The fastest way depends on where the money is coming from
If you are sending money from a U.S. bank account to a Canadian bank account, the method that works fastest and cheapest depends on whether you are sending from the U.S. or Canada, and whether the receiving account is at a major bank or a smaller institution. A wire transfer typically arrives in one to two business days but costs $15 to $50. An ACH transfer (if your U.S. bank offers cross-border ACH) takes three to five business days and costs $0 to $15. A digital money transfer service like Wise, OFX, or Remitly can arrive in one to three business days and often has better exchange rates, though fees vary by provider.
If you are already in Canada and transferring between Canadian banks, Interac e-Transfer is the standard method — it arrives within minutes to a few hours, costs $0 to $2, and works between any two Canadian banks. If you are transferring large amounts or need a may provide delivery time, an in-person bank transfer at a branch or a wire transfer through your bank is more reliable.
Key Takeaways
- Wire transfers from a U.S. bank to Canada arrive in one to two business days but cost $15 to $50 per transfer.
- Interac e-Transfer is the cheapest and fastest option between Canadian banks, arriving within hours for $0 to $2.
- Digital money transfer services like Wise often offer better exchange rates than banks but may take one to three business days.
- You will need the receiving account holder's name, bank name, branch transit number, and account number to complete any transfer.
- Cross-border transfers require you to verify the receiving account details carefully, as errors can delay the transfer by days or weeks.
Wire transfer from a U.S. bank to Canada
A wire transfer is the most direct method if you are sending money from the United States to Canada. You initiate the transfer through your U.S. bank's website, mobile app, or by visiting a branch. Your bank will ask for the receiving account holder's name, the Canadian bank's name, the branch transit number (a five-digit code), the institution number (a three-digit code), and the account number. Some banks also ask for a SWIFT code, which is an eight or eleven-character code that identifies the Canadian bank internationally.
The transfer typically arrives within one to two business days. Your U.S. bank will charge an outgoing wire fee, usually $15 to $50. The receiving Canadian bank may also charge an incoming wire fee, typically $10 to $25, which is deducted from the amount received. The exchange rate applied is set by your bank and is usually less favorable than the mid-market rate — expect to lose 1 to 3 percent of the amount to the exchange rate markup.
Wire transfers are irreversible once sent, so verify all account details before you submit. If you enter the wrong account number or branch code, the money may be sent to the wrong account or rejected by the Canadian bank, and recovery can take weeks.
Interac e-Transfer between Canadian banks
If both accounts are in Canada, Interac e-Transfer is the standard method. You log into your Canadian bank's app or website, select e-Transfer, enter the recipient's email address or phone number, and the amount. The recipient receives a notification and can accept the transfer within minutes. The money appears in their account immediately or within a few hours, depending on the banks involved.
Interac e-Transfer costs $0 to $2 per transfer, though many banks waive the fee for customers with premium accounts. There is no exchange rate markup because both accounts are in the same currency. Daily limits vary by bank — most allow $2,000 to $3,000 per transfer, with higher limits for customers who set up security questions or use their bank's app.
If the recipient does not accept the transfer within 30 days, the money is automatically returned to your account. If the recipient's email or phone number is incorrect, the transfer will fail and you can resend it to the correct address.
ACH transfer from a U.S. bank (if available)
Some U.S. banks offer cross-border ACH transfers to Canadian accounts, though this option is less common than wire transfers. ACH is slower than a wire — it typically takes three to five business days — but costs less, usually $0 to $15. You will need the same information as a wire transfer: the receiving account holder's name, bank name, branch transit number, institution number, and account number.
Not all U.S. banks offer this service, and not all Canadian banks accept ACH transfers. Before you attempt an ACH transfer, contact your U.S. bank to confirm they support cross-border ACH and ask for the specific Canadian bank routing information they require. If your bank does not offer ACH, a wire transfer is your next option.
Digital money transfer services
Services like Wise, OFX, Remitly, and MoneyGram offer cross-border transfers from the U.S. to Canada with competitive exchange rates and lower fees than banks. You create an account, enter the amount and the receiving account details, and the money is transferred to the Canadian account within one to three business days. Fees typically range from $2 to $15, depending on the amount and the service.
