Sending Money to Canada From the UK. A Simple Guide
Sending money from one country to another can be a challenging experience, especially when using traditional methods such as bank transfers and networks like SWIFT. Not only are they relatively expensive, but they also tend to take a long time to complete. This is particularly true for transfers between popular immigration destinations with different geopolitical systems, such as the United Kingdom (UK) and Canada.
Many people struggle to send money from the United Kingdom (UK) to Canada because they are unaware of, or unwilling to take advantage of, the current digital solutions for global money transfers. They send money at high exchange rates, pay exorbitant fees, and wait a day or more for their payments to reach overseas recipients. It would be best if you did not have to go through this sad experience.
You can make seamless money transfers by exchanging British Pounds (GBP) for Canadian Dollars (CAD) at a low cost with the right international payment service. Moreover, today, from any part of the world, you can easily keep your people and projects well-funded in Canada, the world's most immigrant-friendly developed country for study, work, and business. Yes, all of this is possible using the best online payment platforms.
In this article, we look at the different ways you can send money from the UK to Canada. You will also find our answers to the most frequently asked questions about this type of cross-border transaction.
How to Transfer Money From the UK to Canada in Simple Steps
Finding the right service to move your money overseas is one of the most difficult tasks when participating in the world of foreign currency transactions. With so many options for moving money from the UK to Canada, you may feel a little confused. This article has been written to show you how to send money from the UK to Canada without financial or mental stress.
Here are the steps to follow when you are ready to send money from the UK to anyone in Canada, using the online payment service of your choice:
- Join the platform of the online money transfer service provider by downloading its app or using its website to create an account.
- During registration, ensure to provide accurate information about your formal name, UK address, identity document, and other details that may be required.
- Sign into the money transfer platform and link your UK payment card or bank details to your digital account.
- Provide the required information about the receiver, the transaction amount, the preferred delivery method (digital payment or cash pickup), and the Canadian card or bank to which you want to send the money.
- Pay attention to the current exchange rate and fee on the digital platform, and proceed with the transaction only if you are comfortable with the total cost. Also, be on the lookout for discounts and promotional codes that might help you reduce the cost of the transaction.
- Send the money by clicking on the “Transfer” or “Send” button when satisfied with everything about the international payment.
- Confirm that the service provider has debited your UK account and has begun the process of sending your money to the receiver in Canada, keeping you informed of the progress of the transaction until it is completed.
Best Services for Sending Money to Canada From the UK
Do you live in the UK and have a current or savings account with a local traditional bank or neobank? Do you live outside the UK but have a multi-currency account where you hold GBP and other fiat currencies? Whichever category you fall into, you can use any of the following best international payment services to send GBP to Canada:
1. Revolut
Revolut is a super app for all kinds of financial transactions, from international money transfers to open banking, investments, and secure payments processing. The service's mission is to ensure that everyone can benefit from the power of a global economy without borders.
You can use Revolut to convert GBP to CAD and send money from the UK to Canada via a bank transfer. As it does not support payment card transfers, this method is not instantaneous. However, the recipient will usually receive the money in their Canadian bank account within 24 hours.
The cost of using Revolut to send money from the UK to Canada varies depending on the nature of the transaction. If you want to convert 100 GBP to CAD and send it to Canada, as of 8 February 2023, Revolut will do it all at the rate of 1.6278, which means that the recipient will receive 162.76 CAD. The fee for this transfer is 0.30 GBP.
Read our overview of Revolut for more information about it. Or you can go to Revolut now to send money from the UK to Canada, exchanging GBP for CAD at one of the cheapest rates on the market.
2. Wise
Wise is a reputable money transfer service and fintech company formerly known as TransferWise. It is a UK-based peer-to-peer online payment platform that offers low-cost and fast international money transfers. The service also uses the interbank rate and does not charge any hidden fees.
The Wise payment platform applies different fees for some types of transfers, but the margin is usually small. You can use a debit card, credit card, bank transfer, payment initiation service provider (PISP) or SWIFT to send money from the UK to Canada with Wise.
