How to Wire Money From Canada to the US: Fees, Timing, and Reporting

To wire money from Canada to the US, you collect the recipient’s U.S. banking details, instruct your Canadian bank or an online transfer service to send the funds, and pay a mix of flat fees and currency conversion costs that usually come to between $30 and $100 or more. Most bank-to-bank wires arrive within one to five business days.¹

What to Get From the Recipient First

Before you log in or walk into a branch, ask the person receiving the money for everything the wire needs. One wrong digit can bounce the transfer, and most banks charge a fee when that happens.

Their full legal name, exactly as it appears on the U.S. account.
Their physical address tied to the account.
The name and address of the U.S. bank, including the specific branch.
The nine-digit ABA routing number that identifies the U.S. bank.²
The bank’s SWIFT or BIC code (8 to 11 characters).
The account number, which the recipient can find on a voided check or in their online banking portal.

Verify each number through a secure channel. A phone call or an in-person exchange is safer than email or text, because wire fraud often starts with someone intercepting account details in transit.

Some banks also ask you to pick a purpose code: family support, goods or services, tuition, real estate, charitable donation, and so on. Have an answer ready and the form moves faster.

Sending the Wire Through Your Canadian Bank

Online or Mobile Banking

Sign in and find the section labeled International Transfers, Global Payments, or something similar. Choose the United States as the destination, then decide whether you want to send a set amount in Canadian dollars or have a set amount in U.S. dollars land in the recipient’s account. Enter the ABA routing number, SWIFT code, and account number.

Review the transaction summary before you confirm. It should show the exchange rate your bank is applying, the flat wire fee, and the total that will leave your account. Confirming usually triggers multi-factor authentication: a code sent to your phone or generated by an authenticator app. Save the confirmation receipt. That’s your official record if anything goes wrong.

In Person at a Branch

Bring the full set of recipient details with you. A representative fills out a wire authorization form, you sign it to instruct the bank to debit your account, and you ask for a printed copy. Keep that copy until the recipient confirms the money has arrived.

Many Canadian banks cap online international transfers at lower amounts than branch transfers allow. For a larger wire, call ahead or plan on going in.

What It Will Actually Cost

Three separate costs chip away at the amount that lands in the recipient’s U.S. account.

The Sending Fee

Major Canadian banks generally charge between $30 and $80 per outgoing international wire. The exact fee depends on the institution, your account type, and whether you send online or at a branch.

The Receiving Fee

The U.S. bank often takes its own cut on incoming international wires, commonly $15 to $25. The recipient should check with their bank so the final amount isn’t a surprise.

The Exchange Rate Markup

Your bank will not convert at the mid-market rate you see on financial news sites. It adds a markup, which is the gap between the interbank rate and the rate it offers you. This markup isn’t broken out as a line-item fee, so it’s easy to miss. Before you confirm, compare the quoted rate against the current mid-market rate. On a large transfer, the markup is often the biggest single cost.

Intermediary Bank Deductions

International wires sometimes pass through one or more intermediary banks between Canada and the United States, and each one can deduct a processing fee from the amount in transit.³ If a specific amount has to arrive (an invoice, a tuition bill, a down payment), either send a little extra to cover possible deductions or ask your bank about fee structures that guarantee the full amount arrives.

How Long It Takes and What to Do if It’s Late

Expect one to five business days for the funds to show up in the U.S. account.¹ Timing depends on the schedules of the sending bank, any intermediaries, and the receiving bank. A wire sent late Friday may not start moving until Monday.

Your bank will usually email or text you once the funds leave your account. If the recipient still hasn’t seen the money after the expected window, ask your bank for an MT103. That’s a standardized SWIFT message that documents the sender, recipient, amount, currency, and any charges applied along the way. The recipient’s bank can use it to trace the payment through the international system.

Reporting Rules That May Affect You

You usually don’t have to file anything yourself, but these rules explain why your bank asks for ID or questions you about the purpose of the transfer.

Canada: FINTRAC Reporting at $10,000

Canadian banks and money services businesses must report any international electronic funds transfer of $10,000 or more to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).⁴ The bank files the report; you don’t. What you may be asked to do is verify your identity and explain the purpose of the transfer, which the bank is required to do under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.⁵

U.S.: Bank Secrecy Act Records at $3,000

On the American side, the Bank Secrecy Act requires financial institutions to collect and keep detailed records on funds transfers of $3,000 or more, including names, addresses, and account numbers for both sender and recipient.⁶ If you walk in with more than $10,000 in physical cash to fund a wire, the institution must also file a Currency Transaction Report.⁷ A standard wire funded from your bank account does not trigger that particular report, because no physical cash is involved.

If the Money Is a Gift: Form 3520

Wire transfers themselves aren’t taxed. But if the money is a gift and the U.S. recipient receives more than $100,000 in total gifts from foreign individuals in a single tax year, the recipient has to report those gifts to the IRS on Form 3520.⁸ It’s an informational filing with no tax owed on the gift, but missing it carries significant penalties. The $100,000 threshold aggregates all gifts from related foreign individuals, not just one wire.

If the money is payment for services, a loan repayment, or sale proceeds, different rules apply and the recipient may owe income tax. When the amount is large, a tax professional on either side of the border is worth the call before you send.

Online Transfer Services as an Alternative

Specialized online money transfer services run through web and mobile apps and often offer smaller exchange rate markups than banks, which can meaningfully change the math on a larger transfer. In the United States they register as Money Services Businesses with FinCEN and follow anti-money laundering rules.⁹ In Canada they register with FINTRAC and face the same reporting obligations as banks.⁵

The tradeoff is lower per-transaction limits and extra identity verification on very large amounts, which can slow things down. For routine transfers under a few thousand dollars, these services are often faster and cheaper than a bank wire. For a very large or time-sensitive transfer, a direct wire through a major Canadian bank regulated by the Office of the Superintendent of Financial Institutions may give you more predictability.¹⁰

1
Manulife Bank. Wire Transfers – Customer Support
2
American Bankers Association. Routing Number Policy and Procedures
3
J.P. Morgan. How Wire Transfers Work and When to Use Them
4
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Reporting Electronic Funds Transfers to FINTRAC
5
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Money Services Businesses – FINTRACs Requirements
6
eCFR. 31 CFR 1010.410 – Records to Be Made and Retained by Financial Institutions
7
FinCEN. Notice to Customers – A CTR Reference Guide
8
Internal Revenue Service. Instructions for Form 3520
9
Financial Crimes Enforcement Network. Money Services Business (MSB) Registration
10
Office of the Superintendent of Financial Institutions. Understanding Prudential Regulation in Canada