Sending money from the UK to Canada in 2026 is rarely a small, one-off transaction. If you need to send money from UK to Canada, you are usually funding something bigger than a monthly family payment: a house deposit in Toronto, tuition at a Canadian university, a lump sum for a new life after a work permit or permanent residency approval, or a property purchase in Vancouver. That is why the corridor rewards planning — a 0.5% difference in the GBP to CAD rate on a £40,000 transfer is £200, and that is before fees.

This guide compares the providers that actually matter for the UK to Canada route, shows how much each one costs on a real transfer, explains how the money lands (bank deposit, Interac e-Transfer or wire), and gives you a repeatable method for checking the rate so you are not quietly losing money on every transfer.

Quick Answer: The Best Ways to Send Money from the UK to Canada

If you want the short version: use a specialist digital provider such as Wise, Revolut or OFX for anything above a few hundred pounds, because high-street banks charge both a fixed fee and a margin on the exchange rate. For large lump sums — house deposits and tuition — a broker such as OFX that offers a limit order and no transfer fee is usually the cheapest. For small, fast transfers to a Canadian bank account, Wise or Remitly are the simplest. Cash pickup into Canada is virtually irrelevant for this corridor; almost everything is bank-to-bank or Interac.

How Much Does It Cost to Send Money from the UK to Canada?

Comparing the best ways to send money from the UK to Canada in 2026

The true cost of a UK to Canada transfer has three parts, and only one of them is advertised:

  1. Transfer fee — a fixed or percentage charge, from £0 with Wise and OFX to £25+ with some banks.
  2. Exchange rate margin — the gap between the provider's GBP to CAD rate and the mid-market rate. This is the hidden cost, and on large amounts it dwarfs the fee.
  3. Payout cost — usually free for a standard bank deposit, occasionally a small charge for express or same-day delivery.

On a £10,000 transfer, a bank charging a £20 fee plus a 3% margin costs about £320. A digital provider charging £0 fee plus a 0.4% margin costs about £40. That difference is the whole game.

UK to Canada Transfer Providers Compared

ProviderTypical FeeGBP to CAD MarginSpeedBest ForPayout Method
Wise~0.4%–0.6%~0.3%–0.5%1–2 business daysEveryday transfers, transparent pricingBank deposit
Revolut£0–small % (plan dependent)~0.4%–1% (weekday)Same day – 1 dayRevolut-to-Revolut, app usersBank deposit
OFX£0~0.5%–1%1–2 business daysLarge lump sums, limit ordersBank deposit, wire
Remitly£0–£3 (promo)~0.7%–1.5%Minutes – 3 daysSmall, fast transfersBank deposit
WorldRemit£0–£3~0.8%–1.5%Minutes – 2 daysWide payout networkBank deposit
Western Union£0–£5 (varies)~1.5%–3%Minutes – 2 daysSpeed and universal reachBank deposit
MoneyGram£0–£5~1.5%–3%Minutes – 2 daysAlternative to Western UnionBank deposit
High-street banks
(Barclays, HSBC, Lloyds, NatWest, Santander, Monzo)		£10–£30~2.5%–4%1–4 business daysConvenience onlyBank deposit / wire

Margins move every day, so treat the numbers above as a shape, not a quote. The important pattern: digital providers and brokers sit at the cheap end, high-street banks at the expensive end, and the gap grows with the amount you send.

How the Money Lands in Canada

Payout rails for this corridor are straightforward, which is why bank deposit dominates:

  • Bank deposit (EFT / direct deposit) — the standard. Providers pay into any Canadian bank account (RBC, TD, Scotiabank, BMO, CIBC, National Bank, plus credit unions) using the recipient's institution and account (or transit) details. Typically 1–2 business days.
  • Interac e-Transfer — Canada's domestic instant rail. A Canadian recipient can receive via email or phone, but this normally requires a Canada-licensed transfer service on the sender side, so it is not available from every UK provider. Where offered, it is the fastest bank-linked option.
  • SWIFT wire — for very large amounts, providers such as OFX or a bank may send a wire. Fastest for big sums, and it avoids per-transaction caps, but fees and rate margins can be higher than a standard bank deposit.

Cash pickup is not a meaningful option for Canada, unlike corridors such as UK to Morocco or UK to Romania. Plan around a bank account.

Which Is Cheapest: Wise, Revolut or OFX?

It depends on the size of the transfer, and that is the honest answer rather than a marketing line:

  • Up to about £1,000 — Wise or Revolut. Both are cheap, fast and app-driven, and you can send same-day. Revolut is particularly good if the recipient also uses Revolut and you are on a paid plan, where the rate margin shrinks.
  • £1,000 to £15,000 — Wise and OFX trade blows. Compare the delivered CAD for your exact amount; on this band the difference is usually tens of pounds, not hundreds.
  • Above £15,000 — OFX (or a comparable broker). Zero transfer fee, a negotiable margin on large amounts, and a limit order so you can lock the rate on a good day instead of gambling on a bad one. For a house deposit this is where real money is saved.

For context on how providers are ranked overall, see how to compare money transfer providers and the cheapest ways to send money internationally.

