Transfer Money from UK to Canada (Clear & Helpful Advice)

Author,  Andrew Gibson

Last Updated on August 1st, 2024

Transferring money to Canada is straightforward once you understand how it works and the costs involved.

The big banks no longer have customers over a barrel. There are alternative ways to send money to Canada from the UK that are cheaper, easier, and often faster.

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Article Contents:

• How to Transfer money to Canada (in 4 simple steps)
  

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• How Long Does a Money Transfer to Canada Take?
  

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• Costs of Transferring Money to Canada from the UK
  

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• What Details Will I Need to Transfer Money to Canada?
  

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• Best Option for Larger Amounts to Canada
  

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• Is There a Limit on How Much Money I Can Send to Canada?

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How to Transfer Money to Canada from Your Bank Account (in 4 simple steps)

You can easily transfer money to Canada from your bank account via a bank transfer. You can use your bank or an independent money transfer service for this. Bank transfers to Canada are your cheapest option when you use a money transfer specialist as they charge less fees and offer better exchange rates than banks. 

The 4 steps to making an international bank transfer to Canada are super simple, they include:

Step 1 – Identity check

Before you can send your money to Canada from the UK, your identification needs to be verified.

Because of global money laundering rules, it is a legal requirement to check a new customer’s identity.

If you have a UK address, it’s typically quick and easy to verify someone as most people can be checked using basic information.

If you don’t have a UK address, then you may need to provide a copy of your passport and a recent bill. A photocopy or photo from your phone can be emailed over as proof.

A quick tip: Even if you’re not ready to transfer money to Canada today, it is worth completing this step well in advance so that you are ready if a great exchange rate comes up.

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Step 2 – Lock in a GBP to CAD exchange rate

The next step is to lock in an exchange rate for Pounds Sterling to Canadian Dollars.

Sometimes the exchange rate will be shown as GBP/CAD (all currencies have 3-letter abbreviations).

You will be asked what currency you wish to buy (CAD) and the amount of Pounds (GBP) you wish to sell.

Following that, you will receive a live quote for the GBP/CAD exchange rate from your bank or money transfer specialist.

No transaction will occur without your authority.

If you do give your authority to proceed, your bank or money transfer specialist will secure that exchange rate for you in the market.

You will then be emailed a transaction confirmation showing the amount of Canadian Dollars you have bought and the corresponding amount of Pounds you have sold.

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Step 3 – Send in your Pounds 

Before any money is exchanged and transferred to Canada, you need to send in your Pounds.

Your transaction confirmation will show the bank details of where to send your Pounds. This should be a local UK account – so it is no different from doing a regular bank transfer.

Some customers prefer to send in their Pounds to pay for their transfer before they lock in an exchange rate as it speeds up the process.

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Step 4 – Your Pounds are converted to Canadian Dollars

Once your bank or money transfer specialist has received your Pounds, they will exchange them into Canadian Dollars and send them to the Canadian bank account you have requested.

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How Long Does Sending Money to Canada from the UK Take?

As a guideline, it takes 2-3 working days for your Pounds to arrive in Canada.

In practice, the time taken varies because of the receiving bank in Canada.

The Canadian bank will have its internal checks on any money coming from abroad, which can slow down some payments.

Some Canadian banks are quicker than others at clearing money.

The time taken can also be delayed by one working day if your funds are sent in the afternoon, not the morning.

The daily cut-off time is normally 2pm or 3pm – meaning if your Pounds are received after that time, they will be counted as the next working day.

Quick tip: If you are under a tight deadline, it may be best to send in your Pounds before the currency conversion, so the transfer process is quicker end-to-end.

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Best Options for Sending Money to Canada

When making a money transfer from the UK to Canada, two providers are commonly used, either a bank or money transfer specialist.

Below are the pros and cons of both, to help you with deciding which service to choose for a money transfer to Canada.

