Check your options carefully when sending money from Canada to the UK.
There are hundreds of thousands of British expats living in Canada, which has created a huge demand for affordable money transfer options between the two countries. Many Canadians and expats want to send money over to the UK for a variety of reasons including sending emergency funds to family and friends, moving pensions between the two countries, and paying bills or business expenses.
With constantly fluctuating exchange rates, it’s important to monitor the Great Britain Pound in comparison to the Canadian Dollar, especially if you are looking to move large sums of money like savings or pensions.
Compare money transfer options to the UK below.
Use the table below to compare transfer options to the UK. Sort through products using the headings at the top of the table. If you would like to find out more about a product, click “More”. To register an account with a company, click “Go to Site”.
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Case study: Banks vs money transfer companies
Karen has just landed a two year teaching position in Canada but would like to return to the UK after the contract has finished. Since she’ll be going home to the UK, she would like to be able to pay the mortgage on her apartment there while she’s gone. In order to do this, she knows she’ll need to send money back to the UK each month to make her payments. She decides to find out if it would be easier and cheaper to do this with a bank or a specialist money transfer company.
|Canadian bank||Money transfer service|
|Exchange rate||$1 CAD = 0.56 GBP||$1 CAD = 0.59 GBP|
|Amount of GBP received for every $1,000 Canadian dollars sent||GBP560||GBP590|
|Options||This is a bank account to bank account transfer.||This is a bank account to bank account transfer. Karen can pay higher fees for it to be a cash transfer, but this won’t be necessary for her.|
|Time for transfer to complete||2-5 business days.||Less than 24 hours.|
What’s the difference? Karen will save GBP30 with the exchange rate every time she transfers CAD$1,000 with the money transfer provider. The fees are also CAD$16 cheaper and the transfer time is much faster with the specialist money transfer service. She decides to regularly make payments each month with the dedicated money transfer service.
How to compare transfer companies when transferring money to the UK
Consider the following factors when transferring money from Canada to the UK:
- Exchange rate. It’s essential that you check the exchange rate and how it’s applied to the amount of money you send. Small fractions of a difference will add up as you send more money over time. Some providers will hide big fees with a competitive exchange rate, so be aware of this.
- Fees. Fees will vary across different providers and should be considered to get an idea of how much your transaction will cost. Some companies will waive fees if you send a lot of money at once, however this is usually starting with amounts of $10,000 or over.
- Turnaround time. If you’re making regular payments, it may not be necessary for you to send funds quickly, however if you’re sending an urgent payment, you’ll want to make sure the turnaround time for the transaction is less than 24 hours.
- Pick-up options. This is a personal preference based on your circumstances, but there are some companies who offer bank deposits and cash pick-ups if you require it. Choose a service that suits both you and your recipient.
- Customer service. Transferring money overseas does carry some risk. You will want to ensure that the company you choose provides excellent customer service. Some companies may only be available during weekdays while others will have 24/7 web chat, phone and email service.
How to send money to the UK from Canada
As one of the most popular money transfer routes, there are many options available to you when sending money between the UK and Canada. After comparing important factors like exchange rates, fees, transfer time and other options offered, you’ll be able to find the service that is right for you. Consider these types of services when sending money from Canada to the UK:
- Money transfer services. These are non-bank money transfer services which can operate in a range of different ways, including online and in branch locations. Some of these offer cash pick-up services, like Western Union and MoneyGram, while others will only offer bank account to bank account transfers. Due to the large volume of international money transfers these companies carry out, they can offer competitive exchange rates, low fees and fast services.
- Banks. Many Canadian banks will allow you to carry out transfers internationally, especially between the UK and Canada. Most banks will offer regular transfers and others may offer products which enable you to send money overseas, such as the HSBC Multi-Currency Account.
Emergency cash transfers in the UK
If you’re travelling in the UK and find yourself in need of emergency funds, it’s possible to get some cash quickly using a few different methods. If your wallet or purse has been stolen, you should first report it to the local police and obtain a police report. Afterwards, look into the following ways to get fast cash:
- Your Australian bank account. Many Canadian banks have emergency services to get you cash and a replacement card if you happen to lose or have your wallet stolen. They can send money to a local UK bank where you can pick it up.
- Money transfer company. Even though you’re in a foreign country, you’re still able to pick up a cash transfer provided that you have a valid photo ID with you. Have a friend or relative send the money from Canada. Make sure you know details of the transaction including their name, the amount sent and the reference number.
- Travel insurance. Many travel insurance policies offer a cash solution if your wallet or purse is stolen while travelling. Keep the police report to submit to your insurance company. Never travel without travel insurance.
Cash pick-up locations in the UK
Here s a list of locations for Western Union and MoneyGram agents which can be found in the UK. Before heading to the location, give them a call to double check their store hours and make sure they have enough cash on hand to give you all of your funds. You will need to bring photo ID with you and the details of the cash transfer, including the reference number, amount and name of the sender.
Unit Su0062a 74 The Arcade
London, E20 1 EH
Phone: +44-0800833833Open Monday through Saturday 10 am to 9 pm Sunday 10 am to 6 pm
- Internet City LTD
11 Charing Cross Road
London, WC2H OEP
Open 7 days a week from 8 am to 10 pm
- Eurochange Cambridge
44a Lion Yard Shopping Centre
Cambridge, Cambridgeshire CB2 3NA
Open Monday, Tuesday, Thursday and Friday 9 am to 5:30 pm Wednesday 9 am to 8 pm Saturday 9 am to 6 pm and Sunday 11 am to 5 pm
28 Fitzroy Street
Cambridge, CB1 1EW
Open Monday through Saturday 9 am to 5:30 pm Sunday 11 am to 5 pm
- Post Office Trafalgar Square
28 Trafalgar Square Post Office
24-28 William IV Street
London, WC2N 4DL
Open 8:30 am to 6:30 P.M: Monday through Friday Saturday 9 am to 5:30 pm Sunday closed
#Unit 003 Picadilly Circus18 Piccadilly
London, W1J 0DF
Open 8 am to 11 pm Monday through Saturday Sunday 9 am to 11:30 pm
- Thomas Cook Cambridge
8 St. Andrews Street
Cambridge, CB2 3 AX
Open Monday through Saturday 9 am to 5:30 pm Sunday 10:30 am to 4:30 pm
- Kings News
11 King Street
Cambridge, CB1 1LH
Open Monday through Saturday 6 am to 9 pm Sunday 7 am to 8 pm
Tips for picking up cash in the UK
The Canadian Government recommends exercising normal safety precautions when visiting the UK. However when withdrawing cash, you should always take extra security precautions no matter where in the world you are. Have a trusted friend accompany you to the agency and secure the cash afterwards in your hotel safe. Try not to use public transportation when you have a lot of cash in your possession.
How to send money to the UK
You have a variety of ways in which you can send money from Canada to the UK. If using a cash transfer service is the best choice for you, make sure that you are able to provide the following criteria:
- Recipient’s name. For cash pick-ups, it is important that the full name that appears on the recipient’s ID is an exact match to the name you give the agency.
- Transfer amount. The person who is picking up the money will be asked how much has been sent as a security measure.
- Tracking number. Your recipient will also have to provide a tracking number.
- Your details. For further security, your recipient may be asked for your name and contact information.
After passing on the tracking number to your recipient, make sure that you save any paperwork. You likely will need your receipt in case of any problems with the transfer.
There are many things to consider when trying to find the right company or bank to send your money from Canada to the UK. Look at all of the features offered carefully to make sure that not only are your needs being met, but that you are getting the most value for your Canadian dollar.