What are some good ways to receive payment if you are an American contractor working remotely for a Canadian company? The criteria would be to have

a) the least percentage of the payment reduced to transaction costs while maintaining

b) a relatively high frequency of payment (i.e. if I get paid every month, nearly every month the money is transferred)

  • 1
    Are you paid in US or Canadian dollars?
    – stoj
    Sep 6, 2011 at 0:26
  • 1
    Canadian dollars. Sep 6, 2011 at 19:49

1 Answer 1


If possible, I would open a Canadian bank account with a bank such as TD Canada Trust. You can then have your payments wired into that account without incurring costs on receipt. They also allow access to their US ATM network via TD Bank without additional costs. So you could use the American Affiliate to pull the funds out via a US teller while only bearing the cost of currency conversion.

If that option can't work then the best route would be to choose a US bank account that doesn't charge for incoming wire transfers and request that the money be wired to your account (you'll still get charged the conversion rate when the wire is in CAD and the account is in USD).

  • This is pretty solid advice, and very close to what I ended up doing. I have an account with CIBC from when I was there, and the deposits are going there. It looks like the first transfers in canadianforex.ca are except a pretty good conversion rate, so I was going to do that, but I see that CIBC has a Chicago office and that might work really well. Sep 23, 2011 at 11:57

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