How to Transfer Money from US to Canada| North Loop Official Blog
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14 Apr 2020

How to Transfer Money from US to Canada

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How to transfer money from US to Canada

Are you looking to send money to Canada from USA? And wondering how to transfer money from US to Canada? Even though the countries are borders, they have separate financial systems and therefore you will have to transfer funds internationally.

The Exchange Rate
Although both countries use a currency called the dollar, they aren’t the same! The Canadian Dollar (CAD) has a different value to the US Dollar (USD), so make sure you are getting a good rate when you are converting from USD to CAD (use our free exchange rate finder here).

Things to Look For When You Send money from US to Canada

When considering which company to use to send money from US to Canada, here are a few of the things you should consider:
  • Upfront Fees - what are the upfront fees the business is charging?
  • Hidden Costs - if the business isn’t charging any upfront fees, are these costs hidden somewhere else? Is the FX or exchange rate very high, meaning you are getting less Canadian dollars?
  • Exchange Rate - how does the exchange rate compare to other providers? Are you able to see clearly how many Canadian dollars you’re buying? Many companies make it complicated so you can’t figure out how much money you’re losing!
  • Delivery Time - when will the money reach? Sometimes, just because it's cheaper, the money may take a long time to reach.
  • Reputation - is the business known for handling customer complaints well? IS it ethical and can you trust it with your money?

How to send to Canada from USA

There are many ways to transfer money from US to Canada. Here are few ways of how to send to Canada from USA:
Wire Transfer
This is how banks send money from one bank in one country to another bank in another country. The SWIFT Network helps banks across the world communicate. To send money via SWIFT transfer (also known as a wire transfer), you’ll need your recipient bank’s SWIFT code, as well as the account number. The receiving bank may also have an intermediary bank called a correspondent bank, and you’ll need to include those details as well. The downside to wire transfers is that they are expensive and slow - you have to pay a sending fee (usually $25 and more) no matter the amount, and banks aren’t transparent about their exchange rates - so you’ll end up losing a lot of money! These wire transfers can also take up to 8-10 days to reach your recipient (read more about SWIFT transfers < here).

Money Transfer ServicesThere are a number of money transfer services you can use to send money to Canada from USA. Some of these include:
Western Union
The oldest money transfer service, Western Union is widely known. However, it has amongst the highest rates for USD to CAD conversion, and high fees. Also, for a money transfer business, the delivery and payout times can be quite slow.

Ways to Pay for Money Transfer Services
Depending on the money transfer service, you can use your debit card to pay for the transfer, or send an ACH or wire transfer to the money transfer business’ account. Each form has its own cost and delivery time for funds to be dispersed.

Use North Loop to send money from US to Canada

It takes just 5 minutes to send money from US to Canada using North Loop. We don’t charge any fees, and all exchange rates and delivery times are shown upfront. It’s transparent, cheap and quick - the way money transfer should be. Use North Loop now to send money from US to Canada. Sign up here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.