Send money to the UK with Simplii
Pay no fees when you send money abroad with Simplii Financial.
- Send money to over 120 countries
- Competitive exchange rates
- Use the Simplii Financial app to send money from your phone
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While your local bank may be the most obvious way to send money to the UK, you can save on fees and get a more competitive exchange rate with a money transfer company — but make sure it offers a speed and transfer type you’re happy with.
Pay no fees when you send money abroad with Simplii Financial.
Compare transfer speeds, minimum sending limits and more when converting your Canadian dollars into British pound sterling.
Sign up and send money with a digital money transfer specialist in 4 steps:
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to the UK. Some offer transfers straight to UK bank accounts, while others allow the money to be picked up in British pound sterling in person. Banks, PayPal and other options are available but come with high fees, weak rates and longer turnaround times.
Companies like OFX and CurrencyTransfer specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s UK bank account, often in as little as a day or two.
Services like MoneyGram allow you to transfer cash for pickup at a local branch in the UK — often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees. If a cash pickup is necessary, compare MoneyGram to digital services like WorldRemit or XE when possible.
British pound sterling is almost certainly carried by your bank, and although your local bank can convert your Canadian dollars into GBP, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let’s say you need to send $1,000 to our northern neighbors. Here’s what you might face as far as fees and exchange rates as of May 3, 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||$0||$4.99||$50 + additional correspondent bank fees|
|Exchange rate||1 CAD = 0.5604 GBP||1 CAD = 0.5335 GBP||1 CAD = 0.5137 GBP|
|Transfer speed||1-2 day||Minutes||2-5 days|
|Amount received||GBP 560.40||GBP 530.84||GBP 488.02|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with GBP 72 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to the UK in as little as 15 minutes for a slightly higher fee.
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to the UK to meet your needs:
When it’s more important to get your money to the UK quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. The UK’s exchange rate often fluctuates when compared to the Canadian dollar, so expect exchange rates today to be different than those you’ll see tomorrow. Factors that influence the exchange rate include interest rates, economic stability and inflation.
To send money to the UK from Canada, you’ll need government-issued ID and other documents, while documents needed to pick up money in the United Kingdom may be different by company.
To send money from Canada to the UK, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
Money transfers between Canada and the United Kingdom shouldn’t have any specific tax obligations attached to them. However, certain laws exist in the UK that may have an effect on your transfer depending on:
If your transferring a large amount, it may fall within the UK’s regulations regarding inheritances, in which case, taxes may apply. Speak with a tax professional to learn more.
Sending money to the UK shouldn’t cost a fortune. Compare transfer companies that specialize in foreign for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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