How to transfer money from Canada to UK?

We make more and more international transfers every day. World becomes more open and we need to be ready to move our capital anytime and everywhere. Fortunately, modern technologies give us that opportunity. No matter if you live overseas from where you want to send money, you will be able to. So, do you live in Canada? Do you want to transfer money to UK? There are several ways to transfer money from Canada to UK! To make this happen, you will need to make an international money transfer. First of all, check policies for it in your bank in Canada and then, you can get started.

Gather information

Transferring money from one country to another is fairly easy these days. There are some traditional ways, which might not be as safe and secure as electronic transferring: checks, cash... in case you are not using any of these methods, you are looking at international wire transfer. This service transfers money from one account to another with a help from bank or other financial institutions. Before you get started for this transaction, to transfer money from Canada to UK, gather some information! Details include: name and address of recipient and his/her bank; account number or IBAN, which is international bank account number; routing number.

Other than information you will need for money transfer itself, it is helpful to stay informed about currencies. As we know, Canada uses Canadian Dollars and UK uses pounds. Your bank might be offering currency exchange itself, but check other places (in UK) to convert Canadian dollars to pounds, just in case.

Cost and time

Again, if you are using traditional methods, as sending check or cash, it will take approximately 1 week for it to get to your recipient. If talking about wire transfer, it will be received in UK within several business days, 3-5 as usual. What can make this dates change is currency. Some transactions take more time than others, especially if currency need to be converted. Apart from that, consider that when making a transfer, you most likely will be limited in amount of money you send.

Banks will charge you with transfer fee when transferring money from Canada to UK. There are two ways banks charge – fixed amount of Canadian dollars for converting currency, or exchange rate, which will vary from 1% to 5%. It's always a good idea to check other options available. Maybe try different banks and their exchange rates. One is for sure, electronic transfer will cost you less than traditional transfer. Also, it will be more comfortable, faster, less risky. Also, take in consideration that there are many financial institutes and banks to choose from.

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