Send Money to Canada from the UK

Sending money internationally has been a matter of concern and is full of misconceptions. People often struggle with the process and remain fearful of the fact whether their money reaches its destination or not. However, with the advent of modern technology and online platforms, international money transfer has become easier than ever.

So, through this write-up, let's get an overview of the process for a better understanding and hassle-free money transfer across the world.

How to Send Money to Canada from the UK?

Sign up or log in

The process begins with signing up or logging in to the SterlingFX portal. If you're a new user, sign up, and if you're an existing user, log in with your credentials.

Enter recipient details

Next, you must enter the recipient details properly, including the names, account numbers, and necessary bank information.

Choose the amount
and currency

To proceed, input your amount and choice of currency. We will convert the amount, and you can ' proceed.

Select payment method

Now you can confirm the payment method. You can choose among debit/credit, bank transfer, demand draft, etc.

Review and confirm

Double-check all the details, including exchange rates and fees. Confirm the transfer to initiate the process.

Track your transfer

After confirmation, you can track the status of your transfer through your SterlingFx account.

Send Money to Canada from the UK - Fast, Safe, and Affordable Transfers

Sending money to Canada from the UK can be a straight forward process if you know the right steps and choose the best services. This guide will walk you through everything you need to know to ensure your money transfers are secure, efficient, and cost-effective. Here, you will learn about the most convenient methods to send money to Canada from the UK. Through these methods, you can send the money to your recipient without any hassle of transportation and other old methods. So, let's learn about them.

Best Methods to Send Money to Canada from the UK

Bank Transfer

One of the best ways to send money to Canada from UK is a bank transfer. You can initiate your money transfer task by using your high street bank's app or calling the branch. Money transfers through these banks are expensive. They include a transfer fee, third-party cost, and a markup money transfer UK to Canada.

Online Money Transfer Services

Online money transfer service providers offer fast and reliable money transfers from the UK to Canada. You just need to register for their services and arrange a payment using your laptop or phone.

Cash Pick-Up Services

There are many cash pick-up service providers available to send money to Canada from UK. This method is suitable if you send the money to a recipient who doesn't have a bank account. The recipients can collect their cash from local agents across Canada. But it's an expensive method for sending money to Canada from the UK.

Currency Brokers or FX Brokers

It's the cheapest way to send money to Canada from the UK. They provide app-based services that allow you to send small to large amounts of money quickly in Canada. Generally, they have low transfer fees and competitive exchange rates. Some FX brokers even allow free-of-cost money transfers to Canada.

Method	Pros	Cons
Bank transfer	1. Provide the highest level of security. 2. This method is beneficial for its maximum and minimum amount of transaction limits. Some people choose this service for sending lower amounts of money which is not supported by online money transfer services.	1. The bank transfer includes high costs including transfer fee, SWIFT fees, and exchange rate markup.
Online money transfer services	1. You can make your payment through phone or in-app service. 2. The receiver can easily access the money 3. Some service providers offer currency risk management solutions	1. Exchange rates incorporate a markup.
Cash pick up services	1. The sender can send and receiver can receive the money without having any bank account	1. Transfer time is lengthier than the other services. 2. Unregulated and highly unreliable
Currency brokers/FX brokers	1. Currency broker services are well known for their competitive currency rate and low fees. 2. These platforms are easy to use.	1. Some service providers have hidden charges that increase the total cost.

How to Choose the Right Money Transfer Service

To find the best money transfer service provider, you need to consider the following pointers -

Exchange Rate

Before choosing a service, you should compare the service providers' exchange rate with the mid-market exchange rate. Then, choose the best value provider that fits your needs.

Transfer Fees

The transfer fees vary on the different service providers. To know the transfer fees, you should compare both the Pound Sterling/Canadian Dollar exchange rate and the upfront fee declared by the provider. Some providers may offer zero-fee transfers but they add extra charges on the exchange rate.

Transfer Speed

When you are looking for the fastest service to send money from the UK to Canada, you must be aware of the transfer speed of the reliable service providers. Usually, online money transfer services have their networks which transfer your money to Canada instantly or within 3 to 5 working days. But remember that the banks depend upon the SWIFT network, which causes delays in sending your money.

Security

When you're looking for a secure way to send your money to Canada from the UK, you must choose a service provider that is registered and operated by FCA (Financial Conduct Authority) or PRA (Prudential Regulation Authority). If you want to choose a money transfer service from a bank, then your bank should be protected under the FSCS (Financial Services Compensation Scheme).

Understanding Transfer Fees and Exchange Rates

To understand the transfer fees for money transfers from the UK to Canada, you should analyse the values of exchange rates and third-party costs. Some service providers transparently break down all these costs, but others don't. Thus, you need to compare the transfer fees with the exchange rates.

Banks and online money transfer services have their exchange rates. So, you need to use a currency converter tool to check the mid-market exchange rate. Then, compare it to the exchange rate of your bank or digital money transfer service provider.

Tips for a Secure Money Transfer

Here are some tips for sending money securely from the UK to Canada -

Understanding the Pound Sterling / Canadian Dollar exchange rate is crucial. Currently, 1 GBP = 1.74 CAD.

Research multiple service providers, their exchange rates, transfer fees, and transfer speed before choosing a money transfer method.

Always choose a service provider who is authorised under FCA or a bank protected by FSCS.

You can contact the bank's customer care or visit the branch with transaction details to know your money transfer status. They will provide you with the necessary information about your money transfer status. Also, you can track the status through the corresponding reference number, SWIFT tracking or online banking service.

Also, in case of any issue, you must contact customer care at your service provider.

Frequently Asked Questions

How do you transfer money to Canada from the UK?

You can transfer your money using any of the services - bank transfer, online money transfer, currency broker/FX broker, PayPal, or cash pick-up services.

Which is the best way to send money to Canada?

Bank transfers are the most secure way to transfer money from the UK to Canada. But transfer charges are high for this method. So, you can choose digital money transfer or currency broker services to get the lowest transfer fee and competitive exchange rate.

How to avoid hidden fees to send money to Canada from the UK?

To avoid the hidden charges you should check the current exchange rate through an online currency exchange calculator. Then compare the value to the exchange rate mentioned by your service provider.

How do you track your money transfer from the UK to Canada?

You can choose any of these methods to track your money transfer status. You can directly contact your service provider's customer care, visit the bank branch, or opt for online banking service or SWIFT tracing.

What should I do if the money transfer process from the UK to Canada fails?

In such cases, you must contact your bank or money transfer service provider and mention the same without any delays.

What should be avoided to send money to Canada from the UK?

The common mistakes to avoid while transferring money from Australia to the UK are -

Not comparing the exchange rates of different service providers.

Using a money transfer service without knowing their reputation.