To wire money from Canada to the US, you gather the recipient’s U.S. banking details, start the transfer through your Canadian bank’s online portal or at a branch, and pay a sending fee plus a currency conversion markup. Total costs usually land between $30 and $100 or more, and the funds arrive in one to five business days.
What You Need From the Recipient
Before you start the transfer, get the following from the person receiving the money:
- Their full legal name, exactly as it appears on their U.S. bank account
- Their physical address tied to the account
- The full name and address of the U.S. bank, including the branch where the account is held
- The nine-digit ABA routing number that identifies the U.S. bank1American Bankers Association. Routing Number Policy and Procedures
- The SWIFT or BIC code, an 8- to 11-character international identifier where the first four letters represent the bank, the next two the country, and the rest the location and branch
- The recipient’s account number, which appears on a voided check or in their online banking portal
One wrong digit in a routing or account number will bounce the transfer or hold it up, and most banks charge a fee when a wire fails because of a data error. Confirm every number through a secure channel before you send.
Some banks also ask you to pick a purpose code, a short label describing why you are sending the money. Family support, tuition, real estate purchases, goods or services, and charitable donations are common categories. Having an answer ready keeps the form moving.
Sending the Wire Through Your Canadian Bank
Online or Mobile Banking
Log in to your account and find the section labeled International Transfers, Global Payments, or something similar. Choose the United States as the destination and decide whether you want to send a set amount in Canadian dollars or have a set amount arrive in U.S. dollars. Enter the ABA routing number, SWIFT code, and account number.
Read the summary before you confirm. It should show the exchange rate the bank is applying, the flat wire fee, and the total that will be debited from your account. Most banks then require multi-factor authentication before releasing the transfer. Save the confirmation screen; it is your receipt.
In-Branch Transfers
If you would rather send the wire in person, bring the recipient’s full banking details to your branch. A representative fills out a wire authorization form, and you sign it to instruct the bank to debit your account and send the funds. Ask for a printed copy and keep it until the money arrives.
Some Canadian banks cap online international transfers at lower amounts than in-branch ones. If you are sending a large sum, ask whether you need to come in or call to authorize the wire.
What It Costs
Three separate charges reduce what actually lands in the recipient’s account.
Sending and Receiving Fees
Major Canadian banks generally charge $30 to $80 for an outgoing international wire, depending on your bank, your account type, and whether you send online or in a branch. On the U.S. side, the receiving bank often charges $15 to $25 for an incoming international wire. Have the recipient check with their bank so the final amount doesn’t surprise either of you.
Exchange Rate Markup
When your bank converts Canadian dollars to U.S. dollars, it does not use the mid-market rate you see on financial news sites. It adds a markup, the difference between the interbank rate and what it offers you. That markup is not itemized, so it is easy to miss. Before you confirm, compare the bank’s quoted rate with the current mid-market rate to see the real cost of conversion.
Intermediary Bank Deductions
An international wire sometimes passes through one or more intermediary banks between Canada and the United States. Each one may take its own processing fee out of the transfer before passing it along, which shrinks the amount that lands in the recipient’s account.2J.P. Morgan. How Wire Transfers Work and When to Use Them If the exact amount arriving matters, such as when you are paying a specific tuition bill or invoice, send slightly more than the invoiced figure or ask your bank whether it offers a fee structure that guarantees the full amount arrives.
How Long It Takes and How to Trace It
A wire from Canada to a U.S. bank account usually arrives within one to five business days.3Manulife Bank. Wire Transfers – Customer Support The exact timing depends on the sending bank, any intermediary banks in the chain, and the receiving institution. A wire sent late on a Friday may not begin processing until Monday.
Your bank will normally send an email or text confirming that the funds have left your account. If the money hasn’t arrived within the expected window, ask your bank for an MT103, a standardized SWIFT message that acts as proof the transfer was sent. It carries the sender’s and recipient’s details, the amount, the currency, and any charges applied along the way, and the recipient’s bank can use it to trace the payment.
When Your Bank Will Ask Questions
Both countries regulate cross-border wires, and the paperwork mostly falls on the banks rather than on you. Knowing the thresholds explains why the teller asks certain questions.
In Canada, banks and money services businesses must report any international electronic funds transfer of $10,000 or more to FINTRAC.4Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Reporting Electronic Funds Transfers to FINTRAC Your bank files this automatically. You may still be asked to verify your identity and explain the reason for the transfer under Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act.5Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Money Services Businesses – FINTRACs Requirements
On the U.S. 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 parties.6eCFR. 31 CFR 1010.410 – Records to Be Made and Retained by Financial Institutions A separate report, the Currency Transaction Report, applies when someone funds a transaction with physical cash over $10,000.7FinCEN. Notice to Customers – A CTR Reference Guide A standard wire sent from your bank account does not trigger that particular report because no cash is involved.
Tax Reporting the U.S. Recipient May Owe
The wire transfer itself is not taxed. If the money is a gift, though, and the U.S. recipient receives more than $100,000 in total gifts from foreign individuals during a single tax year, they must report those gifts to the IRS on Form 3520.8Internal Revenue Service. Instructions for Form 3520 It is an informational filing with no tax owed on the gift, but missing it can bring significant penalties. The $100,000 threshold aggregates gifts from related foreign individuals rather than looking at a single transfer.
Different rules apply if the wire is payment for services, a loan repayment, or proceeds from a sale, and the recipient may owe income tax on it. For large sums, the recipient should talk to a tax professional before the money moves.
Online Transfer Services as an Alternative
Specialized online money transfer platforms offer a digital-first alternative to a traditional bank wire. Their exchange rate markups are typically lower than the banks’, which can matter on larger amounts, and the whole transaction runs through a website or mobile app.
These companies register as Money Services Businesses with FinCEN in the United States9Financial Crimes Enforcement Network. Money Services Business (MSB) Registration and with FINTRAC in Canada,5Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Money Services Businesses – FINTRACs Requirements so the same anti-money-laundering rules that apply to banks apply to them.
The tradeoff is that online platforms may have lower per-transaction limits, and very large transfers can trigger extra identity checks that slow things down. For routine transfers of a few thousand dollars or less, such as sending money to family or paying a recurring bill, these services are often faster and cheaper than a bank wire. For very large or time-sensitive transactions, a wire through a major Canadian bank regulated by the Office of the Superintendent of Financial Institutions may be more predictable.10Office of the Superintendent of Financial Institutions. Understanding Prudential Regulation in Canada