ARH

Hi everyone

I apologise if this is going over old ground, but I'd like a bit of reassurance!

My family and I are travelling over to Canada week after next, and we will have initially about £15k to transfer from our UK account to a Canadian account that we plan to open within the first two days of landing.

I've spoken to HiFX who have suggested I transfer the money to them before I leave the UK, lock in an exchange rate, then when I have the Canadian account up and running, Email them and they'll transfer over. I would like the money to transfer ASAP so I can buy a car.

Is this the best way? Is there another way? I'm a bit nervous about handing my dosh to someone to 'look after' for a week or so.

Cheers
ARH

gryphea

Tangram posted on the same subject (but I think house proceeds) recently - so if you do a search it should come up. Not sure what the outcome was. You could always keep it in a UK bank and get a bank transfer through BACS or a dollar draft but you may/will suffer on exchange rate.

Like to know how you get on, you are forging the way ahead for us too!!!!!

Gryph

Paul Wildy

For that amount you should probably just call your bank and ask for a special rate (usually they give better than tourist rates for over GBP10k). Transferring to HiFx might get you a very slightly better rate but for that amount it probably wouldn't be worth the hassle of having to transfer twice and the extra time it takes - a 1 cent improvement in rate the would only net you another GBP150

NikkiNu

We used HIFX and found them to be very efficient. We didn't experience any delays in moving our money. I would recommend them.

ARH

Forging away Gryph!!!

My bank is giving me the impression that I won't be able to deal with them over the phone when I'm outside the UK. The only way I could do is send them a transfer form in the post, wait a week or two, then get the money. It sounds a load of rubbish to me. I'm with Lloyds TSB.

I'd love to call my UK bank from Canada, agree a special rate and the give them my account details in Canada. Or possibly I could do this on line? There must be a way to get the money from my UK to Canada quickly.

fuschiagirl

We bank with Lloyds TSB and have been told there is no problem running our account from Canada - internet and telephone banking. It surely can't be THAT difficult for them?

However we have also opened an account with Nationwide and have nothing but praise for their services - using their credit card and banking in Canada should be no problem - and a better exchange rate!

us3andthedog

If you bank in the UK from Canada would this affect your credit rating or ability to obtain credit? As not using a Canadian bank?

gt94sss2

HSBC offer free International payments to other HSBC accounts if you are a HSBC Premier customer.

Otherwise (if you don't meet the qualification criteria etc) it may be be possible to open an Canadian account before you arrive.

For instance, HSBC say you should just contact them and then take your ID to a local HSBC branch in the UK.

I also posted the other day that HSBC had launched a HSBC Passport account designed for people moving to Canada.

I don't know if the HSBC Passport package is any good (as opposed to opening a 'normal' account or offerings from other banks) but would welcome any comments.

Regards
Sunil

NikkiNu

We were with Lloyds TSB as well and had to provide them with written and signed instructions to release the money to HIFX. Your signature also has to match whats in their records. So we did the letter with an authorised copy of our passports to prove who we were. I'm sure you could do this before you leave the UK.

HIFX were great, the problem we encountered was with Lloyds. Once we opened an account in Canada the money was transferred no problem from HIFX.

You should speak to your branch and ask them what sort of info they want from you to transfer the money, so you dont encounter any problems with them.

granton33

HIFX are a very professional company who will almost certainly give you a better rate and service than a bank, highly recommend.

moondevil

i needed to transfer money from a uk account (with lloydstsb) to a canadian one, had to go into branch with all info, plus proof of who i was and then fill in the paper work and sign
then took them over a week to do it and that was after they called me 3 times as they didnt know what they was doing :curse::curse:

my advise would let hifx deal with it, we have already set an account up with them and they do offer way above the rate, will also discus about deal as well

hifx is safe and secure, maybe better in long run

gill

Stesol

We are set up with HiFX too and they seem to be a reputable company - we wil be using them to make regular monthly payments to our candian account & fix the exchange rate for say 12 months . I would agree with the others & let them look after you. We are with HSBC & have a HSBC Candaian account . the idea was to make transfers easier but with HIFX they do it al anyway & for no fees & generally offer a better rate than HSBC

ARH

Thanks everyone!

So how do you get the money from your UK account to HiFX? The biggest thing I'm finding is how I do this when I'm in Canada as my bank seems to be wanting me to fill in paperwork all the time and send it to them (which will take too long).

I have been told an easy way, for small amounts, is to pay a sterling cheque into your Canadian account. It might not give you the best rate, but at least the money is there.

Does anyone have experience of CIBC? They have been recommended to me as a good bank who are pretty helpful to new immigrants....

moondevil

Give hifx a call, i spoke with a lady called gillian, very helpful and account set up with them.
not sure how it all works as got paper work the day before we flew for our recci, so its sat there waiting, but there website is very helpful.

if you have doubts, just speak to them, same with the banks really, someone maybe abl to advise how they transfered


gill

Stesol

If you have on line banking with your UK bank then you would pay by transfer as a bill / 3rd party payment to HIFX - they use Barclays bank in the UK . HiFX also have recently opened an office in Toronto I heard - its def worth giving them a call.

HiFX told me that the process is this: you open an account with them - needs ID etc but can be done by post - took us a week to get set up. then when you are ready to move Uk GBP to Canada, phone them, agree a rate & amount and date of transfer to your nominated Canadian Bank . They make the transfer and allow you a couple of days for your Uk funds to arrive into their Barclays account. They recommend interbank transfer - chaps, internet , even direct debit or standing orders if you are to make regular payments,.