The US and Canada are two countries that are closely connected. They share the same language, they have a tremendous amount of trade between them, and they both love hockey! But there’s something that connects them even more closely: their currency. Canada uses the Canadian Dollar (CAD), and the US uses the American Dollar (USD).

It is no secret that sending money from Canada to the US is expensive. Specialist services can often offer better USD exchange rates and lower fees than most banks. Some banks don’t even allow their customers to make an international transfer of money overseas! If you want to send money from a Canadian bank account to the US without paying ridiculous or hidden fees, you will need to find a good specialist money transfer service to complete this mission. But do you have time for this?

To find out more about international money transfers, we interviewed Shania Brenson, the co-founder of 15M Finance, and she told us all the truth about how to transfer money from Canada to the United States.

How to Transfer Money from Canada to the US at the Best Rate?

“Transferring money from Canada to the United States is usually a fairly straightforward process,” said Shania Brenson.

“It's often one of the only times you'll have to worry about currency exchange rates when sending money overseas. However, there are still cheap and fast ways you can save money on your bank transfer by knowing what to look for and how to find it,” she continues.

You should always look for a company that offers excellent exchange fees, but they aren't all created equal. For example, some companies offer better rates when you send smaller amounts of money, while others offer better rates when you send more significant amounts. If you want to ensure that you're getting the best rate possible, check with different international money transfer companies before making your decision. For example, if you're looking to buy a house abroad, you can benefit from the better exchange rate and lower fees by using a money transfer company compared to a traditional bank. 

The best way to find out what kind of exchange rate a company offers is by looking at their website or calling them directly. They should be able to tell you precisely what their exchange rate is so that there are no surprises later down the road when it comes time for payment processing fees or wire transfer fees (which can often be quite costly).

Transfer money to the US with Western Union.

The first step in transferring money to the United States from Canada is to find out what kind of currency you have. For example, if you're from Canada, you'll need Canadian dollars, and if your money is in euros, you'll need to exchange it for US dollars. 

Next, find out how much money you want to transfer. The amount will determine how much money you will pay as a bank transfer fee and how long it will take to transfer funds to reach their destination. 

The final step is choosing an appropriate bank or financial institution that accepts Western Union money transfers. Once you've chosen one, all that is left is filling out the required forms and submitting them along with the required documents (such as identification).

Apps to Send Money to the United States from Canada

If you want to send money from Canada to the US bank account, there are a few different ways you can do it. You can use a traditional bank, or you can use an app. Here's what Shania Brenson recommends for these international money transfer providers for each option:

Wise

Wise is the fastest and most affordable way to transfer money between countries. It's cheaper than Western Union, and you don't need to leave your house to transfer money from Canada to the USA.

With Wise, you can send money online to anyone in the world. Some locations take anywhere from 2-3 business days, so if you send money from Canada to a bank account in another country, you can rest easy knowing they'll get it when they need it.

Skrill

Skrill (formerly Moneybookers) is a well-known and trusted international money transfer provider many people use to send money abroad. They offer competitive fees and an exchange rate and support many currencies and countries.

Skrill transfers are available with fast cash pickup for debit or credit cards and mobile payment options such as Apple Pay and Android Pay.

XE Money Transfer

XE Money Transfer is a service offered by Euronet Worldwide, so you know you're in good hands if you want to send money to the US. With XE Money Transfer, your most important online money transfers are done in one business day. Plus, the exchange rate is semi-competitive. So you can trust that you're getting a fair deal for your money.

WorldRemit

WorldRemit is a global network of cash pickup locations that you can use to send and receive money. It can be more expensive to use than other options, but it has multiple ways to send and receive dollars, making it a good choice for those who want many options.

WorldRemit is available in several countries, so if you're looking for a way to send money internationally, this might be an exemplary service!

Paysend

Paysend is an international card payment service that allows you to make low-fee, international transfers. They specialize in international card payments, which means you'll be able to transfer money from Canada to another country and receive funds in your home currency.

The best part? You don't have to worry about bank transfers or foreign exchange rates because Paysend will handle everything! You can also choose from over 110 countries where you'd like to receive funds from the recipient’s bank account.

Xendpay

Xendpay is a payment platform that allows users to make bank deposits and mobile wallet payments and receive funds. Unfortunately, this service has extremely high fees and an exchange rate compared to other companies, so it's best for users who don't mind paying higher costs for the convenience of depositing money in their Canadian bank account or transferring money from one wallet to another.

MoneyGram

MoneyGram is a global money transfer service that offers fast cash pick-up for over 50 currencies in over 200 countries. You can instantly send money to more than 200 countries and territories worldwide, including China, India, and most of Europe. In addition, MoneyGram has several convenient payment options: cash, credit card, and bank transfer.

What’s the Cheapest Way to Send Money to the United States?

Money transfer fees are so expensive that they can eat into your savings. So if you want to send money overseas through the cheapest way, you must consider your options before deciding.

If you use a peer-to-peer service like Wise or MoneyGram, you'll get a better deal than a bank or other financial institution. However, these services don't offer as many features as major US banks do.

If you need to send money from Canada to another country, then Western Union may be for you. However, remember that their high fees and exchange rates aren't favorable for cheap sending money to the US.

If you want something more sophisticated than Western Union or Wise but don't want to manage your bank account details, look into international money transfer services like PayPal or Skrill. These services are incredibly convenient because they offer low exchange charges and instant delivery via email when sending money internationally.