RM Sotheby’s to auction off classic car collection
RM Sotheby's will soon present a selection of collectible cars at the Villa Erba auction on 20 May.
By Joe Baker | Monday, April 24, 2023
With both being part of the Commonwealth, the UK and Canada have an excellent relationship, with many individuals and businesses working between the two countries. Despite Brexit causing chaos for UK trade, bilateral trade between the UK and Canada remains solid, with an agreement coming into force in 2021.
When it comes to exchanging Canadian Dollars into British Pound Sterling, or vice versa, there are no money transfer restrictions if you are sending money from Canada to the UK. Make sure to keep up to date with exchange rates, and read up on the trusted money providers here at FXcompared to find the best way to transfer money from Canada to UK.
While the Canadian Dollar (CAD), and British Pound Sterling (GBP) are individually amongst the most commonly used currencies, as a currency pair they are traded less than your typical pairing of USD/GBP or USD/EUR for example. Having said that, falling seventeenth on the list of currency pairs in 2023, the two currencies are evidently still exchanged a lot. To ensure you get the best rates and avoid excessive banking fees, going via a reliable money transfer service can save you time and money.
Moving to the UK requires a lot of planning so be sure to make a note of the necessary steps before deciding on the move. For starters, finances are a big factor. If you move to the UK or are considering buying a property, it’s 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.
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. When it comes to making regular payments abroad however, going through a money transfer service rather than a bank can save you money.
Given the potential tax implications of transferring money, it’s 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. Likewise, if you are planning to make a large purchase, such as a house in the UK, then it is absolutely advisable to seek tax advice before making the purchase to ensure that you are set up correctly.
Moving to the UK from Canada to work? If this is your intent, you will require a work visa. The same applies for studying, and you will require a student visa in order to pursue higher education in the UK. For work visas, you will need to establish which work visa would be suited, and check that you’re eligible.
If you’re looking into temporary work, you can get a two-year visa with the International Agreement visa, and you will need a sponsor in order to do so. For a stay of five years (that will need to be extended if staying longer), you will need to apply for a Skilled Worker visa, or a Health and Care worker visa for medical professionals.
Before making big decisions, be sure to brush up on the latest information available on the UK Gov website.
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Don’t be put off moving if you have a beloved pet that you don’t want to leave behind. Fortunately, dogs, cats and ferrets are fine to travel if they meet the requirements. As long as your pet is microchipped, has a passport/health certificate, has had the appropriate medical treatments (usually rabies vaccines and a tapeworm treatment for dogs) and uses an approved route, you and your pet will be able to make the journey together. Read more here.
For students looking into potentially studying abroad, the UK is one of the most popular countries for Canadians to study overseas. With such iconic institutions as Oxford and Cambridge universities, applications to study in the UK are plentiful.
It’s important to keep up to date with visa options as they can change. As of early 2023, the Student visa usually allows degree level students to stay in the UK for five years. The requirements include an offer of a place on a course by a licensed student sponsor, having enough money to support yourself, and a firm comprehension of the English language.
Being realistic is important when it comes to finances. Planning is necessary to ensure that the choice to study in the UK from Canada is financially viable, but it can be done.
For starters, the visa costs £363 to apply from outside the UK. Keep in mind additional costs such as the healthcare surcharge too. Tuition fees vary between institutions, but range between £11,400 and £38,000 a year. Plus, living expenses can amount to over £12,000. When making payments in advance, going through money transfer specialists rather than making bank transfers could help you save money.
All things considered, the UK is a top choice for international students and offers an easy route to travel around Europe. With some careful planning and budgeting, UK universities make for a great choice for Canadian students to study.
Whether making the move to the UK, travelling for a holiday, or making a purchase abroad, using a reliable money transfer service can save you money.
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