The fastest and cheapest way depends on the amount and how soon the recipient needs it

Sending money to Canada from the US usually takes one of four routes: a wire transfer (fastest, costs $15–$50), an international ACH transfer (slower, costs $0–$15), a money transfer service like Wise or OFX (competitive rates, 1–3 business days), or a peer transfer app if both of you use the same platform. Wire transfers arrive in hours but carry the highest fees. ACH transfers take 5–10 business days but cost less. The method you choose depends on how much you're sending, how quickly it needs to arrive, and whether you want the best exchange rate or the fastest delivery.

Before you send anything, you'll need the recipient's Canadian bank details: their full name as it appears on their account, the bank's name, the branch transit number (five digits), the institution number (three digits), and their account number. Some banks call this the "routing number" or "SWIFT code" instead. Ask the recipient to confirm these details directly from their bank statement or online banking—a single wrong digit will delay or reject the transfer.

Key Takeaways

  • Wire transfers arrive within hours but cost $15–$50; ACH transfers take 5–10 business days but cost less or nothing.
  • You need the recipient's transit number, institution number, and account number—not just their name and bank.
  • Money transfer services like Wise often offer better exchange rates than banks, though they take 1–3 business days.
  • The exchange rate you receive varies by method and provider; banks typically charge 2–3% more than the mid-market rate.

Wire transfers: hours, but expensive

A wire transfer is the fastest way to move money to Canada. Your US bank sends the funds directly to the Canadian bank, and the money usually arrives the same day or within 24 hours. You initiate the transfer online, by phone, or in person at a branch, and you'll pay a fee of $15–$50 depending on your bank.

The catch is the exchange rate. Your bank will convert US dollars to Canadian dollars at their own rate, which is typically 2–3% worse than the mid-market rate (the real rate you see on financial news sites). On a $5,000 transfer, that difference can cost you $100–$150. Wire transfers are best for small amounts or when speed is critical—paying a deposit on a house, covering an emergency, or meeting a tight deadline.

To send a wire, log into your bank's online platform or call and ask for international wire instructions. You'll provide the recipient's name, Canadian bank details, and the amount. Most banks require you to confirm the recipient's name matches their account exactly. Once sent, a wire cannot be reversed, so double-check everything before you submit.

ACH transfers: cheaper, but slower

An ACH transfer (Automated Clearing House) is the cheapest option if your bank offers it. Many US banks can send ACH transfers to Canadian banks, and the fee is usually $0–$15. The trade-off is time: ACH transfers take 5–10 business days to clear, sometimes longer if the Canadian bank is slow to process.

The exchange rate is the same problem as with wires—your bank sets the rate, and it's usually 2–3% worse than mid-market. ACH is best when you're not in a hurry and want to save on fees. Call your bank and ask if they offer cross-border ACH to Canada; not all do, and some only offer it to certain Canadian banks.

If your bank doesn't offer ACH, ask about their other options. Some banks have partnerships with Canadian institutions that allow slower, cheaper transfers. The process is the same as a wire: you provide the recipient's details and initiate the transfer online or by phone.

Money transfer services: better rates, middle-ground speed

Services like Wise, OFX, and Remitly specialize in international transfers and often beat banks on exchange rates. Wise, for example, uses the mid-market rate with a small markup (usually 0.5–1.5%), so you lose far less to currency conversion than you would at a bank. OFX and similar services are comparable. These platforms typically charge a flat fee of $3–$10 plus the markup on the exchange rate.

The downside is speed. Most money transfer services take 1–3 business days, which is faster than ACH but slower than a wire. You set up an account online, link your US bank account, enter the recipient's Canadian bank details, and initiate the transfer. The money goes to the recipient's account, not to a holding account or card.

Money transfer services are worth using for amounts over $1,000, where the exchange rate difference adds up. For smaller transfers, the fee might outweigh the savings. Compare the total cost (fee plus exchange rate markup) across your bank and at least one money transfer service before you decide.

