Sending money to Canada from overseas usually requires that you verify your identity by providing details from an acceptable ID document. You will need to provide your bank account or credit/debit card details to pay for your transfer. Your service provider will also need the receiver's Canadian bank account details.
There are multiple ways to receive money transfers in Canada:
Cash transfers tend to attract higher fees in comparison to bank account transfers. If you wish to transfer funds to a cash pick-up center in Canada, your top alternatives include Xoom, Ria, Western Union, and MoneyGram. Xoom customers in Canada may collect cash from Ria cash pick-up centers.
Here are addresses of a few cash pick-up locations in Canada.
|Ria cash pick-up locations in Canada|
Électrocell Desjardins (inside Complexe Desjardins)
150, Rue Sainte-Catherine O
391, Sherbrooke Ouest
Money Emporium Inc (Inside of The Sheraton Centre)
123, Queen Street, West Suite C73
Gold One Jewellery
21, Carlton St, Suite B
|Xoom cash pick-up locations in Canada|
435, Boul Henri-Bourassa E
1925, Boul Henri Bourassa E
1301, Gerrard St East
Berman Money Transfer Inc
1444, Dupont St, Unit 1B
Your service provider will ask for the recipient's full name and a desired cash pick up location. The receiver may collect the transferred cash by presenting a reference or transaction number along with a valid form of ID document such as a passport or a driver's license.
All good international money transfer companies support Canada as a destination country. All Canadian banks are supported as well.
Some leading money transfer companies offer unique solutions through local virtual Canadian bank accounts. This solution is particularly useful for non-Canadian businesses that have suppliers or customers based in Canada. You can payout and receive payments locally using a multi-currency receiving account. Payments are then transferred internationally at preferential rates when compared to bank wire transfers. By avoiding high banking fees and unfavorable exchange rates, this will save you and your customers money.
The following money transfer companies offer local CAD banking details with a multi-currency account.
|OFX||Global Currency Account|
|Currencies Direct||Multi-Currency Account|
Transferring funds directly into a recipient's bank account is the best way to send money to Canada. The best way to pay for your transfer is through your bank account because credit/debit card payments tend to attract higher fees. Some of the top companies that let you send money to Canada include XE, TransferWise, OFX, WorldFirst, and WorldRemit.
The cheapest way to send money to Canada is directly into the recipient's bank account, as cash transfers typically come at an additional cost. The most cost-effective payment method is a bank account transfer.
The best way to send money from the US to Canada is by selecting a company that has local USD receiving accounts, as this reduces currency conversion costs for you. Examples of companies with local USD receiving accounts include XE, TransferWise, OFX and WorldRemit.
No. Cash App is available to UK and US residents only.
No. Sending money to Canada with Cash App is not supported. Cash App only allows international money transfers between the US and UK. Funds are sent at the real time exchange rate with no additional fees.
Yes, you can send money to Canada with PayPal. Canadians may use their PayPal accounts to receive money online by using their email address or mobile number. They can transfer money within Canada using their PayPal balances or linked bank accounts. They may also use their PayPal accounts to shop online.
You cannot use Venmo to send money to Canada. Venmo only allows transfers within the U.S. as of now.
Yes, TransferWise works in Canada. You may use the services of this company to send money to or from Canada. Canadians may pay for their outbound transfers via direct debits, debit/credit cards, wire transfers, or even as online bill payments. TransferIWise offers a multi-currency account for Canadians in the form of its Borderless Account. This account is meant for travelers, expats, sole traders, and freelancers, giving them access to bank account details from different countries.
It is very easy to send money to Canada from USA. International wire transfers from US banks and specialist international money transfer companies are viable options. Wire transfers from the big banks can charge up to 5% over the real exchange rate as well as additional fees. However, you can pay as little as 0.4% on USD/CAD transfers and no additional fees with OFX.com.
You will need to give your service provider the recipient's full name, the name of the receiving bank, the recipient's bank account number, a three-digit bank institution number and a five-digit transit number.
How much money you may transfer to Canada is essentially up to you because the country has no legal maximum limits on inward remittances. However, you may be subject to limits depending on which service provider you select. If you wish to carry out large-value transfers, consider turning to companies that have no such limits in place. Examples include Global Reach Group and OFX.
Venmo limits its operations to the United States. Senders and receivers of all transfers through Venmo need to be physically located within the US.
Yes, international wire transfers from the US to Canada are possible. However, this is an expensive option. You may benefit by using the services of a specialist money transfer company instead.