Whether you want to send money to relatives in Canada or begin transferring across your pensions with a view to emigrating, getting the best deal on your money transfer will make a big difference to the cost.
You can quickly dismiss some providers if they don't offer money transfers from UK to Canada, or if they don't fit in with your required timescale.
However, how do you find the cheapest transfer servicefrom those that are left, and send money to Canada from UK quickly, safely and hassle free?
Getting a cheap money transfer to Canada
When you transfer money to Canada from UK there are two main sets of costs involved, the provider's fees and the exchange rate.
The provider's fee includes all commission, sending and receiving costs, although if you want to use a fast track or next day service, there is usually an additional cost you'll need to consider.
Their fees are added as a single charge on top of the amount you want to transfer, making money transfers relatively easy to compare based on price alone.
On the other hand, it's the exchange rate that ultimately determines how many Canadian Dollars your money will buy. However, money transfer exchange rates are something of a hidden cost, as rates are often unavailable until your transfer is put through. However, there are steps you can take to make sure your transfer receives the best rates.
How to get the best exchange rates
Services providing money transfers to Canada will generally offer their best rates - and their lowest fees - to large transfers above a set minimum limit. The amount varies by provider; for some it could be £3,000+ and for others, £5,000+.
This means you need to compare minimum transfers by different providers to find out where your money transfer is eligible for the provider's premium rates.
Finally, compare companies based on how they will manage your money transfer to Canada. Some offer an online service, others operate by phone and others use an agent. You'll need to make sure that whichever method they use fits in with your needs.
If you sort providers based on the service they offer, you can compare their package price and minimum transfers to find the cheapest money transfer to Canada and get their best rates.