Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure
OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates
Excellent exchange rates | No transfer fees | Thousands of 5 star reviews
Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers
Currency exchange specialists ranking No.1 on Trustpilot for the past two years
Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.
We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
One-off payments | Regular payments | Great rates | Safeguarded customer funds
Transferring money from the UK to Canada has no restrictions. Canada has strong historical links to the UK and there are many reasons for to send money from the UK to Canada ranging from property purchases, expat and asset relocation, sending money to family, repatriating earnings, or paying for imports. At 608,000 in 2012 - of whom over a quarter are retired - Canada has the fifth largest UK expat population. Similarly, the UK is host to the third largest population of Canadians overseas, estimated at 82,000 in 2009. The UK is also Canada’s second biggest trading partner after the US, with the UK importing £5.8bn (C$10.5bn) of goods and services in 2013.
Whether you are considering a temporary work assignment or permanent move from the UK to Canada, there are various issues you need to consider. Many expatriates have regretted not organizing their tax and financial matters before leaving the UK. This is usually because they were unaware of the issues or because they failed to make use of some of the available opportunities to do so. The UK government’s rules and regulations for UK expatriates are complicated. As such, you would be well served to seek specialist tax and financial planning advice from an expert. Below are some of the areas you will need to cover:
First and foremost, you need to know how living in a foreign country affects your resident status within the UK. If you are going to Canada to work, specific rules from the UK govern whether you are still a resident or not. In the UK the tax year begins on the 6th of April and runs through the 5th of April of the following year. In Canada the tax year is the calendar year (January to December) so be careful to consider how this overlap may affect your plans.
Quebec in Canada has different rules to the rest of Canada, so take care to review these differences. If you are returning to Canada, you will need to consult with Canadian tax advisors to see what impact your return has.
If you are a property owner in the UK and you become a UK non-resident by moving to Canada, you may chose to rent your property out or leave it empty to use when you are back in the UK. Check whether you need to contact and consult with your mortgage lender, home insurer and your local authority if you are plan to rent your property or remain away from it for long periods of time. For example, you may still be responsible to pay local taxes. If you rent it out and earn an income from it, you will be able to transfer money to Canada.
If you move to Canada, your UK state pension is payable in Canada, but you will not be able to receive any annual increases in the level of this benefit once you are no longer resident in the UK. Therefore your pension level will stay at the rate prevailing at the date when you leave the UK. You will be able to send money from the UK to Canada on a regular basis, but getting the best exchange rate on these transfers becomes even more important if the amount in sterling does not rise.
As a foreign national, you can open a bank account in Canada provided you meet the basic requirements set out in the Access to Basic Banking Services Regulations. You must present two specific pieces of identification, such as:
Once you have your account set up, it will be much easier to move from UK pounds to Canadian dollars for your day-to-day expenses, especially when you are first there are may not be receiving much income or have not had the chance to build up savings in Canada.
We welcome all suggestions for improvements. Send us an email at support@fxcompared.com.
We welcome all suggestions for improvements. Send us an email at support@fxcompared.com.
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.
