There are four simple steps when transferring money from CAD to GBP (Canadian dollars to pounds) or GBP to CAD these are, identity check, get an exchange rate, make your payment and finally the money is sent out!
Identity check. In line with the Anti-Money Laundering (AML) Regulations, all money transfers are subject to identity checks. This is to protect you from falling foul of organised crime and to ensure your CAD to GBP transfer ends up where you intended.
Exchange rate. At Regency FX we carry out many Canadian dollar to pounds bank transfers every day so you can be sure the very best rates are secured for your CAD to GBP bank transfer.
Make your payment. Simply complete the details of your CAD to GBP or GBP to CAD transfer and the money is sent.
So, you want to convert Canadian dollars to pounds? The interesting thing to remember is that timeframes can vary depending on what bank you use for the transfer of your CAD to pounds as some are quicker than others at processing the funds over.
It’s worth bearing in mind just how quickly you need your CAD to GBP transfer completed so you don’t incur any penalties. Of course, this should be factored into your fund transfer the other way too! That is GBP to CAD!
Some companies advertise that they can get the money there the next day when they cannot, this just adds more stress onto the customer as they will then be questioning why their money has not arrived in their UK bank account on the day it was supposed to!
There are two main costs involved when sending money to the UK from Canada these are:
A lot of people are not aware of the costs involved when transferring money internationally. I will explain the costs to you.
The large banks within Canada and the US like to use the term ‘wire transfers’ when moving money internationally, in the UK they tend to use the term ‘money transfers.
If you choose to use your bank to transfer money from Canada to the UK, then you will be charged a standard fee.
For example, here are the fees from the three biggest banks of Canada:
Royal Bank of Canada charge $13.50
Scotiabank charge $1.99
TD Bank charge $40.
These fees will affect you more when you do small or regular transfers.
There are also other fees involved which are ‘correspondent bank fees’, this is when another bank collects a fee for assisting your bank carry out the transfer.
One of the only ways to avoid the bank fees is to avoid the banks altogether!
Exchange rates are changing all the time and they are not standard rates. They will vary depending on which company you use to transfer your money.
Research has shown that the exchange rate margin added by the large Canadian banks is between 2.6% and 3.0%.
Keeping this in mind, if you are converting $240,000 into Pounds to your UK bank account and the bank is charging you 2.8% in exchange rate costs then that will work out at $6,720!
From this information you can see that the exchange rate costs are a lot more than the wire fees. Finding the best exchange rate should come first!
Money transfer companies are a lot more competitive than the banks when it comes to international money transfers!
You do not have to go through your bank to do these transfers and there are more options out there for you such as money transfer specialists!
As there are many money transfers companies it can be difficult to know which one to pick.
They may seem as though they are all the same, but they are not!
A lot of them are online-only operators such as TransferWise and Revolut; this basically means that you do all the work yourself and they offer little guidance and help throughout the process!
The most that they offer regarding assistance is webchat or support emails! These companies are more popular when it comes to the small irregular payments!
As an example of this, if you are planning on sending $200,000 to the UK then I do not think you would feel very safe using an app on your phone.
There are many factors that could go wrong, one of which is you could get the payment details wrong!
Along with this, if you pick the wrong time to do the transfer then you could get a bad rate and lose money!
Therefore, in my opinion I would rather speak to someone and have their assistance throughout the process.
To put it shortly, no they are not. There lots of online platforms that provide you with live rates such as XE and Daily FX, however most of the rates you see online are not actually available to customers.
These rates are known as ‘interbank rates’; this means that only the banks themselves and large financial constitutions can use them.
These rates are not available to customers or even large corporations that transfer in the hundred million!
To receive a genuine rate, it is the best option to get a real quote from a bank or a currency broker!
As I have previously mentioned, exchange rates are constantly moving around so it is not easy to track down the best one all the time.
In the last decade, the CAD to GBP rate has had massive swings. Over days and weeks, it is common for the rate to move around 2 to 3%.
To show you what this looks like with a transfer I will give you an example, on a $300,00 transfer from CAD to GBP, even a 3% move in the rate against you would cost you $9,000 extra, now that is a lot of money to be spending on fees and charges!
Currency brokers like us at Regency FX can monitor the rate for you and let you know if the rate moves in your favour.
This can stop you from losing a large amount of money! We can also let you know when we think the best time for you to do the transfer is.
Regency FX are a UK based independent currency broker, specialising in high volume transfers.
We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.
All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.
The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.
They can often refer to the rates that banks exchange at rather than what is available to you, the customer.
Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.
We can monitor the market on your behalf enabling you to budget more effectively.
As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.
Get a quote and see how we stack up.
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Payment services for Regency FX Ltd are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: The Steward Building 1st Floor, 12 Steward Street London E1 6FQ.
The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). In the US Currency Cloud operates in partnership with CFSB. CFSB fully owns the bank program and services are provided by The Currency Cloud Inc.