USD to CAD Platforms with the Best Rates



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You might have personal or business reasons to transfer US dollars to the Canadian dollar in small or large amounts. Whatever may be the reason for exchanging USD to CAD, it’s essential to reduce costs associated with the cross-border transfer by opting for the best rates and low transfer fees.

Sending or receiving money across the border between Canada and the USA shouldn’t cost a fortune to affect your budget. There are numerous cheap ways to exchange USD to CAD with reliable and secure fast delivery.

Before you send or cross-currency funds, it’s essential to consider the current Canadian and United States exchange rates. With this, you’re best placed to get the best rates in converting your US dollar to Canadian dollar.

Depending on the delivery urgency, payment method, and your preferred payment or exchange platform (bank account or other international money transfer services), you can conveniently transfer US dollars to a beneficiary in Canada for cash pickup, bank deposit, airtime top-up, or bill payments.

Best Methods for Sending Money to Canada

In terms of sending money (USD) to Canada, you’re presented with multiple options of reliable money transfer platforms, including banks. The best way to send money with reasonable rates depends entirely on some factors, including your transfer payment method, the transfer amount, the transfer speed, among others.

Invariably, what is suitable for Mr. A might be financially catastrophic for Mr. B, depending on their unique transfer needs.

To send money to Canada, you most definitely want to get the best rates and cut off high transaction fees. Some of the best methods to send money (USD) to Canada (CAD) include:

1.      Digital/International Money Transfer Services

Digital money transfer services are online and app-based payment platforms that provide secure, fast, and cost-effective money transfers.

Due to their competitive exchange rates and quality service, digital money transfer services like Transferwise, OFX, World Remit, Currency transfer, etc., have become sought out for foreign currency exchanges and transfers to a Canadian bank account.

2.      Online/Cash Payment Services

Online payment services provide cash transfer solutions for cash pickup at a Canadian branch location. By using this service, you can expect a fast delivery within few minutes.

Cash payment services like MoneyGram, Western Union, etc., usually have higher transaction fees than digital money transfer platforms.

3.      Bank Transfer Services

You can also transfer USD to CAD is using your bank account. The bank transfer option is the most expensive and secure.

Bank transfer services include TD Global Transfer, CIBC global money transfer, RBC Royal Bank international wire transfer, and more.

Best Options to Send Money from the United States to Canada

There are options of sending money across the border between the United States and Canada, depending on how you want the recipient to receive the CAD. Some of these options include:

1. Bank Account Direct Deposit

With the bank account direct deposit option, you can send money (USD) directly to the recipient’s Canadian bank account.

In return, the recipient will receive the Canadian dollar in his or her Canadian bank account. This option is available at online money transfer platforms and bank transfer services, including PayPal, OFX, Transferwise, etc.

2. Cash Pickup

You can send USD for Canadian dollar cash pickup at online cash payment platforms such as MoneyGram or Western Union.

The recipient will pick up the cash (CAD) at the agent location, using the transfer information. This service is suitable for transfers without the use or need for a bank account.

3. Bill Payment

Bills payment is an alternative method of sending money. You can pay the recipient’s bills and decide how the money is spent.

4. Mobile Reloads

Mobile reloads or an airtime top-up is a suitable option for transferring money to a recipient.

With this service, you can reload or top-up the airtime credit of the recipient’s phone. It’s ideal for small amounts and available at online payment platforms such as Xoom.

Canada and the United States Exchange Rates

The exchange rate between two countries, such as the United States and Canada, is the benchmark or rate at which the currencies can be exchanged.

The majority of the world’s currencies’ exchange rate or value is determined by the capital market (forex market).

However, in terms of the United States dollar and the Canadian dollar, both countries’ economic stability and political developments play significant roles in determining the exchange rate.

Other factors such as the inflation rate, interest rate, etc., can also affect the strength or otherwise of a country’s currency value.

The US dollar is often more substantial than the CAD; hence, the Canadian dollar usually fluctuates in value.

Us Dollar and Canadian Dollar Comparison

US Dollar

The US dollar (USD) is generally identified by the $ symbol and is the United States’ official currency. The US dollar is also the world’s unofficial reserve currency, as it’s the most traded currency in the foreign exchange market.

The USD is found in major currency pairs, including USD/CAD, USD/JPY, EUR/USD, GBP/USD, USD/CHF, etc. It’s usually the benchmark currency for oil and precious metals such as Gold and Silver.

Canadian Dollar

The Canadian dollar is identified by the dollar symbol $, CA$, C$, CAN$, or CAD to distinguish it from other dollar currencies.

The Canadian dollar is the official currency of Canada. Commonly referred to as the “loonie,” the CAD is one of the world’s most traded currencies and is closely tied to the US dollar and the US economy.

The CAN$ value is often linked to the global movement of crude oil and other commodities.

Best USD to CAD Platforms

When sending money to Canada, you’ll want to pay the lowest rate possible. Thus, we’ve put together some cost-effective transfer services with the best exchange rate and transfer fees.

Here are the best international money transfer platforms to send money from the United States to Canada.

1.      Transferwise (Wise)

Transferwise is an electronic money transfer service company that offers fast, cheap, and convenient USD to CAD money transfer services. Transferwise is now known as Wise.

The change of name reflects its extensive service beyond money transfers, the fintech company ensures secure, affordable, and transparent cross-border transfer of money.

The company uses the mid-market exchange rate and transparent fees to ensure that you get a guaranteed rare in a volatile market.

With over 10 million customers using the platform to move over $6 billion monthly across the world, Wise offers account holders access to hold balances in more than 55 currencies. Moving money from the United States to Canada on the Wise platform is straightforward, secure, and convenient.

