the world, with two-way trade between the countries amounting to nearly $2bn USD per day and accounting for hundreds of thousands of jobs on both sides of the border. The countries are close trading, investing and political partners, and share a number of reciprocal trade, investment, security, energy and study abroad agreements. There are no restrictions for American citizens who wish to transfer money from the US to Canada and exchange USD to CAD for trade or personal needs.

Top 3 Money Transfer Providers

Latest prices for transferring money from USA to Canada
Exchange Rates as of 2 August 2021, 06:27

OFX (US)

Est. 1998

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

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Amount Received
CAD $12,356.78
USD $226.89
saved vs. banks

Venstar

Est. 1990
Established in 1990, Venstar is a worldwide leader in Foreign Exchange Payments and Services.
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FXcompared Rating
Amount Received
CAD $12,363.01
USD $231.89
saved vs. banks

Average US Bank

Est. 1900

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

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Amount Received
CAD $12,048.79
No saving vs. banks

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USD and CAD

The US dollar (USD) is the most frequently traded currency in the world, and the USD/CAD is a major currency pair, among the top five most frequently traded currency pairs on global forex markets. It is also common practice to transfer USD to Canada for various reasons, including the high level of tourism and business travel between the two countries and significant number of Canadian citizens residing in the USA. The exchange rate of the CAD and USD changes frequently, as you would expect, with the Canadian dollar usually worth considerably less than the US dollar, meaning you will usually be able to buy significantly more Canadian dollars than the face value of the US dollars you are buying with.

The USD is a stable currency, but is easily affected by world events, as well as the actions of the Federal Reserve, which may include aspects like quantitative easing or interest rate adjustments. Such decisions will have a big impact on the value of the USD, so when planning to send money from USA to Canada, it is advisable to monitor events that could trigger sudden price movements for the USD. You can transfer money from USA to Canada via bank transfer, and your bank may provide the facility to do that via online banking or through your banking app. There are also various money transfer services that can be used to send money to Canada. To work out the cheapest way of sending money from USA to Canada, look at both the transfer fees and exchange rates offered, as well as any flat fee involved in using the service or completing a transaction.

 

Economic, trading and political relations

The USA shares the world’s longest international border with Canada and the two countries have long enjoyed a very close and prosperous partnership. The USA and Canada are high-volume trading partners as well as political and military allies. Almost $2bn a day in goods and services are traded between Canada and the USA.

As well as importing and exporting a large volume of goods and services to and from Canada, the USA sees its northern neighbour as a close ally on the international stage. Canada cooperates with the USA on a large number of mutually beneficial initiatives, issues and policies, and the two countries regularly work together to garner international support for shared goals.

 

Bank accounts and credit cards

US citizens living, working or studying in Canada will find it easy to open a Canadian bank account. It is necessary to provide some paperwork, including proof of your local address, and some form of state-issued ID. Canada’s main commercial banks, such as RBC and CIBC, are commonly used by temporary workers and students from the USA and other countries. However, if you are a US citizen, it may work better to open an account with one of the major American banks that also has a presence in Canada.

Major international credit cards such as Visa and Mastercard are accepted in Canada and can be used to pay for goods and services, or even withdraw money. A credit card issued in the US will allow you to withdraw money in local currency from some banks and ATMs in Canada, but this is not generally the best way to transfer USD to CAD. Depending on your card provider and the card you hold, there will often be a charge for withdrawing money outside of the US, and the exchange rates offered are usually not as favourable as those you might be offered elsewhere, making this an expensive way of transferring money from USA to Canada. Credit cards can also be used as payment with some money transfer agencies, but this may not be the best way to transfer US to Canadian dollars.

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Visas, work permits and residency

American citizens with a valid US passport do not need a visa to visit or travel through Canada. US citizens and permanent residents are generally allowed to work and live in Canada once they have applied for the required temporary work permits or permanent residency permits. If Canadian citizenship is the goal, certain criteria must be fulfilled before achieving citizenship status, including establishing permanent residence status, having lived in Canada for the past three of four years, and passing a citizenship test.

Buying property in Canada

US citizens and permanent residents are largely free to acquire property and transfer money from USA to Canada to fund the purchase. However, some restrictions do apply, depending on the province in which the property is located.

US citizens who are not residents of Canada may purchase real estate, though if staying longer than six months, applying for immigrant status is required. Some Canadian Provinces limit the amount of property and/or land a non-resident can purchase, or require additional permissions to purchase property or land that is over a certain size. Because of these restrictions, it is a good idea to find a registered Canadian realtor who can help navigate local real estate markets. A registered realtor will be able to inform the buyer of any restrictions or additional requirements that need to be met before purchasing property in Canada and trading US dollars to Canadian dollars for the purchase.

Taxation

The tax treaty between the United States and Canada seeks to avoid double taxation of citizens of both countries. Currently, citizens of the United States earning global income while in Canada must declare their earnings and pay taxes on their earnings to the Canadian government, but may be entitled to a foreign income tax offset with the US government, which will allow for the provision of credits if taxes have already been paid in Canada on earned income. There are currently no restrictions on sending money to Canada.

Americans studying in Canada

Canada does not require a study permit for American citizens who plan to study in a program that is six months or less. For programs lasting longer than six months, a study permit and a temporary resident visa is required. There are no limits on transfer amounts for those who are planning to send money to Canada to support foreign studies.

Voting

US citizens living in Canada are eligible to vote by absentee ballot in American presidential, local, and general elections, but not in the Canadian Federal Election. American citizens must first register with their local voter registration office when still living in the US to be eligible to vote by absentee ballot. Once they have registered, they will receive an emailed voting ballot. This ballot must be returned by postal mail or special delivery service.

Healthcare

Canada provides publicly-funded healthcare to its citizens and permanent residents under the Canada Health Act, which is implemented by the 10 Provincial governments. American citizens who are only temporarily visiting Canada are strongly advised to take out travel insurance or to purchase a short-term healthcare policy to cover any overseas medical costs.

Importing from the US to Canada

The US and Canada have one of the closest, most extensive relationships between any two countries today. Their shared interests and alliances cover initiatives ranging from economics, trade, investment, defense, security, law enforcement, environment, and politics to global safety and humanitarian efforts with significant sums of US dollars traded to Canadian dollars every day. Their close economic ties are demonstrated by the high level of bilateral trade—totaling more than $2 billion per day—in goods and services between them, and by the fact that the US is the largest foreign investor in Canada. Canada is the third-largest foreign investor in the US.

The two countries also collaborate closely on a number of joint commitments to defense, security, energy, and humanitarian efforts, including sharing North Atlantic Treaty Organization (NATO) security commitments. They often work together on energy-related initiatives, as well. Canada is the largest foreign energy supplier to the US, and the countries jointly developed reliability standards for an integrated electricity grid which is operated by both countries. Along with Mexico, the US and Canada are members of the North American Free Trade Agreement (NAFTA), which helps to reduce trade barriers and liberalize regulations to enhance trade and investment capabilities between the countries in a number of areas.

Did you know?

The Canadian $1 coin is affectionately known as a ‘loonie’ within Canada, due to the fact that it features an image of a loon. The $2 coin has consequently become informally referred to as a ‘toonie’.

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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 sent from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can 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 for a given amount of money sending from USA to Canada. Then select a provider based on factors such as price, speed and its rating and click the green button to be taken to its 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 sent safely, you can transfer your 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 fund your 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.