How to Send Money from the UK to Canada, Step by Step

  1. Decide the amount and payout method — bank deposit is almost always right for Canada.
  2. Get the recipient's Canadian bank details — institution number, transit number and account number (or the full IBAN-equivalent for a wire).
  3. Compare the delivered CAD, not the fee. Look at how many Canadian dollars land in the account for your exact pound amount.
  4. Complete identity verification — UK providers are FCA-authorised and HMRC-registered, so you will need photo ID and sometimes proof of address. This is a legal requirement, not a hurdle to work around.
  5. Fund the transfer — bank transfer (usually free), card (fast but adds cost), or a balance if you hold the provider's account.
  6. Track it — you receive an MTNC or reference ID. See how to track an international money transfer.
  7. Confirm the recipient receives the correct CAD and keep the receipt for tax or mortgage paperwork.

Taxes, Reporting and Large Transfers to Canada

Moving money from the UK to Canada is not itself a taxable event, but the purpose can trigger reporting. A house deposit or property purchase is a capital transaction that immigration and tax advisers will want documented. Tuition payments may need to be evidenced for study permits or for Canadian tax credits. If you are a Canadian resident receiving a large gift or loan from the UK, the Canada Revenue Agency generally does not tax gifts, but banks report large inbound transfers and may ask for source-of-funds documentation as part of FINTRAC anti-money-laundering rules. Keep clean records: the sender name, purpose, amount and the provider receipt.

UK side: if you are selling UK assets to fund the transfer, capital gains tax may apply to the disposal itself — separate from the transfer. Speak to an accountant before a six-figure move.

GBP to CAD: What to Watch

Both the pound and the Canadian dollar float freely against each other, so the rate you get depends on when you send, not just who you use. Two practical points:

  • Timing matters on large sums. A 2% swing from a poor day to a good day on a £50,000 transfer is £1,000. Brokers let you book a limit order at a target rate.
  • Margin matters more than fee on small sums. On a £200 transfer the fee is the visible cost; on a £20,000 transfer the margin is the visible cost. Optimise for whichever dominates at your size.

Common Mistakes on the UK to Canada Corridor

  • Using a high-street bank out of habit and paying a 3%+ margin on a house deposit.
  • Comparing fees instead of the delivered CAD — the rate is where the money hides.
  • Sending everything at once when the rate is poor, instead of splitting transfers or placing a limit order.
  • Forgetting that the recipient's Canadian bank may hold a large inbound payment for source-of-funds checks.
  • Ignoring that a "free" transfer with a 2.5% margin is more expensive than a £5 transfer with a 0.4% margin.

FAQ

What is the cheapest way to send money from the UK to Canada?
For most amounts, a specialist provider such as Wise, Revolut or OFX. Wise is cheapest for everyday transfers, and OFX is cheapest for large lump sums because it charges no transfer fee and offers a tighter margin on big amounts. High-street banks are almost always the most expensive.

How long does a UK to Canada transfer take?
Minutes to three business days depending on the provider and payout method. Revolut and Wise can be same-day or next-day for bank deposit, OFX is typically one to two business days, and high-street banks can take up to four. See how long an international money transfer takes.

Can I send money from a UK bank account to a Canadian bank account directly?
Yes. You need the recipient's Canadian institution number, transit number and account number. Most digital providers and brokers pay into any major Canadian bank (RBC, TD, Scotiabank, BMO, CIBC) plus credit unions by EFT.

Is Wise or Revolut better for UK to Canada?
Wise is typically slightly cheaper and more transparent on the rate for one-off transfers. Revolut is better if you already hold a paid plan and the recipient also uses Revolut, where the rate margin can be lower. Compare the delivered Canadian dollars for your exact amount.

Can I send money to Canada with Western Union from the UK?
Yes, Western Union sends from the UK to Canada, mostly as bank deposit in 2026. It is convenient and fast but usually carries a larger exchange-rate margin than Wise, Revolut or OFX, so it is rarely the cheapest option for a large transfer.

How much does it cost to send £10,000 from the UK to Canada?
Roughly £40–£60 with a digital provider or broker (small margin, near-zero fee) versus £300+ with a high-street bank (fixed fee plus a 3%+ margin). The exact figure depends on the rate on the day and the provider.

Do I pay tax on money sent from the UK to Canada?
The transfer itself is not a taxable event. Gifts received in Canada are generally not taxable for the recipient, but large inbound transfers are reported to FINTRAC and banks may ask for proof of source of funds. If you are transferring proceeds from selling UK assets, capital gains tax may apply to that disposal — get advice.

What information does the recipient need to give me?
Their full legal name as it appears on the bank account, the Canadian institution number, transit number and account number, and the bank's address in some cases. For a SWIFT wire, you may also need the bank's SWIFT/BIC code.

Can I send money to Canada for a house deposit or tuition fee?
Yes, and this is the most common large-value use of the corridor. Use a broker such as OFX for the tightest margin and a limit order, and keep documentation of the purpose for your bank, mortgage lender or university.

Is there a limit on how much I can send from the UK to Canada?
There is no legal cap on transferring your own money, but providers impose per-transaction and daily limits that vary by verification level. For very large amounts, brokers and banks may ask for enhanced verification, and Canada's FINTRAC rules require reporting of large inbound transfers.

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Tags: #UKToCanada #GBPtoCAD #Wise #Revolut #OFX #Remitly #WorldRemit #BankDeposit #TuitionFees #HouseDeposit

Disclaimer: Exchange rates, fees and delivery times change daily and vary by provider, amount and payout method. Always confirm the final amount your recipient will receive before you send. This article is for general information and is not financial or tax advice.