The United States is one of the most developed countries in the world. It works with numerous countries as far as economic issues are concerned. Canada is among those nations that cooperate with the US in various international relations. That includes sending and receiving finances. We will check on the best way to send money from US to Canada later.
The capability to send money internationally facilitates international trade whereby people can buy goods remotely from other countries and receive them in their place. Canada and the United States trade a lot in various commodities ranging from agricultural products to finished goods. There are also people from either country working from either side and have to send money to their loved ones when the need arises.
You realize that the way people send money to others has changed significantly. There was a time when money orders and checks were the talks of the day when transferring money. However, that has changed over the years, and the best methods used to transfer money nowadays are digital. Funds can reach the recipient instantly or within a few days compared to the earlier times when funds could take several days to reach the recipients.
About Send Money
If you want to transfer funds to someone else, you should contemplate how you can send them finances. You should ask yourself the best way you can use to send them money. If the recipient leaves near your place, you might consider delivering the cash in person or sending someone you trust to take the money to them. But if you are sending money to someone far away from you, you will need to use other advanced methods that we will discuss shortly.
Before sending money to someone, it is better to ask them the method they are comfortable with to receive their funds. That means they will give you transfer details to move funds to them. In most cases, people will transfer money to an international bank account when sending money to people abroad.
Best Way To Send Money From US To Canada
If you plan to send money from US to Canada, you must ask yourself the best way to use to send funds to the recipients. Now that you are here, you can be sure you will get the best knowledge about how to transfer funds to your loved ones in Canada.
There are various ways one can use to send money from US to Canada. The best you can use include the following.
1) Western Union
Western Union is a global money transfer service that operates in various countries. The company has been around for many years. It used to operate as a communication and financial service. However, it later focussed on financial issues after the telecommunication business proved unprofitable.
The platform works with various banks and credit unions regarding funding transfers to other countries. You can get started online or send money at a location. When sending money online, you must open an account with the platform and maybe download the platform’s application to get started. Online money transfer is convenient since you can make your transfer from anywhere. Remember you should log into your account to send money.
To send money from US to Canada using Western Union, you can visit the US to the Canada transfer page and get started. You will need to enter the amount to send and hit the ‘Send money now’ button. You will get further guidelines on what to do, including getting the tracking number to follow up with your finances to make sure that they reach the recipient. For your understanding, Western Union online transfers are usually encrypted for security reasons. Thus you should never be worried about your data online.
You can also send money at a branch whereby you submit the amount you want to send to the cashier plus the recipient details, who then do the necessary to ensure that funds reach your recipient. The transfers attract fees that differ from the amount of money you are sending. For example, when sending money between 1000.01-1,500 from the U.S. to Canada, the fee you have to part with is $65.
2) OFX
OFX is also a good platform that you can use to send money from US to Canada. It has been in the market for several years and is thus one of the most trusted money transfer platforms globally. I can term it one of the cheapest ways to send money internationally since it only takes a small fraction of the transfer amount when sending money. That is contrary to other platforms that charge high fees when sending money. To send money via the company, you can follow the steps below.
- Register an account.
- Get verified.
- Login to your account to send money.
- Enter the details of the receiving bank account and lock in your transfer.
- Send your funds to OFX and let them do the rest.
With OFX, you do not need to do much since the company officials do the work needed for the transfer. In most cases, the funds take 1-2 days for the transfer to complete. It is safe to send finances with OFX since it is one of the world’s most trusted money transfer companies.
3) MoneyGram
MoneyGram is among the best companies that allow you to send money worldwide. You can use MoneyGram to send money within Canada and around the world. You only need to pay a flat fee of $10 for the transfers up to $500. Interestingly, you can send and receive funds or start a transfer with MoneyGram online and complete the payment at the post office to save time. The steps below are helpful when sending money via the platform.
- Locate a MoneyGram agent location near you.
- Have the following with you.
- Your I.D.
- Recipient’s full name that matches their I.D.
- Their location
- The amount to send, plus fees
If sending to a bank account, you need your recipient’s bank name plus the account number. If sending to the recipient’s mobile wallet, you also need their mobile number with an international dial code.
- Complete your transaction by filling out a transfer form with the fees required.
- Notify your recipient about the transfer. You must share the 8-digit reference number with them for pick-up
4) PayPal
Paypal is an international money transfer company that allows you to send money from US to Canada. In terms of speed, it is among the best ways to transfer money internationally since recipients can receive funds as soon as they are sent. Once you receive the money, you can withdraw it into your bank account for convenience.
To send money via PayPal, you must first open an account with the platform. The account opening happens online, whereby you need your phone number, email address, physical address, and bank account. With an active account, you can send money in the following manner.
- Log into your account online
- Tap ‘Send & Request’.
- Select from the three options.
- Enter the email or mobile number to whom you are sending funds.
- Enter the amount to send.
- Click ‘Continue’.
- Review the details
- Click ‘Send Money Now’.
When sending money from your PayPal balance, the funds will reach the recipient immediately or within a few minutes. However, it might take longer when sending money using your bank balance.
5) Wise
Wise, formerly TransferWise, allows you to send funds from one country to another. Therefore, you can use the platform to send money from the U.S. to Canada. The fees at Wise are competitive, and you can save a lot by using the company. The following are the steps you can use to send money with Wise.
- Sign up with Wise to start sending money.
- Enter the amount you’d like to transfer.
- Declare the kind of transfer you’re making.
- Fill in your details.
- Enter the recipient details.
- Review the transfer details.
- Select your transfer type and how to pay. You can pay with your bank or debit card, depending on what is convenient.
Summing Up
The United States and Canada cooperate in various economic activities, such as selling goods and services. Due to that, there have been various money transfer activities to cater to various issues. People can send money to their families in either country conveniently. Online money transfer is the most convenient way to send funds since the recipients can receive the money within a short time. You can use bank transfers to send money from US to Canada.