The main advantage is the exchange rate. These services use the mid-market rate or a rate very close to it, so you lose less money to currency conversion than you would with a bank wire. The main disadvantage is speed — they are slower than wire transfers — and the fact that not all services work with all Canadian banks. Before you use a service, check that it supports transfers to the specific Canadian bank you are sending to.
Digital services also require you to verify your identity before your first transfer, which can add a day or two to the process. After that, subsequent transfers are faster.
What information you need to provide
| Information | What it is | Where to find it |
|---|---|---|
| Account holder's name | The full legal name on the receiving account | Ask the recipient or check a bank statement |
| Bank name | The name of the Canadian bank (e.g., Royal Bank of Canada, TD Bank) | The recipient's bank statement or online banking |
| Branch transit number | A five-digit code identifying the specific branch | The recipient's cheque or online banking under account details |
| Institution number | A three-digit code identifying the bank | The recipient's cheque or online banking |
| Account number | The account number (usually 7 to 12 digits) | The recipient's cheque, bank statement, or online banking |
| SWIFT code | An international bank identifier (8 or 11 characters) | Your bank will provide this or you can search online |
The most common source of error is confusing the branch transit number with the institution number or entering the account number incorrectly. Ask the recipient to read the information directly from their cheque or online banking, and repeat it back to confirm before you submit the transfer.
What to do if the transfer is delayed or goes to the wrong account
If a wire transfer does not arrive within two business days, contact your bank immediately. Provide the transfer confirmation number (which your bank gave you when you sent the transfer) and ask the bank to trace the transfer. The bank can contact the receiving Canadian bank to confirm whether the money arrived and where it went. This process typically takes three to five business days.
If the money was sent to the wrong account, recovery depends on whether the receiving bank can reverse the transfer. If the receiving account holder cooperates, the money can be returned. If they do not, the receiving bank may not be able to recover it, and you may need to pursue a civil claim. This is why verifying account details before you send is critical.
For Interac e-Transfer, if the recipient does not accept within 30 days, the money automatically returns to your account. If the recipient accepted but claims they did not receive it, contact your bank with the transfer confirmation number — the bank can confirm whether the money was deposited to the recipient's account.
Exchange rates and hidden costs
When you transfer money across the U.S.-Canada border, the exchange rate is not the mid-market rate you see online. Banks typically mark up the rate by 1 to 3 percent, meaning you receive less Canadian currency than you would if you converted at the true market rate. On a $1,000 transfer, this markup can cost you $10 to $30.
Digital money transfer services usually offer rates closer to the mid-market, which is why they are often cheaper than banks for large transfers. However, they charge a flat fee ($2 to $15), so for very small transfers (under $100), a bank wire may actually be cheaper despite the worse exchange rate.
Always ask your bank what exchange rate they will apply before you send a transfer. Some banks show the rate on the confirmation screen; others do not. If your bank does not disclose the rate, ask them to provide it in writing before you authorize the transfer.
Frequently Asked Questions
How long does a wire transfer from the U.S. to Canada take?
Wire transfers typically arrive within one to two business days. Weekends and holidays do not count as business days, so a transfer sent on Friday may not arrive until Tuesday. If a transfer does not arrive within two business days, contact your bank to trace it.
Can I transfer money to a Canadian account if I do not know the branch transit number?
You need the branch transit number and institution number to complete a wire transfer or ACH transfer. Ask the recipient to provide this information from their cheque or online banking. If they cannot find it, they can call their bank and ask for the routing information for a wire transfer.
What happens if I send money to the wrong Canadian account?
Wire transfers are irreversible once the receiving bank accepts them. If the money went to the wrong account, you will need to contact the receiving bank and ask them to reverse the transfer, which requires the cooperation of the account holder who received the money. If they refuse, you may not be able to recover it. Always verify account details before you send.
Is Interac e-Transfer available to people in the U.S.?
Interac e-Transfer only works between Canadian bank accounts. If you are in the U.S., you cannot use Interac e-Transfer. You will need to use a wire transfer, ACH transfer, or a digital money transfer service instead.
Which method is cheapest for sending $500 to Canada?
For $500, Interac e-Transfer (if both accounts are in Canada) costs $0 to $2 and is the cheapest option. If you are sending from the U.S., a digital money transfer service like Wise usually costs $3 to $8 and offers a better exchange rate than a bank wire, which would cost $15 to $50 plus a worse exchange rate. Calculate the total cost (fee plus exchange rate loss) before you choose.