No fees for FXcompared users
No Fees for FXcompared users.
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 business working between the two countries.
If you move to the UK or are considering buying a property, it is likely you will need to open a UK bank account. To do so, you will require various standard documents that can prove you are employed, show your UK address and for your ID - a passport. Opening bank accounts can be a lengthy process so it best to plan ahead and start the paperwork as soon as possible especially f 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 focuses on private client. Global banks such as HSBC, Citibank, and Barclays have large a presence in both countries.
Given the potential tax implications of transferring money, i is important to note that Canada and the UK have different tax years; Canadas is the calendar year, while in the UK the tax year runs from April 6th to April 5th 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 you 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, it is highly advisable to seek tax advice before making the purchase to ensure that you are setup 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, then will require a student visa. The advice for the process for 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 5,000 people a year come to study in the UK from Canada, about 12% of the total number of Canadians studying abroad. According to a 2013 study by HSBC, the average annual cost per year of study in the UK for international students is 18,759 (C$34,000), of which fees are 11,933 fees and cost of living 6,825. Fees for foreign student tend to be higher than those for UK nationals, reaching as high as 38,532 per year for a taught clinical postgraduate degree at a leading university in London, for example.
Given that Canada is outside the European Economic Area, Canadian students will require a Tier 4 (General) student 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 our 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 (although 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 too.
You can make use of the UKs 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 need any paperwork from the CFIA in Canada and will require that your pet has a certificate from a vet that shows they have had all their inoculations. For detailed advice on bringing your pet into the UK, check out the UK Government website.
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