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.
Have you wondered how to transfer money from Canada to the US without stress?
If so, this article is for you. It will show you how to transfer money from Canada to the US.
Are there any minimum or maximum money transfer limits for money from Canada to the US?
For the last exchange sums, XE and TransferWise have no restrictions. OFX has at least US$150 per single exchange.
TransferWise has the greatest restrictions of US$50,000 for maximum exchange sums for individual records.
Business accounts 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 is restricted to US$50,000 for more than 24 hours if 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 above online-based organizations approaches their legitimate liabilities seriously.
They go to extreme lengths to protect the delicate information you give them, such as your personal information and identification.
In any case, it’s 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 an SMS or email-based security code.
Do all money transfer companies have a cell phone app?
Yes, when you have an account with any online money transfer services highlighted above, you can transfer through their website or 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. It is a unique combination of numbers and letters.
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:
1. OFX
If you send money online, OFX (known as Ozforex) is a good option.
They have offices worldwide 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. A flat fee may apply for smaller amounts if you send money outside the USA.
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 differ 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 or regular payments.
How to transfer money with OFX
- Create a free online account and log in to get a live quote for your transfer.
- Enter your recipients’ details, including the bank account name, bank routing code (ABA/ACH), and account number.
- Finalize transactions 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.
2. 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 among the few companies offering 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 is ideal for expats living in the USA who want to receive 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 method, followed by bank wire transfer, debit card, and credit card.
How to transfer money with Wise
- Create an online account, log in, and set up your first transfer.
- Tap in how much and where to. Enter your recipients’ details.
- Make local US payments 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.
3. 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 worldwide.
They also provide strong customer support over the phone, which is important when sending large amounts 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 do you transfer money with XE?
- Set up an account online or over the phone.
- Tap in how much, where to, and which currency.
- Pay XE; they will transfer the funds to your recipient’s bank account.
Transfer Duration
Allow 1-4 business days for international money transfers.
4. 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, making 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 CAD 40,000
How do you transfer money with WorldRemit?
- Create an online account and log in.
- 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.
They will get US dollars for a wire transfer in 3 business days.
Conclusion
Now that you know how to send money from Canada to the US without any form of stress, by virtue of this article, it has become easy for you.
