Trying to send money from Canada to England? You can skip the expensive bank transfer fees and enjoy exchange rates that are 3-5% lower.
England is one of the most popular destinations for money sent abroad from Canada. With today's technological advancements, sending money to England should all be in a day's work. It should be a quick, easy, and cheap process, whether you're making payments to international suppliers or paying your UK workers.
However, although there are many ways to send money abroad, most options leave cost-effectiveness and efficiency out of the equation. Let's look at the best way for businesses to send money to England and why you should avoid poor GBD/CAD rates.
Why the GBP/CAD exchange rate matters
Due to globalization and technology, exchange rates now have a greater impact on businesses. International transactions are part and parcel of accessing the global marketplace, and foreign currency exchange rates influence each transaction.
As a savvy and profit-minded business, it's worth your while to send money using a service that offers the best exchange rates on the market. This positively affects your business by reducing the cost of supplies. For instance, if your operations are dependent on a UK supplier, you need to maximize the Canadian dollar value when converting to pounds to maintain a high level of profitability.
The GBP/CAD exchange rate is always in a state of flux. So what is the current GBP/CAD exchange rate?
What is the current CAD to English Pound rate?
The cost of poor GBP/CAD rates might not be obvious, but costs add up over time. If you're using expensive services regularly, it takes a sizable chunk out of your profits. This is one of the major reasons why sending money to Britain via banks is a last resort option.
What is the best way to send money to the United Kingdom? (Bank Vs. MTFX)
It's common for Canadian businesses to transfer money to the UK using banks and high street transfer services. These financial institutions provide a convenient way to process international payments, but the biggest problem is they charge a premium for it. Additionally, banks take too long to transfer funds, which can slow down your supplier's responsiveness or interfere with other business operations.
In contrast, a foreign exchange and global payments service like MFTX can completely reshape how you send money to the United Kingdom. At a glance, you can expect:
Lower exchange rates. MTFX rates are unbeatable and 3-5% lower than banks. Real-life example: Sending 30,000 UK pounds to England could save you an impressive 1500 dollars or 5%.
Lower transfer costs. MTFX doesn't charge high transfer fees, further reducing the cost of sending money to Britain.
Same-day or next-day transfers. Your beneficiaries in Britain should receive the money sooner than sending it via a bank.
No bank deductions. This is another hidden cost of international business payments you can avoid with MTFX.
What bank details are needed to transfer money to England?
Before sending money to England, make sure you have the following information on hand:
Beneficiary name, address, and account number
Bank name, address, and Swift or Sort code
Reason for transfer
Can I send money to a bank account online?
Yes. MTFX has a secure 24/7 online platform. You can:
Sign up to receive the latest market news from our experts.
Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.