If you’re trying to determine how to send money from Canada to the US for free, you’re in the right place.
In this article, we’re going to share one of the most overlooked options for fee-free transfers… banks.
This will include an explanation of how to open international bank accounts, including how can a foreigner open a bank account in Canada or the United States, which will ultimately depend on where you’re from and which way you want to send funds.
Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.
Table of Contents
- How to Send Money From Canada to the United States?
- Can I Send Money to the United States for Free?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
How to Send Money From Canada to the United States
There are several different ways to send money from Canada to the United States, including bank transfers, traditional money transfer services, digital money transfer services, and inter-bank transfers.
When it comes to completing a transfer between Canada and the United States, each of these options will result in money being sent and received. However, there can be major differences in the fees applied and the time it can take for the transfer to arrive. Depending on the transfer service used you might be wondering if you can transfer money with only a card number and a CVV, which you can learn more about by clicking the article linked here.
That said, this article is focused on how to send money from Canada to the US for free, so let’s look at the low-cost options now.
Free & Low-Cost Money Transfer Services
Not surprisingly, many digital transfer services are the lowest-cost options for sending cross-border transfers. However, even these low-cost platforms still have fees and (depending on when you send the transfer) they can be more expensive than some of the other options.
That said, there is a “free transfer option”, which we mentioned in the introduction of this article, which involves sending money to and from your own bank accounts on either side of the border. We’ll discuss this further in the next section of the article.
But first, if you’re looking to learn more about foreign currencies, you can access our free guide Foreign Currency Term Deposit Rates in Australia for more information.
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Can I Send Money to the United States for Free?
Yes, you can send money to the United States for Free from Canada. However, it requires you to have a bank account in the United States and Canada, preferably with the same bank.
Now, while most people think that it is impossible to open a US bank account as a foreigner or non-resident. That’s just not true. Instead, you can open US bank accounts, even 100% remotely from the comfort of your own home.
In some instances, you may need to deposit a small amount of funds in order to be allowed to open accounts remotely. But the point is, it is 100% possible.
How to Transfer Money to the US for Free:
Of course, the goal of this article is to help you with transferring money. So, you might be wondering what opening a bank account has to do with sending an international transfer. Well, in most cases, opening a bank account can result in preferred foreign exchange rates.
Likewise, if you are able to open an account in the US with a bank that you already have a relationship within Canada, you may be able to benefit from immediate cross border transfers with zero fees and preferential foreign exchange rates.
After the funds arrive in your US bank account, you can send low cost ACH transfers to any US bank account you desire. This will reduce the overall cost of your transfers, and decrease the time it takes for your transfers to arrive. In other words, this is how to send money from Canada to the US for free.
Frequently Asked Questions
Below are three of the most common questions that we receive from people looking to send money from Canada to the US for free. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Cheapest Way to Transfer Money From Canada to USA?
The cheapest way to transfer money from Canada to the USA is by sending money between your own bank accounts. To do this, you will need a bank account in the United States and a bank account in Canada. In certain instances, you can even accomplish this with the same bank, or a related bank.
The reason that transferring between your two accounts is the cheapest is because most banks offer their clients preferred rates on foreign currency transactions. And, if you are sending money between accounts at the same bank, you can even secure fee free transfers.
Can You PayPal From Canada to the US?
Yes, you can send transfers from a PayPal account in Canada to a PayPal account in the United States. However, if you are sending foreign currency (e.g. USD to CAD) PayPal will charge a foreign currency conversion fee. In most cases, this fee is around 4.5%, which is generally considered high when compared to alternative options.
How Can I Send Money to the US for Free?
To send money to the US for free, you should open a bank account in your home country and in the United States. You can then transfer funds between these two accounts in order to access the best possible foreign currency exchange rate and the lowest international transfer fees possible.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
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+ Expert insights on which banks to choose & why
+ Plus FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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