Interac not feasible for transfers to the US? Here are some alternatives

Interac® is Canada’s go‑to transfer method for domestic payments. However, if you want to send money outside Canada, you may need to choose an alternative.

We take a look at some global alternatives to Interac in Canada for transfers to the US, including banks and online platforms.

We’ll also look at Wise – your flexible multi-currency account. Send and receive money to the US with just the touch of a button. Let’s dive in!

Is Interac e-Transfer available in the U.S.?

Typically, you’ll only use Interac to send domestic money transfers in Canada, including personal and business transactions.

To send money outside Canada, you may need to use an intermediary platform like National Bank®, Western Union® or Wise.¹ These providers can facilitate international transfers via Interac.²

Bank-based cross-border transfer options

Let’s take a look at how to send your money to the US via Canadian banks or financial institutions.

BMO Global Money Transfer

BMO® Global Money Transfer is a helpful option for Canadians looking to send money to up to 50 international destinations.

Key features of Global Money Transfer include:

• send money online 24/7
• transfer funds in up to 5 business days
• avoid transfer fees with certain bank account types

BMO facilitates easy transfers to the US. You can open a USD bank account for local-currency payments, or use Global Money Transfer to move your money overseas.³

RBC International Money Transfer

RBC® International Money Transfer is a popular option for transfers to the US or further afield. You can:

• send up to 50,000 CAD per day
• avoid transfer fees – exchange rate costs apply
• transfer money in US dollars

RBC’s Digital Banking Security Guarantee and advanced safety features will safeguard your transfers and protect you against fraud.⁴

TD Global Transfer

TD® Global Transfer facilitates payments in over 200 countries across the world, including the US, China and India.

You can use TD Bank Global Transfer to:

• send a direct money transfer to the US
• transfer money via Visa® or Western Union cash pickup
• get access to exclusive offers and promotions⁵

However, you’ll need to think about how much it costs to send your money to the US with a bank.

Most banks charge a markup on the standard ‘fair’ mid-market exchange rate. This can add a hefty hidden cost to all your international transactions.

Other provider options for Canada to US transfers

A few alternative money transfer platforms support easy cross-border payments to the US and further afield. Let’s take a closer look.

PayPal

You can use PayPal® to send fast money transfers to recipients across the world. Key features of PayPal include:

• send money to other PayPal users
• pay in-store or online with QR codes
• spend in the US without sharing your bank account details⁶

However, PayPal charges a markup of up to 4% to convert funds into US dollars. The provider also charges 2.99 CAD per PayPal transfer to the US.⁷ All of these costs can add up!

Western Union / Convera

Western Union, also known as Convera®, is a popular money transfer method for cash pickup and digital payments abroad.

You can use Western Union to send encrypted money transfers to over 200 countries, including online transfers to bank accounts or global cash pickup.⁸

However, Western Union makes money from currency conversion. This means you’ll likely pay a markup to send funds to the US. Make sure to look into these costs before using the platform.⁸

Wise

Wise is your global alternative for money transfers to and from the US. Send and receive funds in multiple local currencies – all from one digital app.

Key features of Wise:

• Hold over 40 currencies in one account
• Save on international transfers – no exchange rate markups
• Use your Wise card to spend in the US

Wise charges from just 0.48% per transfer,* with no exchange rate markups or hidden fees for currency conversion.

You can even use Wise as an intermediary alongside Interac. Send money to your Wise account with Interac Request Money. Then, use Wise to transfer funds to over 150 countries worldwide.

Fee, FX & speed comparison

Let’s take a closer look at how much it costs to send money in Canada, including fees and exchange rate charges.

Canada/U.S. transfer comparison

** Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions

Conclusion

Interac e‑Transfer may not be available in the US, so Canadians need to find helpful alternatives to send and receive money overseas.

RBC, TD Bank, BMO, PayPal and Western Union are all good alternatives for transfers to the US, but it’s important to consider exchange rate costs and transaction fees.

Sending money across borders can get expensive, so choose a platform like Wise to save on hidden fees and exchange rate markups.

To explore your USD spending options, check out Wise.

Sources

1. Interac - National Bank launches international transfer by Mastercard and Interac
2. Interac - Western Union money transfers via Interac e-Transfer
3. BMO - BMO Global Money Transfer
4. RBC - RBC International Money Transfer
5. TD Bank - TD Global Transfer
6. PayPal - How PayPal works
7. PayPal - Consumer fees
8. Western Union - Online transfers
9. Interac - Interac e-Transfer FAQs
10. PayPal - How long does it take to add money from my bank account to my PayPal account?
11. Western Union - How to make quick money transfers with Western Union