	Pros	Cons	Best for
Bank	Convenient	High fees, bad exchange rates, minimal help	Small payments, convenience
Money transfer specialist	Lower cost	Need to register	Larger amounts (over £5,000)

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Costs of Transferring Money to Canada from the UK

The cost of an international money transfer to Canada consists of two parts:

1. Transfer fees
   

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2. Exchange rates

Transfer fees are typically a flat fee charged by a bank for every international transfer.

The more important cost for an international money transfer is the exchange rate.

Our research found that the exchange rates offered by all the major UK banks were uncompetitive and sometimes downright terrible.

The exchange rate margin at HSBC, Lloyds, Barclays, and Natwest, ranged between 3.0% and 5.4% (depending on the amount transferred).

While the exact cost you end up paying will depend on the size of your money transfer to Canada, there is a good chance you can do a lot better elsewhere.

If you only intend to transfer a small amount (under £5,000), you may prefer the convenience and familiarity of using your bank.

However, if you are planning to send a larger amount, the extra cost can be significant.

If you are comfortable using your bank’s online system, you can usually transfer money to a Canadian bank account without the need to visit a branch.

The issue is whether you are comfortable putting in all the numbers and data yourself.

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What Bank Details Will I Need to Transfer Money to Canada?

You will need to have the full SWIFT code of the beneficiary bank account.

Canada does not use the IBAN system for international bank transfers.

Canadian SWIFT codes normally contain 11 characters for specific branches.

All of the details you will need for sending money to Canada from the UK will include:

• Your details
  

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• The name of the Beneficiary
  

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• Their account number
  

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• SWIFT Code
  

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• Their bank name

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Best Service for Larger Transfers to Canada from the UK

A money transfer specialist is normally the best way to transfer money to Canada from the UK if the amount is large.

The reason is you’re likely to get a better exchange rate compared to a bank.

And some money transfer companies don’t charge any fees either.

Broadly speaking, money transfer specialists can offer more competitive exchange rates because they have far lower overheads than big banks.

A quick tip: One thing to consider is whether the money transfer specialist charges any transfer fees. Some do, some don’t.

Transfer fees can add up if you make regular payments or plan to transfer your money in several tranches.

Some UK banks charge you up to 5% to send your money to Canada. 

On a transfer of say £120,000, you could pay out £6,000 in fees.

Your total cost will depend on the bank and the amount you send, but it never does any harm to shop around.

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Is there a Limit on How Much Money I Can Send to Canada?

There are no legal limits on transferring money from the UK to Canada.

Due to the close political and trading relationship, the two countries have no foreign exchange restrictions.

You are not required to declare anything either.

However, the big UK banks impose their daily limits on the amount of money you can send online to overseas destinations.

• Barclays and HSBC have a daily online limit of £50,000.
  

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• Natwest and Lloyds have a daily online limit of £100,000.

If you are looking at transferring a large amount to Canada, it may take several days longer if you use your bank and cost you additional fees as you will have to make multiple transfers.

To avoid the extra cost and hassle, use a money transfer specialist.

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How to get the Best GBP to CAD Exchange Rate

Exchange rates never sit still for long.

Heavily traded currency pairs like GBP/CAD move every few seconds. You can see the historic GBP to CAD changes in our analysis insights article.

It can be nerve-racking watching rates move around as even small changes can make a big difference to the amount of Canadian Dollars you will receive for your Pounds.

A money transfer specialist can work with you to get you the best exchange rate available and help manage your currency risk.

One of the advantages of using a money transfer specialist is that you can speak to someone who is experienced in dealing with exchange rates and international transfers.

A currency specialist can monitor the currency markets for you, and if the GBP to CAD exchange rate moves in your favour, you can be alerted to the opportunity.

Even a 1% move in the exchange rate on a £100,000 transfer is a difference of £1,000 to you.

Getting some guidance on exchange rates could help optimise the timing of your transfer and reduce your costs.

Please note though that a bank or online-only money transfer provider won’t offer you any guidance or assistance when it comes to exchange rates.

Staff at bank branches are primarily trained in mortgages and savings products. They will have very limited knowledge about exchange rates.

Online-only operators, such as PayPal, TransferWise, and Revolut, are designed to be “do-it-yourself” systems. It is your responsibility to enter all the information, decide on the timing, and check all the details are correct.

