Transfer Money from US to Canada: A Complete Guide for Businesses

If you are transferring money from the US to Canada, the number you see on the invoice and the amount that lands in your bank account are rarely the same. Exchange rate markups, outgoing wire fees on the US side, intermediary deductions, and incoming fees on the Canadian side each take a bite. And if you run a Canadian business that invoices US clients, you are on the receiving end of this chain — which means every fee and bad exchange rate comes out of your revenue.

This guide walks you through what actually happens when money moves from the US to Canada, compares the methods you will use most often, and covers the payment details and tax considerations Canadian businesses need to get right.

Why Transferring Money from the US to Canada Is Getting More Common

The World Cup Is Bringing US Work to Canadian Vendors

The 2026 FIFA World Cup puts Toronto and Vancouver on the global stage, and US companies are already ramping up their spend on Canadian suppliers. American production studios, event marketing agencies, sports broadcasters, and hospitality brands are hiring Canadian video crews, venue contractors, merchandise suppliers, and logistics teams. These contracts are almost always quoted and paid in USD, which means Canadian businesses are about to see a surge in US-dollar receivables — and a corresponding need to move that money across the border efficiently.

If you are one of those vendors, the question is not whether you will get paid. It is how much of that USD invoice actually becomes CAD in your operating account, and how long it takes.

You Are Invoicing US Clients — Now What

Even outside the World Cup window, Canadian businesses routinely invoice American clients. Consultants, software developers, design studios, manufacturers, and logistics brokers all serve US customers. The pattern is the same: you send an invoice in USD because that is what the client expects, then you wait for the money to arrive.

What you might not realize is that your choice of how to receive that payment determines how much of it you keep. A CAD 15,000 invoice paid through a bank wire could land in your account as CAD 14,100 after all fees and rate markups. The same amount sent through a mid-market rate platform or a multi-currency business account could arrive as CAD 14,700 or more — a difference that compounds with every invoice.

Managing a Remote Team Across the Border

Some Canadian businesses operate with employees or contractors in the United States and need to move money in both directions: paying US-based team members in USD while repatriating revenue back to Canada. If your company files US taxes or holds a US bank account, you may also need to transfer funds from your US entity to your Canadian one. Understanding the full cost of each transfer direction helps you budget headcount and plan cash flow across the border.

The Most Common Ways to Transfer Money from the US to Canada

Traditional Banking Channels — Bank Wire Transfer

A SWIFT wire from a US bank to a Canadian bank is the most familiar path. Your US client logs into their bank, enters your SWIFT/BIC code, account number, and branch address, and sends the payment.

Advantages: Familiar to American clients — most US businesses already know how to initiate a wire. A well-established infrastructure with decades of precedent. Every transaction generates a traceable record.

Watch for: Multiple layers of fees that you cannot predict in advance, because intermediary bank deductions happen outside your control. Exchange rate markups of 2.5% to 3.5% at Canadian banks eat into your revenue on every transfer. Delivery takes 2 to 5 business days, and the exact arrival date is not guaranteed.

Online Money Transfer Platforms — Wise

Wise connects US and Canadian bank accounts through its peer-to-peer network, avoiding the SWIFT chain entirely. Your US client funds the transfer from their bank account via ACH or wire, and Wise converts at the mid-market rate before depositing CAD to your Canadian account.

Advantages: The mid-market exchange rate with a transparent, flat fee — you see the rate you will get before confirming. Canadian deposits arrive via EFT, so there is no incoming wire fee on your end. Delivery can take hours to one business day, much faster than a SWIFT wire.

Watch for: Transfer limits for new and unverified accounts cap how much you can receive in a single transaction. Your US client needs a Wise account — if they are not already using it, they may resist adopting a new platform for one vendor. Not built for recurring B2B invoicing or batch payment workflows.

Digital Payment Ecosystems — PayPal

If your US client pays you via PayPal, the money sits in your PayPal balance in USD. To use it in Canada, you must convert to CAD and withdraw to your bank account.

