Are you considering sending money from Canada to the US? The difference in currency can make it a little pricey, so it’s best to get to know all the available platforms, so that you can know what works best for you.
Whether you are looking for cheaper rates or assured security, there are many ways you can send money from Canada to the US – and vice versa.
Notable ways to send money from Canada to the US
- PayPal – If you’re interested in a trustworthy way to send money online, there is of course PayPal. You will be charged 2.5% per conversion, as well as the regular fees included per transaction. There is no conversation rate limit, so whatever amount you decided to convert, 2.5% will be taken from it – no matter what. So it is not suited for larger transactions.
- CanadianForex – This is an option to send money directly into a person’s bank account. There’s a maximum transaction fee of $15, meaning the more money you send over, the better the rates. This is one of the more safer routes to choose if you’re hoping to transfer funds to another person or business that can be trusted – It does take a couple of days to get everything settled, but they will do all the work for you – including converting the money from CAD to USD.
- MoneyGram – Moneygram is pretty limited as to how much you can send per transaction. To be exact, the transaction limit is around $1,499. However, it is a good way to send money online if the transaction you are hoping to make isn’t so large. The fees in Moneygram stops at $11.50 for transactions around $50 to $900 so if your regular transactions are around that price, then this is a good platform for you.
- Transferwise – Another online transfer method that charges up to 1% per transaction, which is much better for smaller transactions. The bigger the transaction is, the pricier it starts to get, especially considering they don’t have a maximum rate. The delivery speed is also pretty slow, it will take around a week, but it is secure.
- OFX – This is a good way to transfer money regularly , because there are no fees involved, aside from conversion fees – which are barely 1%.When it comes to rates this is definitely the cheapest, but it’s not something that can be used for smaller transactions, because the minimum rate you need to send is at around $150. The delivery takes a couple of days but if you’re hoping to send large amounts of money in a regular basis, to someone else or another business with a bank account, then this is the cheapest option.
All the platforms mentioned are easy to access, and if you do a little research – you’ll find which of these will work best to suit your personal and or business needs. Each platform has their own pros and cons but each and every one of them can be used well – if used correctly.