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Average of the top Canadian Banks costs as compiled by our own FXC Intelligence group
There are no money transfer restrictions if you are sending money from Canada to the UK. As part of the Commonwealth, the UK and Canada have an excellent relationship, with many individuals and businesses working between the two countries.
If you move to the UK or are considering buying a property, it is likely that you will need to open a UK bank account. To do so, you will require various standard documents that can prove you are employed and that show your UK address, and you will need your ID – a passport. Opening a bank account can be a lengthy process, so it is best to plan ahead and start the paperwork as soon as possible, especially if you will need to send money from Canada to the UK to fund the early stages of relocation or a property purchase. Of the Canadian banks in the UK offering retail services, RBC and Scotiabank have the largest presence, but are focused on private clients. Global banks such as HSBC, Citibank and Barclays have a large presence in both countries.
Given the potential tax implications of transferring money, it is important to note that Canada and the UK have different tax years. Canada’s is the calendar year, while in the UK, the tax year runs from 6 April to 5 April of the following year. These differences will have an impact on your tax in both countries, especially if you move to the UK, in that first year. Be sure to seek specialist advice on how your tax affairs both in Canada and the UK will be affected if you move country. If you are planning to make a large purchase, such as a house in the UK, then it is highly advisable to seek tax advice before making the purchase to ensure that you are set up correctly.
If you are planning to move to the UK from Canada to work, you will require a work visa. If you are planning to move to study, you will require a student visa. The advice for the process of obtaining a student visa will be mostly handled by the university you are attending. For work visas, the eligibility and the process will depend on what your profession is and what qualifications you have.
The UK is second, albeit a distant one, only to the US as the favourite country for Canadians to study overseas. Some 6,180 people came to study in the UK from Canada in 2018. Costs for international students can vary between £10,000 and £35,000 per year for tuition, with an average of $12,200 on top of that for living costs.
Given that Canada is outside the European Economic Area, Canadian students will require a General student (Tier 4) visa to study in the UK. Once you have a place at an accredited institution, the process of applying is simple, but you have to be able to demonstrate that you have sufficient savings to fund your course and cost of living. Students on a Tier 4 will usually be permitted to take part-time employment of up to 20 hours a week in term time (though you can work full-time in a non-permanent role during term breaks, and pursue a sandwich course). When you have completed your course, you can work full-time hours for up to four months. You can also bring dependents on a Tier 4, but must be able to show that you have sufficient savings to cover them.
You can make use of the UK’s Pet Travel Scheme (PETS) to bring your pet from Canada to the UK as the UK government includes Canada on its approved list. You will need to check if you require any paperwork from the CFIA in Canada, and you will need to provide a certificate from a vet that shows that your pet has had all its inoculations. For detailed advice on bringing your pet into the UK, check out the UK government website.
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