Advantages: Nearly every US business already has PayPal, so your client faces zero friction to pay you. Funds appear in your PayPal account within minutes.

Watch for: PayPal's exchange rate markup is typically 3% to 4% above mid-market — and this is separate from any transaction fee. If you receive a payment as a "goods and services" transaction, PayPal also deducts a processing fee of 2.9% plus a fixed amount. Withdrawing to a Canadian bank account can take 1 to 3 business days. PayPal is not designed for business-scale receivables, and holding large balances in PayPal exposes you to account freezes during routine reviews.

B2B Stablecoin Payment Platforms — PhotonPay

Instead of relying on your US client to choose the right transfer method, you take control of how you get paid. PhotonPay is a FINTRAC-regulated B2B payment platform and a stablecoin-native payment operating system, giving Canadian businesses a multi-currency account that supports both fiat (USD, CAD) and stablecoins (USDC) in a single dashboard.

Advantages:

Hold USD or USDC in Canada — no forced conversion when the rate is unfavorable, and you choose between fiat and stablecoin rails depending on what is fastest for your client
Stablecoin payments settle in seconds, not days — particularly useful for time-sensitive invoices like World Cup event contracts where cash flow timing matters
Volume-based exchange rate spreads on USDC-to-CAD and USD-to-CAD conversions are significantly narrower than consumer platforms
Converted CAD settles to your bank via local clearing (EFT/Interac), typically same-day
Manage multiple client payments, batch convert when rates are favorable, and generate full transaction records for CRA reconciliation

Watch for: PhotonPay is a business platform — account setup requires business verification. Stablecoin payments require your US client to be comfortable sending USDC, which may not apply to every client. The platform is best suited for businesses receiving recurring international payments rather than a one-off personal transfer.

Personal Remittance Services — Remitly and WorldRemit

Remitly and WorldRemit operate on the US-to-Canada corridor but are designed for personal transfers — family support, gift money, or individuals sending funds to their own accounts across the border. Remitly offers bank deposit and debit card funding from the US side. WorldRemit provides similar personal transfer options with multi-currency support.

Advantages: Simple setup for personal users. Lower fees than bank wires for small amounts.

Watch for: Transfer limits are too low for business invoices — typical caps range from USD 3,000 to USD 10,000 per transaction for new accounts. Exchange rate margins are wider than Wise, and neither platform is built for invoicing, batch payments, or business documentation.

Side-by-Side Comparison

	Sender Fee (US Side)	Exchange Rate Spread	Receiver Fee (Canada Side)	Speed	Total Cost on USD 10,000
Bank Wire	USD 25–45	2.5%–3.5%	CAD 15–25 incoming + intermediary deductions	2–5 business days	~CAD 525
Wise	~USD 6	~0.5%	None (EFT deposit)	Hours to 1 business day	~CAD 70
PayPal	2.9% + fixed (goods/services)	3%–4%	None	1–3 business days	~CAD 820
PhotonPay	None (domestic transfer or USDC)	0.3%–0.8%	None	Real-time to 1 business day	~CAD 70–110
Remitly / WorldRemit	USD 0–5	1%–2%	None (bank deposit)	Minutes to 2 days	~CAD 150

Total cost estimates based on USD 10,000 at 1.36 mid-market rate. Actual costs vary by transfer size and account type.

Before You Ask a US Client to Send You Money

USD or CAD — What Should Your Invoice Say?

There is no single right answer, but the trade-off is straightforward. Invoicing in USD makes life easier for your US client — they see a familiar number and do not have to think about exchange rates. The downside is that you absorb the currency risk: if the CAD strengthens between the invoice date and the payment date, the same USD amount buys fewer Canadian dollars.

Invoicing in CAD locks your revenue in your home currency, so you know exactly what you will earn. The risk shifts to your client, which may make them hesitate if they are comparing your proposal against a US-based competitor who quotes in USD.

