Jimbo2012

Hello. No doubt this has cropped up before, but does anyone have any recommendations for transferring funds from a UK current account to a Canadian chequing account?

In the past, I have used Forex and have also used my UK bank (HSBC) to move money from the UK but I suspect there are better options out there in terms of getting the best possible xchange rate/lower fees etc.

Thanks in anticipation.

BristolUK

Do a search on transferwise and you'll be spoiled for choice on all the threads that come up.

Davita

Thanks to BristolUK's recommendation recently to use TransferWise I did a test.
I transferred GBP1,000 using my HSBC Premier Global Transfer and GBP1,000 using TransferWise.
I received C$30 more from the TransferWise exchange although it took 4 days, over a weekend, to go to my Canadian account....whereas HSBC was instant.
I'm vacationing in Bali so the special rate I normally get from my HSBC relationship manager wasn't available due time differences.

TransferWise is a good alternative and can easily be navigated to find the best net-rate for comparisons.

ChrisBan

Another recommendation for Transferwise here!

Jimbo2012

BristolUK, Davita & ChrisBan ..... thanks a lot for your recommendations. I'll look into Transferwise.

Davita: time isn't such an issue. I just want to get the best rate rather than have HSBC siphon a chunk for themselves!

Davita

All forex's, including banks, siphon for themselves...the trick is to find who siphons the least and offers the most....that's why it's worth asking, and getting answers, on a forum like this...as you and I both did.
Some resort to trickery like showing a great rate then later you find the fee is extortionate. HSBC Premier boast 'no-fee' but the rate may not be appealing.
The thing I like about TransferWise is they tell you exactly what you'll receive and when the money will be in the recipient account.
I exchange between a few currencies so they alert by email when any requested currency v.v. reaches a certain amount....this is a useful tool.

theotherlebowski

transferwise. it's great (and cheaper than a bank transfer!)

BristolUK

Transferwise does a good rate for a small fee (0.5%, min £2)

There may be times, however, when that 0.5% is more expensive than a fixed fee transfer with someone else. For £2000 it would be £10 and there are lower fixed fees for alternatives.

TransferGo may be worth a look too.

not2old

Bristol also did a comparison TransferWise (TW) to Canadianforex (CFX) & as it would appear canadianforex could be a better net-net (include all of the fees & service charges) for different amounts....

Davita since you move larger amounts would you care to look into doing a comparison between the two?

Thanks

Get the best international wire transfer online. No transfer limit and often no fee. | CanForex | CAForex

dgagitw

Another vote for TransferWise. Back in the day, HSBC Premier used to offer superb rates (0.25% either way of spot) and it was super easy to do the transfer - basically just the same interface as transferring money between different UK accounts and instant to boot. At some point they started jacking the price up and these days it's more like a 4% spread either way from spot, which is crap. The TransferWise charge of 0.5% isn't quite as great and the service is a bit slower and more fiddly but the price is, in the general case, hard to beat. The account setup process is entirely online too which certainly helps.

Hurlabrick

In the past I have used HiFX, but on checking Transfer Wise they seem to offer a rate that is 2 cents better, which is a lot for larger sums. Sop far I am impressed and will definitely give TransferWise a try next time.

I can't see any maximum transfer amount mentions, I assume they are OK with large amounts?

HighCeiling

TransferWise gets my vote.

BristolUK

Don't forget the point about the fee possibly being more than a fixed rate transfer.

Larger sums might require a more thorough one off ID check.

jennellapea

I use TransferWise too.

BristolUK

I wonder if we can get a group discount?