How do I transfer funds from UK to Canada
#1
Just Joined
Thread Starter
Joined: Apr 2015
Posts: 1
How do I transfer funds from UK to Canada
Hi there,
Today is my first day on this site. I have never been in a forum, and am a little nervous, but here goes. My partner and I are moving to Canada. My partner has already gone 3 weeks ago and found us a rental property. I am following once out house sells in 3 weeks. I would like to know how to transfer the funds from our house i.e. £10,000 into CAD $? Which is the best route? Are the online options safe? And then do I 'wire' it across to my partners bank? Any help on this would be fab thank you
Today is my first day on this site. I have never been in a forum, and am a little nervous, but here goes. My partner and I are moving to Canada. My partner has already gone 3 weeks ago and found us a rental property. I am following once out house sells in 3 weeks. I would like to know how to transfer the funds from our house i.e. £10,000 into CAD $? Which is the best route? Are the online options safe? And then do I 'wire' it across to my partners bank? Any help on this would be fab thank you
#2
Re: Money transfer FAQ's
A belated hi and welcome to BE
Your post has been sitting in the wrong place really to get you the responses you need, so I shall move it over to the Canada forum for you.
Your post has been sitting in the wrong place really to get you the responses you need, so I shall move it over to the Canada forum for you.
#3
Forum Regular
Joined: Jun 2010
Location: Ajax, Ont
Posts: 277
Re: How do I transfer funds from UK to Canada
We have an account with HSBC UK and another account with HSBC Canada. We transfer money between them. There are no fees. I don't know if that's because of the kind of accounts we have or if it's always free.
#4
BE Forum Addict
Joined: Sep 2010
Location: Maryland (via Belfast, Manchester, Toronto and London)
Posts: 4,802
Re: How do I transfer funds from UK to Canada
I use XE Trade
#6
Lost in BE Cyberspace
Joined: Nov 2011
Location: Somewhere between Vancouver & St Johns
Posts: 19,846
Re: How do I transfer funds from UK to Canada
I could give you my bank account details and you could transfer your money into that account
#8
Forum Regular
Joined: May 2015
Posts: 32
Re: How do I transfer funds from UK to Canada
I've used moneycorp - worked fine, no complaints
#9
Just Joined
Joined: Mar 2015
Location: BC
Posts: 4
Re: How do I transfer funds from UK to Canada
A second vote for HSBC. Having a UK account giving you some credibility with them. This meant that opening a Canadian account was fairly straight forward, and they provided us with credit cards straight away. Some things in Canada ONLY work with a Canadian credit card (not a Canadian debit card) like topping up on Virgin Mobile, so this was useful.
Transferring money across is also really easy, instantaneous and cheap.
(I imagine other UK-international banks might be similar, although I can't think of any others except Barclays.)
Transferring money across is also really easy, instantaneous and cheap.
(I imagine other UK-international banks might be similar, although I can't think of any others except Barclays.)
#10
Re: How do I transfer funds from UK to Canada
A second vote for HSBC. Having a UK account giving you some credibility with them. This meant that opening a Canadian account was fairly straight forward, and they provided us with credit cards straight away. Some things in Canada ONLY work with a Canadian credit card (not a Canadian debit card) like topping up on Virgin Mobile, so this was useful.
Transferring money across is also really easy, instantaneous and cheap.
(I imagine other UK-international banks might be similar, although I can't think of any others except Barclays.)
Transferring money across is also really easy, instantaneous and cheap.
(I imagine other UK-international banks might be similar, although I can't think of any others except Barclays.)
#12
Joined: Sep 2008
Posts: 12,830
Re: How do I transfer funds from UK to Canada
Depends on the institution or broker. Some build it into the Fx others give abetter Fx and the fee is charged per transaction.
The end result is not that much different between brokers. Sometimes we have found it easier to write a cheque on a UK account and deposit it in our CAD account.
Everyone has persona experiences, ours with HSBC was horrible, tried to use once, never again.
The rate one gets will depend on the amount and relationship with the broker. We use our broker often. The transaction is negotiated by phone and the funds transfered online to the broker.
For the most part banks won't give the best deal at the counter, althouh we have had exceptions to this. Their Fx dept. will give a smilar deal to any Fx house.
Once a deal is done and booked, it is a binding contract and cannot be cancelled. Backing out of the deal can be costly if the Fx changes against you. On one occasion we had a UK bank not honour a cheque, the transaction was cancelled, the rate coming back had gone against us and there was a $5000 shortfall the bank here wanted making up. As it was a banking error it all came out in the wash. If it had been our fault we would have had to pony up the 5K and had nothing to show for it.
The end result is not that much different between brokers. Sometimes we have found it easier to write a cheque on a UK account and deposit it in our CAD account.
Everyone has persona experiences, ours with HSBC was horrible, tried to use once, never again.
The rate one gets will depend on the amount and relationship with the broker. We use our broker often. The transaction is negotiated by phone and the funds transfered online to the broker.
For the most part banks won't give the best deal at the counter, althouh we have had exceptions to this. Their Fx dept. will give a smilar deal to any Fx house.
Once a deal is done and booked, it is a binding contract and cannot be cancelled. Backing out of the deal can be costly if the Fx changes against you. On one occasion we had a UK bank not honour a cheque, the transaction was cancelled, the rate coming back had gone against us and there was a $5000 shortfall the bank here wanted making up. As it was a banking error it all came out in the wash. If it had been our fault we would have had to pony up the 5K and had nothing to show for it.
#13
Forum Regular
Joined: May 2015
Posts: 32
Re: How do I transfer funds from UK to Canada
Check the process for all the above and the best rate you can get and then go with what works for you. Check for fees (sometimes hidden) as well as how long it takes. If there are no fees its because the institution is using a rate that includes its fees- there's no such thing as a free ride when it comes to these places.
#14
Joined: Sep 2008
Posts: 12,830
Re: How do I transfer funds from UK to Canada
When transacting FX, like any other investment, choose a rate (a realistic one) that you would be content with and go for that. Trying to get the 'best rate' is like chasing rainbows.
If you do a lot of FX, some you win, some you lose, it all comes out in the wash. Last year I did well, the year before not so well. If you are doing one or two, the principal is the same, you just have fewer chances.
If you do a lot of FX, some you win, some you lose, it all comes out in the wash. Last year I did well, the year before not so well. If you are doing one or two, the principal is the same, you just have fewer chances.
#15
Just Joined
Joined: May 2015
Posts: 4
Re: How do I transfer funds from UK to Canada
Hey I'm new to this site as well and hoping to stay permanently soon! Sorry if these questions have been asked time and again ...Is it unwise to travel with large amounts of money even if declared? If you don't bring it on first landing can you be taxed on it when you permanently land? Thanks everyone x