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Uk pound money transfer

Uk pound money transfer

Old Sep 29th 2015, 6:30 pm
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Default Uk pound money transfer

Hi there, i am wondering if there is a cheaper way to transfer funds from Uk to my canadian bank account. I usually use Hifx as they supposedly offer a better rate of exchange but my bank here then charges something like $25 or $30 to receive my pounds. Thanks
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Old Sep 29th 2015, 7:37 pm
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Default Re: Uk pound money transfer

Clarity Credit Card No Fees to withdraw aboard perfect exchange rate.
Pay off with UK Bank account. I can't find cheaper to way exchange money

Halifax | Credit Cards | Clarity Credit Card


otherwise
https://transferwise.com/ can be good for smaller amounts. You get perfect exchange rate plus a fee depending how much your sending


https://www.fxcompared.com/ for Larger amounts (10K plus)
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Old Sep 29th 2015, 7:46 pm
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Default Re: Uk pound money transfer

Originally Posted by sgbolt
Hi there, i am wondering if there is a cheaper way to transfer funds from Uk to my canadian bank account. I usually use Hifx as they supposedly offer a better rate of exchange but my bank here then charges something like $25 or $30 to receive my pounds. Thanks
Any FX exchange is going to have fees, either built into the rate or charged separately, no FX house works for free. Don't look at fees, lok at what you get in the account.We're doing FX often in multiple currencies. Mostly use an FX broker, the rates are sometimes negotiable. Usually best rate. Recently have been calling the FX desk for our bank, get a rate, go to the bank and deposit a GBP cheque for that rate.It is impossible to compare rates between brokers as they price structure their products differently and also rates vary by the second.The only way to do FX and stay sane is to decide on a rate you find acceptable and go with that. Chasing the best rate is like chasing rainbows. If you don't deposit large amounts at a time, deposit a cheque from a UK bank into your CAD account.Perosnally I have never found a credit card to offer a competitive rate. The rates are set by the issuer, Visa, Amex etc and are done once a day. Sometimes you might win, mostly you don't.
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Old Oct 1st 2015, 4:55 pm
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Default Re: Uk pound money transfer

Hi there, thanks for your replies. I believe Hifx offers a good rate of exchange but it's here on Canadian side that my bank charges me $25 to receive the funds.
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Old Oct 1st 2015, 5:39 pm
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Default Re: Uk pound money transfer

Originally Posted by sgbolt
Hi there, thanks for your replies. I believe Hifx offers a good rate of exchange but it's here on Canadian side that my bank charges me $25 to receive the funds.
Banks charge a fee to receive a "wire". Some exchangers/ remitters use an ACH to credit your account, and ACH's are free to receive (salaries are paid by ACHs).
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Old Oct 2nd 2015, 12:57 am
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Default Re: Uk pound money transfer

I found currency fair quite reasonable
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Old Oct 2nd 2015, 2:09 am
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Default Re: Uk pound money transfer

Thanks all
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Old Oct 2nd 2015, 2:51 am
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Default Re: Uk pound money transfer

I do this:

-Set up 2 PayPal accounts, 1 Canadian, 1 UK.
-Connect Canadian paypal to canadian bank account via online
-Do the same for UK paypal/UK acct
-Do a transfer from UK paypal to Canadian paypal, then withdraw the funds from Cdn paypal to Cdn bank. Paypal has a decent exchange rate and I believe no fee to transfer direct to bank account.
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Old Oct 2nd 2015, 4:57 pm
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Default Re: Uk pound money transfer

hi
we use UK forex to transfer money to our Canadian account. check it out
ukforex.co.uk
you can negotiate a good rate on the initial call they give you
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Old Oct 2nd 2015, 5:27 pm
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Default Re: Uk pound money transfer

Originally Posted by Gozit
I do this:

-Set up 2 PayPal accounts, 1 Canadian, 1 UK.
-Connect Canadian paypal to canadian bank account via online
-Do the same for UK paypal/UK acct
-Do a transfer from UK paypal to Canadian paypal, then withdraw the funds from Cdn paypal to Cdn bank. Paypal has a decent exchange rate and I believe no fee to transfer direct to bank account.
Paypal is very expensive way to change money.
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Old Oct 2nd 2015, 5:34 pm
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Default Re: Uk pound money transfer

Originally Posted by UHOP
Paypal is very expensive way to change money.
Care to elaborate?

I transfer money on a semi-monthly basis from Canada to Malta. Paypal exchange rate >= my bank, and I only get charged 2 EUR for transaction fees, instead of $20 from RBC. And I can do it all from my smartphone. Seems like a good deal to me?
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Old Oct 2nd 2015, 5:45 pm
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Default Re: Uk pound money transfer

Originally Posted by Gozit
Care to elaborate?

