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Overall best way: Wise
Wise scored the highest of the 18 money transfer companies supporting CAD to GBP transfers.
In total, Wise appeared in 97.8% of Canada to United Kingdom searches.
For a great mix of cost, speed & features, we advise using Wise for your Canada to United Kingdom transfer.
How to compare companies offering money transfers from Canada to United Kingdom
- Always compare rates
Use our live comparison tool to make sure you aren't missing the best rates to send money from Canada to the United Kingdom. This ensures the best price.
- Choose a provider
Select the company that offers you the best value & options for sending to the United Kingdom.
- Click, sign up & send
Sign up & make your transfer. Your funds will soon be on their way from Canada to your chosen country & currency.
Summary of recent searches
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Considerations for sending money from Canada to United Kingdom
Always compare ways to send money from Canada to the United Kingdom to get the best options for fees, speed, and reliability.
Our analysis included 18 providers that operate between Canada and United Kingdom.
Through this, you get a comprehensive view of all the options you have in Canada when you need to send money to the United Kingdom.
Cheapest way to transfer money from Canada to United Kingdom: Regency FX
Data collected over the past six months shows that Regency FX is 0.2% cheaper than the second-best option.
This includes an average transfer fee of 0* CAD an exchange rate for buying Pound Sterling with Canadian Dollars that is 0.09% different to the mid-market rate.
If you want to secure the best rates on transfers from Canada to United Kingdom, Regency FX will result in the most Pound Sterling received.
*The most common fee applied to CAD-GBP by Regency FX, based on data from the past six months.
Fastest way to transfer money to the United Kingdom from Canada: Paysend.
Paysend was the quickest way to send Canadian Dollar to Pound Sterling in 47.5% of searches. For fast transfers between CAD and GBP, Paysend comes highly recommended.
When using Paysend to send money from Canada to the United Kingdom you can expect an average fee of 0 CAD. Although we would recommend comparing the amount you want to send.
When testing the 'fastest' options we compared 18 money transfer providers. To test overall speed of sending money from Canada to the United Kingdom we included the timeframe for depositing Canadian Dollar to a money transfer account and average transfer times to the United Kingdom.
When sending money to United Kingdom from Canada quickly is a priority, Paysend is our recommended choice.
Transfer a large amount of money
Wise is the strongest option for large transfers of the 18 money transfer companies tested.
Whatever the reason is for the transfer, sending large amounts of money from Canada to the United Kingdom can become expensive through your bank or with the wrong provider.
Our data shows Wise as the best choice for sending large sums of money to the United Kingdom from Canada.
Tax implications on transfers from Canada and into the UK
When receiving money in the UK from Canada, the recipient should be aware of any legal and tax implications of the transfer.
Depending the type of transfer being received, obligations in the UK will differ.
There are also potential tax reliefs that those receiving money in the UK from Canada should be aware of.
These are:
Type of Income/Tax | Declaration or Relief | Details | Monetary Values |
|---|---|---|---|
Employment Income | Declaration | Salary or wages received from abroad are subject to UK income tax. | Tax rates: 20%, 40%, 45% based on income. |
Self-Employment Income | Declaration | Payments from clients abroad are subject to UK income tax. | Tax rates: 20%, 40%, 45% based on income. |
Pension Income | Declaration | Overseas pensions are subject to UK income tax, with possible exemptions depending on tax treaties. | Variable based on pension income. |
Foreign Investments | Declaration & Relief | Gains from selling overseas assets are subject to capital gains tax, with relief under double taxation agreements. | Tax-free allowance: £12,300 (2023-2024). Tax rates: 10% or 20%. |
Gifts and Inheritances | Declaration | Subject to UK inheritance tax, especially if the deceased was a UK domicile. | Threshold: £325,000. Tax rate: 40% above threshold. |
Foreign Dividends | Declaration & Relief | Subject to UK income tax, with possible relief for foreign tax paid. | Tax-free dividend allowance: £1,000. Tax rates: 8.75%, 33.75%, 39.35%. |
Foreign Interest | Declaration & Relief | Interest from foreign accounts is subject to UK income tax, with possible relief for foreign tax paid. | Tax-free savings allowance: £1,000 (basic rate), £500 (higher rate). |
Double Taxation Relief | Relief | Relief against UK tax liability for foreign tax paid on the same income. | Varies based on foreign tax paid. |
Remittance Basis (Non-Domiciled) | Declaration & Relief | Tax on foreign income and gains only if brought into the UK, with specific rules and charges. | Annual charge: £30,000 (residents of 7 out of 9 years), £60,000 (residents of 12 out of 14 years). |
Reporting Requirements | Declaration | All foreign income and gains must be reported to HMRC via self-assessment tax return. | Penalties and interest for non-compliance. |
Understanding the cost of money transfers to United Kingdom from Canada
The total cost of sending money to United Kingdom from Canada is a mix of the mid-market, exchange rates and transfer fees.
