- 1). Check online for banks that have an international presence. Look for those with branches in the United States and Canada, preferably with a location in your area.
- 2). Visit an online website and check the bank's financial stability. You want to ensure that the bank is on solid ground in terms of assets and liabilities.
- 3). Open a checking account inside the branch, if you can. If you're not near one, call its customer service line and open an account by phone. When completed in person, the bank opens the account on the same day. If done by phone it can take up to a week.
- 4). Instruct the Canadian recipient of the upcoming wire transfer to open an account with the same bank. A wire transfer between different banks is more expensive because it requires payment of a wire fee by both parties. Additionally, the bank charges the sender a fee equal to a percentage of the wire value. The receiving bank can also place a temporary hold on the funds and prevent withdrawals.
- 5). Confirm that both accounts are open. Using the recipient's account number and name, complete a global transfer between the two accounts via phone or online. Most banks offer this service for free or charge a flat fee of $5 to $10. The recipient will have access to the funds immediately without incurring additional fees for currency exchange.
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