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How to Send Money to Canada from the USA for Free

As neighbouring countries with two of the strongest economies in the world, there are many reasons individuals or businesses need to send money between these North American countries. Millions of money transfers travel through this payment corridor everyday, and in this guide we will explain how to send money to Canada from the USA, without paying a cent. 

Updated: 06/05/2021
Read time: 5 minutes
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United States

What information do you need to send money to someone in Canada?

When sending money to a Canadian recipient, you will need to provide the following information:

  • Full name on the account 
  • Full address of the recipient’s bank
  • Account number
  • Institution number
  • Branch transit number

How much does it cost to send money to Canada from the USA?

Prices vary depending on the service provider you send money with. Below is a list of the 3 three most common charges related to money transfers sent from the US to Canada:

Transfer fees 

Not all companies will charge this type of fee but if they do, most transfer fees will be a fixed amount or a percentage of the amount. Get a quote before you start the money transfer process.

Exchange rates

Different providers offer different exchange rates, and added markups can be included in individual quotes, making exchange rate margins harder to spot. Therefore, comparing the rates offered by different providers is a sure fire way to guarantee the best possible value for your currency pairing. Use our comparison tool to check out the mid-market rate for USD/CAD.

Receiving fees

When sending money from the USA to Canada, be aware of the fact some banks and financial institutions will charge a receiving fee. This should be considered when assessing the overall cost of your money transfer.

Different dollars: Understanding USD/CAD

While the US and Canada are geographically side by side, with both country using their own version of the “dollar”, they have very separate economies which are very different from one another.

Each country is governed by its respective financial authorities; in America it is the Federal Reserve (Fed), and in Canada it is the Bank of Canada (BoC). The value of the Canadian dollar (CAD) and the American dollar (USD) fluctuates regularly, depending on economic and political factors.

While USD is a dominant currency widely used around the world, with over 65 countries accepting American dollars as legal tender, CAD is only used within Canada and is viewed as a commodity currency. This means the value of CAD heavily depends on the successful export of their raw materials, especially oil.

When presented as USD/CAD this currency pair represents the rate of exchange when converting USD to CAD. For example, at the time of writing, the USD/CAD rate was 1.26, meaning $1.00 USD is worth $1.26 CAD. 

A Guide to Sending Money to Canada

This guide provides an in-depth into the best, cheapest, fastest, and most efficient option for sending money to Canada, plus everything else you could need to know about getting your money overseas securely.

Can I send money to Canada using my US bank account?

While many US banks offer this service, we would not recommend using your bank to transfer money from the US to Canada. Although it may seem the easiest option, it is often the most expensive method; with poor exchange rates and higher service fees. 

Top 3 ways to send money to Canada from the USA for free

Using our money transfer comparison tool we identified the best money transfer specialists who can help you send money to Canada from the USA, free of charge:

1. XE 

This money transfer provider tops the list by offering an USD/CAD exchange rate closest to the mid-market rate, with no transfer fees and no transfer limit. XE is one of the most reputable companies in the money transfer market and i known for being fee-free. 

Sending money to Canada using XE can be initiated instantly, with the funds deposited within 1 – 2 hours. In addition to this, customers are able to pay for the transfer via bank transfer or debit card. 

2. KeyCurrency 

The second money transfer provider we recommend for sending money to Canada from the USA for free is KeyCurrency.

As a currency specialist, KeyCurrency offers bank beating exchange rates for USD/CAD, with zero transfer fees. Using this provider, funds can be easily sent to Canada via bank transfer, delivered within 1 – 2 hours, making this remittance not only free but fast too.

If you’re still not sure, check out what other customers had to say about their services, by visiting their TrustPilot profile, where they boast a star rating of 4.8/5.

3. WorldRemit

The final money transfer provider on our list of free money transfer services for sending money to Canada from the US, is WorldRemit

As a global platform, WorldRemit is well versed in offering first class foreign exchange rates and in this case, their quote matched the mid-market rate. A flat fee of around $3.99 is typically charged for their transfer services, however, the company have a new customer incentive which makes the first 3 transfers fee-free. Testing out WorldRemit’s services (3 times) before forking out for any transfer fees. 

WorldRemit will deposit funds to your Canadian recipient within 1 – 2 hours and accepts credit and debit cards for payment.

Bottom line

There are plenty of money transfer providers who can assist with sending money to Canada from the USA for free, you just need to shop around for the best deal. As well as the three money transfer providers listed above, we would also recommend using TorFX and Azimo, as two highly rated specialist companies offering fantastic exchange rates with minimal transfer fees. Check out our reviews of the biggest and best international money transfer companies here.

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April Summers

April is a journalist and full-time content writer for MoneyTransfers.com. Over the last decade she has written for a number of different online and print publications. Having lived overseas in Canada and Vietnam, April hopes to see more of the world as soon as possible, with Japan at the top of her travel list. As a former expat, April has first-hand experience of managing finances from overseas. She enjoys writing about forex trends and the future of banking.

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