Send Money To Canada

Canada flagLearn how to get the best CAD exchange rates with our Canada Money Transfer Guide.

It does not matter whether you live in Canada and need to transfer money out of the country, or the other way around, we got you covered with top recommendations for Foreign Exchange companies.

Our focus is on sending money to Canada from UK, USA, Australia and EU countries like Italy or Spain, as well as sending money from Canada for investment or as remittances.

The Guide’s Topics:


Best Company To Send Money To Canada

Special Offer: Readers who are sending money to Canadian bank accounts (or from Canadian bank accounts) are eligible for the unique, preferential, $CA dollar rates with World First – one of the best known companies in this field with trading volumes of more than $CA 8bn per year.

View sample rates below


World First

  • No Fees
  • UK Best Rate Guarantee
  • Easiest to Sign Up
  • Clients LOVE IT
SELECT World First Review
Amount Sent:
GBP 100,000.00

Amount Received:
CAD 171,456.35

Fee:
No Fee

Receive To:

World First

  • No Fees
  • UK Best Rate Guarantee
  • Easiest to Sign Up
  • Clients LOVE IT
SELECT World First Review
Amount Sent:
AUD 100,000.00

Amount Received:
CAD 101,057.61

Fee:
No Fee

Receive To:

World First deals with more than 150 currencies. Find some of them here:- World First rates. As long as you move CA $1,000 or more, you should inquire with them using this link to get our preferential rates.

Payment Facility

Summary

Recommendation

worldfirst-logoMin. Transfer: £ / €1,000.
Transfer: Online or by Phone.
Wire Fees: None. (Only $10 from USA to Canada)
Best Rates for £5,000+
Expected Rates* for £5,000+:
- GBP: 1.7129 CAD to 1.7163 CAD
- EUR: 1.4329 CAD to 1.4358 CAD
- USD: 1.3386 CAD to 1.3413 CAD
WorldFirst
WorldFirst Review
transferwise logoMin. Transfer: £ / € 1.
Transfer: Online or using the App.
Wire Fees: 0.5% from amount and minim £/€ 2
Best Rates for £100-5,000
Expected Rates* - Any Amount:
- GBP: 1.7146 CAD
- EUR: 1.4343 CAD
- USD: 1.3399 CAD
Transferwise
Transferwise Review
currencies-direct logoMin. Transfer: £ / €100.
Transfer: Online or by Phone.
Wire Fees: None.

Expected Rates* - All Amounts :
- GBP: 1.6887 CAD to 1.7146 CAD
- EUR: 1.4127 CAD to 1.4343 CAD
- USD: 1.3197 CAD to 1.3399 CAD
CurrenciesDirect
CurrenciesDirect Review
RBClogoTransfer fee up is $13.50 CAD but with "Additional service fees" may apply (from their website). Limited to transfer of $2,500 CAD per day. No personal currency guidance from the staff.

Exchange rate would be approximately *:
- GBP: 1.6887 CAD to 1.7060 CAD
- EUR: 1.4127 CAD to 1.4271 CAD
- USD: 1.3197 CAD to 1.3332 CAD
paypal logoUp to 5% Transfer Fees and bad Currency Exchange. Easy but expensive.

Exchange rate would be approximately *:
- GBP: 1.6801 CAD or worse
- EUR: 1.4127 CAD or worse
- USD: 1.3197 CAD or worse
Paypal

* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.

Supported Countries & Payment methods

Currencies Direct will help you send money to Canada from the most popular destinations like USA, UK, Australia, Germany, Italy, France, Austria, China, Japan, Hong Kong, Singapore, New Zealand (overall over 50 locations worldwide).

To complete your inquiry you are encouraged to complete the form on their website.

With World First you are in the same situation – free to send money from all over the world as they have a very developed infrastructure and local offices on 4 continents. With just a few clicks on their website, you can send money to your recipient bank account.

TransferWise uses a technology based on a peer-to-peer system that eliminates the bank fees from foreign exchanges by matching its users based on the currency they have and require. For the customer this means a faster and cheaper transaction.

Funding your transfer is easy with all the firms. You can do this online through your credit card, or through a domestic transfer from your bank account. The money will be sent to a Canadian bank account only (no cash pickup options).