Peer transfer apps: only if you both use the same platform

If both you and the recipient use the same app—PayPal, Venmo, Square Cash, or similar—you can send money directly through the app. These transfers are usually fast (same day or next day) and the fees are low or zero. The catch is that not all apps work across the US-Canada border, and those that do often have limits on how much you can send per transaction or per month.

PayPal, for example, allows transfers to Canada, but the recipient must have a PayPal account linked to a Canadian bank. Venmo does not support international transfers at all. Check your app's help section or contact support to confirm whether cross-border transfers to Canada are available and what the limits are.

Peer apps are convenient for splitting bills, sending money to family, or small regular transfers, but they're not practical for large sums or time-sensitive business payments.

What to do if the transfer goes wrong or takes too long

If a wire transfer doesn't arrive within 24 hours, contact your bank immediately. Ask for the SWIFT confirmation number (also called the reference number or trace number) and provide it to the recipient's bank. The Canadian bank can search their system using that number and tell you whether the money arrived and where it is. Wire transfers can get stuck if the recipient's bank details were slightly wrong, or if the Canadian bank needs more information about the sender.

For ACH and money transfer service transfers, delays of 5–10 business days are normal. If it's been longer, log into your account or contact the service and ask for the status. They can tell you whether the transfer is still processing or if there's a problem. If the recipient's bank details were wrong, the transfer may be rejected and the money sent back to your account—this can take another 5–10 days.

If money is sent to the wrong account by mistake, recovery is difficult. Contact your bank or the transfer service immediately and explain the error. They may be able to contact the receiving bank and ask them to return the funds, but there's no may provide. This is why confirming the recipient's details before you send is critical.

Exchange rates and hidden costs

Banks don't advertise their exchange rates clearly, and that's where they make money on international transfers. The mid-market rate—the real rate between US and Canadian dollars—changes throughout the day. Your bank will quote you a rate that's 2–3% worse, meaning you get fewer Canadian dollars per US dollar than you should.

On a $10,000 transfer, a 2.5% difference costs you about $250. Money transfer services typically charge 0.5–1.5% on top of mid-market, so you save $100–$200 on that same transfer. The fee (usually $3–$10) is separate from the exchange rate markup, so add both when comparing costs.

Some banks offer better rates if you're a premium customer or if you transfer a large amount. Ask your bank whether they have tiered rates or special pricing for international transfers. It's worth asking, especially if you're sending more than $5,000.

Frequently Asked Questions

How long does a wire transfer to Canada actually take?

Most wire transfers arrive within 24 hours, often the same day if you send it before your bank's cutoff time (usually 2–3 PM). Delays can happen if the recipient's bank details are wrong, if the Canadian bank is slow to process, or if there's a weekend or holiday in between. Always confirm arrival with the recipient before assuming it went through.

What's the difference between a transit number and an institution number?

The transit number (five digits) identifies the specific branch of the Canadian bank. The institution number (three digits) identifies the bank itself. Together with the account number, these route the money to the correct account. You need all three for a transfer to work. The recipient can find these on their bank statement or by logging into their online banking.

Can I send money to a Canadian credit card instead of a bank account?

Most international transfers go to bank accounts, not credit cards. If the recipient wants the money on a credit card, they'll need to transfer it from their bank account to the card themselves after it arrives. Some money transfer services offer prepaid card options, but these usually have higher fees and lower limits than bank transfers.

What happens if I send money to the wrong Canadian account?

Contact your bank or transfer service immediately and explain the error. They can try to ask the receiving bank to return the funds, but there's no may provide. Recovery can take weeks or longer. This is why confirming the recipient's account number directly with them before you send is essential—a single wrong digit sends the money to someone else's account.

Do I need to report this transfer to the IRS or CRA?

Transfers between your own accounts or to family members are generally not reported. Large transfers (over $10,000) may trigger reporting requirements depending on the reason and your tax situation. Consult a tax professional if you're unsure. This guide is about how transfers work, not tax or legal obligations.