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Digital money transfer providers can beat the rates offered by your bank. If you need to send money to Canada, doing it online instead of through your local bank will save you on fees and give you access to stronger exchange rates and faster turnaround times.
Sign up and send money with a digital money transfer specialist in four steps:
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Canada. Some offer transfers straight to Canadian bank accounts, while others allow the money to be picked up in Canadian dollars 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 specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Canadian 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 Canada – 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, look to digital services like WorldRemit or XE when possible.
Canadian dollars are almost certainly carried by your bank. Although your local bank can convert your pound sterling into Canadian dollars, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let’s say you need to send £2,000 to family or friends in Canada. Here’s what you might face as far as fees and exchange rates as of 2 May 2020.
|Digital money transfer||Cash transfer||Bank transfer|
|Fee||£0||£3.99||£20 + additional correspondent bank fees|
|Exchange rate||1 GBP = 1.77 CAD||1 GBP = 1.72 CAD||1 GBP = 1.64 CAD|
|Transfer speed||1-2 day||Minutes||2-5 days|
|Amount received||CAD 3,548||CAD 3,449||CAD 3,287|
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 CAD 261 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Canada in as little as 15 minutes for just a slightly higher fee.
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to Canada to meet your needs:
When it’s more important to get your money to Canada 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.
If you don’t have a bank account, you can still use cash transfer services to get the money to its destination. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account.
These cash transfer services are widely available around the world and although they’ll typically not be the cheapest available service they can be fast, convenient and can be used without bank accounts.
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. Canada’s exchange rate often fluctuates when compared to the pound sterling, 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.
Track how the Canadian dollar trades against the pound sterling in our historical rate chart.
To send money to Canada from the UK, you’ll need government-issued ID and other documents, while documents needed to pick up money in Canada may be different by company.
To send money to Canada from the UK, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
Most money transfers between the UK and Canada shouldn’t have any specific tax obligations attached to them, so long as they are for personal use and kept under £10,000.
It shouldn’t cost a fortune to send money to Canada. Compare transfer companies that specialise 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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