GBP to CAD

Who sends pounds to Canada?

You might need to transfer money between the UK and Canada for all sorts of reasons. Maybe you’re working in Vancouver but your family’s in Glasgow, or you’re managing a mortgage back home from your earnings in Canada. There are parents in Bristol who want to help out their daughter putting a deposit down in Toronto. Or, you could be heading for a working holiday yourself and need Canadian dollars waiting when you arrive. Some students from Canada attend UK universities, with tuition paid from home.

If you were to convert pounds at the mid-market rate, 1000 pounds comes to 1,871.83 CAD, while 10000 pounds works out to 18,718.35 CAD. A seemingly minor margin difference between providers can eat into your total, especially for larger sums like inheritances or a property deposit. Small changes add up quickly.

Why people call the Canadian dollar a commodity currency

The Bank of Canada manages policy for the dollar, while the Bank of England handles the pound. Both are free-floating, so you’ll notice daily changes. Canada ships out a lot of oil, metals and timber. That’s why people call the Canadian dollar (or ‘loonie’) a commodity currency. When oil or metal prices move up or down, the CAD may shift in response, though sometimes different factors take the lead.

The pound, on the other hand, is sensitive to UK inflation, GDP releases, decisions from the Bank of England, even political events. Movements in the US also tend to spill over into Canadian markets, given how closely those economies work together. Over the last year, the GBP/CAD rate shifted by +1.76%, ranging from 1.8127 as a low to 1.9032 at its highest. Pound to Canadian dollar doesn’t swing as wildly as GBP to yen for instance, but even a few cents' difference can cost or save hundreds when you’re transferring a bigger amount.

Bank account details for payments to Canada

Canadian banks do not use IBANs. You’ll need three things: an institution number (identifies the bank), a transit number (the branch), and the recipient’s account number. Sometimes, a SWIFT code will also be required, depending on provider and payment route. Your contact in Canada can locate these details in their online banking, or from a void cheque, much safer to copy than to write them down from a phone call.

Once your transfer arrives, the Canadian recipient may use Interac e-Transfer or other local methods to move funds again, but that’s handled on their side. Transfers from the UK are usually paid by Faster Payments, or by CHAPS on larger sums. Each provider has its own limits, so it’s important to check upfront before planning around a single payment. Interested in sidestepping wire charges by using local account numbers? There’s an article on local receiving account details that explains the process with more depth.

The real cost of transfers

At this moment, the provider ranked highest delivers 1,862.78 CAD for a 1000-pound transfer. On a 10000-pound transfer, the top result in our comparison is Wise. It’s good practice to check both, since the cheapest option for small amounts sometimes isn’t best for larger transfers, fixed fees matter less as the sum grows, and rate differences matter more.

Say, Wise lists a fee of 4.84 GBP for 1000 pounds, with a total outlay (including all markups) of 0.48%. Providers such as OFX focus on bigger transactions, with a full cost of 0.70% for the same amount. Just update the figures above for today’s results. Banks sometimes promote ‘no fee’ transfers, but the margin is usually hidden in a weaker rate. If you want to see exactly how we assess the ranking, you’ll find details in our How we compare.

When to transfer: time zones, holidays and large amounts

Canada covers six time zones. For reference, Toronto is five hours behind London, while Vancouver is eight. If you send an afternoon payment from the UK, it might not appear in a Canadian account until the next day if you miss that day’s cut-off. And Canadian holidays also slow things down, Canada Day (July), Thanksgiving (October), the same way UK bank holidays delay UK-side transfers.

Big transfers like house deposits or entire savings might mean you get asked for documents proving where the money comes from. If you want an outline of tax and reporting points, check our guide on moving savings abroad. Planning to pay a fixed Canadian dollar sum in the future? You can lock in today’s rate and avoid new swings using a forward contract. Need CAD back into pounds? It’s all on CAD → GBP. If you’re moving pounds to the US, see GBP → USD.