How do I move money from the UK?

Moving your savings to Canada is mostly about three things: not losing money on the exchange rate, using a firm that is regulated, and knowing how Canada will tax what you leave in the UK.

The exchange rate

On 7 October 2026 the Bank of Canada’s daily rate was C$1.8834 to £1. The bank stresses its rates are indicative averages: no bank will give you exactly that rate. On this site we convert at a slightly cautious C$1.85 = £1. Check the live rate before you send

Banks and transfer firms make money in two ways: a fee, and a margin (a mark-up) on the exchange rate. A “no fee” transfer can still cost you through a poor rate. The fair comparison is the number of Canadian dollars that actually arrive.

• Compare quotes on the same day, for the same amount
• Ask whether a middle bank or the receiving bank will take a fee
• For large sums, such as a house sale, ask whether the rate is negotiable
• Don’t try to time the market with money you need on a fixed date, such as a deposit on a lease

Choosing a transfer provider

You can use your UK bank, your new Canadian bank (some newcomer packages waive fees on international transfers: see Opening a bank account) or a specialist transfer firm. Check the firm is regulated at both ends.

The FCA has said that safeguarding can still mean customers lose money or wait for it if a payment firm fails, and in 2024 it opened cases on about 15% of firms that safeguard. Don’t leave large sums sitting in a transfer firm’s wallet longer than you need to.

Carrying cash or bank drafts

There is no limit on how much money you can bring into Canada, but you must report currency and monetary instruments worth C$10,000 or more (about £5,400) to the Canada Border Services Agency (CBSA) when you arrive. This covers cash and things like bank drafts, cheques and money orders, added together. If you don’t report it, the CBSA can seize the money and charge a penalty. A bank transfer is usually simpler and safer than carrying a large draft.

Proof of funds for Express Entry

If you apply for permanent residence through the Federal Skilled Worker or Federal Skilled Trades programs, you must show you have enough money to settle, unless you are exempt (for example, many people with a valid job offer and permission to work in Canada, and Canadian Experience Class applicants). These are the amounts IRCC set on 7 July 2025:

Count yourself, your partner and your dependent children, even if some of them are not coming with you. IRCC updates these figures each year, based on half of Canada’s low income cut-off. You show the money with documents from your bank; IRCC lists what it accepts. Check the current table on the IRCC proof of funds page See Which visa do I need?

Your UK accounts and ISAs

Most people keep at least one UK current account for UK pensions, rent from a UK home or HMRC refunds. Tell each bank before you leave and ask whether it will keep serving you as a non-resident. Policies differ: some app-based banks say in their terms that accounts are for UK residents only, and may close them once they know you have moved. Reopening a UK account from abroad is hard, so sort this out before you go.

GOV.UK says you can keep an ISA open after you move abroad and it stays free of UK tax, but you can’t pay any more into it, and you must tell the provider as soon as you stop being UK resident. Canada is different. Once you are resident in Canada you are taxed on your worldwide income, and a Canadian tax lawyer notes there is no exemption for ISAs in Canadian law or in the UK–Canada tax treaty. Interest, dividends and gains inside an ISA are taxable in Canada, and foreign assets over C$100,000 must be reported on form T1135.

What to move, and when

1. Before you go: list every UK account, ISA and pension, and tell each provider your new status
2. Open a Canadian account before or soon after you land, and send a test payment first
3. Move enough for your first months: a rent deposit, furniture and the gap before your first payday
4. Leave a buffer in the UK for bills that are still to come

Work out how much you need with the moving fund calculator.