Cost-Effective Ways to Send Money to Canada

It has never been safer, more efficient and more cost-effective to send money to Canada from the United Kingdom.


How To Send Money to Canada from the UK

The Office for National Statistics estimates that there are more than 82,000 Canadian-born people living in the UK. This is third largest community in the Canadian diaspora after the US and Hong Kong. Of those residing in Canada, approximately 600,000 residents are British-born, representing 2% of the population of Canada. As such, there is an unsurprisingly high demand for financial services to support transactions between the two countries.


ProviderTransfer AmountFeeSpeedVisit Site
OFX£100£0.501-4 Business DaysGet a Quote >>
TransferWise£100£1Instantly - One DayGet a Quote >>
XE£100£0Same dayGet a Quote >>


Methods to Send Money to Canada from the UK


Sending Money to Canada via Online Money Transfer

There are many online services available for transferring funds to Canada. These tend to offer the best exchange rates. Services such as TransferWise are widely recognised for low transfer fees and the best exchange rate between the British Pound and the Canadian Dollar. In addition to TransferWise, CurrencyFair is also known for their fast and cost-effective methods.


Sending Money to Canada via PayPal

PayPal is readily available in Canada. Although free to send between friends and family within Canada, any international payments incur a transaction fee of between 0.3%-2% of the transaction amount. However, doing these payments directly via credit card or debit card works out even more expensive. These fees are usually ranging between 3.4%-3.9% of the total transaction amount plus a fixed fee.


Sending Money to Canada via Bank Transfer

Sending money to Canada directly via a bank transfer from a UK bank account is not generally advisable as it works out as less cost-effective. This is due to the comparatively low exchange rates offered. You will also need to pay a transfer charge which can often be expensive.


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Sending Money to Canada via Western Union

Western Union is one of the most widely-used methods for international transfers. They offer the option of sending money online, via mobile payment or in person. The recipient can, in turn, receive the money directly into their bank account or can collect the cash.


Can I Send Money to Canada via Cryptocurrency?

Cryptocurrency, although widely employed in many countries, is not considered legal tender in Canada. Only the Canadian dollar is official currency in Canada.



Send money to Canada for as interest rates as low as 0.39%


Can You Send Money to Canada For Free?

Money transfer services are never completely free as they always involve some form of transaction fee or exchange rate. However, many of these are extremely low. Sending money via TransferWise is often recognised as one of the cheapest methods. Per transaction, there is a flat fee of 0.31 GBP + 0.39% of the amount that is converted. Thus, the more money sent, the higher the transfer fee. CurrencyFair is also a cost-effective way to transfer funds.


How Long Does It Take to Send Money to Canada?

Depending on the service provider that you choose to transfer money to Canada, funds can arrive into the specified account rapidly. Online services such as TransferWise and CurrencyFair typically transfer the funds between 1-3 business days, although there is the option to pay more for faster transactions Bank transfers can take around 1-3 business days.


What Do You Need to Send Money to Canada?

For any online payments, you will need all relevant login details and possibly a card reader. Bank transfers offer require a form of photo ID a recent utility bill or proof of address and a payment method (debit or credit card).


Is it Safe to Send Money to Canada from the UK?

Like any transaction, you should always be careful when sending money internationally. Make sure to look out for FCA approval as this means that the accounts are safeguarded. With any legitimate company, their FCA details should be readily available on their website. As with any online payment,  you should be careful with any personal security and sharing any confidential information such as passwords. This is especially true for phone and email correspondence.