Do you wish to learn how to send money to Canada from UK? There are several choices accessible to you if you need to send money to Canada for business or pleasure or if you’re a Canadian citizen living abroad and want to send money to your family back home.
This article explains in detail the best, cheapest, and fastest ways to send money to Canada and everything you might need to know about safely sending money abroad.
With a GDP of more than $1.7 trillion and a diverse economy, Canada ranks as the second-largest nation in the world (as of 2019). Oil, gas, energy, manufacturing, and a strong tourism sector provide most of Canada’s income. A popular currency for foreign exchange trading is the Canadian dollar (CAD), which has a history of strength and is supported by Canada’s political and economic stability.
Here, we’ll go into more detail on how to transfer funds to Canada safely and securely without putting the hard-earned cash of the sending and receiving parties at risk.
Key Takeaways
- 7 cheapest ways to send money to Canada from the UK
- List of Apps that allows you to send money to Canada from the U.K.
- Answers to most of the frequently asked questions
7 Cheapest Way To Send Money To Canada From the U.K
It can seem that physical cash, checks, wire transfers, bank drafts, and money orders are becoming extinct in today’s technologically advanced society. When there are quicker technological ways to transfer money between banks, states, and even countries, these older techniques might seem to be less common, but that doesn’t mean they aren’t still valuable possibilities.
There are also cheap ways to transfer money; the lowest option may change depending on your specific situation if cost is your main priority.
1. The Bank You Use
With many different forms of transfers, a bank can help. You can easily make a free ACH transfer at your bank if you move money from one account at the same financial institution to another. You can make the transfer online or in person at a bank by taking money out of one account and depositing it into another.
You can send money overseas through your bank. Still, you will frequently need to provide much more information, such as the account holder’s name and address, information about the financial institution to which the money is being sent, and the International Bank Account Number (IBAN) or SWIFT code of the recipient bank.
You may pay up to $45 for international wire transfers sent in U.S. dollars. Foreign currency transfers cost around $35. Rates fluctuate and may change based on your bank.
2. Zelle
Zelle, a company, launched in 2017, is among the newest payment market participants. The private financial services company Early Warning Services owns the corporation, a digital payments network with headquarters in the United States.
Users can sign up for Zelle through the Zelle app or their bank’s Zelle electronic portal, but they’ll need a U.S. email address and phone number to use the service (and have funds in a U.S. bank account).
The sender next provides the recipient’s selected mailing address and U.S. mobile number (the recipient must also have a U.S. bank account). After the payment has been sent, a notification with instructions for finishing the payment is provided to the receiver.
Although there are no fees associated with sending or receiving money through Zelle, the bank or other financial institution may occasionally charge users for access to the service.
3.Venmo And PayPal
PayPal may be a cost-effective way to send money. It enables electronic money transfers between PayPal accounts for private users and companies. Payments via PayPal are cost-free, but the recipient must pay a fee to cash the check. The fee is 2.9% plus $0.30 per transaction up to $3,000 in transfers.
For more significant transactions, prices are marginally reduced, and there are no fees for sending money to friends or family members as long as the funds come from a bank account.
You should be aware that costs for overseas transactions are typically 1% higher and that you will be charged an exchange rate for transfers conducted in foreign currencies.
4. MoneyGram or Western Union
Similar services from Western Union and MoneyGram let you send money to another city, state, or country. They impose a set fee for the transfer that depends on the transfer’s speed, the recipient’s location, and the amount being sent.
You’ll also be charged an exchange rate if you send money outside or internationally. It results in a hidden fee if you transfer money internationally because these money transfer firms typically don’t offer a highly competitive exchange rate. But one of the main advantages of these services is that they frequently combine convenience with high levels of dependability.
A $200 transfer using Western Union will cost you approximately $12 for a quick transfer and $8 for a next-day transfer to a destination in the United States or Canada. A transfer to the U.K. will cost about $22 if made through a Western Union representative and $15 if made online. The cost may alter at any time.
5. Physical Money
Using cash to transfer funds may be regarded as the “old-fashioned way,” yet there are times when it is advantageous.
