Your first instinct may be to go to your bank as a well-known and familiar option.
Still, it’s most likely that your bank isn’t the most cost-effective or the easiest option.
Reaching out to a currency broker can save you time and money.
Exchange rates are the most important part of your transfer as it tends to be the main cost for a global funds transfer.
In particular, currency brokers have much more convenient exchange rates than banks.
This is because banks aren’t currency exchange specialists and don’t offer particularly competitive rates.
They recognize that global funds transfers are commodities that many people aren’t familiar with. Thus, banks make their exchange rate costs and charge hard to find and understand.
They depend on their captive audience to use them as a safe option and make people do complex maths to find out the exact costs.
A simple way to transfer funds from Canada to the UK
Register & Identity check
New clients will need to register and produce an i.d.
This is generally a quick and effortless process, but they differ slightly by provider.
At major Currency, you’ll only need to do this the first time you trade.
Secure your exchange rate
Exchange rates change every second. You will be handed out a live CAD to the GBP exchange rate by your provider at the time you wish to make your transfer.
Also, you can ask to lock it in, If you’re happy with the rate.
Once the rate is secured, you’ll be suitable to do the transfer, and your broker or bank will inform you of the necessary details to make the transfer, generally by mail.
Send in your Canadian dollars
When you have the applicable details, you’ll be eligible to send in your Canadian dollars.
Your bank or broker will also use these finances to buy your currency (Pounds Sterling) at the agreed rate.
Get your converted currency
After transferring your funds in, the receiver will soon get the converted currency.
You will be alerted by your currency broker when the transaction has been accomplished. It’s as simple and as effortless as that.
How long will it take to transfer funds from Canada to the UK
Money transfers from Canada to the UK generally take between 1-3 working days for your funds to arrive.
As Canada is part of the state, they have got a great relationship with the UK and you won’t have numerous challenges to overcome in comparison to some other currency options.
This means your provider should manage to complete the currency exchange nicely and the finances should land in no further than 5 days. Plus, banks and brokers use the same SWIFT payment system, so there won’t be a huge advantage either way in transfer times.
As traditional big banks can be hefty, bureaucracies can occasionally decelerate them down. However, for an important transfer, It’s always important to compare the market and the exchange rates on offer. If you’re making a large amount. Normally, they can deliver better exchange rates for larger transfers. This makes currency brokers generally the cheapest way to transfer funds from Canada to the UK. Banks may be a better option for lower transfers if costs are less important. Big banks generally have advanced charges for global transfers than currency brokers. Indeed though banks may announce that global transfers are‘ free or without charges’, the main charge comes from the exchange rate. But it’s not just about the rate. Currency brokers are specialists in global transfers. They’ve largely experienced staff who can give expert support from beginning to finish.
