best and cheapest way to send money from Canada to UK

When customers want to send money from Canada to UK , there are various options for them. However, some services are slow and involve hidden costs, so it is important to research to find the cheapest and most efficient. Here are some important things to know, including how you can ensure your money is safe, how to identify hidden costs, and new solutions to help you transfer international currency cheaper.

how to send money from Canada to UK

Send and transfer money from Canada to UK

International Money Transfer Costs

The first thing to check before transferring money to a foreign bank account from Canada to UK is the cost. The prepayment fee is often easily identifiable but can be paid elsewhere. If you do not know where to look, this can take care of you. Sending money abroad generally has two costs:

prepayment fee: Advertised fee Costs vary, but can often be portrayed as low-cost or even “free international transfers.” Note, however, that the prepayment fee may not represent the total transfer fee. Exchange rates: Unexpected costs When you search the exchange rate on Google, you will be shown a number: the exchange rate in the middle market. This is the midpoint between the “buy” and “sell” rates in the global currency markets.

The average market rate is considered a fair and “real” exchange rate, and you will find the same exchange rate in financial authorities such as Reuters or Google. However, banks and exchange services are not required to use the real exchange rate. In fact, many of them do not. You will usually find that a margin is added to the exchange rate which becomes a hidden fee.

real exchange rate for send money From Canad to UK

Let’s say you want to transfer money from the UK to the Canada and the real exchange rate is 1 GBP to 1.27 CAD. When you want to transfer your money, the exchange rate changes so easily that you only get $ 1.23 per pound. What does that mean? If you want to send 5000 5,000 at the real exchange rate, you end up with $ 6,350. However, with the exchange rate adjusted, you will only receive $ 6,150. The result is that you lose $ 200 because of the unfavorable rate.

While exchange rate differences can affect all transactions, they can be accumulated quickly for large or regular international payments – even before you consider the cost to the recipient. If you are buying property abroad, paying for a wedding in the destination or sending money to your family abroad, you can save considerable money by looking for alternatives.

The cheapest way to send money from Canad to UK

Considering the other options available is the first step to getting the best value for your money. Some of the most well-known and widely used methods of sending money abroad are as follows:

International money transfers

Send and transfer money from Canada to UK — British pound concept with currency and UK flag

Alternatively, you can use online money transfer services. Currency specialist TransferWise has 2 to 4 million customers up to eight times cheaper than high street banks and transfers more than 3 billion every month. It always uses the real exchange rate in the middle of the market and applies only a small and transparent trading fee. There are two main reasons why TransferWise can offer such competitive prices:

Using a new approach Conventional money transfer abroad involves a series of steps that are inevitably costly. TransferWise has a new approach made possible by the TransferWise network of bank accounts around the world. These linked accounts allow it to significantly reduce the workflow to two fast local transfers. For example, to send money from Australia to the UK, you simply send GBP to your TransferWise UK account and then send the TransferWise AUD directly from your Australian account to the recipient.

low overhead Additional costs such as buildings, staff salaries and equipment all affect your final price as a customer. By keeping services completely online, TransferWise keeps overhead costs low and transfers these savings to its customers.

How to send money from Canada to UK

The exact process of international transfer depends on several factors. However, most international transfers fall into these basic stages: Choose your provider Enter recipient details the payment The recipient receives the money

Choosing the right provider has the greatest impact on the whole process. While most people are concerned about costs and exchange rates, other questions to ask are: Is my money safe? Will the transfer take long? Is the process simple and easy? What do other users say about the service? Am I sure I can get the best value for money? Online currency specialists can streamline and streamline the process. For example, with TransferWise you can get an accurate quote and compare transactions without even logging in, and the transfer process is simple.

Check costs and rate for send and transfer money from Canada to UK

Visit the TransferWise website for fees and rates. You can pay exactly the amount and compare with competitors without logging in or registering. Create a free account Creating an account is quick and easy on the website. You may need some identification to verify.

Adjust the transfer Enter the amount and details required by the recipient. They do not need a TransferWise account to receive money but must have a bank account or a building community. Send money transfer from Canada to UK Make local payments to TransferWise using your online banking or cash card. TransferWise sends money to the recipient The recipient receives the balance directly to their bank account at no additional cost.It is helpful to have all the details of the recipient before the transfer process begins, but which bank account details are required to transfer money can vary from country to country. Here are some examples of popular destinations.

How to check your money is safe

One of the biggest reservations people have about changing the way money is transferred is safety for send and transfer money from Canada to UK . Many street banks in the UK have been around for more than 100 years, are clearly regulated by the Financial Conduct Agency and have won the public’s trust. Currency professionals such as TransferWise are also regulated by the FCA with the same banking standard, and you can check the Financial Services Registration 4 to see the status.

