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Top 3 Money Transfer Providers for Canada to UK

Provider Amount Received Fee Exchange Rate Speed
Currency Solutions Currency Solutions GBP £5,739.94 No Fee 0.574 1-3 days more...
TorFX TorFX GBP £5,746.31 No Fee 0.5746 1-3 days more...
OFX (prev. CanadianForex) OFX (prev. CanadianForex) GBP £5,674.24 No Fee 0.5674 1-4 days more...
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CANADA
Canada has no foreign exchange controls, making overseas money transfers to Canada or sending money from Canada simple Read More
UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
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Top 10 Money Transfer Providers

Latest prices for transferring money from Canada to UK
Exchange Rates as of 25 February 2020, 15:34

Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

More InfoLess Info
Amount Received
GBP £5,739.94
CAD $167.19
saved vs. banks

TorFX

Est. 2004

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

More InfoLess Info
FXcompared
Score
Amount Received
GBP £5,746.31
CAD $178.19
saved vs. banks

OFX (prev. CanadianForex)

Est. 1998

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

More InfoLess Info
Amount Received
GBP £5,674.24
CAD $53.78
saved vs. banks

Moneycorp

Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

More InfoLess Info
FXcompared
Score
Amount Received
GBP £5,749.21
CAD $183.19
saved vs. banks

WorldFirst

Est. 2004

Transparency and security | Great customer feedback rating from Feefo

More InfoLess Info
FXcompared
Score
Amount Received
GBP £5,763.69
CAD $208.19
saved vs. banks

Currencies Direct

Est. 1996

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

More InfoLess Info
Amount Received
GBP £5,746.31
CAD $178.19
saved vs. banks

Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More InfoLess Info
Amount Received
GBP £5,734.73
CAD $158.19
saved vs. banks

RationalFX

Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More InfoLess Info
FXcompared
Score
Amount Received
GBP £5,740.52
CAD $168.19
saved vs. banks

Global Reach (formerly FC Exchange)

Est. 2005

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

More InfoLess Info
Amount Received
GBP £5,740.52
CAD $168.19
saved vs. banks

Average Canadian Bank

Est. 1800

Average of the top Canadian Banks costs as compiled by our own FXC Intelligence group

More InfoLess Info
Amount Received
GBP £5,641.46
No saving vs. banks

How to Transfer Money from Canada to UK

What is in this guide

Canada to UK Guide

Summary

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.

Banking, money and taxes

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.

Visas and immigration

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.

Studying in the UK

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.

Moving with your pet

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.

Frequently Asked Questions

Are the money transfer companies shown above safe to use?

Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.

How long does an international money transfer take?

The speed of delivery will depend on where the money is being from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can depend take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.

How do I use FXcompared?

First review the comparison results (such as for a table above) for a given amount of money sending from Canada to UK. Then select a provider based on factors such as price, speed, their rating and click the green button to be taken to their website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.

What payments methods can I use to send money overseas?

The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received - to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.

What if the price shown above isn’t exactly what I am offered when I try to transfer money?

There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.

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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.

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.