e-Money Transfer Canada to USA | General financial discussion | Discussion forum

There's an interesting way to do this which is gaining popularity if you don't mind going through the initial hoops to set up the account. Companies like tranferwise is what I'm talking about. I only researched bank account to bank account transfers, but I'm sure there are other options.

From what I understand, these companies make all their profit off of a low exchange rate and small transaction fees in some cases. The business model is:

Canadian wants to transfer $50USD to granddaughter
American wants to transfer $50CAD to someone
Both use TransferWise by depositing the required amount from their bank to TransferWise as a payment
TransferWise then gives your granddaughter the americans $50 and the someone in Canada, your money.
Thus avoiding paying exchange and keeping that as profit along with a fee

Pretty cool idea that seems to be getting bigger.

I haven't done this yet, just researching it. I chose to mention TransferWise, because they seem reputable.