Compare money transfers to Canada with Finance.co.uk and find the best deal for you. Whether you're sending money to a relative or buying a property.
We're on a mission to improve the finances of the nation by helping you to spend wisely and save money
We're on a mission to improve the finances of the nation by helping you to spend wisely and save money
By Laura Rettie, Personal Finance Journalist.
When transferring money internationally, it can be difficult to know how to get the best deal. Read our helpful guide to learn more about how to send money to Canada and find the right offer for you.
There are various ways to send money to Canada, each with advantages and drawbacks of its own. The common methods for sending money to Canada are:
You can transfer money to a Canadian bank account using international bank transfers, also commonly known as wire transfers. You'll need the recipient's BSB number or SWIFT code to make a wire transfer to Canada.
Although it's likely that you'll need to have an account open with them in order to utilise the service, the majority of banks will offer an international payments service. Whilst it might seem like a smart idea to use your present bank, doing so is often pricey. Fees and charges tend to differ amongst providers; it is typical for most banks to charge a relatively high fee for overseas transfers.
When using international bank transfers, digital banks like Monzo and Starling are frequently a less expensive choice.
Currency brokers may be a good option if you need to send a large sum of money or make regular payments to Canada.
Currency brokers provide tailored services and FX expertise. They frequently find the best exchange rates and the lowest fees for their clients.
To use a currency broker to send money to Canada, you'll most likely need to open an account with them; you may also be able to lock in your exchange rate for a set period of time, which is useful if you plan on making regular payments.
Money transfer apps and online money transfer providers are the newest and one of the most popular ways for people to transfer money abroad.
These could be a good option if you're looking to make a one-off or smaller payment to Canada. Money transfer apps will often offer lower fees than banks and allow you to make payments from your phone.
Money transfer agents, such as Western Union, are the original way to send money abroad, and whilst most of them now have online or app facilities, you would traditionally need to visit a branch and speak to an agent face-to-face in order to make a transfer, which you can still do.
The recipient can pick up the funds at their nearest branch, though many transfer agents now offer online bank transfers as well. Money transfer agents can be a good option since they offer a variety of money transfer solutions.
Money transfer agents regularly charge lower fees than banks, though this varies depending on several factors such as the recipient country, currency, and method of payment.
The cost of sending money to Canada is determined by several factors, including;
To get the best deal, compare your options and calculate the total cost of the transfer.
The time it takes to transfer money to Canada varies depending on the provider and the payment method you choose. Some companies offer transfers "in minutes," whereas others can take 1-5 days.
International bank transfers typically take 1-5 business days, whereas cash transfers through money transfer agents or specialist money transfer apps can result in funds being available almost immediately.
Some providers will charge you a fee for a faster transfer, whereas others will provide their fastest transfer as standard. It's important to compare providers and weigh all of your options, especially if you need a quick transfer.
The details you need to be able to transfer money to Canada will depend on the method chosen for both sending and receiving, and the provider you use.
Below is a list of details that you might need, so be prepared to provide:
Different providers may impose a minimum or maximum transfer amount, but as a general rule, there is no limit to the amount of money you can send to Canada.
If you are wanting to send a large sum of money to Canada, it's a good idea to research any Canadian laws, regulations and tax implications. For example, if you transfer more than 10,000 CAD, it needs to be reported to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), though this is typically the responsibility of the money transfer provider or bank you use.
The best way for you to transfer money to Canada will depend on your individual needs. It's important to do your research and consider all options and costs before choosing a provider. Using a comparison site like ours is a good way to get a clear picture of different providers.
The information provided does not constitute financial advice, it’s always important to do your own research to ensure a financial product is right for your circumstances. If you’re unsure you should contact an independent financial advisor.
Different countries have different rules regarding how any money received is taxed, but it is likely to depend on the reason for receiving it, such as gifts from family members, income from rental properties abroad or inheritance.
If you’re unsure whether the money you transfer or receive from abroad is subject to taxation, it’s a good idea to seek the help of an independent financial adviser.
Whilst there are a number of online money transfer scams, it is generally safe to send money abroad online. As long as you use a regulated, reputable company and do your research, your money should be safe.
The exchange rate providers offer is based off the interbank rate, which changes regularly. Some companies will offer customers a worse exchange rate than they buy the currency for in order to not have to charge a transfer fee. Some companies will do this as well as charging a transfer fee.
It’s a good idea to compare the total cost of different transfers to find the best deal.
Yes, all UK-based money transfer companies need to be either authorised or registered by the FCA (Financial Conduct Authority).
FCA authorised companies are generally the safest option, as they have to safeguard your money by keeping it separate from company funds, making it easier to get your money back if the company goes bust.
FCA-registered money transfer companies don’t have to place the same safeguards in place; they simply need to prove they are based in the UK and that managers haven’t had any convictions for financial crimes.
If you want to check if a company is authorised or registered by the FCA, you can check the Financial Services Register.
Some money transfer companies won’t be based in the UK, so it’s worth checking if they are regulated by foreign equivalents.