As of 8 February 2023, a transfer of 100 GBP to Canada via Wise will cost the recipient 162.29 CAD. This corresponds to a rate of approximately 1.623. In addition, whichever payment method is used, the following charges will apply:
- Debit and credit card (fast and easy transfer): 1.03 GBP.
- GBP account balance outside the UK (advanced transfer): 0.73 GBP.
- From a bank account (low-cost transfer): 0.73 GBP.
You can expect your money to be delivered to the recipient through the Wise platform instantly or within 24 hours.
For more information about Wise, read this overview or go to its website now.
3. TransferGo
TransferGo is a UK-based fintech company and international money transfer service provider. It partners with payment networks and over 30 banks to simplify the way money is sent and received in different countries.
TransferGo enables migrants to support their loved ones by making it easy and fast for them to pay for the family home mortgage, emergency repairs, rent, food supplies, medical bills, and many other expenses. Businesses also use this service to pay their employees abroad, send money to their suppliers, and obtain modern tools for accepting online payments safely.
With this digital service, you can expect cross-border payments to be delivered in a few minutes. It typically takes about 30 minutes to send money from the UK to Canada using TransferGo. Payments can be delivered even on weekends.
Compared to other international money transfer service providers, TransferGo offers zero fees on your first two transfers on the platform to encourage you to try it and see how good it is. When the welcome offer has been used, a fee of 0.99 GBP will be charged for subsequent transfers to be delivered the next day, 1.99 GBP for same-day delivery, and 2.99 GBP for delivery within 30 minutes.
As of February 8, 2023, the GBP/CAD rate on Transfergo is 1.61115. So, a transfer of 100 GBP will give the receiver 161.12 CAD.
There is more to know about TransferGo. Read this overview or go to this payment service provider for additional information.
4. Profee
Profee is a cross-border payment solution for fast money transfers. It supports individuals and businesses with a single digital platform for sending and receiving payments across different countries.
Profee enables secure transfers to and from popular card networks, such as Mastercard, Visa, and SOFORT. The transaction is usually completed within about two minutes.
As of February 8, 2023, sending 100 GBP from the UK to Canada costs a relatively low conversion rate of 1 GBP to 1.5998 CAD. So, the receiver will get 158.38 CAD. Also, the percentage commission that will be charged for the transaction is 1 GBP. This fixed rate is valid for a limited period.
Learn more about Profee on our overview site, or visit Profee now to create a personal or business account.
5. WorldRemit
WorldRemit is one of the leading online money transfer service providers with authorisation from the Financial Conduct Authority (FCA) in the UK. With various options for receiving funds, including mobile money, bank transfers, airtime topping up, and cash pickup, WorldRemit is a good choice for sending money abroad.
New customers of WorldRemit have the privilege to use the code "3FREE" to send money to any supported destination without paying a fee for the first three transfers. After that, WorldRemit will charge a fee of 0.99 GBP for every transfer from the UK to Canada. The money will be delivered to the receiver in about two working days.
The exchange rate to send money (GBP) from the UK to Canada as of February 8, 2023, was 1.59598, which gives 159.60 CAD for the transfer of 100 GBP. And the only supported method for receiving cash in Canada is a bank transfer. Therefore, making a transfer requires getting the correct bank details of the receiver.
Find out more about WorldRemit on our website, or go to WorldRemit right away to register your account.
6. CurrencyFair
CurrencyFair is one of the most reputable online peer-to-peer (P2P) international money transfer solutions on the market. It provides personal and business accounts for sending payments overseas at competitive exchange rates and does not charge hidden fees.
The cost of transferring money to Canada through CurrencyFair is quite low compared to what banks and other service providers charge. To send any amount of GBP to Canada, you will pay a flat fee of 4.00 USD or its equivalent in GBP.
The exchange rate to send GBP to CAD using CurrencyFair was 1.6141 as of February 8, 2023. So, if you send 100 GBP to someone in Canada through CurrencyFair, they are going to receive 157.41 CAD.
Read our comparison of Wise and CurrencyFair or go to the CurrencyFair online platform for more information about this service.
