If you’re supporting family, paying tuition, or running payroll in Canada, where you convert your pounds decides how many Canadian dollars arrive. The visible fee is the small part; the exchange-rate margin is where the money usually goes.
You can rely on the figures below: we checked them against provider pricing, the mid-market GBP/CAD rate, and the FINTRAC rules in June 2026.
Sending Money to Canada at a Glance
Pick by what you’re sending and how fast you need it there: lowest cost on a small transfer, or near-instant arrival on an urgent one. For a £1,000 transfer we rate Atlantic Money the cheapest, with Wise close behind and fully transparent.
| Key point | Details |
|---|---|
| Destination currency | Canadian dollar (CAD) |
| Cheapest on £1,000 (June 2026) | Atlantic Money (flat £3), then Wise (£3.84) |
| Fastest way | Fintech transfer to a bank account, often within seconds |
| What the recipient needs | Full name, account number, and the bank routing details |
| Typical UK bank charge | £35 or more on £1,000 (2.5% to 4% margin plus a fee), per comparison-service estimates |
| Canadian reporting | Transfers of CAD 10,000 or more are reported to FINTRAC |
If you just want the cheapest reliable route for a one-off payment, that’s a mid-market provider every time. The bank counter is the convenient option and the dearest one.
How Much It Costs to Send Money to Canada
You pay two things on a GBP to CAD transfer: the exchange-rate margin hidden in the rate, and any upfront fee. When you pay tuition or payroll, the margin is usually the bigger cost, so compare the Canadian dollars that actually land.
The mid-market rate is the real wholesale GBP/CAD rate, the one you see on Google. A bank quietly widens the spread around it; a mid-market provider gives you that rate and charges a visible fee instead.
| Provider | Cost on a £1,000 GBP to CAD transfer (June 2026) | How it charges |
|---|---|---|
| Atlantic Money | £3 | Flat £3 fee, mid-market rate, no margin |
| Wise | £3.84 | Mid-market rate plus a transparent 0.38% fee |
| OFX | £4 | No upfront fee; a 0.4% average margin in the rate |
| High-street bank | £35 or more | 2.5% to 4% margin in the rate plus a £10 to £25 fee |
On a £1,000 transfer the gap between the cheapest provider and a bank is more than £30. Scale that to a £30,000 tuition year and the bank spread alone can cost you hundreds of Canadian dollars. The spread costs you, not the visible fee.
Watch the brokers on small transfers if you want the lowest cost: a zero upfront fee can still carry a margin in the rate. That’s the catch with a headline of no fee.
Best Providers for Sending Money to Canada
When you pay tuition or send family their money, the cheapest name changes with the amount and how you want to send. We’d match the three below to three common situations on this corridor.
Wise for most transfers
Choose Wise when you want the fairest rate with nothing hidden. It uses the mid-market rate, shows the 0.38% fee upfront, and money typically lands in a Canadian bank account within seconds.
Atlantic Money for large one-off transfers
Choose Atlantic Money when your amount is large and you want a flat fee. It charges £3 at the mid-market rate, so on a tuition year or a property payment the saving against a percentage fee adds up fast.
OFX for dealer-led large transfers
Pick OFX if your amount is large and you want a person on the phone. It charges no upfront fee and builds a 0.4% average margin into the rate, and that margin tightens on bigger amounts when you deal with a broker.
How GBP Compares to CAD Right Now
You should check the live mid-market GBP/CAD rate before you commit, then compare what each provider would deposit. On 3 June 2026 the rate sat at 1.8641, so £1,000 buys about 1,864 Canadian dollars before any margin.
You can’t time the rate, and we don’t try to: the pound has grown steadily against the Canadian dollar through 2026. The honest move is to compare the dollars you receive on the day and send when you need to.
How Long It Takes to Send Money to Canada
You should expect the same day, often within seconds, when you send to a Canadian account with a fintech provider, because the money routes over an Electronic Funds Transfer. Wise in particular often lands the money almost immediately.
Picture your student needing tuition by a Monday deadline: a transfer sent on Friday to a bank account usually arrives in time. A bank wire can instead take a couple of business days.
Your transfer can also get held for a source-of-funds check above £10,000, or a recipient bank querying an unfamiliar incoming payment. Those are the usual reasons a clean transfer slows down.
