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Are you planning to send money to a UK account? Learn the best way to transfer CAD to GBP quickly, at great exchange rates, each time.
The GBP/CAD exchange rate fell due to the fallout from Brexit, political uncertainty¹, economic contractions, and the war in Ukraine, which triggered a fuel crisis (gas and oil) in Europe.
In early 2022, warnings from the Bank of England raised fears the country was at risk of stagflation² – a combination of slow economic growth, a high unemployment rate, and inflation.
This blend of misfortunes weakened the pound against many global currencies, including the Canadian dollar.
When the pound sterling sheds its value, it means lower costs for anyone looking to transfer Canadian dollars to pounds. However, if the pound were to recover, the prices of goods from UK markets would be more expensive for Canadian firms, and transfer costs would increase.
Whatever the scenario, it's essential to find the best exchange rate and cheapest way to send money abroad at that time. This article explains how to make the most of your money whenever you need to pay Canadian dollars into a UK account.
The Great British Pound Sterling (GBP) is the oldest currency in circulation at over 1200 years. It's one of the currencies worth more than the USD as of 2022 and is actively traded on the forex market. Numerous factors affect the pound, including inflation rates, prices of goods, the Bank of England's report, and more.
Even though it's still a top-valued currency, the Pound has been accused of acting like a third-world or "emerging market" currency³ after reaching dismal lows in 2022 and weakening against the CAD.
The Canadian Dollar, or loonie, is one of the most stable currencies and was dubbed the world's best-performing currency⁴ in 2021. The foreign exchange value of the loonie is driven by the economy of the United States, interest rates, commodity prices, and other factors. The GBP/CAD is one of the top traded Canadian dollar forex pairings and is also affected by the relationship between the UK and Canada.
In the volatile foreign exchange market, how far your Canadian dollars will go when you exchange currency varies. Using the right FX service gives you more control over the outcome and ensures your money unlocks more pounds.
If you were to compare prices for overseas transfers to the UK, it's immediately obvious that banks aren't the best option because of poor exchange rates and expensive fees.
On the other hand, using a currency specialist like MTFX means you get the real rate, low-fee transfers, and huge savings when sending money from Canada to the UK. How is this possible?
At MTFX, we specialize in currency exchange, and our economies of scale allow us to work on thin margins and pass profits to customers. We offer transparent, competitive rates, low transfer fees, expert guidance, and tools like rate alerts to maximize your money's value.
You can save money at every level with the best foreign exchange provider while enjoying online convenience and great customer service.
Follow these steps when transferring Canadian dollars to British Pound Sterling with MTFX.
What's your reason for converting Canadian dollars to pounds? It doesn't matter if you're paying a foreign supplier, buying UK property, or exchanging currency for something else. You still get bank-beating and highly competitive GBP-CAD rates with every transfer.
MTFX is the safest and most convenient way to convert currency for people who want to save money. Our 24/7, easily accessible online platform works for individuals and businesses who have learned the value of skipping the bank for international money transfers.
Open an account today to transfer CAD to GBP via MTFX's simple and secure online platform.
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