The fastest way depends on where you're sending from and how much

If you're sending money to Canada from the United States, your bank can do it directly through a wire transfer or ACH transfer — no special service needed. A wire transfer takes one to two business days and costs between $15 and $50. An ACH transfer takes three to five business days and usually costs $0 to $15. If you're sending from outside North America, or if you want to avoid bank fees, third-party money transfer services like Wise, OFX, or MoneyGram often offer better exchange rates and lower costs, though they take slightly longer.

The key information you'll need is your recipient's name, their Canadian bank account number, and their bank's routing number (called a SWIFT code or IBAN for international transfers). Some services also ask for the recipient's address. Have all of this before you contact your bank or open an account with a transfer service.

Key Takeaways

  • Wire transfers from a U.S. bank to Canada take one to two business days and cost $15 to $50, while ACH transfers take three to five days and cost less or nothing.
  • You will need the recipient's full name, Canadian bank account number, and their bank's SWIFT code or routing number before you start.
  • Third-party transfer services like Wise or OFX often charge lower fees and offer better exchange rates than banks, but may take an extra day or two.
  • Your bank may ask you to register the Canadian account as a payee before allowing the transfer, which adds one business day to the first transfer only.

Wire transfer: fastest but most expensive

A wire transfer moves money directly from your bank account to the Canadian bank account. Your bank sends the funds through the SWIFT network (the international banking system), and the money arrives in one to two business days. This is the fastest option.

To send a wire, call your bank or log into online banking and select "send a wire transfer." You'll enter the recipient's name, their Canadian account number, and their bank's SWIFT code. Your bank will charge a fee — typically $25 to $50 for an outgoing international wire. The recipient's Canadian bank may also charge a small receiving fee, usually $5 to $15, which they deduct from the amount that arrives.

Some banks require you to register a new payee before wiring money to them. This is a security step that takes one business day. If your bank requires this, you won't be able to send the wire the same day you request it.

ACH transfer: slower but cheaper for U.S. banks

An ACH transfer is a batch electronic transfer that moves money between bank accounts within North America. It takes three to five business days because the banks process these transfers in groups at set times each day. ACH transfers cost much less than wires — often $0 to $15 — because they're automated and lower-risk.

Not all Canadian banks accept ACH transfers from the United States. Call your recipient's bank first and ask whether they accept ACH payments. If they do, ask for their ACH routing number (different from their SWIFT code). Then contact your bank and request an ACH transfer, providing the recipient's name, account number, and ACH routing number.

ACH transfers work best when you're sending smaller amounts and have time to wait. If you need the money to arrive in two days or less, use a wire transfer instead.

Third-party transfer services: better rates, longer wait

Companies like Wise, OFX, Remitly, and MoneyGram specialize in moving money between countries. They often charge lower fees than banks and offer exchange rates closer to the real market rate. The tradeoff is that transfers usually take three to five business days, sometimes longer.

To use a transfer service, you create an account on their website or app, enter the amount you want to send, and provide the recipient's Canadian bank details. The service gives you a quote showing the fee, the exchange rate, and the amount that will arrive. You then transfer money from your bank account to the service's account (usually free or low-cost), and the service sends it to Canada on your behalf.

These services are worth comparing if you're sending a large amount, because even a small difference in exchange rate saves money. Use their online calculators to see what the recipient will actually receive after all fees.

Information you need before you start

Gather this information from your recipient before you contact your bank or open an account with a transfer service:

  • The recipient's full legal name (as it appears on their bank account)
  • Their Canadian bank account number
  • Their bank's name and location
  • Their bank's SWIFT code (for wire transfers) or ACH routing number (for ACH transfers)
  • Their mailing address (some services ask for this)

If your recipient doesn't know their bank's SWIFT code, they can find it on their bank's website or by calling their bank. The SWIFT code is usually four to eleven characters and appears on official bank documents.

What happens after you send the money

Once you've sent the transfer, your bank or transfer service will give you a confirmation number and a tracking reference. Keep this number — you'll need it if something goes wrong or if the recipient asks where the money is.

The recipient should see the money in their account within the timeframe you were quoted (one to five business days, depending on the method). If the money doesn't arrive by that date, contact your bank or transfer service with your confirmation number. They can trace the transfer and find out where it is.

Money sent on a Friday or weekend won't move until the next business day. If you send a transfer on Thursday evening, don't expect it to arrive until the following week.

Frequently Asked Questions

Do I need to tell the Canadian bank I'm receiving money?

No. The recipient doesn't need to do anything. The money will arrive in their account automatically once the transfer clears. They should just check their account on the expected arrival date.

What if I send money to the wrong account number?

Contact your bank or transfer service when ready with your confirmation number. They may be able to recall the transfer if it hasn't cleared yet. If it has already arrived in the wrong account, you'll need to contact that bank and ask them to return the funds — this can take weeks. Always double-check the account number before you send.

Can I send money to a Canadian credit card or investment account?

No. You can only send money to a Canadian bank account (checking or savings). If your recipient needs the money in a different type of account, they'll need to transfer it themselves after it arrives in their bank account.

Why is the exchange rate different from what I see online?

Banks and transfer services add a markup to the real market exchange rate. This is how they make money on transfers. Wise and OFX typically offer rates closer to the market rate than traditional banks, but all services mark up the rate slightly.

Can I cancel a transfer after I send it?

It depends on how far the transfer has progressed. If you cancel within a few hours of sending, your bank may be able to stop it. Once it enters the SWIFT network or clears, it usually cannot be stopped. Contact your bank when ready if you need to cancel.