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Top 3 Money Transfer Providers for UK to Canada

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX 16,412.10 £0.00 1.6412 1-3 days more...
Currencies Direct Currencies Direct 16,362.47 £0.00 1.6362 1-3 days more...
Moneycorp Moneycorp 16,379.01 £0.00 1.6379 1-3 days more...
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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
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Canada Money Transfer Guide

Cailin Birch
Cailin is an economic analyst and contributor to both FXcompared Intelligence and Magazine, analysing trends in monetary and foreign exchange policy. Cailin has over four years experience in emerging market analysis and has worked throughout Europe, the Middle East and Africa the Economist Intelligence Unit and Oxford Business Group. Cailin has a degree in International Affairs from Georgetown University and a Master’s in International Security from Sciences Po Paris.

Contents

  • Summary
  • Canada’s money transfer regulations
  • Canada’s regulatory authority
  • Trade volume
  • Taxation
  • Currency
  • Canada to Specific Country Guides
  • Summary

    Canada has no foreign exchange controls, making overseas money transfers to Canada or sending money from Canada simple. Profits from registered Canadian businesses may be transferred to foreign investors once national tax obligations are met. Only licensed money services businesses (MSBs) are authorised by the Canadian central bank to execute financial transfers.

    Canada’s money transfer regulations

    When transferring money from Canada or sending money to Canada, we strongly recommend using brokers who are registered with the Canadian anti-money laundering authority, the Financial Transactions and Reports Analysis Centre (FinTRAC). Created in 2000 as an independent body under the Ministry of Finance, FinTRAC regulates and monitors all MSBs and financial transactions in Canada. Registered service providers are required to report to FinTRAC high-value or suspicious transactions – these include cash receipts or international money transfers of C$10,000 or more. Anything over the C$10,000 threshold must be declared. As of January 2015, these reports also have to be sent to the Canada Revenue Agency.

    With the exclusion of agricultural land, non-residents are largely subject to the same fees and restrictions for property ownership as Canadians, though these vary by province. The industry does not collect official statistics on foreign real estate ownership, but property acquisitions are relatively common.

    Canada’s regulatory authority

    The country’s central bank, the Bank of Canada, regulates the financial markets in conjunction with an independent agency, the Office of the Superintendent of Financial Institutions (OSFI). The OSFI specifically regulates financial institutions, including banks, insurance corporations and private pension funds.

    The Bank of Canada sets monetary policy and monitors the value of the free-floating CAD. Neither the government nor the central bank set a particular target for the Canadian dollar, but the Bank of Canada reserves the right to intervene in the foreign exchange market to prevent rapid currency movements. Such measures are governed by the country intervention policy, which is jointly set by the government and central bank. The Bank of Canada last intervened in the foreign exchange market in 1998, after which the government has adopted a policy to act only in cases of emergency.

    The Canadian Foreign Exchange Committee (CFEC), though not a regulatory authority, provides a platform to discuss foreign exchange issues and review market practices. It is chaired by the central bank’s financial market chief and includes representatives of major financial institutions active in the foreign exchange market, including the Big Five Canadian banks and international banks and exchange platforms.

    Trade volume

    Canada’s diverse and hi-tech industries, combined with a favourable policy toward skilled migration in key sectors, have led to high foreign exchange volumes. Some 500 MSBs were registered with FinTRAC in 2013, including 184 new registrations that year.

    The US dollar is the most frequently exchanged currency in Canada, given the strong flows of bilateral trade, tourism and migration between the two neighbours. The USD was involved in 46.2% of transactions in April 2014, followed by the CAD (32.8%) and the Euro (5.5%).

    Taxation

    Individuals and corporations resident in Canada are subject to tax on their global income and capital gains. Non-residents are subject to Canadian corporate and personal income tax if they conduct business in Canada, are locally employed, or sell property located in the country. Reduced federal tax rates are in place to attract activity to under-served provinces or key economic sectors.

    Corporations and individuals are subject to income tax at the provincial level, but most provinces have eased the historic capital tax on corporations. Today, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island and New Brunswick apply limited capital taxes on certain financial institutions.

    Non-residents are also subject to a 25% withholding tax on dividends, certain interest payments, rents and royalties received in Canada, which are categorised as “gross rents”. However, these taxes apply strictly to income generated from Canadian activities and investments. Once the income has been received, the person who earned the money has until the 15th of the following month to pay the tax required. If this tax is not paid on time, then interest and other charges will be applied to the tax owed. Canada has signed tax treaties with over 90 countries to avoid redundancy and, in some cases, eliminate or reduce withholding tax.

    There are also high levels of property tax in effect in Canada – not just from the sale and purchase of property but also through a yearly tax that is applied based on the total value of the property.

    Currency

    Thecurrency of Canada is the Canadian dollar (CAD, symbol C$). Bank notes areavailable in C$5, C$10, C$20, C$50 and C$100 denominations. The C$1 and C$2bills have been replaced with coins (the loonie and toonie, respectively). OneCanadian dollar consists of 100 cents, available in 1, 5, 10 and 25 cent coins.

    Canada to Specific Country Guides

    Review our Canada corridor guides below covering property, expats, moving abroad and business.

    Money Transfer Canada to Australia

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    Top 7 Money Transfer Providers

    Exchange Rates as of 20 September 2019, 21:02

    Moneycorp

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    Est. 1979

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

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

    OFX (prev. CanadianForex)

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

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

    Bank Beating Rates

    TorFX

    ?
    Est. 2004

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

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

    Currency Solutions

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

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

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

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

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

    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.