Go Back  British Expats > Living & Moving Abroad > Canada
Reload this Page >

Advice/Help on Foreign Exchange

Advice/Help on Foreign Exchange

Old Oct 27th 2008, 6:15 pm
  #1  
KJM
BE Enthusiast
Thread Starter
 
KJM's Avatar
 
Joined: Sep 2007
Location: West Sussex - Calgary
Posts: 722
KJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to all
Default Advice/Help on Foreign Exchange

Help

This whole foreign exchange issue I haven't got my head around as yet.

How does it work?
Who did you use?
What are the charges?
What are the pro's or cons?

I want to know your experiences to enable to make a decision.

Thank you

K

I need help.....
KJM is offline  
Old Oct 27th 2008, 10:06 pm
  #2  
9 months, start to finish
 
gibsonslanding's Avatar
 
Joined: Jul 2008
Location: VANCOUVER
Posts: 904
gibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond repute
Default Re: Advice/Help on Foreign Exchange

hi

we used HSBC and money corp....both excellent, no charges with money corp, as they make a lillte out of the transaction, kinda like a commission but very small amount....and no charges from HSBC; we're an exsisting customer though, so that might make a difference.....we've had no hic-ups or probs, some of our money is already in a canadian bank and we're still in the uk....the rate is good at the mo, 2.05 ish.....buy now before it dips below 2 and in BC your money is guareteed beyound the $100,000 mark, so good luck and don't be scared.....it's only money....lol....x
gibsonslanding is offline  
Old Oct 28th 2008, 1:54 am
  #3  
Forum Regular
 
Joined: Aug 2008
Posts: 57
redneckboy is a name known to allredneckboy is a name known to allredneckboy is a name known to allredneckboy is a name known to allredneckboy is a name known to allredneckboy is a name known to allredneckboy is a name known to allredneckboy is a name known to allredneckboy is a name known to allredneckboy is a name known to allredneckboy is a name known to all
Default Re: Advice/Help on Foreign Exchange

Simple,

You have £, you want $.

Call HIFX, , or any of the other money brokers, there must be a wiki somewhere, open account to exchange money.

Open a bank account in Canada

Look at graphs to follow interbank rate

http://www.hifx.com/marketwatch.aspx

Once account open, call money exchange company and ask to speak to dealer, give them your account number, ask for a spot rate of £-$ CAD. Once money exchanged they send you forms, fill them out, send dosh by switch, cheque or online.

Or you can then contact your own bank and see if they will match that rate, mine never will.

Money then sent to canadian bank account in a day or so electronically, HSBC in Calgary charges me I think $10ish to receive the money, not sure why as they don't have to count it. Not sure about other banks charging to receive money but someone will probably know.

If you have > than £50K you can then do limit orders. Tell the broker how much you want to exchange and the rate you want ie: 2.03 dollars for every £. Once the exchange rate hits that rate the sale is triggered.

I changed £5K today and got $10K CDN exactly, did it a bit too early this morning or I would have got more as rate has risen, c'est la vie.

Hope that helps

Last edited by redneckboy; Oct 28th 2008 at 1:57 am.
redneckboy is offline  
Old Oct 28th 2008, 5:04 am
  #4  
Now on Vancouver Island
 
Judy in Calgary's Avatar
 
Joined: Feb 2005
Location: Nanaimo, British Columbia, Canada
Posts: 6,935
Judy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond repute
Default Re: Advice/Help on Foreign Exchange

Originally Posted by redneckboy
there must be a wiki somewhere
Quite.