Best Company to Transfer Money from Canada

Service Provider

Summary

Recommendation

worldfirst-logoMin. Transfer: 1,000 CAD.
Transfer: Online or by Phone.
Why Them? Highly reliable - moving hundreds or millions to Canada annually. Highly localized - local offices in north America, and FinTRAC registration. Sign up for Canadians is effortless and you receive an immediate quotation.
WorldFirst
WorldFirst Review

Supported States & Currencies

With WorldFirst you can send money everywhere in Canada, as there are no state restrictions like in some cases in the USA. The legislative body in Canada, FinTRAC, does not approve services by providence, so you are able to use the service whether you are from Ontario, Quebec, Alberta, British Columbia or another province. In fact, WorldFirst’s support is also available in French, so language and geo-location within Canada should not bear a restriction.

Currencies: You can choose from more than 100 different currencies. You can send money from Canada to over 100 countries like USA, Australia, South Africa, Japan, Italy, Spain, Germany, France and Israel, and also remittances focused countries which are very popular by Canadian immigrant workers like Romania, Poland, Brazil, and Mexico.

If want to send money from Canada to USA, or anywhere else in the globe, you need to keep in mind the fact that the benefits are bigger when sending larger amounts of money with WorldFirst. But if you need to make regular small payments, or send money home, then TransferWise is a as they have fixed spreads, which translates in a small and fixed fee regardless of the amount.


Today’s Foreign Exchange Rates for CAD

GBP to CAD – Pounds to Canadian Dollars; 10,000 GBP is 17,232.0000 CAD

CAD to GBP – Canadian Dollars to Pounds; 10,000 USD is 5,803.1569 GBP

EUR to CAD – Euro to Canadian Dollars; 10,000 EUR is 14,415.2585 CAD

CAD to EUR – Canadian Dollars to Euro; 10,000 USD is 6,937.0938 EUR

AUD to CAD – Australian Dollar to Canadian Dollars; 10,000 AUD is 10,146.0198 CAD

CAD to AUD – Canadian Dollars to Australian Dollar; 10,000 USD is 9,856.0817 AUD

CAD to USD – Canadian Dollar to US Dollars; 10,000 AUD is 7,425.7196 USD

USD to CAD – US Dollars to Canadian Dollar; 10,000 USD is 13,466.7083 CAD

CAD to CHF – Canadian Dollars to Swiss Franc; 10,000 USD is 7,423.3983 CHF

CHF to CAD – Swiss Francs to Canadian Dollars; 10,000 CHF is 13,470.9193 CAD

NZD to CAD – New Zealand Dollar to Canadian Dollar; 10,000 NZD is 9,438.5715 CAD

CAD to NZD – Canadian Dollars to New Zealand Dollar; 10,000 USD is 10,594.8236 NZD


Canadian dollar behaviour

canadian-dollarsShort-term Canadian dollar moves are correlated strongly with oil prices. Relative changes in US and Canadian interest rates the most important overall currency influence.

The independent Bank of Canada (BoC) has a mandate to maintain price stability which is defined as a rate of 2% with a 1% margin either side.  The Canadian dollar will strengthen when the BoC is tightening policy to keep inflation low and weaken when the BoC is cutting rates.

Oil and energy products account for around 20% of exports. The short-term currency performance is, therefore, related significantly to changes in oil prices. The Canadian dollar strengthens when energy prices rise and weakens when prices decline. Lower energy prices increase the likelihood of a cut in Canadian interest rates.

Mineral and mining exports are also an important part of the trade account. The Canadian dollar trends are, therefore, also correlated with the global economy with strength leading to currency gains.

Canada has run a current account deficit for the last 8 years and is dependent on capital inflows which increases sensitivity to the global growth cycle.

Around 75% of Canadian exports go to the United States and there is a very strong linkage between the two economies. A sharp deterioration in the US outlook would undermine the Canadian dollar in relation to European and Asian currencies. The most important factor influencing the Canadian dollar is relative changes in US and Canadian interest rates.

Why Send Money To A Canadian Bank Account

The Canadian dollar is the 5th most used reserve currency worldwide, accounting for approximately 2% of all global reserves. The confidence in this currency is derived from the stability of the country’s economy and political system.

Business: Canada is one of the few countries where the exports are almost at the exact same value as the imports ($620 bn to $638 bn). A big portion of Canada’s exports are accounted to natural resources, such as: wood pulp, timber, crude petroleum, natural gas. Canada has also a sizeable manufacturing sector with the auto-mobile and aircraft industries being of high importance.

The main export partners are the United States (responsible for more than 75% of the total), China, the UK and Japan.

