Canada, the second largest country in the world, boasts a diversified economy with a GDP upwards of $1.7 trillion (as of 2019). The majority of Canadian revenue is generated from oil, gas, energy and manufacturing, as well as a thriving tourism industry.
The GBP to CAD corridor is a well-travelled route due to the accessibility of money transfer services servicing Canada. In addition to this, CAD is one of the most popular currencies for foreign exchange trading, due to the long-standing strength of the currency and Canada’s political and economic stability.
Here we will provide further insight into how to safely and securely move money from United Kingdom to Canada without jeopardising the hard-earned money of both sending and receiving parties.
Choosing the best service provider
We want to find you the ideal service to suit your money transfer needs, no matter what your priorities are, and we believe exceptional global transfer services should not have to come with a huge price-tag.The fastest provider is WorldRemit, transfers from this provider normally take less than a day. The cheapest money transfer provider we found is TorFx at 0.5% Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using TorFx when transferring GBP to CAD.
This means that by using TorFx for online money transfers to Canada from United Kingdom, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access TorFx for any reason, our comparison engine has found XE and WorldRemit also to be very good options when sending GBP – CAD.
This recommendation was updated one minute ago.
The cheapest way to send money from United Kingdom to Canada
TorFx has been determined by our comparison engine to currently offer you the cheapest rates possible.
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The fastest way to send money from United Kingdom to Canada
When sending money from United Kingdom to Canada, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers.
What payment methods are available when sending money from United Kingdom to Canada?
Most money transfer providers allow you to deposit and send money using various payment methods, but not all providers offer multiple options. Typically you’ll find the most common methods are bank transfers and card payments, but some providers also accept cash and will even deliver funds straight to your recipient’s door.
Sending money to Canada from United Kingdom using credit card
To avoid high fees you can opt to use an online money transfer provider such as XE to pay for your transfer to Canada.
Sending money to Canada from United Kingdom using a debit card
Using a wire transfer to send money from United Kingdom to Canada
Bank and wire transfers are the most common ways of sending money Canada as they are secure, reliable, and convenient. However, they often come with the slowest delivery times in case speed is an important factor for you. You can use TorFx to send money using a bank or wire transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
If you want to make an international transfer using wire transfer, you will need to know the SWIFT/BIC code of your recipient in Canada. If you’re unsure what it is, check out our SWIFT calculator to figure out the correct SWIFT code in Canada.
When sending money to Canada from United Kingdom using bank account transfer you are paying for the outgoing fees, flat fees, currency exchange rate markup, and sometimes an additional incoming transfer fee.
On the other hand, you usually only pay a sender fee and a small exchange rate markup when using online money transfer services such as TorFx, XE and WorldRemit.
Considerations for a GBP – CAD Currency Transfer
Before sending money to Canada from United Kingdom, you should consider the following:
The amount you want to transfer: It is likely that the more money you send to Canada the more value you will get and more CAD the recipient will receive. This is because any flat fee charged ends up as a smaller percentage of your transfer amount, and also because many providers allow you to negotiate a better exchange rate margin if sending large amounts.
The GBP – CAD exchange rate margin: Money transfer providers charge a small percentage on top of the mid-market exchange rates in order to generate revenue. Current mid market rate is 1.616569 and the lowest exchange rate margin is currently offered by TorFx at 0.5% above the mid market rate.
Hidden fees & charges: Before sending money to Canada, make sure the provider you are using doesn’t charge any hidden fees. Our reviews of the top ranked providers TorFx, XE and WorldRemit will give insight here.
How to send money from United Kingdom to Canada at the best rate?
This one’s easy. Simply use our comparison table above to find the best provider to send GBP to CAD. After that it’s just a process of making your transfer via the following steps:
Click “Visit Site” inside our comparison table
Register for an account if required
Input how much you are willing to send
Fund your transfer
Receive & save an email confirming your transfer
How to receive transfers from GBP to CAD in Canada?
Your recipient has a few methods available to receive your money in Canada. These will vary between providers, but it is possible to find services that will:
Deposit CAD directly into a bank account
Enable the recipient to pick up cash a specific locations across Canada
Deliver money directly to their door
Send CAD to your recipient’s mobile wallet
If your recipient is going to collect or have the money delivered to them in Canada, then they will usually need the following:
Government issued photo I.D. such as a driver’s license, passport or Canadian provincial and territorial photo card
The money transfer reference number
Senders details and the amount of money sent
How much money can be transferred from United Kingdom to Canada?
The amount of CAD you can receive from United Kingdom will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.
You should also check if there are any government regulations pertaining to the amount of CAD that can be received in Canada or sent from United Kingdom before making your transfer.
What are the tax laws for sending money to Canada?
The Canadian authorities do not tax money transfers or employ the same “gift tax” as their neighbours in the United States. Therefore, sending money to Canada from United Kingdom – regardless of amount – should be pretty straightforward. However, in cases where large sums of money are sent to Canada, we would recommend researching how much money you can send online from United Kingdom with your chosen service provider.
What information is needed to send money to Canada?
The process of sending money to Canada from United Kingdom is simple enough, but you will need to provide specific details to ensure the smooth sailing of the transfer. The information required may differ from one provider to another, but generally you will need a government-issued photo ID, such as a passport or national identity card, the recipient’s name as it appears on official documents, their full address and phone number and their bank details including bank name, account number, five-digit transit number and BIC code.
Can I send an Interac e-transfer from outside Canada?
Interac e-transfer is a Canadian email money transfer (EMT) service available to customers with an active Canadian bank account. While Interac e-transfers support international money transfers sent from Canada, it is not possible to make an international money transfer Canada using the service. This means only incoming and outgoing domestic transfers and outgoing international transfers can be set up with Interac.
Elsewhere, money transfer companies such as PayPal, Google Pay and Wise offer their own EMT services.
Is it possible to open a multi-currency account outside of Canada which supports CAD?
Yes, a host of financial institutions inside and outside of Canada offer multi-currency accounts. If you are looking to open an offshore bank account in Canada we would recommend Scotiabank, CIBC and HSBC, all of which offer multi-currency accounts and international transfers services. Alternatively, Wise is one of the leading money transfer operators now offering affordable, low-cost multi-currency accounts which can hold up to 56 currencies in one place.
April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.