Sending business payments from the US to Canada
A US company pays a Canadian supplier, contractor or subsidiary by wire, in Canadian dollars or in US dollars, because Canada places no restriction on which currency businesses use. You need the legal name and address, the bank's SWIFT code, and the account's institution number, branch transit number and account number.
- Canada does not restrict the movement of funds into or out of the country or the buying and selling of any foreign currency, according to the International Trade Administration.
- Canadian financial institutions must report to FINTRAC when they finally receive an international electronic funds transfer of CAD 10,000 or more in a single transaction.
- Lynx, Canada's high-value payment system operated by Payments Canada, settles Canadian dollar wires in real time with settlement finality.
- Payments drawn on US dollar accounts at financial institutions in Canada are cleared through Payments Canada's USBE application.
- Major Canadian banks have correspondent accounts with most major US banks.
Details to collect from a Canadian recipient
Canada does not use IBANs. A Canadian account is identified by the financial institution number, the branch transit number and the account number, and Payments Canada's Financial Institutions Branch Directory gives each branch's routing number in two formats: one for electronic payments and one for paper items. For a wire from the United States, the recipient's bank also gives a SWIFT code.
| Detail | What to ask for | Why it matters |
|---|---|---|
| Beneficiary name and address | Legal name and registered address | Required on international wires |
| Institution number | The bank's number in the Payments Canada directory | Identifies the bank |
| Branch transit number | The branch the account is held at | Forms the routing number with the institution number |
| Account number | The CAD or USD account | Canadian banks hold accounts in both currencies |
| Bank SWIFT code | 8 or 11 characters | Routes the international wire |
| Reference | Invoice number and goods or service | Lets the supplier match the credit |
Sources: Payments Canada, branch directory; Payments Canada, ACSS and USBE. As published on 29 October 2026.
Use our SWIFT code lookup to confirm the bank code, and confirm any change of details by phone with a contact you already know.
Pay in Canadian or US dollars?
Either is normal. The International Trade Administration states that Canada does not restrict the movement of funds into or out of the country, imposes no restrictions on buying or selling any foreign currency, and that corporations can operate in foreign funds and arrange payments in any currency they choose. Payments Canada's retail batch system includes the United States Bulk Exchange (USBE), which clears payments drawn on US dollar accounts at financial institutions domiciled in Canada, so US dollar accounts are part of everyday Canadian banking.
A Canadian supplier may price in US dollars and hold a US dollar account. If the supplier gives you a Canadian dollar account, a US dollar wire to it is converted by its bank on arrival.
| Invoice | Account | Who converts |
|---|---|---|
| USD | USD account at a Canadian bank | Nobody |
| USD | CAD account | The supplier's bank, at its rate |
| CAD | CAD account | You or your provider, before sending |
Sources: International Trade Administration, Canada; Payments Canada. As published on 29 October 2026.
For Canadian dollar values, see the USD to CAD currency page.
Rails and arrival times
A wire from the United States reaches Canada over SWIFT. The International Trade Administration notes that major Canadian banks have correspondent accounts with most major US banks, which keeps the chain short. Swift reports that nearly 60% of gpi payments are credited to end beneficiaries within 30 minutes and almost 100% within 24 hours.
Inside Canada, Canadian dollar wires settle on Lynx, the high-value payment system Payments Canada owns and operates. Payments Canada describes Lynx wires as fast, irrevocable and settled in real time with finality, and states that its systems operate Monday to Friday, except statutory holidays.
| Route | Currency | What controls timing |
|---|---|---|
| SWIFT wire to a Canadian bank | CAD or USD | Correspondent chain; almost 100% of gpi payments within 24 hours |
| Domestic leg of a CAD wire | CAD | Lynx, real-time settlement, Monday to Friday except statutory holidays |
| US dollar items between Canadian institutions | USD | Cleared through USBE |
Sources: Swift gpi; Payments Canada, Lynx; Payments Canada, ACSS and USBE. As published on 29 October 2026.
Canadian statutory holidays do not always match US holidays, so check both calendars before a deadline.
Reporting and checks
Canada's reporting sits with the recipient's bank, not with you. FINTRAC, Canada's financial intelligence unit, requires financial entities to submit an Electronic Funds Transfer Report when they finally receive an international electronic funds transfer of CAD 10,000 or more in a single transaction. For SWIFT, only MT103 messages and their equivalent are covered. The report is routine and does not need the supplier's approval, but the bank records who sent the money and for what, so a clear reference and a payer that matches the invoice keep the file clean.
On the US side, every payment to a Canadian company must pass sanctions screening: OFAC states that all US persons, including all US incorporated entities and their foreign branches, must comply with US sanctions, so the payer, the recipient and the recipient's bank are checked before the money moves.
Costs: Helm fees, intermediary deductions, SHA and OUR
Each Canadian bank publishes its own fee for receiving an international wire, so ask the supplier what its bank deducts. Because Canadian banks have correspondent accounts with major US banks, a US dollar wire usually passes through few intermediaries. Every SWIFT wire carries a charge code. OUR means the sender pays all charges, so the full amount should arrive. SHA means charges are shared: the sender pays its own provider, and intermediary banks may deduct their fees in transit. BEN means every charge comes out of the amount sent. Helm international payments show the rate, the fee and the expected arrival before you confirm, and the account manager confirms the route for each corridor.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Why payments to Canada are delayed or returned
| Cause | Prevention |
|---|---|
| Institution or transit number wrong | Copy them from a void cheque or bank letter, and check the branch in the Payments Canada directory |
| US dollars sent to a CAD account | Ask for the account in the invoice currency |
| Name or address missing | Give the legal name and registered address |
| Canadian statutory holiday | Check the Canadian calendar as well as the US one |
| SHA deductions | Send OUR for full-value invoices |
Sources: Payments Canada; Payments Canada, Lynx. As published on 29 October 2026.
Checklist before you send
- Collect the legal name, address, institution number, transit number, account number and SWIFT code.
- Agree CAD or USD on the purchase order and match the account currency.
- Quote the invoice and goods or service in the reference.
- Expect the supplier's bank to report receipts of CAD 10,000 or more to FINTRAC.
- Check Canadian statutory holidays before a deadline.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
What bank details do I need to pay a Canadian company?
The legal name and address, the bank's SWIFT code, and the institution number, branch transit number and account number. Canada does not use IBANs.
Can I pay a Canadian supplier in US dollars?
Yes. Canada imposes no restrictions on foreign currency, and Canadian banks hold US dollar accounts, which Payments Canada clears through its USBE application.
Is a payment to Canada over CAD 10,000 reported?
Yes, by the receiving bank. FINTRAC requires financial entities to report international electronic funds transfers of CAD 10,000 or more that they finally receive.
How long does a wire to Canada take?
Swift reports almost 100% of gpi payments credited within 24 hours. Canadian dollar wires then settle on Lynx in real time, Monday to Friday except statutory holidays.
What is Lynx?
Lynx is Canada's high-value payment system, owned and operated by Payments Canada, used to send Canadian dollar wires with real-time settlement finality.
References
- International Trade Administration: Canada Country Commercial Guide, Trade Financing
- FINTRAC: Reporting electronic funds transfers to FINTRAC
- Payments Canada: Lynx, Canada's high-value payment system
- Payments Canada: Retail batch payment system (ACSS and USBE)
- Payments Canada: Financial institutions branch directory
- Swift: Fast, transparent and trackable payments (gpi)
- U.S. Department of the Treasury, OFAC: Who must comply with OFAC sanctions? (FAQ 11)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.