Find the best ways to transfer money to Canada

The USD to CAD exchange rate fluctuates frequently.

Today, the average rate sits around 1.372, but even small shifts can make a big difference on large transfers.

Here's a tip: if your transfer isn’t urgent, consider waiting for a stronger CAD rate to increase the amount your recipient receives.

Based on our data, Wise consistently offered the most favorable exchange rates for CAD, with -0.01% markup compared to traditional banks charging 3-5% in Canada.

The cost of sending CAD largely depends on how you fund the transfer:

Key Currency was the cheapest and most frequent option for CAD transfers, especially when funded via bank transfer.

Why not use your bank directly?

Canadian banks often charge up to $50 for incoming international wires and add an extra 3-5% markup on exchange rates. Most also rely on the SWIFT network, which introduces delays and additional intermediary fees.

If you're sending money for a property purchase, immigration relocation, or tuition fees, the amount likely exceeds typical transfer limits.

• Wise is our go-to recommendation for large transfers due to low fixed fees and transparent CAD pricing

• Many Canadians use multi-currency accounts (like Wise or Revolut) to hold foreign currency and convert it when rates are favorable

Some providers may ask for:

• Proof of funds (e.g., salary statement or sale agreement)

• ID and Canadian address for the recipient (especially for >$10,000 transfers)

Canada’s modern banking system allows for the fast receipt of funds, but speed still depends on your method:

• Bank transfers (ACH/SEPA equivalents): 1–3 days

• Debit/credit cards: A few hours

• Cash pickup: Within minutes

Based on the remittance data from our users ($7,000 transfers):

• Fastest: Currencyflow in 100% of cases

• Fast + cheap: Key Currency with only 0.26% markup

• Urgent: Western Union or Ria Money offer instant cash collection at thousands of Canadian agent locations

Avoid SWIFT if speed matters, as delays from intermediary banks are very common.

Canada supports a wide variety of receiving methods, making it easy for recipients to get their funds.

1. Online transfers

Services like Wise, Revolut, and Instarem are the most cost-effective. Wise was the top result in 100% of CAD-related searches on MoneyTransfers.com.

2. Mobile apps

Apps such as XE, WorldRemit, and Remitly offer flexibility and sometimes better rates for repeat transfers.

3. Cash pickup

Western Union, MoneyGram, and Ria allow recipients to collect cash in person. Great for those without Canadian bank accounts.

4. Multi-currency accounts

Wise, Revolut, and Wealthsimple allow recipients to hold CAD, convert it later, and even spend using a local debit card — ideal for newcomers or digital nomads.

There are no IBANs in Canada — transfers go to a Canadian account number using a 5-digit institution number, transit code, and account number.

Most common delivery methods:

• Direct bank deposit: Most convenient and cheapest, best used with Wise

• Cash pickup: For those without access to Canadian banking

• Digital wallets: PayPal is supported, but has higher fees; Revolut and Wise are great alternatives

Please note, Cash App is not available for transfers to Canada from abroad, and Interac e-Transfers are not available for receiving money from abroad — they only work domestically within Canada.

For regulatory compliance, both the sender and recipient may need to provide the following.

For senders:

• Passport or national ID

• Proof of address

• Source of funds (bank statement, pay stub)

For recipients:

• Canadian ID: Driver’s license, citizenship card, permanent resident card, or provincial health card

• Bank details: Transit + institution + account number (not IBAN)

• Contact info: Email & phone number

Some providers may ask for additional details when receiving large sums or doing cash pickup (e.g., Western Union agent verification).

You can send as much money as you want to Canada, but if you send more than $10,000 CAD, it needs to be reported to FINTRAC.

This is for legal reasons. Usually, the company you use to send the money will take care of this. But, it's a good idea to double-check with them first.

When you send a lot of money, it's smart to know about tax rules in Canada. If you already paid taxes on the money in your country, Canada's agreements with many countries mean you might not be taxed again if you send it to your own account there.

There is also no gift tax in Canada.