Real Estate: The market in Canada has been booming over the past few years as more and more investors have developed new projects in big cities like Toronto or Vancouver. As we’ve seen for the first part of 2016, it seems that the trend will continue. Perhaps not at the same pace but with a stable, modest growth. This creates a low-risk environment for real estate developers and investors.

Montreal market has had a nice rise in 2016 and it is currently the third in the top markets to watch in Canada, according to a study conducted by PwC.

Relocating To Canada?

If you consider moving into Canada and live there as an expat, you may find the following information helpful.

Advantages Of Moving To Canada:

  • Low Unemployment Rate: Canada has a 7.2% unemployment rate.
  • High Salary: Average household earns 28,194 USD per year.
  • Good Work-life Balance: Canadians work on average 1,702 hours per year, which is 74 hours below the OECD average.

Disadvantages Of Moving To Canada:

  • High Taxes: Ranging 20 – 30% of paycheck.
  • High Cost of Living: two-bedroom apartment on average costs 1,800 GBP.
  • High Education Costs: Average university fees are 10,000 GBP per year.

Popular Destinations in Canada

Popular cities for business and real estate transactions from abroad, in Canada: Toronto, Montreal, Calgary, Ottawa, Edmonton, Mississauga, North York, Winnipeg, Vancouver and Scarborough.


How the process works

1. In order to initiate a transaction, you’ll have to supply the following data:

  • Recipient’s name.
  • Canadian Transit number, IBAN or SWIFT.
  • Amount to send, relation between send and recipient  and reason for transfer  (unless it’s two accounts owned by the same person or company).
  • Documentation to prove your identity.

Note: Because the process involves money transfers and they need to be in compliance with the Anti Money Laundering laws, setting up an account is very similar to that the banks require.

2. Setting Up The Transfer:

  1. Create a free account with any of our recommended firms
  2. Receive a free quote online on through a phone call with the currency dealer
  3. Approve the quote and lock the rate. The FX dealer will send your money right away if you need it, but they can also hold the funds for delivery at a later date. If you set up a forward contract with the broker, you’ll lock in today’s currency exchange rate for a period of up to 12 months. This means if the GBP to Canadian dollar exchange rate drops a month from now when you need your money, you’ll still be paid on the previous, higher rate.
  4. Send the money to fund your transaction. One you have agreed to the rate you’ve been provided with, whether verbally by phone or online, you are reliable to fund your transfer within a period of up to 5 days through a domestic bank transfer.
  5. Receive a quick confirmation via email and/or phone call from the dealer once money has been sent, which should take no longer than 2 day to most popular destinations around the globe.

Our Company Recommendation:


Regulations And Taxes On Canada Money Transfers

Canada has no foreign exchange controls, which facilitates its high foreign exchange volumes. The diverse industries, and lax policies towards skilled migration have maximised foreign trade.

Bank of Canada and OSFI

Canada’s central bank, the Bank of Canada, works in conjunction with the Office of the Superintendent of Financial Institutions to regulate financial institutions.

The Bank of Canada regulates monetary policy and monitors the value of the Canadian Dollar (CAD), but only intervenes in the case of rapid fluctuations.

Transfer regulations

The Financial Transactions and Reports Analysis Centre (FinTRAC) is an independent body under the Ministry of Finance. FinTRAC monitors businesses and financial transactions to prevent money laundering. Values exceeding CAD1,000 all go through FinTRAC. It is therefore recommended to use FinTRAC registered brokers.

Taxation on foreign income

Canadian individuals and corporations are taxed on any foreign income.

Non-residents are charged corporate and income tax on money generated from business and property sales conducted in Canada. Provincial taxes also may apply.

On income generated from Canadian investments, non-residents are subject to a 25% withholding tax on dividends, certain interest payments, rents and royalties.

Biggest banks in Canada

  • Canadian Imperial Bank of Commerce
  • Toronto-Dominion Bank
  • Royal Bank of Canada
  • Bank of Nova Scotia

Want to move to Canada?

If you want to change your life for the better and Canada is your destination of choice, you will need to be equipped with a lot of new information about the culture, the laws and so many more. This why we created the Best Canadian Expat Blogs. To have a look, you can simply click the image bellow:

canada badge 300We hope that by reading this article you will be able to stop using your traditional banks and send money to Canada with zero fees and with a better exchange rate for your currency. So, on your next money transfer to Canada, be sure to use one of our recommended FX companies and get more out of your money.

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