Sending Money Between Canada and United States: Remittance Guide
When transferring funds internationally between Canadian Dollar (CAD) and United States Dollar (USD), cross-border remittance costs comprise two distinct fees: the nominal upfront wire transfer fee and the hidden foreign exchange margin (spread) levied by the remitting institution.
Commercial banking wire transfers (SWIFT) typically impose an exchange rate markup of 1.5% to 3.5% above the mid-market interbank rate (currently $0.7246). For expatriates sending family maintenance, real estate investments, or corporate vendor payments, specialized digital remittance platforms (such as State Bank of Pakistan Roshan Digital Accounts, Wise, Western Union, or direct Raast payment rails) can save hundreds of dollars in hidden spreads.