To transfer money to a Canadian bank account from the US, you collect the recipient’s Canadian banking details, pick a channel (a bank wire, an online transfer service like Wise or OFX, or PayPal), fund the transfer in U.S. dollars, and let the provider convert to Canadian dollars on the way. Delivery takes anywhere from a few minutes to five business days. The stated fee is rarely the real cost; the exchange rate markup usually is.
What You Need From the Recipient
Every transfer relies on the same identifiers. Get one wrong and the money either bounces back or, worse, lands in the wrong account. Ask the recipient to pull these from their online banking profile or a voided check rather than type them from memory.
- Transit number: a five-digit code identifying the branch.
- Institution number: a three-digit code identifying the bank. RBC is 003, TD Canada Trust is 004, CIBC is 010.
- Account number: a seven-digit number unique to the deposit account.
- SWIFT/BIC code: an 8- or 11-character code for the bank in the global interbank network. The 8-character version points to the head office; the 11-character version specifies a branch.
- Recipient’s full legal name and address, matching what the Canadian bank has on file.
Transit and institution numbers sometimes appear as a single eight- or nine-digit routing number on Canadian checks, with the transit portion first.
Choosing a Method
Not every payment app in your phone reaches Canada. Three channels do, one common category doesn’t.
Bank Wire Transfers
The traditional route, and still the best option for large transfers like real estate deposits or business payments. Your bank sends funds through the SWIFT network to the recipient’s Canadian bank. Outgoing international wire fees at major U.S. banks (Bank of America, Chase, Wells Fargo, Citi) generally run $35 to $50, with some online-initiated wires priced lower. The Canadian bank may also charge an incoming wire fee.
Online Transfer Services
Wise, OFX, and Remitly specialize in cross-border payments and usually beat banks on exchange rates. Wise uses the mid-market rate with no markup and charges a percentage fee that falls as the transfer grows. A $400 transfer to Canada through Wise might cost roughly $2 to $8 depending on how you fund it. These services suit recurring payments like rent, family support, or freelancer invoices.
PayPal
PayPal supports transfers to Canadian recipients, but the total cost combines a transaction fee with a currency conversion spread. Convenient if the recipient already has a PayPal account; usually more expensive than a dedicated transfer service at larger amounts.
What Doesn’t Work
Zelle is domestic only and cannot send to Canadian bank accounts. Venmo is likewise U.S.-only. If someone tells you to pay a Canadian obligation through Zelle or Venmo, it’s either a misunderstanding or a red flag.
Sending a Bank Wire, Step by Step
Log into your bank’s online portal or visit a branch. Find the international wire section; most banks separate domestic and international wires, and you want the international option even though Canada is next door.
Enter the recipient’s details: name, address, transit number, institution number, account number, and SWIFT code. Verify every digit. The system displays the wire fee and, in most cases, the exchange rate the bank is applying. Authorize the transfer with whatever verification your bank uses, whether a texted code, a security token, or a paper signature. You’ll get a confirmation number when the wire enters processing.
One detail catches people off guard. The exchange rate your bank quotes is not the mid-market rate you see on Google. Banks typically mark up the rate by 2% to 5%. On a $10,000 transfer, that’s $200 to $500 in currency conversion cost on top of the stated wire fee, and it rarely appears as a separate line item.
Sending Through an Online Service, Step by Step
Open an account with the service and verify your identity, usually by uploading a photo ID and confirming your address. Link a funding source: a bank account is cheapest, a debit card is faster but pricier. Select Canada as the destination and enter the U.S. dollar amount.
The platform shows the exchange rate, the fee, and the amount the recipient will receive in Canadian dollars. That transparency is the main advantage over a bank wire, where the markup is folded into a single number. Review the estimated delivery date, confirm the recipient’s details, and submit. Most services email a tracking link so both sides can watch the money move.
The Real Cost: Compare the Amount Received, Not the Fee
The most common mistake is comparing only the stated fees. A bank wire that costs $45 but marks up the exchange rate by 3% is far more expensive on a $5,000 transfer than an online service charging $10 with no markup. The math: 3% of $5,000 is $150 in hidden conversion cost, plus the $45 fee, for $195 total. The online service is $10. That’s a $185 gap that never shows up as a “fee” on your bank statement.
