Key takeaways
- The exchange rate usually costs more than the wire fee.
- Big-bank posted rates were about 3.1% above market on 27 Oct 2026.
- Specialists like Wise and Venn charge under 0.5% on CAD conversions.
- Holding USD lets you pay US invoices without converting each time.
Your main options
| Option | How it works | Typical cost |
|---|---|---|
| Bank wire | Convert at your bank’s rate and send a wire | Bank FX margin plus a wire fee |
| FX specialist | Convert and send through a specialist | Lower margin, often no transfer fee on larger amounts |
| Multi-currency account | Hold USD and pay from the balance | Convert only when you top up |
| Accounts payable platform | Pay invoices from your AP workflow | FX cost built into the rate |
What a US$20,000 invoice costs
Using the Bank of Canada rate on 27 October 2026 (1.4038), the invoice is worth C$28,076 at the market rate.
| Paying US$20,000 | Above market |
|---|---|
| Big-bank posted rate (~3.1%) | +C$870 |
| Wise (0.48% fee) | +C$135 |
| Venn Essentials (0.45%) | +C$126 |
Bank rates for business clients can be lower than posted rates on larger amounts, so ask your bank for its margin in writing.
How to choose
- Paying many US suppliers each month: a multi-currency account or AP platform saves time and conversion costs.
- Occasional large payments: an FX specialist, and a forward contract if the payment is due later.
- Already earning USD: pay US costs straight from USD revenue.
Providers that can help
Mid-market rate, fees from 0.48%
Conversion from 0.45%, local USD account details
Pay USD invoices from your AP workflow
FAQs
What is the cheapest way to pay a US supplier from Canada?
It’s usually a specialist provider or a multi-currency account rather than a bank wire, because the exchange-rate margin is lower. Wise converts at the mid-market rate with fees from 0.48% for CAD, and Venn’s conversion fee starts at 0.45%.
Should I pay US suppliers in USD or CAD?
Paying in USD means you control the conversion and can shop for a better rate. If you let the supplier charge you in CAD, their bank sets the rate, which is often worse.
How long does an international payment to the US take?
It depends on the provider. Many specialist transfers arrive within 1–2 business days, and some arrive the same day.
Can I pay US suppliers from accounting software?
Yes. Accounts payable platforms such as Plooto let you pay invoices, including in foreign currencies, from your accounts payable workflow, with integrations for QuickBooks and Xero.
Sources: Bank of Canada daily exchange rates; National Bank posted exchange rates, 27 Oct 2026; Wise, Venn and Plooto published pricing.