Sending CAD to a US bank account is one of the most common cross-border transfers for Canadians. Here are all your options ranked by cost and convenience.
| Method | Fee | Exchange Rate | Speed | Best For |
|---|---|---|---|---|
| Wise | ~0.5–0.8% | Mid-market | 1–2 days | Most transfers |
| Norbert's Gambit | ~$10 commission | Near mid-market | 2–4 days | Large amounts ($5,000+) |
| OFX | No fee | ~1% markup | 1–2 days | Large business transfers |
| Remitly | $2.99 | Competitive | Fast | Small/medium amounts |
| Big 5 Bank Wire | $45–$50 | 2.5–4% markup | 1–2 days | Only for existing customers |
| PayPal | 2.5–5% | Poor | Instant | PayPal users only |
Wise is the most straightforward option for most Canadians sending money to a US bank account. You send CAD from your Canadian bank, and the recipient receives USD in their US bank account. The rate used is the mid-market rate with a small transparent fee.
Requirements: Recipient's name, US bank routing number (9 digits), US checking or savings account number.
Norbert's Gambit is a technique used by sophisticated investors to convert CAD to USD (or vice versa) at near the mid-market rate using a Canadian brokerage (like Questrade or RBC Direct Investing).
The spread is typically just 0.05–0.15% — far cheaper than any bank. But it takes 3–4 days and requires a brokerage account.
All major Canadian banks support US wire transfers. Expect to pay:
On a $1,000 CAD transfer, you could lose $70–$90 in total costs. Use only for large amounts where the fixed fee is a small percentage.
Some fintechs and credit unions offer lower-cost electronic fund transfers between Canada and the US, but these are less common. Wise's bank transfer option essentially functions like a cross-border ACH at a fraction of the cost.
For small to medium amounts, Wise offers the best overall cost. For large amounts ($5,000+), Norbert's Gambit at a brokerage can convert CAD to USD at near the mid-market rate for less than $10 total.
No. Interac e-Transfer only works within Canada. You need a cross-border service like Wise, a wire transfer, or Norbert's Gambit for US transfers.
Bank wire transfers from Canada to US banks typically take 1–2 business days. Wise transfers usually arrive in 1–2 business days as well.
Yes. For most US bank transfers, you'll need the 9-digit ABA routing number and the account number. For Wise, you simply enter the recipient's account details and Wise handles the routing.
Sending money internationally is not a taxable event in itself. However, if you're an American living in Canada, you may have US reporting obligations for foreign accounts over $100 USD.