Compare the total Canadian dollars the recipient will receive. The mid-market rate on Google or XE.com is your benchmark; any rate below that includes a markup, and the gap is what you’re really paying for conversion.
Timeline and Tracking
Bank wires to Canada typically arrive in one to three business days. Online transfer services range from near-instant for debit-funded transfers to three to five business days for bank-funded ones. Time of day matters. A wire submitted after your bank’s cutoff won’t begin processing until the next business day.
Keep your confirmation number or tracking link. The recipient can verify arrival in their Canadian online banking. The credited amount lands in Canadian dollars and may be slightly less than expected if the receiving bank charged an incoming wire fee.
Your Right to Cancel
Federal law gives you a 30-minute window to cancel most international transfers for a full refund, provided the recipient hasn’t already picked up or received the funds. Cancel within that window and the provider must return everything you paid, including fees, within three business days.
After 30 minutes, cancellation depends on your provider’s policies and whether the money has already been credited. Bank wires are especially hard to reverse once they enter the SWIFT network, which is why verifying the recipient’s details before sending matters so much.
Avoiding Transfer Fraud
Wire transfers are a favorite tool of scammers because they’re hard to reverse. A few patterns show up repeatedly with Canadian accounts.
- Urgency and secrecy. Any request to wire money right now and tell no one about it is almost certainly a scam. Legitimate payees don’t operate this way.
- Fake bank notifications. Scammers send messages that mimic e-transfer requests, logos and all, but the links lead to phishing sites that capture your login.
- Intercepted email. If someone compromises your inbox, they can alter wire instructions in a real invoice or real estate closing and redirect the payment. Confirm banking details by phone using a number you found independently, never one pulled from the email itself.
The 30-minute cancellation window is your last defense if you catch a problem immediately. Beyond that, recovering wired funds from a fraudulent recipient is very difficult.
Reporting Requirements if the Canadian Account Is Yours
Sending money to someone else in Canada is straightforward. Holding money in a Canadian account of your own triggers federal reporting obligations that carry serious penalties. These rules apply to U.S. citizens and residents regardless of why the account exists. If you’re simply paying a Canadian recipient, this section doesn’t apply to you.
FBAR (FinCEN Form 114)
If the combined value of all your foreign financial accounts, including Canadian ones, exceeds $10,000 at any point in the calendar year, you must file a Report of Foreign Bank and Financial Accounts electronically with FinCEN. The deadline is April 15, with an automatic extension to October 15 that requires no paperwork. Account values convert to U.S. dollars using the Treasury’s exchange rate for the last day of the calendar year, rounded up to the next whole dollar.
Penalties are steep. A non-willful violation carries a maximum of $10,000 per account. A willful violation can cost 50% of the highest account balance during the year or $100,000, whichever is greater, with those figures adjusted for inflation.
FATCA (Form 8938)
Separately from the FBAR, the Foreign Account Tax Compliance Act requires U.S. taxpayers to report foreign financial assets on IRS Form 8938 with their annual tax return. Thresholds depend on filing status and where you live:
- Single, living in the U.S.: more than $50,000 on the last day of the tax year, or more than $75,000 at any point during the year.
- Married filing jointly, living in the U.S.: more than $100,000 on the last day of the tax year, or more than $150,000 at any point during the year.
- Single, living abroad: more than $200,000 on the last day, or more than $300,000 at any point.
- Married filing jointly, living abroad: more than $400,000 on the last day, or more than $600,000 at any point.
Failing to file Form 8938 triggers a $10,000 penalty, with an additional $10,000 for every 30-day period the failure continues after the IRS sends notice, up to $50,000 in additional penalties.
Currency Transaction Reports
If a transaction involves more than $10,000 in physical currency at any point, the financial institution files a Currency Transaction Report with FinCEN. You don’t file it yourself, but the bank is reporting the transaction. Structuring deposits or transfers to stay just under $10,000 to avoid this reporting is itself a federal crime.