The Mid-Market and Exchange Rates: The mid-market for CAD-GBP is 0.563 GBP per Canadian Dollar.
Using a transfer company with an exchange rate as close to the mid-market rate as possible will result in being able to buy more Pound Sterling for your Canadian Dollars.
The CAD-GBP mid-market rate over the last three months has seen the Canadian Dollar worth an average 0.5648 GBP. Within this there has been a high of 0.5837, and a low of 0.5521.
From 18 companies compared, Wise offers the strongest exchange rates.
The biggest factor in the overall cost of sending money is the exchange rate you receive on converting CAD to GBP.
Fees: When sending money there may be additional fees. Regency FX offers the lowest fee of the 18 providers tested, averaging 0 CAD per transfer over the last 6 months.
Amount Received: When comparing providers, the best measure is the amount of Pound Sterling eventually received in the United Kingdom.
This number should allow you to determine if you are getting a good deal. A higher amount of money received in the United Kingdom, means a better overall cost of sending money from Canada.
How to find the best exchange rate for Canadian Dollar to Pound Sterling
Timing is essential for sending money between CAD and GBP. The exchange rate you secure impacts how much GBP you get for your CAD.
Let's dive into some interesting recent trends.
Over the past six months, the exchange rate from CAD to GBP has seen some fluctuation. On average, it stood at 0.5648.
During this period, the highest value recorded was 0.5837, while the lowest was 0.5521.
Wise, which is our recommended service to send money online from Canada to United Kingdom offers an exchange rate that is only 0% above the mid-market rate.
Want to secure the best CAD-Pound Sterling exchange rates?
Sign up for our rate alerts and we'll tell you when it's the best time to move your money from Canada to United Kingdom!
Payment options for Canada to United Kingdom money transfers
Bank transfers in the UK
Bank transfers are usually the best and easiest way to send money from Canada to the United Kingdom.
By using a money transfer company such as Regency FX for transfers from Canada to the United Kingdom, you can send money via a bank transfer while benefitting from lower fees and more favorable exchange rates than you would get from a traditional bank.
Regency FX is the cheapest money transfer company for bank transfers from the 18 we compared for transfers from CAD into the United Kingdom.
With an average fee of 0 CAD to send money from Canada to the United Kingdom, Regency FX offers a strong combination of competitive exchange rates and lower fees.
Debit cards and prepaid options
Sending money from Canada to the United Kingdom with a debit or a prepaid card is available through Xe.
Xe is one of the cheaper options for debit card payments for transfers from Canada to the United Kingdom. This cost is against a total of 18 money transfer companies offering this option.
Credit cards
When it comes to international credit card transfers from Canada to the United Kingdom, Xe emerges as our top choice of the 18 companies offering this service.
Be aware of fees: using a credit card to transfer money often results in a fee being charged by your card issuer. Where possible, we recommend a bank transfer or debit card payment.
Opt for a multi-currency account to receive into GBP
There are receiving fees to be aware of in the UK when receiving international transfers from Canada. These are specific to using a bank account to receive money. Incoming transfers are also subject to conversion into GBP as well in some scenarios.
Bank
Receiving Fee
Details
Santander
No fee
Santander does not charge a fee to receive an incoming international payment. However, intermediary banks and exchange rate markups may apply additional costs.
NatWest
£1 - £5
NatWest charges between £1 and £5 for receiving international payments. Additional agent fees may apply depending on the intermediary banks involved.
HSBC
£4 - £9
HSBC charges £4 for online payments to another HSBC account and £9 to non-HSBC accounts. Their Global Transfer service allows fee-free transfers between global HSBC accounts.
Lloyds
£7
Lloyds charges £7 for receiving payments over £100. Payments in pounds from within the EU to their Basic Account are fee-free.
Barclays
£6 - £15
Barclays charges £6 for online international payments and £15 for payments arranged in branch or by telephone. SEPA payments made online are fee-free.
When receiving (or sending) payments regularly, it can pay to have access to a multi-currency account. This will give you local account details and reduce the time, and cost, of transferring money.
How we analyze the market
We track the cost, speed, and product offerings of the leading money transfer services available between United Kingdom and Canada.
Our comparison engine and algorithms evaluate providers based on over 25 factors, including transfer fees, ease of use, exchange rates, mobile apps, transfer times & customer support.
We also consider how these services are rated on platforms like TrustPilot, AppStore, and Google Play, giving you a comprehensive view of what to expect.
This thorough analysis helps you get the best available deal - every time you want to move money from Canada to United Kingdom.
We also provide unbiased and detailed reviews of all the top money transfer companies. You can use these reviews to send CAD to GBP.
For a deeper understanding of our commitment to integrity and transparency, we invite you to read our editorial policy document.
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