How long does an international transfer take?and when money send from Canada to UK

International money transfers are much faster than in the early days when they relied on telegraphs. These days, most international payments are made through the World Banking Association (SWIFT) 5. SWIFT helps to transmit instructions quickly and accurately. However, there are still many factors that can slow down international transfers for send and transfer money from Canada to UK. This includes:

Transfer method

You can pay a specialized premium service almost immediately to transfer your money, while bank transfers usually take longer. Sending money online is faster but make sure your service is safe.

Currency path

The fastest international bank transfers use established financial relationships between banks. However, if this is not possible, the intermediary bank will be used and you will add the next steps. Your money may pass through 5 banks before you reach your destination.

How much do you transfer?

Moving large sums of money around the world can create flags for fraud. High-value transitions are subject to closer scrutiny, which can slow the process. A typical international bank transfer using SWIFT may take three to seven business days. Alternative options can be faster – with TransferWise most payments are made within 24 hours.

how to send large amounts from Canada to UK

Unfavorable exchange rates are the main reason for the difference between the declared and actual costs you pay to a bank to send money abroad. Each bank has its own exchange rate fee, which is applied when transferring money from one currency to another. You need to pay attention to the bank exchange rate and the cost of converting it. Depending on the currency, banks can pay very high hidden fees. Take a look at Table 1 to find out how much it costs to send A $ 100,000 to the US if you use the services of several Canadian banks.

Sending $ 100,000 abroad and transferring money to a bank costs $ 4,000. Banks take advantage of the fact that you, the customer, do not see the cost. The cost has not been announced, so the customer does not pay attention to it and thinks it is somehow a normal or legal cost to transfer money. Australian banks are particularly aggressive in hiding hidden fees. If you transfer your money from the US to Canada, the costs will be much more reasonable. In some cases, up to 1%, but still for most transfers, the cost is 2.5%, and for more exotic currencies, the cost is often much higher.

ways to send money without big fees

OFX – They are more focused on large transfers and reduce their currency costs by transferring larger amounts. This amount varies from 1% for less amounts to 0.4% for larger amounts. Minimum $ 500 transfer for OFX. TransferWise – A new type of financial company that specializes in smaller trades, depending on the route, for which you pay a low cost of between 0.5 and 2%. Their system is based on local bank account transfers, which makes them much cheaper than other providers and banks. They are up to 8 times cheaper than banks and their fees are transparent.

CurrencyFair – This option is slightly different from other options because it also has a market that you can exchange directly with other participants. This allows you to, in theory, wait and exchange money, get market exchange rates, or perhaps even better. They also have a quick option which costs 0.5%.

using brokrage account for send and transfer money from Canada to UK

In some cases, it is possible to use a brokerage account to exchange currency and withdraw money that you have exchanged with another currency from Canada to UK\ Theoretically, this can bring you very close to interbank rates. This is possible, for example, with Interactivebrokers. You can deposit money in US dollars, then trade it on the operating system and then withdraw in Canadian dollars, Swiss francs, euros, British pounds, yen, New Zealand dollars and so on.

There are restrictions for each currency. For example, it is not possible to deposit money in Australian dollars and then withdraw in US dollars. However, you may travel from the United States to Australia in the opposite direction. Note that this option of using a brokerage account is not what the account is intended for! This is for business, so the brokerage firm may not be happy with how it is used. It also creates a complex business environment and also only works for you to transfer between two personal accounts that belong to you (you can not transfer money to another person). So this option is probably something you do not want to consider unless you are constantly transferring large sums of money.

is there another way to send money from Canada to UK?

PayPal – This is a good option but very expensive for currency exchange. They have a standard exchange rate of 2.5%. This is a dangerous option for transferring large amounts as PayPal and can block accounts. Bitcoin – is very local and has good potential, but is not really a viable option for transferring money between most currencies. There is also a lot of exchange between currencies and bitcoins, so in the vast majority of cases the transfer cost is high.

Other Money Transfer Companies – There are a number of other money transfer companies you can consider. In most cases, they are set for lower transfer amounts, some examples are: WorldRemit, Tranzfers, Paysera, Xoom, Skrill, Payoneer

One thing to keep in mind when sending money from Canada to the UK: The amount of money you send to someone in the UK can change the service you want. For example, if you want to send more than C $ 10,000, OFX is the best option because for high amounts you have a much lower commission rate. On the other hand, if your transfer fee is low, you can use the Wise Transfer service as it offers fast and low cost transfers for low amounts.
So as we mentioned in this article, there are more than 8 ways to send money from Canada to the UK, but each has different services, different costs and different speeds, and you are free to send money from Canada to the UK.

Conclusion

Do you know how to send money from Canada to the UK? What are the shipping methods from Canada to the UK? What is the best option for transferring money from Canada to the UK? Can money be transferred from Canada to the UK via wire transfer?In this article, we tried to introduce you to the best way to transfer money, you can choose any method you want and transfer your money from Canada to the UK. Also, if you have more questions, you can ask us through the contact link on the site