While they are popular for smaller transfers (under £5,000), a lot of people prefer to receive some personal guidance for larger amounts.

For large money transfers, many customers want the peace of mind of having someone who can offer them assistance, expertise, and a helping hand.

If you would like more information about the GBP to CAD exchange rate and forecasts then the article linked will do just that!

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Why you can’t trust the exchange rates you see online for money transfers to Canada

Most people hop online these days to look up the latest exchange rates.

Many websites are offering free live rates – including XE, DailyFX, FX Street, and Oanda, to name just a few.

But something a lot of people don’t know is the rates you see online are not available to customers.

The exchange rates you see online are not ‘real rates’ that customers can receive when they transfer money to Canada.

That’s because what you are seeing is ‘interbank exchange rates’.

Interbank exchange rates are basically like a wholesale rate between the giant clearing houses – major banks and large financial institutions – who settle billions in foreign currency trades every single day.

To cut a long story short, individual customers and even large businesses cannot buy or sell at interbank rates.

If you look closely at these free websites that annoying but vital fact will be buried in a disclaimer with words to the effect of “these rates are not available to consumers and are for informational purposes only”.

Even a lot of the leading comparison sites have a similar disclaimer about rates being indicative or subject to change etc.

If you want a real exchange rate, I would suggest you get a real quote.

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Quick Summary

1. For sending money to Canada from the UK, you can use a bank or a money transfer specialist.
   

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2. It usually takes 2-3 working days for your Pounds to arrive in Canada.
   

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3. The cost of a money transfer to Canada consists of two parts: transfer fees and the exchange rate.
   

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4. For larger amounts, it normally works out a lot cheaper to use a money transfer specialist than a bank.
   

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5. Make sure you use a money transfer specialist that is Authorised by the FCA for money security.

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Author,  Andrew Gibson

Last Updated on August 22nd, 2024

I’ll show you how to transfer money from the UK to Australia, as well as explain how long it takes, how to avoid high fees and the best way to get a great rate.

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Transfer money to Australia from the UK (only 4 simple steps!)

If you need to transfer money to Australia from the UK, it’s not as complicated as you might think.

There are only four steps.

Step 1 – Register as a client

An ID check is required for all new clients.

The laws around global money laundering are very strict these days.

Because of this, banks and currency brokers are legally required to identify a person before they can transfer money abroad.

The good news is it doesn’t take long.

Most people can be automatically identified through their name, address, and passport number.

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Step 2 – Secure a GBP/AUD exchange rate

Once registered, you are in a position to lock in an exchange rate.

When you’re ready, your bank or currency broker will quote you a live exchange rate for Pound Sterling (GBP) to Australian Dollars (AUD).

No transaction will take place without your consent.

If you go ahead, you will be sent a confirmation email with all the details of your transfer (amount, rate, where to send your Pounds).

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Step 3 – Send in your Pounds

Time to send in your Pounds for conversion into Australian Dollars. This is normally done using a regular bank transfer (nothing complicated).

Your bank or currency broker will provide you with the details of where to transfer the money.

If you are on a tight deadline, you can send your Pounds in before you transact to speed things up.

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Step 4 – Your Pounds are converted to Australian Dollars

Once your Pounds are received by your bank or currency broker, they will convert them into Australian Dollars at the rate agreed upon and then transfer the funds to the Australian bank account you’ve requested.

That’s it.

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How long does it take to transfer money to Australia from the UK?

It takes 3-4 days for a money transfer to get from the UK to an Australian bank account.

It can be quicker, but I would rather give you a realistic expectation.

From my own experience, it varies based on the Australian bank.

I have two bank accounts in Australia.

Commonwealth Bank has been quicker than Bankwest for me – usually by a day. Better systems perhaps?

Another factor is what time of day you send your funds to your bank or currency specialist – morning or afternoon.

There are cut-off times for money transfers to Australia.

If your funds arrive after 2pm, normally that would count as the next working day.

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What details are needed to transfer money to Australia?