When time is not of the essence, it is free to withdraw cash and personally transport it to another bank to deposit into an account. The deposited funds are typically instantly available for withdrawal. Remember that transferring money over the mail is not advised. There is no way to get the money back if the letter is lost.
6. Individual Checks
Another inexpensive option is to write a check and deposit it into another account, hand it to someone, or mail it to a recipient in a distant city or state—especially if your bank has free checking.
Sending checks abroad makes things slightly more complex. When sending a check written in American currency abroad, it will frequently take longer to cash it so the bank can confirm the deposit, and some banks might not even accept foreign checks.
The person who receives the check may also be required to pay a cashing fee and the conversion rate to convert the money into the local currency. This method is more secure when sending money by mail than cash because checks can be canceled if misplaced.
7. Money Transfers via Email
Certain financial institutions provide an email money transfer service, particularly some of the bigger Canadian banks. Similar to an electronic check, this type of money transfer works.
Although the transaction is started by email and the recipient is told by email that the funds are available, no money is transmitted via email. Although a security question is typically necessary to identify the receiver before they may retrieve the funds, you don’t need to know the recipient’s bank account information.
If you have access to it, email money transfer is an inexpensive choice for transferring money because it typically only costs a few dollars. This technique of receiving money is often cost-free. Additionally, this service is highly dependable and prompt, typically taking only a few days to appear in the recipient’s account.
List of Apps That Allows You To Send Money To Canada From the U.K
Some applications are exclusively accessible to citizens of specific nations, while others will send your money more quickly but at a price. Some may let you deliver it or get it in cash if you require cash.
And a handful might offer you the convenience, pricing, and speed you require in one package. We’ve tried to select a few apps that we believe are best suited for your needs regarding international money transfers to make things simpler for you.
1. InstaReM
A current money transfer service called InstaReM conducts transfers using the actual mid-market exchange rate. Then, instead of charging a set fee, they take a cut of the money you transferred.
InstaReM offers upfront pricing on all transfers, just like Wise does. So, for each transaction, you receive an upfront transfer fee in addition to the actual mid-market exchange rate.
The majority of transactions are also completed in 1-2 days. In all countries, you can send money to InstaReM through an Electronic Funds Transfer (EFT), a bank transfer, or a wire transfer.
Additionally, POLI (in Australia), Debit Cards (in the E.U.), FPX (in Malaysia), and ACH Pull or Bank Transfer Method (in the USA)5 are available for sending money. The minimum and maximum amounts you can send using InstaReM vary according to the country of origin.
Features
- Money can be sent from Australia, Singapore, Hong Kong, Malaysia, countries in the Eurozone, the United Kingdom, Canada, and Australia.
- Rates of exchange with no margin
2. Remitly
Remitly has a solid reputation for providing affordable, quick, and direct payments to Canadian bank accounts.
Remitly is an online-only remittance service provider with over 130 banks in Canada and extensive countrywide coverage. If you choose either option6 and send more than $1,000, there are no transfer costs.
Additionally, Remitly determines its exchange rate, which is lower than the mid-market rate—the rate employed by the banks. When transfers are made repeatedly, even this slight discrepancy can mount up. With their one-time cost, Remitly is still a good choice for international money transfers, particularly for more than $1,000.
Features
- Remitly lets users send money from 16 nations, including the US, Germany, the U.K., and Australia.
- Initially, there is a favorable promotional foreign currency rate, but after that, the recipient sets their rates.
- Offers Remitly Economy or Express as two alternatives for sending money.
3. MoneyGram
MoneyGram is highly recognized in the money transfer industry, particularly for its cash pick-up, but its fees can be expensive if you use a credit or debit card.
MoneyGram is relatively speedy compared to other service providers and offers both online and offline money transfers. If paid by bank account8, the money is available anywhere between 3 hours and 3–4 days, depending on how the recipient wants to receive it.
Whether you pay using a credit/debit card, an online bank account, a direct transfer to a bank account, or a cash pick-up will affect the transfer cost.
