How to Transfer Money From Canada to the US

Sending money from Canada to the US can be complicated, confusing, and filled with hidden charges. particularly if you use a local bank to send money from Canada to the US.

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Have you wondered how you can transfer money from Canada to the US without any form of stress then this article is for you as you will be shown how you can transfer money from Canada to the US?

Is there any minimum or maximum money transfer limits for money from Canada to the US?

For least exchange sums, XE and TransferWise have no restrictions. OFX has at least US$150 per single exchange.

For maximum exchange sums, TransferWise has the greatest restrictions of US$50,000 for individual records. For business accounts, they have the greatest constraint of US$250,000 in unlicensed states and up to US$1,000,000 in authorized states.

OFX and XE have no maximum exchange sums. In the meantime, Xoom has a restriction of US$50,000 more than 24 hours on the off chance that you have the necessary reports.

How would I keep my cash online safe when I send it to the US?

Safety is vital and each of the online-based organizations above approaches their legitimate liabilities exceptionally in a serious way. They go through extreme lengths to ensure the delicate information you give them like your personal information and identification. In any case, it’s actually preferable to be protected over grieved.
here is how you can safeguard your personal information:

  • You should double-check privacy policies and the tracking process for your money transfer provider.
  • Make sure you use a strong, long, and unique password with a combination of uppercase and lowercase letters, numbers, and symbols when you set up your account.
  • Ensure your money transfer service gives two-factor authentication, which includes SMS or email-based security code

Do all money transfer companies have a cell phone app?

Yes, when you have an account with any of the online money transfer services highlighted above, you can make transfers through their website, or via their iOS Apple, and Android apps. However, some are easier to use than others.

When do I need a Swift or BIC code?

To transfer US dollars (USD) into a local bank account, a swift code or BIC (Bank Identifier Code) is usually required. The Swift code helps identify each bank and the code is unique to the bank. It is a combination of numbers and letters.
how to transfer money from Canada to the US.

How to transfer money from Canada to the US

There are various ways in which you can transfer money from Canada to the US, and some of the ways are as follows:

OFX

OFX (formally known as Ozforex) is a good option if you’re sending money online. They have offices all over the world and recently stopped charging a flat transfer fee to customers in the USA.

How much does it cost to transfer funds to the USA?

Free transfers from the USA. If you’re sending the money from outside the USA, a flat fee may still apply for smaller amounts.

OFX adds a margin to the exchange rate when you convert your Canadian dollars (CAD) into US dollars (USD). This means the rate you receive will be different from the mid-market or wholesale exchange rate you find on most online currency converters.

US$150 for a single transfer; US$250 for recurring transfers or regular payments.

How to transfer money with OFX

  • Create a free online account and login to get a live quote for your transfer.
  • Enter your recipients’ details including the name on the bank account, bank routing code (ABA/ACH), and account number.
  • Finalize transaction’ and pay using a bank or wire transfer.
  • Transfer times
  • Your recipient will get the money in US dollars into their account in 1 business day.

Wise (formerly known as TransferWise)

For transfers to family or for expats living overseas, Wise (formerly known as TransferWise) is one of the cheapest (and most popular) money transfer services. This is because they are one of the few companies that offer the mid-market, wholesale exchange rate you see on Google or xe.com.

Their transfer fees are transparent and easy to calculate and their Borderless Account makes it ideal for expats living in the USA and receiving money from overseas.

How much does it cost to transfer funds to the USA?

1.91 CAD + 0.72% of the transaction amount.

Wise gives you the best possible rate for currency transfer. They do not use a margin.
Bank debit (ACH) is the cheapest; then bank wire transfer; followed by debit card and credit card.

How to transfer money with Wise

  • Create an online account, login, and set up your first transfer.
  • Tap in how much and where to. Enter your recipients’ details.
  • Make local US payment to Wise, using a bank transfer or your debit or credit card.
  • Transfer times
  • Your recipient will get the money in US dollars (USD) directly from Wise’s local bank account within 0-1 business days.

XE Money Transfers

XE is one of the larger money transfer services. It owns xe.com which allows you to check the mid-market exchange rate on just about any foreign currency in the world.

They also provide strong customer support over the phone, which is important when sending large amounts of money overseas. Importantly, XE offers better exchange rates the more you transfer.

How much does it cost to transfer funds to the USA?

Fee-free with no minimum transfer size.

The exchange rate you receive depends on the amount of your transfer.

How to transfer money with XE?

  • Set up an account online or over the phone.
  • Tap in how much, where to and which currency.
  • Pay XE and they will transfer the funds to your recipient’s bank account.

Transfer Duration

Allow 1-4 business days for international money transfers.

World Remit

If you’re looking to send small amounts of cash from Canada to the USA, WorldRemit is a great option. They offer competitive exchange rates and more flexible delivery options than PayPal, Western Union, or MoneyGram.

WorldRemit specializes in small remittances and transfers which makes them perfect for personal international money transfers.

How much does it cost to transfer funds to the USA?

CAD 3.99 per transaction fee.

WorldRemit adds a margin to the exchange rate, go to their website to get an indicative exchange rate to send money from Canada to the USA with a maximum transfer amount of $40,000 CAD

How to transfer money with WorldRemit?

  • Create an online account and login.
  • Tap in how much, how you want to transfer (bank deposit or Airtime top-up), and where to.
  • Enter your recipients’ details.
  • Make local payments to WorldRemit using a bank account, debit card, or credit card.

Transfer Duration

Delivery times vary depending on your method of transfer. For a wire transfer, they will get US dollars in 3 business days.

Conclusion

Now you know how you can send money from Canada to the US without any form of stress, by the virtue of this article, sending money from Canada to the US has now been made easy for you.

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