You will need to have the following details of the recipient’s bank account:

• Account name (can be in your name or someone else’s)
  

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• Name of bank
  

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• Bank Swift/BIC code
  

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• Account number

Unlike the United Kingdom, Australia does not use the IBAN system.

Instead, they use a SWIFT/BIC code – which identifies the bank only, not your actual account.

A BIC or SWIFT code is the same thing.

Below are the SWIFT/BIC codes for the Big Four Aussie banks:

• Commonwealth Bank (CBA): CTBAAU2S
  

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• Westpac: WPACAU2S
  

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• ANZ: ANZBAU3M
  

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• National Australia Bank (NAB): NATAAU33

In Australia, the BSB is the equivalent of a Sort Code in the UK. It identifies the branch your account is held at.

When you put the BIC, BSB, and Account Number together, it provides the complete chain to route your money to the right place.

A currency broker can help double-check the details before your money is sent. 

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How much will it cost when transferring money to Australia from the UK? (ways to avoid high fees)

Most of the UK’s big banks will charge you transfer fees when you make an international money transfer to Australia.

Here are the fees charged by some of the big UK banks:

• Barclays: £25 fee for branch or telephone banking, no transfer fee if online.
  

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• Lloyds: £9.50 fee plus £20 fee for the corresponding Australian bank ( branch or online).
  

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• Natwest: £0 for non-urgent payment but £10,000 daily limit.
  

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• Santander: £25 fee.

These fees can accumulate quickly if you make several payments.

In my experience, a lot of people transfer a large amount for house purchases but then need ongoing funds for living expenses.

You might end up making over 10 transfers over time, as I have.

If you are charged £25 per transfer, you could end up paying out £250 just in transfer fees.

Note – the transfer fees charged by banks are in addition to the money made from the exchange rate.

Here’s my simple solution – to avoid paying fees, avoid using the banks.

That’s because currency brokers, such as ourselves, don’t charge clients any transfer fees when we support customers and their money transfers to Australia.

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Why you shouldn’t use your bank for a money transfer to Australia

1. It’s not their area of expertise
   

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2. Their exchange rates are uncompetitive
   

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3. Banks charge you various fees
   

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4. They won’t help you with timing
   

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5. You are not their priority

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How to get a great GBP to AUD exchange rate

Exchange rates such as GBP/AUD change every 2-3 seconds throughout the day.

Even as you sleep, the rate is moving around.

Over a few weeks, or sometimes days, you can see big moves in the exchange rate.

Even a 2% swing in the GBP/AUD rate on a £50,000 transfer means a £1,000 difference.

Some people might be comfortable knowing when the time is right to make their transfer.

Getting some assistance can be a real help for most people, as this is not something they are used to doing.

A proactive currency broker can monitor the movements in the exchange rate for you and let you know when the rate moves in your favour.

A bank or online-only platforms, such as Transferwise or Revolut, are essentially “do-it-yourself” services.

That can be scary if you don’t know what you’re doing.

For larger amounts, many customers want the peace of mind of having someone they can speak to.

I have experienced this myself first-hand. I wanted to know if someone was keeping an eye on my money and if I could call them if I had any worries or concerns.

But I didn’t want to write emails to a support centre or use a ‘web chat’ robot.

Give me a person any day.

A currency broker can not only assure you and assist with the timing of your transfer, but they can also check over the important details such as the payment information to make sure everything goes smoothly.

If you’d like more information, our GBP to AUD forecast guidance will provide just that.

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Beware of ‘fake’ exchange rates online

These days there are quite a few websites, such as XE and Oanda, that provide live exchange rates for free.

But there’s a problem you’ll face when the time comes to transferring the money.

The free exchange rates you see online are usually not customer rates.

Buried in the small print disclaimers are words like “information purposes only” and “not available to consumers”.

It’s because the free FX sites show something called “interbank” rates.

Interbank rates are used by banks to trade with other banks. They are not customer rates.

It’s a source of frustration and confusion.

To get a genuine GBP to AUD rate, I suggest you request a quote from a bank or broker.

