Personal Finance

Cheap, easy way to send money from Canada to USA (CAD to USD)?

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  • Mar 15th, 2015 11:55 pm
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Newbie
Feb 9, 2015
4 posts
Toronto, ON

Cheap, easy way to send money from Canada to USA (CAD to USD)?

I live in Canada and only have CAD. My friend lives in the US and only uses USD. I owe him about CAD $500. I've never had to send money across the border this way, while exchanging CAD to USD. Mailing him a money order seems like a big hassle. I'm wondering about PayPal, Hyper Wallet or Interac Email for this situation, but I'd appreciate advice on how to do so.

Thanks in advance.

UPDATE: I ended up using PayPal. Since there was a currency exchange involved (CAD->USD), there was an additional fee of $10, but it took all of 4 minutes to sort out, without leaving the house. By far the easiest method I'm aware of, given that both parties already had PayPal accounts. Thanks for the info.
12 replies
Sr. Member
Nov 28, 2010
979 posts
176 upvotes
Toronto
I'd just use Western Union.
Newbie
Feb 9, 2015
4 posts
Toronto, ON
From what I can tell Western Union is much more expensive than alternatives, and less convenient.
Jr. Member
User avatar
Aug 19, 2010
153 posts
78 upvotes
Calgary, AB
OopsIdidItAgain wrote: I live in Canada and only have CAD. My friend lives in the US and only uses USD. I owe him about CAD $500. I've never had to send money across the border this way, while exchanging CAD to USD. Mailing him a money order seems like a big hassle. I'm wondering about PayPal, Hyper Wallet or Interac Email for this situation, but I'd appreciate advice on how to do so.

Thanks in advance.

Try xe.com

Worked out great for me.
Deal Addict
User avatar
Apr 1, 2013
1476 posts
461 upvotes
us to canada wire is free, but not vice versa.
Deal Addict
Nov 10, 2006
3173 posts
1475 upvotes
angel_wing0 wrote: I would say paypal since it's free. Just send him $500 CDN and let him decide if he wants to convert to USD or not.
Correct me if I'm wrong but aren't all PayPal cross border transfers subject to a fee?
Deal Addict
Nov 10, 2006
3173 posts
1475 upvotes
cheese89 wrote: Try xe.com

Worked out great for me.
Yes, an EFT transfer from Canada to a US bank is free, you just pay the standard 1.5% currency exchange margin that Xe.com charges. However, I would not consider this an easy transfer as you need a lot of info from the recipient including bank account number, bank address etc...
Deal Addict
Dec 22, 2008
2162 posts
965 upvotes
Victoria
You could pay their bills (online - cable, Internet, etc) for them until you've fully paid them back. That's what I do.
Newbie
Feb 9, 2015
4 posts
Toronto, ON
I ended up using PayPal. Since there was a currency exchange involved (CAD->USD), there was an additional fee of $10, but it took all of 4 minutes to sort out, without leaving the house. By far the easiest method I'm aware of, given that both parties already had PayPal accounts. Thanks for the info.
Deal Addict
Jan 24, 2015
1021 posts
310 upvotes
Canadian in USA
Under $1000, xe.com is probably cheapest. Over $1000, US forex, because their $15 fee becomes less than the 1.5% xe.com charges above that.
Deal Fanatic
User avatar
Apr 20, 2011
5310 posts
484 upvotes
Vancouver
OopsIdidItAgain wrote: I ended up using PayPal. Since there was a currency exchange involved (CAD->USD), there was an additional fee of $10, but it took all of 4 minutes to sort out, without leaving the house. By far the easiest method I'm aware of, given that both parties already had PayPal accounts. Thanks for the info.
Here's a unique way of doing it too

https://www.tdcanadatrust.com/products- ... ansfer.jsp

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