Look here first -> Banking in the UK

the rates shown using this method look very competitive for smaller amounts, such as $1,000.

there is a reasonable alternative though, using someone's existing bank accounts. some banks in the uk, such as abbey, convert foreign currency received by them at interbank rates to sterling, without taking any loading for themselves. if ur canadian bank happens to charge only a fixed dollar fee (not percentage) for canadian dollar telegraphic transfers to a foreign bank account, then this can result in more money reaching ur uk account compared with any other method, especially for larger amounts. the funds ought to reach ur uk bank account within a week. from a canadian bank account, this works only if u specifically instruct the transfer to the uk to take place in canadian dollars. it will normally be more costly if u ask ur canadian bank to convert to sterling before sending.

ian.

Since the last post is kind of dated, i thought I'd give some new information.
If you're new to the UK and need to set up an account, the easiest way i've found is through Lloyds TSB. All you need for proof of ID is your passport and a valid visa.
The two recommended accounts are the classic- which is free as long as your account remains in credit, and gives you a visa debit card.
the second option is the silver account. it costs 7.95 GBP per month but gives you travel insurance, AA breakdown coverage, mobile phone insurance AND a money transfer card. this is the silver lining of this account. You can easily transfer money onto the card, which you give to a family member or such back home ( this works well if you have someone who can deposit money for you as its WAY cheaper than money transfers). There is a conversion charge of 3% ( most places charge around 8 from what i've found), a 5 pound transfer fee, and if its a cash withdrawal its only 1.50... which is amazingly cheap. you can top up anywhere from 10 to 750 GBP onto the card..

If you go with the classic account, you can do money transfers through Lloyds as well. it costs 20 GBP for transfers up to 5000 GBP but it only takes a maximum of 3 days.
banks have definitely made it easier to set up accounts in the UK..

Locking this thread - If you have questions, please start a new thread AFTER SEARCHING FOR SIMILAR THREADS to see if your question has been answered already.