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Quick Summary

1. To transfer money to Australia you can use either a bank or a currency broker.
   

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2. Banks can charge up to 4% more than currency brokers.
   

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3. It takes around 3-4 working days for your money to arrive in Australia.
   

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4. Some brokers can help optimise the exchange rate you achieve.
   

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5. Make sure to use an FCA-regulated money transfer service when transferring money money to Australia from the UK.

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You May Also Like Reading…

Transfer Money From Australia

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Emigrating to Australia

Author,  Andrew Gibson

Last Updated on August 3rd, 2024

You can transfer money from the UAE to the UK in four simple steps. I’ll explain how to do it, the options you have & how to avoid high fees.

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How to transfer money from the UAE to the UK (in 4 simple steps)

Transferring money from the UAE to a UK bank account is straightforward.

You can use a local bank, a UK bank, or a money transfer specialist to do the job – but the costs differ.

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Step 1: Customer ID check

Before you can send money from the UAE to the UK, you need to be identified.

There is a legal obligation to verify customers sending money internationally due to global anti-money laundering regulations.

The check only applies to new customers.

Once you set up, you can skip this step if you are sending money back to the UK regularly.

For British expats, it is usually straightforward. If you still have an address in the UK, it’s even quicker.

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Step 2: Secure your exchange rate 

Once you are set up, a bank or money transfer company will quote you their current exchange rate.

When moving money back to the UK, you are selling Dirhams and buying Pounds.

This is sometimes written as AED/GBP.

The exchange rate moves throughout the day. It’s up to you whether you go ahead with the quote given.

If you are happy to proceed, the bank or money transfer company will lock in your rate at that time.

Shortly after, you will receive an email confirming all the details of your transaction.

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Step 3: Pay for your money transfer 

Banks will require your Dirhams upfront before they will agree on an exchange rate.

However, a money transfer company will allow you to lock in a rate before you send your Dirhams in.

This might be an advantage if you see a favourable rate and want to lock it in before it moves.

On the confirmation transaction, you will be given the bank details of where to send your Dirhams.

This will be to a safeguarded Dirham-denominated client account.

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Step 4: Your Dirhams are converted into Pounds

Once your Dirhams have been received by your bank or money transfer company, they will convert them into Pounds Sterling at the rate agreed.

Your money will then be sent to the UK bank account you request. That’s it.

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Will you be taxed when sending money from Dubai to the UK?

Many Brits live and work in the UAE, particularly Dubai because it has zero income tax.

There’s nothing wrong with that. Good luck to you.

If you are working full-time in Dubai, your earnings are legitimately tax-free. When you send your money back to the UK, you don’t owe HMRC anything on those earnings.

It all comes down to what country you are a tax resident of at the time of those earnings (not when you send the money back).

It’s judged every year.

Someone that goes to Dubai for just a 3-month contract but spends the rest of the year in the UK would still be a UK tax resident because they spent the majority of that year living in the UK.

However, most British expats live and work in Dubai and spend little of the year in the UK, so the situation is straightforward. You are not a tax resident of the UK and therefore do not owe HMRC any tax when you send the money home.

If you decide to move back to the UK, keep your bank statements (and payslips if you get them).

You might also want to get some tax advice on a “split-year” – the year in which you leave and spend time in both countries.

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Is there a limit on the money you can send from the UAE to the UK?

There are no legal restrictions on sending money from the UAE to the UK.

While there is a cash limit of AED 100,000 for people coming and going, there are no exchange controls in either the UAE or the UK in terms of transferring money electronically (bank-to-bank).

Residents and non-residents are permitted to move money freely between Dubai and the UK.

Although there are no legal limits, the banks often set their own internal limits for online transfers.

For example, Emirates NBD has a daily limit of AED 250,000, and HSBC has a limit of AED 500,000 when sending money out of the UAE.

The daily limit could be a factor if you are looking to make a large international money transfer from Dubai to the UK.

It may end up costing you more in transfer fees as you could have to make several transfers, not to mention the extra time and hassle of doing this.

As money transfer companies don’t normally have any daily limits, they may be a better option for larger transfers.

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