What You Need to Send Money to Canada
You should gather the recipient’s details before you start, because wrong routing details are the usual reason a Canadian transfer bounces. Get these right and the payment goes through cleanly.
- Recipient full name exactly as it appears on their Canadian bank account.
- Account number for the receiving account.
- Bank routing details, which is a SWIFT code for an international transfer, or the institution and transit numbers for a local Electronic Funds Transfer.
You’ll also need your own ID to verify your account, and for a business payment your company details. Above £10,000 expect a source-of-funds question, so have proof of where the money came from ready.
Canadian Rules and Reporting on Money From the UK
You should know the Canadian reporting rule before you send a large sum, because it creates a record rather than blocking the transfer. It doesn’t stop a legitimate payment; it just means it gets reported.
FINTRAC and CRA reporting in Canada
When you send CAD 10,000 or more, the receiving institution files an Electronic Funds Transfer Report with FINTRAC, and that threshold also covers several transfers totalling CAD 10,000 within 24 hours. The same reporting is shared with the Canada Revenue Agency to guard against tax evasion.
Common Reasons People Send Money to Canada
Match your provider to your reason, because most GBP to CAD transfers fall into a few buckets and the right pick follows from why you’re sending. Knowing your category points you straight to the cost-versus-speed trade-off.
- Family support: regular help to relatives, where a low fee matters most.
- Tuition: Canadian university fees, often on a fixed deadline.
- Real estate: a deposit or completion, where a flat-fee provider earns its keep.
- Business payroll: paying a Canadian contractor or employee, where clean records help your bookkeeping.
Step by Step: Sending Money to Canada
- Open and verify an account. Sign up with your chosen provider and upload ID; personal verification usually takes minutes, a business account one to two days.
- Get a live quote on the corridor. Enter your GBP amount, check the rate against the mid-market GBP/CAD figure, and confirm the Canadian dollars the recipient will get.
- Fund and send. Pay by Faster Payments for the lowest cost, or by debit card for instant funding, then track delivery in the app.
Final Verdict: Best Way to Send Money to Canada
For the typical sender we’d use Wise or Atlantic Money: both give the mid-market rate, and on £1,000 you’ll pay £3 to £3.84 rather than the £35 or more a bank takes. Compare the Canadian dollars that land and the choice is clear.
If you send a large one-off, Atlantic Money’s flat £3 wins outright, and OFX is worth a call when you want a dealer on a big sum. The bank counter is the one route we’d avoid.
Send Money to Canada FAQs
What’s the cheapest way to send money to Canada from the UK?
Compare the Canadian dollars that land, not the headline rate, because most of the cost hides in the exchange-rate margin. On a £1,000 transfer (June 2026) Atlantic Money (flat £3) is the cheapest, with Wise close behind at £3.84 and fully transparent. A high-street bank can take £35 or more on the same amount.
How long does a transfer to Canada take?
With a fintech provider the money often arrives in seconds via an Electronic Funds Transfer. A traditional bank wire can instead take a couple of business days.
Is there a limit on how much I can send to Canada?
There’s no fixed cap, but transfers of CAD 10,000 or more are reported to FINTRAC and shared with the Canada Revenue Agency. That’s a record-keeping step, not a block on the payment.
Do I need to pay tax on money I send to Canada?
A normal transfer isn’t taxed in the UK, and business payments get standard expense treatment. Canada may apply rules at the recipient’s end, so for large or business transfers get professional tax advice.
What details do I need to send money to a Canadian bank account?
You need the recipient’s full name, account number, and the bank routing details, which is a SWIFT code for an international transfer or the institution and transit numbers for a local Electronic Funds Transfer.
Methodology and Disclosure
How we reviewed this
Sources: We verified provider pricing (Wise, Atlantic Money, OFX) against each provider’s own pages, the GBP/CAD mid-market rate, and the rules against FINTRAC and Canada Revenue Agency guidance, in June 2026.
FX margins: High-street bank GBP to CAD margins aren’t published by the banks; the 2.5% to 4% range reflects independent comparison-service estimates, not a bank-published figure. Provider fees and rates move, so confirm the current figure before you send.
Not advice: This is editorial guidance, not regulated financial or tax advice.
Affiliate disclosure: BusinessExpert may receive referral fees from some providers mentioned on this page. This doesn’t affect our editorial assessments.