Send money to Canada

What is the best CAD exchange rate today?

Send money internationally to Canada (CAD) using the mid-market exchange rate. Check and compare the rates from the major financial providers.

The true cost of sending USD to CAD

How much does it cost to send money to Canada?

  • International money transfers shouldn’t be expensive.
  • Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
  • You should choose a provider that uses the mid-market exchange rate to convert your money.

What are the payments methods to send money to Canada?

The available payment methods for your international transfer may vary. Most of the times these should be:

  • Debit Card.
  • Credit Card.
  • Bank Transfer.

How long does it take to send money to Canada?

How long does an international transfer take? It mostly depends on:

  • Countries you send from and to.
  • Public holidays or weekends.
  • Payment methods.
  • Potential security checks.

Before to send your money to Canada, you have to pay attention to the regulation. According to the border service office of Canada, some countries establish a limited amount that you can go out of your country. It’s important to check your possibilities according to your origin country. It’s simple to send your money to Canada because you don’t have any control of change. Neither the government nor the central bank fixed any objective for the Canadian dollar. The bank can intervene on the exchange market to avoid bad movement harmful for the economy.

The Canadian dollar is the 7th currency most exchange on the market and the most famous corridor for the Canada is from USD to CAD.

You have a lot of possibilities to send your money to Canada. The solutions are more or less expensive according to the options that you choose.

Different ways are available to send your money to Canada:

Bank services

You can send your money to Canada through to a bank. In general, bank services are more expensive because they add hidden fees on the real exchange rate. Used in a lot of case, the bank stays the solution by default to send money to Canada because “it’s more easy” for the users. The 7 principals’ banks in Canada are:

  • Royal Bank of Canada
  • Toronto Dominion Bank
  • Bank of Nova Scotia
  • Bank of Montreal
  • Canadian Imperial Bank of Commerce
  • National Bank of Canada
  • Laurentian Bank of Canada

More banks are available in Canada but to do international money transfer, it’s better to have an account in this types of bank because they have an international extensive network.

Tools without bank services

After the crisis, the trust towards the bank decreased that’s why news services arrived on the market.

Services like MoneyGram and Western Union are the most popular to send your money to Canada. But in general, the cast are expensive because the take a high commission on your money transfer.

Nowadays, a lot of news services are available to send money to Canada. The best MTO depends on the country of origin.

Best solutions to send your money from:* Europe to Canada: Worldremit, Transferwise and CurrencyFair

  • USA to Canada: Transfast, Transferwise, Worldremit and Ria
  • Australia to Canada: WorldRemit, Transferwise and CurrencyFair
  • New Zealand to Canada: Worldremit, transferwise and CurrencyFair
  • Japan to Canada: Transferwise is the best one
  • UK to Canada: WorldRemit, Transferwise and CurrencyFair

To send your money to Canada, the money transfer can be send instantly or in a period of maximum 8 days. In general, Transferwise is the cheapest solution but the more longer to receive your money in Canada.
Which documents do you need to send your money to Canada by bank transfer?

To send your money by bank transfer to Canada, you need to provide some documents to the service that you choose:

  • Bank’s name
  • Beneficiary’s name
  • Account number
  • Transit number
  • Institution number
  • Swift Code

If you don’t have every element, you can ask to your Canadian bank the different information.

It’s possible that some services ask you according to the amount, ID proof and others additional documents.

To conclude, a lot of solutions allow you to send your money to Canada. The cost and the time transfer vary according to solution that you choose. It’s important to compare every solution before each money transfer because the exchange rate can vary.

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