How to transfer large amounts of money to Canada from the UK

Need to send a large payment to Canada from the UK?

Perhaps you need to put down the deposit for a property purchase, or pay bills for a home you already own there. You may even be moving to Canada soon, and want to transfer money to a local bank account you’ve opened there.

Whatever your plans, you’ll need to find the safest and most cost-effective way to make large transfers to Canada from the UK.

We’re here to help, with a handy guide covering how to do it, step-by-step. This includes info on transfer fees, exchange rates, sending limits and anything else you need to know.

If you’re looking for a reliable and cost-effective way to transfer large sums to Australia, consider the money services provider Wise. With low, transparent fees*, great mid-market exchange rates, and secure, trackable transfers, Wise makes international money transfers simple and stress-free. Plus, you’ll receive dedicated support when sending large amounts.

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How to transfer large amounts of money to Canada from the UK

You’ll have two main options for sending large payments overseas from the UK - use your bank, or use a specialist international money transfer service.

Whichever you go for, the process is likely to be similar - read on for the key steps involved.

1. Get your recipient details together

First things first, you’ll need to make sure you have all the required details for your recipient and their bank.

Here’s what you’ll need:

• The recipient’s full name and address (this can be your name if you’re sending money to your own Canadian bank account)
• Their bank account number and Canadian Routing Number (also known as a branch code). This is what banks in Canada use in place of the sort code we use in the UK.
• Their bank’s BIC or SWIFT number.

You might also need the name and address of the bank, so it could be wise to have this ready too.

2. Check the fees and exchange rates

If you’re using a money transfer service, you should be able to check the details of your payment before you send. You can enter the amount, currency and destination, and see upfront what fees you’ll pay along with the exchange rate.

But if you use a bank, you may find it a little more complicated to check fees and exchange rates. Some banks offer a similar transfer calculator, either in your online banking or on a separate page of their website.

Otherwise, you’ll need to check the fees list for your account - and then contact the bank to find out about exchange rates if this information isn’t available on its website. .

You can use this information to compare banks and providers, to make sure you’re getting the best deal on your transfer.

3. Set up your payment

Chosen a transfer method? Now it’s time to set up your transfer. You should be able to do this online, but it might depend on how much you’re sending - as some banks have limits on how much you can send online.

For example, Barclays lets you send a maximum of £50,000 online from a personal account.¹

To make a larger payment than this, you may need to visit a branch in person with your ID and the details for your transfer.

If you’re sending a payment online, you’ll simply need to follow the on-screen steps and enter the details of the transfer when prompted. This includes:

• The recipient’s details
• The amount you want to send
• The destination and currency.

You may also be asked about who will be paying the fees.

Banks often give you three options - either the sender pays all the charges (OUR), the recipient pays/the amount is deducted from the payment itself (BEN) or you share the charges (SHA) between you.

If you’re using a money transfer service, you’ll usually need to create an account first. Some providers may require you to link a bank account or card, or top up the account, before sending your first payment.

Once you’ve checked all the transfer details carefully, you can confirm and send the payment on its way.

Need to send money to yourself? If you need to move money between your accounts held in the UK and Canada, you’ll need to follow the same process as above - just like with any other recipient.

How much money can you send to Canada from the UK?

Banks often have daily limits on how much money you can send from online banking. However, you can usually make larger payments by visiting a branch in person.

The limits for money transfer services tend to be much higher.

For example, you can send unlimited amounts in CAD to Canada with Wise (although your bank’s transfer limits may prevent you from doing this all in one go).²

How long does it take to send large transfers to Canada?

When you send money to Canada using your UK bank account, your transfer will be sent via the SWIFT network. This means it can take anywhere from 1 to 4 days, although it could be quicker or slower than this.

It’s usually much faster with money transfer services, often only taking a day or two.

📚 Read more: How long do international bank transfers from the UK take?

Is it safe to transfer large amounts of money to Canada?

If you use a registered UK bank or a regulated, reputable money transfer service, it should be completely safe to send money to Canada - even for large transfers.

You also need to take common sense precautions to protect yourself though, such as:

• Checking recipient bank details very carefully when entering them.
• Taking time to research the transfer provider, to make sure they’re legit
• Being extra vigilant against scams, especially when dealing with someone you don’t know or you feel pressured into sending a transfer urgently.

Fees and charges for transferring large amounts to Canada

However you choose to send money to Canada, whether it’s a bank or a transfer service, there will usually be fees involved.

Let’s take a look at the kinds of charges you can expect when making a transfer to Canada from the UK.

Upfront transfer fee

Both banks and specialist transfer services tend to charge international transfer fees. These may be a fixed amount (this is usually the case with banks) or vary depending on the destination, currency and amount.

You can pay this fee separately, or add it to the amount you’re sending.

Correspondent/receiving bank fees

When you send money with a bank, it will usually be sent via SWIFT. This is a network of worldwide banks, which communicate with each other to send and receive transfers.

SWIFT transfers don’t always go straight from A to B though. In fact, it’s often the case that multiple banks are involved along the way - and each may charge their own fee. There may also be an additional charge from the receiving bank in Canada.

All of this can make your transfer pretty expensive, so it’s important to factor these fees in before going ahead. You may need to ask your bank about correspondent/receiving bank fees, as information on them may not be available upfront.

GBP- CAD exchange rate

It’s not just the upfront fees that can affect the overall cost of your transfer. When comparing options and providers, you also need to factor in the exchange rate for converting your British pounds (GBP) to Canadian dollars.

Money transfer services usually show you the rate you’ll get before you send, while with banks you may need to check in your online banking or on a separate page of the bank’s website.

How do you know you’re getting a good deal? Always compare the rate you’re offered to the mid-market exchange rate, to see how much of a markup the bank or provider has added on top.

Is it a good time to transfer GBP to CAD?

Exchange rates fluctuate all the time, so timing is key to getting the best possible rate on your transfer from the UK to Canada.

To find the perfect time to send your transfer, you can sign up for exchange rate alerts.

Wise – A low-cost alternative for large transfers

Looking for a secure, convenient and low-cost way to send large sums of money to Canada? Take a look at the Wise account from the money services provider Wise. It's not a bank account but offers some similar features and your money is safeguarded.

With Wise, you can send large amount transfers worldwide to 140+ countries for low, transparent fees* and you’re guaranteed the mid-market exchange rate with no markup.

Here’s an overview of the main benefits of using Wise:

Fast and easy setup with no physical paperwork No limit to the amount of CAD you can send to Canada Low, upfront, transparent fees* and the mid-market exchange rates Dedicated support for large transfers Sophisticated security and anti-fraud measures, with your money safeguarded under regulatory protections Trackable and fast transfers to 140+ countries Low-cost spending in 150+ countries with the Wise card Earn a return on your GBP, USD and EUR balance with Wise Interest**

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**Capital at risk. In the UK, Interest and Stocks are provided by Wise Assets — this is the trading name of Wise Assets UK Ltd, a subsidiary of Wise. Wise Assets UK Ltd is authorised as an investment firm and regulated by the Financial Conduct Authority (FCA). Our FCA number is 839689. We do not give investment advice, and you may be subject to pay tax. If you're not sure, seek qualified advice. You can find more information about the funds on our website.

Wise Interest isn’t currently available to use with a Canadian address.

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Sources used:

1. Barclays - Daily payments limits in the app
2. Wise - Guide to CAD transfers

Sources last checked on date: 26-Feb-2025