Send money from Canada to United Kingdom

The best way to send money from Canada is by making a bank transfer through a money transfer provider, as it’s often the fastest and cheapest method available. Direct bank transfers often work out much more expensive and time-consuming as they often use the SWIFT banking system, which means your money is sent through a number of connecting banks - each taking a fee for the trouble.

Digital payment wallets like PayPal can offer fast transfers but these often come with high fees, while methods like international money orders are slow, expensive and outdated.

To send money from Canada anywhere abroad, you’ll likely need to have the following details to hand:

• ID: You’ll need to verify your identity with a form of ID. In Canada this is normally a passport, provincial driver’s license, health card or government ID card, a permanent resident card, or a citizenship card

• The recipient’s details: You’ll need the details of the recipient of the transfer, including their full name, address, and bank account information - in the UK this will be their account number and sort-code

• Payment method: You’ll also need a way of funding the transfer, whether it’s a debit or credit card or the details of your bank for a direct deposit

The odds are you've already paid taxes on the money you are planning to send from Canada to the UK when you received it as income. That's why Canada doesn't impose any taxes when sending money out of the country.

The Canada Revenue Agency might monitor large transactions. Some platforms report all transfers above CAD10,000 to the CRA. You might need to provide additional info on the money's origin, such as a salary statement or property sale. But if you did everything by the book, there shouldn't be a big transaction delay.

Most users go with one of these, and the choice depends on your agreement with the sender:

• Bank account deposit: You can have the money deposited into your UK bank account

• Cash pickup: You’ll be able to collect the money from a local agent, and it will often be ready for pickup on the same day if not instantly

• Digital wallet: You may also be able to have money delivered to a digital wallet like PayPal, but keep in mind it might cost more to withdraw that money from the wallet into your bank account

To receive money from abroad in the UK, you will likely need to have the following to hand:

• Identification: You'll need a form of identification to prove who you are - in the UK this will normally be a passport or driving license

• Transaction details: You should also have the transaction number and the details of the transfer, including the sender’s name and address and the exact amount being transferred

Tax rates applicable to worldwide personal income vary from 20% to 45% in the UK. However, the UK government grants some exemptions. Receiving a gift from a friend (up to GBP1,000) or a family member (from GBP2,500 to GBP5,000) isn't taxable. A potential savings income of up to GPB5,000 yearly also doesn't fall into this taxation category.

If you want to send money abroad using a credit card, you can use a money transfer provider like [PROVIDER_PAYMENT_TYPE type="Credit Card"] to pay for your transfer to United Kingdom.

Credit cards secure instant deposits, but everything else goes against them. Apart from maintenance fees and interest being expensive, there's a harsh charge for using a credit card as the payment method. Unless you don't have alternatives and want your payment to be processed as fast as possible, try to bypass this method.

With [PROVIDER_PAYMENT_TYPE type="Debit Card"] you can send money online to the United Kingdom using your debit card. But before making a payment, make sure you understand all the processing fees in place.

The alternative card option comes with more affordable fees compared to credit cards. However, the charges are still higher than when using other options. On the other hand, deposits are instant, so using debit cards might be the preferred way to go when in a rush.

Bank transfers are the most common ways of sending money to the United Kingdom as they are secure, reliable, and convenient. You can use [PROVIDER_PAYMENT_TYPE type="Bank Transfer"] to send money using a bank transfer at a great rate as long as you’re happy for your transfer to take a little longer to process.

You should be able to send money with any Canadian bank account. The fees for international transfers are more affordable, although be aware that bank payments may take a little longer to process than card payments.

Digital wallets are more popular than ever now since cryptocurrencies have gained millions of users. But you don't want to use crypto for international transfers since it's a highly-unregulated market that's not officially regulated by the authorities. Some digital wallets, such as PayPal or Skrill, use fiat currencies and support this route. But their pricing and rates are harsh, so it's better to go with an alternative.