Canadians in the United Kingdom count on reliable ways to send money home. Whether they want to support loved ones from afar or help business relations thrive, money has to move across borders with ease.
While there’s no need to swim the Atlantic to deliver your funds, finding the best deal in a sea of transfer service options can feel just as exhausting.
Your time is just as precious as your money. That’s why we’ve reviewed the market and gathered the top money transfer providers right here, in one place.
There’s already enough to consider when sending money abroad – from local taxes to security concerns (don’t worry, we’ll cover these, too). Stick with us to discover the fastest, cheapest, and easiest ways to make money transfers to Canada.
Top Money Transfer Providers to Send Money to Canada
Wise is a trusted and transparent provider. They’re aiming to make international money transfers as easy as sending an email. And they’re doing a pretty great job.
To get funds from the UK to Canada, you’ll pay a flat fee of £0.34 plus 0.46% of the amount that's converted. You’ll also always get the mid-market exchange rate on GBP–CAD transfers.
Wise’s straightforward fee structure puts the total cost of your transfer in plain sight. No hidden fees and no awkward shifting mark-ups to calculate or keep an eye on. You can pay for your transfer by online banking, card, Apple pay, or Google pay.
Depending on when you confirm the transfer, Wise also promises to deliver your money from the UK to Canada by the next day. There are faster providers out there, but there aren’t many that are more reliable.
- Transparent fee structure with no hidden costs
- The user-friendly app makes transfers quick and easy
- Multi-currency business accounts are available
- Transfers to Canada are slower than for other destinations
- Extra fees for certain payment types
- No cash pickup option
Need to get your funds from the UK to Canada fast? Xe is the place to go.
Xe is an online foreign exchange service headquartered, funnily enough, in Ontario. Depending on your payment method, it could take just minutes for your money to arrive in Canada using Xe. That’s lightning fast against its competitors.
Cost-wise, you won’t see any transfer fees for amounts of over £250 with Xe. You’ll have to pay a variable markup on the given exchange rate, but higher-value transfers attract better value rates.
Sending money for business purposes? You can also take advantage of streamlined API integrations like the Xe Salesforce Connector.
- App alerts for favourable exchange rates
- Streamlined API integrations for business accounts
- No fees for larger transfers
- Online transfer limit of £350,000 (contact a representative for larger sums)
- Doesn’t use the mid-market exchange rate
- Transfers to Canada can only be deposited into a bank account
For low-cost international transfers, you can’t do much better than Atlantic Money, a challenger on the market with a unique back-to-basics model.
All transfers made with Atlantic Money – no matter the destination or value – cost a £3 flat fee. Great news if you’re moving larger sums (up to £1 million) as you won’t rack up any larger fees.
On top of that, you’ll always get the live exchange rate with Atlantic Money. This means you’re automatically getting the best deal whenever you lock in your transfer.
Customer responses to the app on Google Play and the App Store reveal a smooth and straightforward user experience – exactly what you should expect from a newer offering on the market.
- Live GBP-CAD exchange rate
- £3 flat fee every time
- Straightforward user-friendly app
- Slower transfer speeds (2-3 working days or 1 day for a £0.69 express fee)
- More complex registration process for large transfers
How To Send Money To Canada Using a Money Transfer Provider
The process of making a money transfer to Canada from the UK online is simple. You only need to follow these three steps to execute a transaction!
Step 1: Compare Providers to Find the One That Best Fits You
Step 2: Sign Up with the Chosen Provider
Step 3: Transfer Money
Fastest Ways to Send Money to Canada
XE is your best bet for sending funds from the UK to Canada as fast as possible.
UK–Canada is a major route for XE transfers. This means, depending on the method you use to fund your transfer, it could only take a few minutes for your money to arrive in Canada.
The recommended way to pay into your XE account is by credit or debit card, which deposits funds instantly. If you opt to pay using direct debit, bank transfer, or ACH, you’ll be waiting up to 3 business days before you can confirm your transfer.
Larger amounts can take longer to be approved, so you should factor this in if your transaction is urgent. But you can track the progress of any transfer in the XE app or using their online chat function.
Cheapest Ways to Send Money to Canada
Atlantic Money should be the top choice for anyone needing a low-cost and reliable way to transfer money from the UK to Canada.
All single transfers made with Atlantic Money – no matter the amount, currency, or destination – cost £3. That’s it. No markups and no hidden fees.
Atlantic Money also uses the live mid-market exchange rate, so you’re always getting the best deal to send GBP–CAD transfers.
