Send Money to Canada with Peanut — Coming Soon
Peanut is expanding to Canada. Soon you'll be able to send money and have recipients access funds via Interac e-Transfer — Canada's universal payment system.
Send Money to Canada with Peanut — Coming Soon
Interac e-Transfer is the backbone of personal payments in Canada — over 1 billion transactions per year, accepted by virtually every Canadian bank and credit union. Send money to anyone with just an email address or phone number, and with autodeposit enabled, the funds arrive instantly. But sending money to Canada from abroad still means dealing with transfer fees, multi-day settlement times, and exchange rate markups that reduce the Canadian dollars the recipient receives.
Peanut is building a better way. Soon you will be able to send money to Canada and have the recipient access funds through Interac e-Transfer — sending to anyone in Canada by email or phone number, with instant delivery. No fees, no SIN required, no multi-day international wire delays.
Why Peanut Will Be the Best Way to Send Money to Canada
Better Exchange Rate
The Canadian dollar is a stable, freely traded currency, but traditional services still add their own markup. Wise charges a variable fee plus a rate markup. PayPal takes 3-4% through combined fees and conversion charges. Bank wires charge intermediary fees on top of unfavorable rates. Peanut converts digital dollars directly to local currency at a competitive market rate, bypassing the layered costs.
No Fees
Peanut charges nothing on deposits, sending, or local access. No transfer fees, no receiving fees, no hidden conversion charges. Compare that to the $20-$45 international wire transfer fees that banks charge, or Western Union's flat fees plus marked-up exchange rates. Every dollar sent through Peanut arrives as Canadian dollars the recipient can use.
Instant via Interac e-Transfer
Interac e-Transfer enables email or phone-based instant transfers between virtually all Canadian bank accounts. With autodeposit enabled, the recipient does not even need to accept the transfer — funds arrive automatically. Over 300 financial institutions participate, including all Big Five banks (RBC, TD, Scotiabank, BMO, CIBC), credit unions, and digital banks. When Peanut launches, recipients will access funds through Interac e-Transfer instantly.
No SIN Required
Canada's Social Insurance Number (SIN) is required for employment, tax filing, and accessing many financial services. Foreigners need a valid work or study permit to obtain one. Peanut removes that requirement — recipients will verify with any passport, no SIN needed. Bank accounts can often be opened with a passport for newcomers, and Peanut makes the process even simpler.
How It Will Work
- 1
Sign up and verify
Create a Peanut account and complete identity verification with your passport. Takes under 2 minutes for most users.
- 2
Deposit funds
Fund your Peanut account via ACH from the US (free, 1-3 business days), SEPA from Europe (free, most under 20 minutes), or send digital dollars from any major exchange.
- 3
Send to your recipient
Your recipient creates a Peanut account or receives funds to an existing one. Peanut-to-Peanut transfers arrive instantly.
- 4
Recipient accesses funds via Interac e-Transfer
The recipient sends to anyone in Canada by email or phone number through Interac e-Transfer. With autodeposit, the money arrives instantly in the other person's bank account.
What the Recipient Will Be Able to Do
Send via Interac e-Transfer
Interac e-Transfer lets the recipient send money to anyone in Canada using just an email address or phone number. No bank account details needed. With autodeposit enabled on the receiving end, funds arrive instantly. This is how Canadians pay friends, split bills, pay rent, and settle debts.
Pay Businesses
Some businesses accept Interac e-Transfer for invoices and payments. Recipients can pay contractors, landlords, and service providers directly through the system.
Access the Interac Debit Network
Beyond e-Transfer, the Interac debit network is the backbone of in-store payments in Canada. Interac Flash (contactless) and Interac Online (e-commerce) provide broad merchant coverage. Recipients with a linked Canadian bank account will have full access to this ecosystem.
Bank Withdrawal
Direct withdrawal to a Canadian bank account, converting digital dollars to CAD at the point of transfer. Interac integration means settlement is fast rather than the multi-day international wire transfer timeline.
Who This Is For
Cross-Border Workers and Snowbirds
The US-Canada border sees enormous cross-border activity — workers, snowbirds spending winters in warmer US states, and families split between the two countries. Regular transfers between USD and CAD accounts involve bank wire fees of $20-$45 and multi-day delays. Peanut will make these transfers instant and free through Interac e-Transfer.
New Arrivals and Immigrants
Canada welcomes hundreds of thousands of new permanent residents and temporary workers each year. Many need to receive money from family abroad while they settle in. Peanut's passport-based verification and Interac integration will give newcomers access to Canada's payment system from day one — no SIN required.
UK Expatriates
The UK-Canada corridor serves personal and business transfers. SEPA deposits from the UK arrive in under 20 minutes, and the recipient in Canada can send to anyone via Interac e-Transfer instantly — a dramatic improvement over international wire transfer fees and delays.
How Much Will It Cost?
Peanut charges no fees on any operation. The exchange rate converts digital dollars directly to CAD at a competitive market rate.
| Service | Fee | Exchange Rate | Recipient Gets |
|---|---|---|---|
| Peanut (planned) | $0 | Market rate | More CAD |
| Wise | ~$4-7 | Mid-market with markup | Less |
| PayPal | ~$5 + 3-4% | Below mid-market | Significantly less |
| Western Union | $5-15 | Worst rate | Least |
| Bank wire | $20-45 | Bank markup | Variable |
Sending from Specific Countries
Send Money from the United States to Canada
The US-Canada corridor is one of the largest cross-border payment routes in the world, driven by deep economic ties, cross-border workers, snowbirds, and family connections. US senders will deposit via ACH (free, 1-3 business days) or digital dollars from an exchange (arrives in minutes). The recipient accesses funds through Interac e-Transfer instantly — a massive improvement over international wire transfers that take 1-5 days and charge $20-$45 in fees.
Send Money from the United Kingdom to Canada
The UK-Canada corridor serves both personal and business transfers. UK senders will deposit via SEPA (free, 90% arrive in under 20 minutes) and send to Canada. The recipient accesses funds through Interac e-Transfer in real time.