7. Remitly
Remitly is one of the major players in the global money transfer market. It aims to keep you and your loved ones happy at all times by providing worry-free services. The company prides itself on giving its customers peace of mind while offering them great value through competitive rates and delivering their cross-border payments on time.
You can use Remitly to send money from the UK to Canada. It supports cash collection at various locations and bank deposits at some Canadian banks, including HSBC, Scotiabank and RBC Royal Bank.
The Remitly platform is secure. In addition, 24/7 customer support is available for any further assistance customers may need while using the service.
The fee for sending money from the UK to Canada using Remitly is 2.99 GBP, while the exchange rate will be seen inside the app before making the transfer. For these two locations, the company charges a flat fee for both the Express Service (which is almost instant in payment delivery) and the Economy Service (which would deliver the money on a future date). You will pay a different fee for the chosen speed of delivery if you change either of the locations.
Read our honest overview of Remitly to learn more about its Express and Economy payment options and other information that might interest you. Alternatively, you can go to Remitly now to get started.
8. Instarem
Instarem is a Singapore-headquartered fintech company that was created to enable "instant remittances," hence the name (instarem). It was established to make it easy for everyone, including individuals and businesses, to send money overseas through a cost-effective and reliable technological solution.
The Instarem international remittance platform supports transfers between the UK and Canada. The fee and exchange rate for this service vary according to the amount you want to send and the method of fund delivery. As of February 8, 2023, to send 100 GBP to CAD, the exchange rate was 1.6129, which will pay the receiver 161.29 CAD. The sender will pay a fee of 0.20 GBP to use fast transfer via debit or credit card, or the transaction will be completed for free. In the latter case, the receiver will get the money through an online bank transfer, which could take one or two business days to complete.
What is the Cost of Sending Money to Canada From the UK?
As you may have found out in our descriptions of the best money transfer services to use when sending money from the UK to Canada, there is no general cost to carry out such a transaction. Exchange rates and transfer fees vary from one money transfer service provider to another. While some charge a flat fee and a percentage of the amount to be converted, others will require you to pay a variable fee. For this reason, it is helpful to compare providers and choose the one whose quality of service and cost is right for you.
FAQ
Yes, you can transfer money from Europe to Canada. Besides, a transfer of GBP from the UK to Canada (CAD) is money moved there from Europe.
Yes, you can send money from several places, including the UK, to Canada with Revolut. This platform offers arguably the cheapest fee and exchange rate for making payments from the UK to Canada.
Yes, PayPal is one of the popular online payment services that can be used to send money to Canada. It offers competitive rates and fees. An instant transfer on this platform will require you to have a Visa debit card linked to your account, while a standard transfer that would deliver within one to three days will require you to use your bank account.
The cost to send money to Canada from the UK through a debit card transfer on PayPal is a 1.75% fee. However, the standard transfer can be completed for no more than the platform's current exchange rate.
Read our PayPal overview to learn more about using this payment solution for your personal or business needs.
Yes, you can send money from your bank account or card in the UK to a Canadian bank account. Most of the money transfer services listed in this article support this mode of cross-border payment to Canada.
To send money to Canada, you will need to provide the international money transfer service with your bank details and those of the receiver. So, depending on the requirements of the payment platform you choose to use and the delivery method preferred by the receiver, you would normally need to provide information such as name, address, bank name, bank account number, and the reason for the transfer.
Conclusion
In this simple guide to sending money from the UK to Canada, we have shown you the best international remittance services to use and the steps to follow to avoid making mistakes.
Send CAD to your family, friends, or business associates in Canada in a matter of minutes or a few hours using the services we have identified for you in this article. They offer some of the cheapest exchange rates on the market and are 100% safe. Check them out!
As you may have learnt in this article, Revolut, Wise and Instarem is the cheapest of the money transfer providers discussed. We strongly recommend that you try one of them for your next UK-to-Canada payment.
Remember to check for the various options through which the receiver can get the money and the current exchange rate to get the best deal for each GBP you send.
