Send money to Canada
See today's live rates — and exactly what your recipient receives, after every fee.
GBP
CADCompare in seconds
Live mid-market comparisons · results refreshed continuously
Today's best rates to Canada
As of 25 August 2026, sending £1,000 to Canada, your recipient gets the most with Currencies Direct: 1,887.50 CAD, the best of 6 providers compared.
| Provider | Rate | Fee | Recipient gets | Speed | |
|---|---|---|---|---|---|
1.8875 0.01% worse | £0 | 1,887.50 CAD | 1–3 days | Send | |
1.8875 0.01% worse | £0 | 1,887.50 CAD | 1–3 days | Send | |
1.8857 0.10% worse | £0 | 1,885.68 CAD | Within 2 days | Send | |
1.8880 0.02% better | £3.99 | 1,880.51 CAD | Within 2 days | Send | |
1.8799 0.41% worse | £0 | 1,879.90 CAD | 1–2 days | Send | |
1.8376 2.65% worse | £0 | 1,837.59 CAD | Up to 4 days | Send |
Canada is one of the UK's biggest emigration corridors — skilled workers arriving via Express Entry, families reuniting, retirees, and students in Toronto and Vancouver — so the transfers tend to be large: a house down-payment, moving savings, or supporting relatives who've settled. On sums that size the exchange rate matters far more than any fee: between a UK high-street bank and a currency specialist the gap is routinely 2–5% of the whole transfer, so on £50,000 heading to Canada that's the difference between losing a few hundred pounds and losing well over £1,500 to the rate alone. Canada doesn't use the European IBAN — it runs on institution, transit and account numbers — but the payment is straightforward; keeping the most Canadian dollars is the skill.
How to send money to Canada from the UK
Three practical routes move money from a UK account to a Canadian one. They nearly all arrive — the difference that matters is how many Canadian dollars are left once the exchange rate has taken its share.
Bank transfer
The familiar option, and consistently the most expensive. UK banks typically build a margin of 2–5.4% above the mid-market rate into the conversion, add a fee (Barclays around £25, Lloyds £9.50), and send by slow SWIFT wire. On £10,000, a 4% margin alone is about £400.
Money-transfer provider
Specialists — Wise, OFX, Currencies Direct, TorFX, Moneycorp — are built for this corridor. Margins run 0.2–1.5%, and brokers negotiate on larger sums and offer forward contracts. On £10,000 the all-in cost is often £40–£100 rather than several hundred.
App or prepaid card
Apps such as Wise and Revolut can be very competitive for smaller, digital transfers and double as spending tools once you arrive. But for moving a down-payment or savings into a Canadian account, a specialist broker's rate and rate-lock tools usually win.
What you need to send money to Canada
Canadian bank details (no IBAN)
Canada doesn't use the European IBAN system. To pay into a Canadian account you need the recipient's full name and their three routing numbers: the institution number (3 digits, identifying the bank), the transit number (5 digits, identifying the branch) and their account number. For an international transfer you'll also give the receiving bank's SWIFT/BIC code. Check every digit against something the recipient sent in writing — a wrong routing or account number can send funds astray.
ID checks and verification
Before processing a payment, a UK provider must confirm who you are (Know Your Customer, under the Money Laundering Regulations). For a first or modest transfer, expect to give your name, address and date of birth, plus a photo ID and proof of address. On the larger sums typical of an emigration move — above roughly £8,000–£10,000 — expect a source-of-funds check too. Incoming transfers over C$10,000 are also reported to FINTRAC in Canada.
How long does it take to send money to Canada?
Canada isn't on Europe's SEPA network, so a UK-to-Canada transfer crosses currencies and, usually, the SWIFT network. How fast it lands depends far more on the provider than on the distance.
Delays usually come down to one of: missing the provider's daily cut-off, a first-time identity check, the UK–Canada time difference and weekends, or an incorrect transit or account number.
Fees and exchange rates for UK to Canada
Fees range from £0 (many specialists on a standard transfer) to £25+ (a bank wire). A flat fee is easy to compare; the exchange-rate margin usually isn't — which is exactly why it costs you more, especially on the large sums this corridor sees. Here's where the money leaks.
The exchange-rate margin
The real cost of most transfers. Banks: 2–5.4% above the mid-market rate. Specialists: often 0.2–1.5%, tighter still on larger amounts. On a £50,000 emigration transfer that gap can be well over £1,500.
Correspondent-bank fees
A SWIFT wire can pass through intermediary banks, each taking a cut, so the recipient gets less than the screen promised — and a Canadian bank may add a receiving fee. Specialists paying by local CAD rails usually avoid both.
Card & weekend markups
Watch for ~3% foreign-transaction fees on ordinary UK debit and credit cards, and weekend markups on some apps. On a big transfer, judge an offer by the Canadian dollars that arrive, not the headline fee.
Sending money to Canada to buy property
Read this before you plan a purchase: a federal ban on foreign buyers is in force until 1 January 2027. The Prohibition on the Purchase of Residential Property by Non-Canadians Act blocks most non-Canadians from buying homes in and around major cities — but there are real exemptions, notably for people holding a work permit with 183+ days left, and for properties outside the designated large metro areas (recreational spots like Whistler are exempt). If you're emigrating on a work visa, you likely qualify; a non-resident investor usually won't. Always take Canadian legal advice on a specific property first.
Offer & deposit
You sign an Agreement of Purchase and Sale (APS), binding once accepted, and pay a 5–10% deposit held in trust by the brokerage or a lawyer — not paid to the seller.