Other trusted providers, such as Wise, also use the real market exchange rate. However, Wise then charges an extra percentage (0.46%) of your transfer amount on top of their fixed fees. The greater the value, the higher the fee.
With Atlantic Money, there’s nothing to calculate. Whatever the amount, that £3 flat fee never shifts. Its simple fee structure makes Atlantic Money the most transparent and cost-effective provider for sending money to Canada.
What Are the Best Apps to Send Money to Canada?
Wise and Atlantic Money both built their services to help make international money transfers simpler than ever. And it shows in how they’ve built their IOS and Android apps to be some of the most straightforward and user-friendly out there.
At the time of writing, Atlantic Money has an average rating of 4.9 stars on both the App Store (148 reviews) and Google Play (323 reviews). Wise has 4.7 stars on both, based on 48,297 reviews on the App Store and 780,523 on Google Play.
Customer reviews describe intuitive, streamlined, and cost-effective experiences with the transfer and tracking services in both apps. A lot of users also say they’ll never go back to traditional banks for international transfers.
Transfer Safety
Security should be your top priority when sending funds from the UK to Canada online.
It’s crucial to use nationally regulated providers to ensure your money arrives safely. Whichever one you pick, first check it’s regulated by the Financial Conduct Authority (FCA). It’s the quickest way to make sure you can make secure online money transfers that follow payment service regulations.
Traditional bank transfers are also regulated and have their own built-in security. But always triple-check your receiver's details before pressing send, and be extra careful dealing with people you don’t know.
Things to Consider When Sending Money to Canada
From transfer limits to local regulators, all sorts of things could affect your plans to send money online to Canada. Factor in these key considerations to avoid any surprises.
Local Authorities in Canada
The Canadian authorities that monitor incoming international money transfers are the CRA (Canada Revenue Agency) which oversees Canada’s tax laws, and FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), Canada’s financial intelligence unit working to prevent money laundering and terrorism financing.
Whatever the reason for the transfer Canadian banks have to report amounts over $10,000 to the relevant authorities. For those bigger funds, your receiver’s bank might ask them for a statement to account for the source.
How Much You Are Sending Abroad
Some platforms have fixed fees, no matter the transfer amount, while others will vary. Higher amounts could mean higher fees, or no fees at all. Platforms also have their own upper and lower limits on how much you can move to Canada in a single transfer.
No two services are the same. So the best thing to do is get a quote from the providers you’re thinking of using. This will show you the fees and processing times for your specific transfer requirements.
Don’t forget that funds of over $10,000 will have to be accounted for at the other end of your transfer. So make sure you and your receiver have the correct information ready to prove the source of those larger amounts.
The Cost of Money Transfer
How much it costs to send money to Canada will depend on your chosen provider’s fee structure. Some make money via flat fees, while others add a variable markup to a given GBP-CAD exchange rate.
Remember to keep in mind potential surprise costs when hunting down the best prices. Look out for hidden fees from less transparent providers, as well as third-party payment costs (credit card fees, for example).
You may even find yourself paying extra for faster transfer speeds.
Payment Type and the Reason for the Transfer
You can transfer money to Canada for both business and personal reasons.
Business transfers can come with higher fees and longer verification processes. To sweeten the deal, some providers offer multi-currency business accounts with higher transfer limits and helpful integration features for more cost-effective transfers.
For business transfers, the receiver will also have to pay income tax according to Canadian law. There’s no tax to pay on gift transactions to Canada. But the sources of higher-value or frequent transfers may need to be reported, so always check with the relevant authorities.
Tax Regulations in Canada
Depending on the amount and purpose, you might have to consider the tax implications of transferring money from the UK to Canada.
Money received for products and services will attract a capital gains tax for the receiver to pay. Generally, Canadian tax laws don’t apply a gift or income tax on money received from friends, family, or your own accounts.
You’ll want to be extra certain there aren’t any applicable taxes to pay. As a rule of thumb, always seek specialist advice when transferring or receiving large amounts (whatever the reason).
What Do You Need to Send Money to Canada?
To set up, verify, and start transferring with an international money transfer account, you’ll likely need:
A valid government-issued photo ID
Proof of address
Your recipient information including name, contact details, SWIFT, and bank details
For transfers over 10,000 CAD, you might need a justification for the payment, or documentation to prove the source of the funds.
What Do You Need to Receive Money in Canada?
Requirements can vary per provider and size of the deposit. But to collect funds transferred from the UK to Canada, the recipient will usually need:
A Canadian bank account or access to an alternative payment service
Valid government-issued ID
Proof of current address
Reference numbers or verification code
Documentation proving the source (for larger amounts).