Features
- MoneyGram is the second-largest supplier of money transfers worldwide.
- Your recipient can have the funds deposited into their Canadian bank account or picked up in cash at an agent’s location.
- Various transaction costs based on how much you transfer and your chosen payment method
4. WorldRemit
On Apple’s AppStore and Google Play, WorldRemit has received positive reviews as a quick and secure method of sending money to Canada.
You may add mobile credit to prepaid phones in Canada or send money directly to a business or individual bank account in Canada using WorldRemit. The sender is charged a transfer fee, disclosed up front, and an exchange rate determined by WorldRemit.
To determine how much the transfer costs you, compare the amount you might be losing to the currency rate you see on Reuters or Google.
Features
- It enables you to accept funds from more than 50 nations
- Obtain funds via bank transfers or mobile top-ups.
5. Wise
Wise allows you to send money from 59 different countries straight to Canadian bank accounts because of its transparent fees and accurate exchange rate1.
Wise is one of the most widely used apps for sending money to Canada, with over 5 million users. It offers an award-winning app that enables you to send money to anyone while on the road. Wise cannot always guarantee being the cheapest option for your specific transfer, but its pricing comparison tool will let you know that upfront.
Features
- Utilizes the actual mid-market exchange rate for each transaction.
- It has a single, affordable fee
- No upper or lower limits for a transfer
6. PayPal
If your friends or relatives have an account with PayPal, one of the pioneers in developing online global e-wallets, you can send money to them instantaneously.
A PayPal account is necessary whether you are sending or receiving money. Additionally, transfer fees exist in the form of funding fees, transaction fees, and the currency set fee for moving money.
When sending money rapidly, PayPal’s wallet mechanism may appear cumbersome and expensive. But if you and your recipient already have PayPal accounts set up, it can be a safe option—albeit one with costs.
Features
- You may request, collect, and make transactions online using PayPal’s wallet.
- Money cannot be transmitted directly to a bank account; instead, PayPal accounts must be used to send and receive money.
- Fees and pricing can be hazy and imprecise.
7. OFX
OFX is particularly appealing when sending amounts more significant than $10,000 because it enables direct bank account deposits to recipients.
You can send money directly to any Canadian bank account using OFX. The minimum transfer amount is $250 AUD13, so you might need another method if you want to send an amount less than that. OFX waives the transfer fee if you send more than $10,000, making it an attractive choice for moving money.
Features
- It charges a fee for transactions under $10,000 and sets its exchange rate.
- Usually, at OFX12, 80% of all significant currency transfers are finished within 24 hours of receiving payment.
- Available to citizens of Australia, Canada, Hong Kong, New Zealand, Singapore, the United Kingdom, and the United States
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Conclusion
It pays to research the most efficient means of sending and receiving money overseas, just as you would when selecting the finest travel insurance or locating the most affordable flights. The money you can save through this comparing process can significantly impact you.
To try all of the alternatives above and determine which of the seven works best, if I were you, I would use a single value (for instance, claiming to send or receive $500, for example) (where the amount received is highest).
This “loss” of time to conduct this research can ultimately help you save a lot of money!
FAQS
How Much Does It Cost To Send Money To Canada From The U.K.?
How much does sending money from the United Kingdom to Canada cost? You must pay a small upfront fee of 0.31 GBP plus 0.42% of the amount that is converted to send money in GBP to Canada. Some payment options come with an additional fee but are typically relatively small.
How Do I Send Money From Britain To Canada?
Typically, bank transfers are the least expensive method of funding your international money transfer through Wise. Compared to debit or credit cards, bank transfers might often be slower, but they typically offer the best value for your money. Find out more about using bank transfers as a form of payment here.
What Is The Best Way To Send Money To Someone In Canada?
You can send money to another person by various methods, such as in-person bank transfers, smartphone apps, paper checks, money orders, and online banking transfer services. Interac e-Transfer is still the preferred means of electronic fund transfer in Canada.
You can learn more from the video below:
About Author
- I am a professional article and e-book writer with 4 years of experience, I write on well research content on cryptocurrency, stocks, loans and finances.
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