North America
Send Money to Canada
Last updated: February 2026|Written by Matt Woodley
Quick Facts
Important Note
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Sending money from the UK to Canada requires choosing the right provider for GBP to CAD transfers. The exchange rate, fees, and delivery speed vary significantly between providers. Below we cover how money transfers to Canada work, what the banking system looks like on the receiving end, how to avoid common pitfalls, and which FCA-regulated providers offer the best rates for CAD transfers in 2026.
How Money Transfers to Canada Work
Canada uses Interac e-Transfer for domestic payments and LVTS for high-value transactions. International transfers arrive via SWIFT. Canadian bank accounts use a transit number (5 digits), institution number (3 digits), and account number (7-12 digits). The 'Big Five' banks are RBC, TD, BMO, Scotiabank, and CIBC.
Common Reasons People Send Money to Canada
- Emigration and relocation to Canada
- Property purchases (houses, condos)
- Supporting children studying at Canadian universities
- Business payments to Canadian suppliers
- Pension transfers for retirees
Tax & Regulatory Information
Canada does not tax incoming international transfers as income. CRA requires reporting of transfers exceeding CAD 10,000 under FINTRAC regulations. Non-residents purchasing Canadian property pay a 25% withholding tax on rental income and are subject to the Underused Housing Tax (1% annually if vacant). Capital gains for non-residents are taxed with a 25% withholding.
This is general guidance only. Consult a qualified tax adviser for advice specific to your circumstances.
GBP/CAD has ranged from 1.70 to 1.80 in 2024-2026. The Canadian dollar is commodity-linked, tracking oil prices closely. When oil rises, CAD strengthens. A 1% move on a CAD 100,000 transfer equals approximately CAD 1,000.
Bank vs Specialist: How Much Can You Save on CAD Transfers?
Indicative rates based on a typical GBP 10,000 transfer. Actual rates vary by provider and market conditions.
| Metric | High-Street Bank | Specialist Provider |
|---|---|---|
| Exchange Rate | 1.7050 | 1.7550 |
| Transfer Fee | £25 | £0 |
| Estimated Saving | -- | Save ~3.0% |
Rates are indicative and updated periodically. Check live rates with each provider for the most accurate quote.
Best Providers for Sending Money to Canada
We have reviewed and rated the top money transfer services for sending money to Canada. All providers below are licensed, regulated, and IMT accredited.
Currencies Direct
IMT Score: 94/100Best Overall for Large Transfers
Fees
Zero fees
Speed
1-2 days
Min.
$100
TorFX
IMT Score: 91/100Best for Property Purchases
Fees
Zero fees
Speed
1-2 days
Min.
£100
Wise
IMT Score: 92/100Best for Speed & Small Amounts
Fees
Low transparent fee
Speed
Minutes to hours
Min.
£1
OFX
IMT Score: 88/100Best for 24/7 Support
Fees
Zero fees over £1,000
Speed
1-3 days
Min.
£100
XE
IMT Score: 87/100Best for Currency Coverage
Fees
No transfer fees
Speed
1-4 days
Min.
£1
Disclosure: We may receive compensation when you click on links to providers on this page. This does not affect our editorial independence or the ranking order. Our reviews are based on independent research and real customer feedback. Read our editorial policy.
5 Expert Tips for Sending Money to Canada
Practical advice from our editorial team, based on market data and feedback from thousands of users who have sent CAD.
Use transit number + institution number + account number format (not IBAN) for Canadian transfers
Interac e-Transfer is available as a payout option with some providers for faster delivery
Wednesday tends to show the best GBP/CAD rates
For property purchases, Canadian lawyers require funds 1-2 days before closing
Wise supports direct Interac payouts for faster, cheaper delivery
Frequently Asked Questions: Sending Money to Canada
What is the cheapest way to send money from UK to Canada?
Use a specialist provider like Wise or Currencies Direct. They charge 0.1-0.6% margin with no transfer fee, compared to 2.5-4% margin plus GBP 25 at banks. On a GBP 10,000 transfer, you save approximately CAD 400-500.
How long does a UK to Canada transfer take?
Wise can deliver CAD within hours via Interac. Specialist providers typically take 1-2 business days via SWIFT. Banks take 3-5 business days. For property closings, send funds at least 3 business days before the scheduled date.
What bank details do I need for a Canadian transfer?
You need the transit number (5 digits), institution number (3 digits), account number (7-12 digits), and the bank's SWIFT code. Canada does not use IBANs. The institution number identifies the bank (e.g., 001 for BMO, 002 for Scotiabank, 003 for RBC, 004 for TD, 010 for CIBC).
Is the Underused Housing Tax relevant to UK buyers?
Potentially yes. The UHT is a 1% annual tax on residential property owned by non-residents that is vacant or underused. Even if you are exempt (e.g., the property is rented out for 180+ days/year), you must still file an annual UHT return or face penalties of CAD 5,000 minimum.
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