I transfer money on a semi-monthly basis from Canada to Malta. Paypal exchange rate >= my bank, and I only get charged 2 EUR for transaction fees, instead of $20 from RBC. ......
It depends what you mean by "my bank". If you mean the tourist rate, the one posted in the branch, or on line, for exchanging a few hundred dollars of vacation money, then you might be being screwed, because the tourist rate is little short of daylight robbery. If you're only moving a few hundred dollars then you might not have many alternatives and they're all going to be expensive.
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Old Oct 2nd 2015, 6:03 pm
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Default Re: Uk pound money transfer

Originally Posted by Gozit
Care to elaborate?

I transfer money on a semi-monthly basis from Canada to Malta.
Aren't you are 16 years of age, a resident of Canada - why are you doing this & why in such small amounts (less than $10k)?

Do tell us how much you transfer at one time, because my guess is you are paying top dollar - then with all the fees & exchange rate thrown in, what is the real Cdn : Euro rate work out to compared to an FX company such as XE - The World's Trusted Currency Authority ?

Would you not be better to do it twice or four times per year?
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Old Oct 2nd 2015, 9:58 pm
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Default Re: Uk pound money transfer

Originally Posted by Gozit
Care to elaborate?

I transfer money on a semi-monthly basis from Canada to Malta. Paypal exchange rate >= my bank, and I only get charged 2 EUR for transaction fees, instead of $20 from RBC. And I can do it all from my smartphone. Seems like a good deal to me?
Paypal is not the most cost effective method to do regular transactions or large transactions if one has a choice. Their FX rate is not as good as currency traders, or even the bank. Lower transactions fees are usually paid for by a poorer FX rate.

I exchanged some GBP last week and got 5% better rate phoning the trading desk over the banks counter rate (it made al ot of difference to the final amount). PayPal and credit card rates are non negotiable.
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Old Oct 2nd 2015, 10:57 pm
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Default Re: Uk pound money transfer

Originally Posted by Pulaski
It depends what you mean by "my bank". If you mean the tourist rate, the one posted in the branch, or on line, for exchanging a few hundred dollars of vacation money, then you might be being screwed, because the tourist rate is little short of daylight robbery. If you're only moving a few hundred dollars then you might not have many alternatives and they're all going to be expensive.
I mean when the $20 fee is factored in, Paypal ends up cheaper. I don't know much about this, all i know is when I was setting it all up, my two options were

-Send using paypal method above
or
-Send via my Canadian bank's online banking "international E-Transfer" and put my Maltese IBAN in and it ends up in my Maltese bank account. This is the option with the banks exchange rate + $20 fee

When I called RBC they weren't helpful and said any other option would require someone to accept the wire transfer personally at the other end, which doesn't work, as I am over here. So far I haven't transferred anything except a meager 15EUR as a test to make sure my money doesn't get lost in the abyss of the internet. I'm opening one of those eSavings accounts here in Canada so what I may do is save 75% of anything I get in there, 25% for spending in my chequing account, and every 6mos or so send 30% of whats in the eSavings down to my Maltese account by whatever method.

I'm kind of crippled as alot of forex things don't work with Maltese banks to my knowledge, and the couple suggestions I had on my thread about it had similar ridiculous transaction fees so I didn't look into them further.

Originally Posted by not2old
Aren't you are 16 years of age, a resident of Canada - why are you doing this & why in such small amounts (less than $10k)?

Do tell us how much you transfer at one time, because my guess is you are paying top dollar - then with all the fees & exchange rate thrown in, what is the real Cdn : Euro rate work out to compared to an FX company such as XE - The World's Trusted Currency Authority ?

Would you not be better to do it twice or four times per year?
Yes i'm 16 and I live here. But I want to live there one day. So it would make sense to save a percentage of my money there, wouldn't it? Of course I still save most of it here, because i'll need it during uni and whatnot, but I think it was a good idea to establish a good banking presence there while i'm young, I know the manager at my village branch there, vs trying to do it at 25 when they want extra references from your foreign bank to open an account there, etc.

This is the record from my last transaction.

Amount you have sent: €15.00 EUR
Currency conversion: $23.40 CAD = €15.08 EUR
Exchange rate: 1 CAD = 0.644579 EUR
Sent on: September 1, 2015

Do you think this is a good rate for the date provided? According to XE (http://www.xe.com/currencycharts/?fr...to=EUR&view=1Y) looks like I lost 0.02 EUR per dollar exchanged. To my uneducated eye that doesn't look too shabby. But like I said I know little about it.

Originally Posted by Aviator
Paypal is not the most cost effective method to do regular transactions or large transactions if one has a choice. Their FX rate is not as good as currency traders, or even the bank. Lower transactions fees are usually paid for by a poorer FX rate.

I exchanged some GBP last week and got 5% better rate phoning the trading desk over the banks counter rate (it made al ot of difference to the final amount). PayPal and credit card rates are non negotiable.
Interesting. How do you get money exchanged from GBP to CAD? Does it happen automatically or do you have to go in person and do stuff on either end? Is it some sort of wire transfer? God I wish they would make this easier for someone who isn't a finance guru

Last edited by Gozit; Oct 2nd 2015 at 11:00 pm.
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