How to Send USD to CAD on Transferwise

  • Register for free online or in-app with your email address, Google, or Facebook account.
  • Choose your transfer amount.
  • Enter the recipient’s bank account details. Verify your identity using a photo ID.
  • Make local US payment to Wise using any available payment methods – bank debit (ACH), debit or credit card, or wire transfer.
  • Track your funds transfer in your account.
  • The recipient will get the money in the Canadian dollar in the local bank account within few days.

Payment methods:

  • Wire transfer
  • Debit card 
  • Credit card
  • Bank debit

Delivery Time: 1 – 3 business days

Minimum Transfer Amount: $1

Mobile App: Available for Android and iOS devices.

Exchange Rate: 1.25650

2.      OFX

The OFX money transfer platform lets you transfer a large amount of USD to CAD. The platform offers one of the best exchange rates in the FX market. Unlike Transferwise, OFX adds a margin to their exchange rate when you convert USD to CAD.

Apart from the USD to CAD, you can transfer money to 197 countries and over 55 currencies at low transfer fees. You can use the OFX platform to pay overseas suppliers, pay overseas staff, send and receive international payments.

How to Send USD to CAD on OFX

  • Create a free online account.
  • Get verified and login to get a live quote for your transfer.
  • Enter the recipient’s Canadian bank account details.
  • Send your money to OFX using bank deposit, wire transfer, or direct debit to finalize your funds’ transfer. OFX will deposit the funds into the recipient’s bank account in the Canadian dollar.

Payment Methods

  • Bank deposit
  • Direct debit
  • Electronic funds transfer (EFT)

Exchange Rate: 1.2547

Transfer Fees: $0

Transfer Time: 1 – 3 business days

Mobile App: Available for Android and iOS devices.

3.      Xe Money Transfer

Xe is a secure online money transfer platform with no minimum transfer amount requirement. The Xe platform comes with free currency tools and live exchange rate tools.

The Xe transfer service claims to use the mid-market exchange rate for its services. You can move money to over 130 countries and over 98 currencies in the Xe platform.

How to Send USD to CAD on Xe

  • Create an account with your email address. You can open an account online or via the Xe Mobile App.
  • Enter the recipient’s details, including the bank account/IBAN/SWIFT, recipient address, and other required payment information.
  • Enter the transfer amount and confirm the destination currency.
  • Confirm the expected delivery date.
  • Make payments to Xe to finalize your transfer.

Exchange Rate: 1.2552

Transfer/Delivery Time: 1 – 2 business days.

Mobile App: Available

Transfer Fee: $0

4.      Currency Transfer

One of the most regulated and secure money transfer service providers for exchanging USD to CAD is CurrencyTransfer.

Currency Transfer provides transparent and personalized services for individuals and businesses to get the best rates and convenient transfer service in more than 40 currencies.

How to Send USD to CAD on Currency Transfer

  • Create a personal account with your email address and password.
  • Enter the transfer details, including the transfer amount and the beneficiary’s currency.
  • Enter the recipient’s information to activate the transfer.
  • Request a quote for your transfer from money transfer specialists.
  • Select the best quote with the best rates from the various service providers (brokers).
  • Track your funds’ transfer.

Minimum Transfer: about USD 6000

Transfer Speed: 1 – 2 business days.

Transfer Fee: $0

Transfer Method: bank deposit, online transfer.

Mobile App: Not available.

5.      Xoom

Xoom provides a convenient channel for funds transfer. Powered by PayPal, Xoom provides mobile reload and bills payment features for its users.

The payment platform integrates with PayPal, such that PayPal account holders can send money to Canada using the Xoom platform.

You can send money (USD) to Canada for cash pickup, bank deposit, mobile reload, or bill payments.

How to Send USD to CAD on Xoom

  • Log in with your PayPal account or create a Xoom account free, using your name and email address.
  • Enter the transfer amount.
  • Enter the recipient’s details and choose the delivery method – cash pickup or bank deposit.
  • Fund your transfer with any available payment methods, including PayPal, credit or debit card, or bank deposit.

Exchange Rate: 1.2291

Transfer Speed

Cash Pickup: Within minutes

Bank Deposit: 1 -2 business days

Payment Methods

  • PayPal
  • Bank account transfer
  • Credit card
  • Debit card

Mobile App: Available

How to Get the Best Rates for Your USD to CAD Transfer

Many secure and trusted platforms offer unique money transfer services to Canada. It’s essential to consider some critical factors and enjoy the best rates out of your transfer. These include:

The Exchange Rate

As noted earlier, the USD and CAN$ values often have fluctuating rates from time to time. Look for a money transfer service company that enables you to lock-in exchange prices. With this, even if the price falls unexpectedly, you won’t be affected.

Transfer Limits

Choose the platform that offers the best deal on the amount you’re sending. Carefully check the transfer limit and associated fees provided by your preferred service provider.

Some money transfer companies offer lower transaction fees for large transfers. If you’re sending large amounts of CAD, ensure that your chosen provider can accommodate your transfer within their maximum limit.

Transfer Fee

While some companies offer zero transfer fees, some charge flat fees. However, most zero transfer fee companies have these charges hidden in the exchange rate. Choose a flat transaction fee for large transfers to get the best exchange rate.

Transfer Method

Whether you want cash pickup or bank deposit delivery, choose a money transfer company that offers the delivery service that you want.

Transfer Speed

Depending on your transfer’s urgency, choose the transfer company that can deliver your funds’ transfer within the preferred delivery period. Fast delivery may attract higher transaction fees.


To transfer money from the United States to Canada (USD to CAD), choose a platform that offers you the best exchange rate, lowest fees, security, flexible delivery and convenient payment methods.

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Odeyemi O.


Avid researcher, freelance writer, and personal finance enthusiast passionate about financial education and literacy.

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Kareena Maya

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.