Use a money transfer provider to save cash when moving to Canada


Rachel Doyle
Rachel Doyle
Senior Content Specialist
Rachel has over 10 years’ communications and writing experience, having started her career in financial services where she spent nine years working in various roles. She started out in fund… Read more
  • Recent changes to the visa system means that it is more difficult to gain a visa  

  • Working holiday permits are available, which guarantee you can stay in Canada for up to two years, if you are aged 18-30

  • Enlist the services of a money transfer provider to save money when sending money abroad

It is not as easy as you might think to gain entry into Canada. If you are looking to apply for residency in Canada through an ”Express Entry” application, because you think you meet the criteria under skilled worker class or other, you may be waiting a while. As a candidate, once you have been accepted onto the Express Entry scheme, you need to wait until you are formally invited to apply. There is no indication of how long you may have to wait, nor any guarantee that you shall ever be invited to apply. Changes to the rules mean that you will also require an ETA (Electronic Travel Authorization) document before you can enter Canada as well.

If you are aged between 18 to 30 years, you can apply for a temporary working holiday visa which allows you to work in Canada for up to two years. If you are considered to match the requirements, you will receive an invitation to apply, which you must accept within 10 days of receiving it. You also have only 20 days to submit an online application for the working holiday visa.

Moving abroad is not cheap to do either. Some visas require you to demonstrate that you have enough money to travel with. Working holiday visas require a minimum of £1,600 to support yourself when you arrive. There are many costs involved with the move such as international shipping fees, costs to purchase transport at the other end, unless you plan on shipping your right hand drive vehicle overseas or relying on public transport. Then there are rental costs and general living costs before you get started with a job, or want to spend a bit of money travelling around. If you decide to stick with your bank to transfer the money internationally then you could be left out of pocket. Many banks charge a transaction fee to carry out each transfer; which can be anything from £5 to £70 per transaction; if you are drafting a cheque. Then there is the exchange rate that you receive. Banks typically offer a rate that is at best 4% over the interbank rate. Partner with a money transfer company and you can expect a rate closer to 0.5-1.5% away from the interbank rate. If you select one of the peer matching platforms, you may even be able to beat the interbank rate. Many currency exchange brokers can support setting up regular payments, in case you need to make regular payments from a UK based savings account or pension fund. Use our online comparison tool to find the most cost effective international money transfers company when exchanging British pounds to Canadian dollars.

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