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Top 3 Money Transfer Providers for UK to Canada

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX CAD $17,395.05 No Fee 1.7395 1-3 days more...
OFX (UK) OFX (UK) CAD $17,258.00 No Fee 1.7258 1-4 days more...
Moneycorp Moneycorp CAD $17,188.76 No Fee 1.7189 1-3 days more...
FXcompared Country Guides
See all guides here
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
CANADA
Canada has no foreign exchange controls, making overseas money transfers to Canada or sending money from Canada simple Read More
See all guides here How we make money / Advertising Disclosure
 

Top 11 Money Transfer Providers

Latest prices for transferring money from UK to Canada
Exchange Rates as of 3 August 2020, 11:37

TorFX

Est. 2004

Excellent exchange rates | No transfer fees | Thousands of 5 star reviews 

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FXcompared Rating
Amount Received
CAD $17,395.05
GBP £261.89
saved vs. banks

OFX (UK)

Est. 1998

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

More InfoLess Info
Amount Received
CAD $17,258.00
GBP £183.50
saved vs. banks

Moneycorp

Est. 1979

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

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Amount Received
CAD $17,188.76
GBP £143.89
saved vs. banks

Currencies Direct

Est. 1996

Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure

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Amount Received
CAD $17,395.05
GBP £261.89
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

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Amount Received
CAD $17,325.12
GBP £221.89
saved vs. banks

WorldFirst

Est. 2004

Transparency and security | Great customer feedback rating from Feefo

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Amount Received
CAD $16,968.33
GBP £17.80
saved vs. banks

Western Union Business Solutions

Est. 2009

The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

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Amount Received
CAD $17,220.22
GBP £161.89
saved vs. banks

RationalFX

Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
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Amount Received
CAD $17,333.86
GBP £226.89
saved vs. banks

Currency Solutions

Est. 2003

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

More InfoLess Info
Amount Received
CAD $17,340.85
GBP £230.89
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
CAD $17,333.86
GBP £226.89
saved vs. banks

Rates From The Average UK High Street Bank

Est. 1934

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.
 

More InfoLess Info
Amount Received
CAD $16,906.95
No saving vs. banks

How to Transfer Money from UK to Canada

What is in this guide

UK to Canada Guide

Summary

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.

Relocating as an expat from the UK to Canada

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:

Your resident status as an expat in Canada

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.

Status of your UK property

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.

Receiving your UK pension in 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.

Setting up a bank account in Canada as a foreign national

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:

  • A Canadian driver’s license, (check if the bank you are applying to will accept a UK license)A Certificate of Canadian Citizenship, a Certification of Naturalization, in the form of a paper document or card but not a commemorative issue,A Permanent Resident card or Citizenship and Immigration Canada Form IMM 1000 or IMM 1442.
  • A foreign passport and an employee card with a photograph are also acceptable pieces of secondary identification. It’s also possible to present only one piece of identification if your identity can be confirmed by a client in good standing with the bank or by an individual of good standing in the community where the bank is located.

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.

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 UK to Canada. 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.