Conditions & closing
Conditions (finance, inspection) are cleared, your lawyer runs a title search, and on closing day — typically 30–90 days later — the balance is wired to the seller's lawyer.
The foreign-buyer taxes
Where a purchase is allowed, non-residents face steep surcharges: Ontario's 25% Non-Resident Speculation Tax, or British Columbia's 20% additional transfer tax, on top of normal land-transfer tax.
You'll likely need an Individual Tax Number (ITN) from the CRA, and money moves through your lawyer's trust account, never direct to the seller. Foreign owners also face the federal Underused Housing Tax (1% a year on vacant/underused homes) and Capital Gains Tax on a later sale. Buying grants no residency rights — those come only through Canada's immigration system.
Lock in today's rate with a forward contract
The 30–90 days between an accepted offer and closing is long enough for GBP/CAD to move several percent, changing the sterling cost of a Canadian home by thousands. A forward contract lets you fix today's rate now and pay for the Canadian dollars at closing, usually against a small deposit, so you know the sterling cost from the day you agree the price. Many buyers use a spot transfer for the deposit and a forward contract for the larger balance.
So once your offer is firm and you have a closing date, ask about a forward contract before you convert.
Is it safe to send money to Canada?
Any UK company that handles money transfers must be authorised by the Financial Conduct Authority and must keep customer money in accounts fully segregated from its own ("safeguarding"). Checking an unfamiliar provider on the FCA Register takes about thirty seconds. On the large sums this corridor sees, these are the traps worth knowing.
Closing-day payment diversion
Rule: criminals hack or spoof lawyer emails and send fake "our trust-account details have changed" instructions before closing. Confirm the account by phone on a number you already held — never one from the email.
Pay only into a lawyer's trust account
Rule: deposits and the balance go into a regulated lawyer's or brokerage trust account, never to an individual. Anyone pushing you to wire funds to a personal account is a red flag — stop and verify.
"Better rate" cold-call / clone firm
Rule: a firm that rings out of the blue with an unbeatable rate may be a clone of a real one. Look it up on the FCA Register and call back on the number listed there, not the one you were given.
Check the firm is regulated
Rule: FCA-authorised firms must keep your money separate from their own, so it's protected if the firm fails. Look the firm up on register.fca.org.uk before you commit a penny.
Report fraud: Action Fraud on 0300 123 2040 or at actionfraud.police.uk (in Scotland, Police Scotland on 101). In Canada, the Canadian Anti-Fraud Centre.
Tax on money sent to Canada
Moving your own money
Sending your own, already-taxed money from the UK to Canada is not a UK taxable event — there's no tax simply for moving it. There's no fixed reporting threshold for a personal transfer, but a larger one commonly triggers a source-of-funds check, and Canada's FINTRAC is notified of incoming transfers over C$10,000. Keep the paperwork that shows where the money came from — especially for a property-sale or savings transfer.
Watch-out: gifts, pensions and Canadian taxes
If it's a gift, it can affect UK Inheritance Tax on your estate if you die within seven years. Transferring a UK pension is a specialist area — take advice first. Canada's own taxes on property you own there — land-transfer and foreign-buyer taxes, the Underused Housing Tax, and Capital Gains Tax when you sell — are separate from the transfer itself.
How do most people move money to Canada?
For most emigrants, families and students, the cheapest route is a specialist currency company paying Canadian dollars straight into a Canadian bank account — not a high-street bank on a SWIFT wire. For a one-off move a spot deal is fine; for a property closing or a staged emigration budget, a forward contract to lock the rate is what sets the specialists apart, and on these sums it can save thousands. Whatever you pick, judge it on the Canadian dollars that actually arrive — and confirm the receiving account by phone before you send.
Frequently asked questions about sending money to Canada
Almost all of the cost is the exchange-rate margin, not the flat fee. A UK bank typically takes 2–5.4% of your transfer in a worse rate; a specialist typically takes 0.2–1.5%. On £10,000 that's roughly £200–£540 with a bank versus around £40–£100 with a specialist provider — and the gap only grows on an emigration-sized transfer.
A specialist money-transfer provider using or close to the mid-market rate and paying by local CAD rails, rather than a UK high-street bank on a SWIFT wire. Compare the total cost — fee plus exchange-rate margin — for your exact amount using the table above.
No — Canada doesn't use IBANs. You need the recipient's institution number (3 digits), transit number (5 digits) and account number, plus the bank's SWIFT/BIC code for an international transfer. Always check these against details the recipient sent you in writing.
Often the same or next business day with a specialist paying by local rails, and minutes for some card-funded app transfers. A high-street bank wire over SWIFT typically takes 2–3 business days. The time difference and weekends can add a day.
Only if you're exempt from the federal foreign-buyer ban that runs to 1 January 2027 — exemptions include holding a work permit with 183+ days left and buying outside the designated big-city areas. Where a purchase is allowed, expect steep foreign-buyer taxes (Ontario 25%, BC 20%). Buying doesn't grant residency. Take Canadian legal advice on the specific property first.
Not for sending your own money — that isn't a taxable event in the UK. Gifting can have UK Inheritance Tax implications, and transferring a UK pension has its own rules, so take advice. Canada's property, underused-housing and capital-gains taxes apply to what you own there, not the transfer.
Our sources & how we keep this current
Last updated: July 2026. The live rates above refresh automatically, and we review the rest of this guide every month — updating it whenever the rules on payments, tax or regulation change.