A practical middle ground: quote in USD but build a small buffer into your rate to cover expected conversion costs. Then use a receiving method with tight spreads — like a multi-currency business account that lets you hold USD and convert when the rate works in your favour — so the buffer stays in your pocket.

What Payment Details Does Your US Client Need?

The information you provide depends on the transfer method you choose:

Bank wire: Your bank's SWIFT/BIC code, your full account number (transit + institution + account), your bank's address, and your business name as it appears on the account. A common mistake is providing a CAD account number when the client is sending USD — verify with your bank whether you need a separate USD account.
Wise: Your Wise account email or the unique receiving details Wise generates for your USD account. The client funds via ACH or wire to Wise's US banking partner.
PhotonPay: Your PhotonPay USD receiving account details — this looks like a standard US bank account number and routing number to your client, so they can send a domestic transfer as if paying a US vendor. If your client prefers stablecoins, you can also provide your USDC receiving address — the same PhotonPay dashboard handles both.

HST/GST and CRA — What You Need to Keep

For most services provided to US clients, you generally do not charge HST/GST — cross-border services to non-residents are often zero-rated. However, the rules depend on the type of service. Consulting, software development, and design work typically qualify as zero-rated exports. Physical goods shipped to the US may have different treatment. Confirm with a cross-border accountant for your specific situation.

On the income side, all revenue from US clients is taxable in Canada and must be reported on your T2 (corporate) or T2125 (self-employed) return. Record the CAD-equivalent value of each payment on the date it was received, using the Bank of Canada exchange rate for that day. If you hold USD and convert later, the difference between the rate on the receipt date and the conversion date creates a foreign exchange gain or loss, which is also reportable.

Frequently Asked Questions about Money Transfer between US and Canada

How long does a US wire transfer take to reach a Canadian bank?

A SWIFT wire from a US bank to a Canadian bank typically takes 2 to 5 business days. The timeline depends on how many intermediary banks handle the routing, whether the sending bank batches wires only at certain times of day, and whether the receiving bank places a hold on incoming international transfers. If your client sends the wire on a Friday afternoon, it may not begin processing until Monday. Domestic transfers through platforms like Wise or PhotonPay (where the US client sends to a US-based receiving account) can settle same-day or next business day. Stablecoin transfers settle in real time, 24/7, with no dependency on banking hours — your client sends USDC and the funds are available in your PhotonPay wallet within seconds.

What is the cheapest way to transfer money from the US to Canada?

For most business transfers, the cheapest option is one that skips the SWIFT correspondent banking network and converts at or near the mid-market rate. Platforms like Wise offer mid-market conversion with low fixed fees. Multi-currency business accounts like PhotonPay let you receive USD or USDC directly — eliminating intermediary deductions entirely — and convert at volume-based spreads when the exchange rate is favourable. Stablecoin rails add an extra cost advantage: real-time settlement with no correspondent banking fees at all. Bank wires are almost always the most expensive because of layered fees and wide exchange rate markups.

Should I ask my US client to pay in USD or CAD?

USD is almost always the right answer. Your US client expects to pay in their own currency, and asking for CAD adds friction that can slow down payment or lose you the deal. The key is not the invoice currency — it is the receiving method. Use a multi-currency account to receive USD without forcing conversion, and convert to CAD on your terms.

What information does my US client need to send a wire to Canada?

For a SWIFT wire, provide your bank's SWIFT/BIC code, your full account number (transit number + institution number + account number), your bank's branch address, and your business name exactly as it appears on the account. If you use a platform like PhotonPay, you provide a US routing number and account number — your client sends a domestic ACH or wire as if paying a US vendor, which is simpler and faster for them.

Conclusion

Transferring money from the US to Canada does not need to be slow or expensive, but the method you choose determines how much of your invoice you actually keep. If your business regularly receives payments from US clients, consider a receiving setup that gives you control over when you convert and what you pay in fees. See how PhotonPay helps Canadian businesses collect USD invoices with competitive rates and multi-currency flexibility.