Transferring Money from UK to Canada

I'll create articles called Foreign Exchange-Canada and Currency Exchange-Canada that will merely point to the Transferring Money article. That should help people who think of different search terms.
x
Judy in Calgary is offline  
Old Oct 28th 2008, 7:38 am
  #5  
Nuther day in paradise.ca
 
magnumpi's Avatar
 
Joined: Aug 2008
Location: Ajax, Ontario
Posts: 7,263
magnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond repute
Default Re: Advice/Help on Foreign Exchange

May i ask gibson...
How did you manage to open an account in Canada without being in Canada, or did you do it on a reccy?
I have asked on here and at my HSBC but no one seems to have done this without being in Canada. My bank said i have to go into a bank in Canada, my fear is by the time i get there Nov Dec ?? the rate will be rubbish.
magnumpi is offline  
Old Oct 28th 2008, 8:28 am
  #6  
Pea Brain
 
R I C H's Avatar
 
Joined: Jun 2005
Location: TBD
Posts: 6,005
R I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond repute
Default Re: Advice/Help on Foreign Exchange

Magnumpi - If you can't open an account with a Canadian bank, why not open a foreign currency account in the UK? Many high street banks will be able to do that for you and you can take account of rates whenever you feel like it.
R I C H is offline  
Old Oct 28th 2008, 8:33 am
  #7  
Nuther day in paradise.ca
 
magnumpi's Avatar
 
Joined: Aug 2008
Location: Ajax, Ontario
Posts: 7,263
magnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond reputemagnumpi has a reputation beyond repute
Default Re: Advice/Help on Foreign Exchange

Would that be the same as hifx.
Think i could put money into that account then transfer this when i move to canada and open my account there.Ithink??
magnumpi is offline  
Old Oct 28th 2008, 8:38 am
  #8  
Pea Brain
 
R I C H's Avatar
 
Joined: Jun 2005
Location: TBD
Posts: 6,005
R I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond repute
Default Re: Advice/Help on Foreign Exchange

Originally Posted by magnumpi
Would that be the same as hifx.
Think i could put money into that account then transfer this when i move to canada and open my account there.Ithink??
When I banked with Barclays, they offered accounts that could hold $, euros etc etc. If I'd wanted to I could have opened one of those accounts, then used hifx or another broker to exchange my sterling into $, depositing it in the Barclays $ account. This could then be transferred to a Canadian bank account at anytime in the future.
R I C H is offline  
Old Oct 28th 2008, 8:41 am
  #9  
KJM
BE Enthusiast
Thread Starter
 
KJM's Avatar
 
Joined: Sep 2007
Location: West Sussex - Calgary
Posts: 722
KJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to all
Default Re: Advice/Help on Foreign Exchange

Thanks Guys for the info

But it still a mine field!!!!!

K
KJM is offline  
Old Oct 28th 2008, 8:57 am
  #10  
mzp
Forum Regular
 
Joined: Apr 2008
Location: Airdrie Alberta - finally!
Posts: 123
mzp will become famous soon enoughmzp will become famous soon enough
Default Re: Advice/Help on Foreign Exchange

Hi there,

I've just done my first transaction with hifx. still waiting for it to land in the canadian bank. nail biting until then. still not sure about it! lol.
was simple enough to setup. the messages above covered it all.

m
mzp is offline  
Old Oct 28th 2008, 9:07 am
  #11  
9 months, start to finish
 
gibsonslanding's Avatar
 
Joined: Jul 2008
Location: VANCOUVER
Posts: 904
gibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond repute
Default Re: Advice/Help on Foreign Exchange

Originally Posted by magnumpi
May i ask gibson...
How did you manage to open an account in Canada without being in Canada, or did you do it on a reccy?
I have asked on here and at my HSBC but no one seems to have done this without being in Canada. My bank said i have to go into a bank in Canada, my fear is by the time i get there Nov Dec ?? the rate will be rubbish.

hi
i opened the bank account from the comfort of my settee which last time i looked was in the uk....wishing it wasn't but seriously, i opened the account over the phone with my bank 'person', he sent all the neccersary, i printed off and went to bank following day, had it all signed and was back in my settee by lunch.....my money corp 'dealer' transfered over some money and i now have 'x' in my HSBC account in canada, which i can check on 'on-line'......suggest you go back to your bank or chance banks.....
gibsonslanding is offline  
Old Oct 28th 2008, 11:07 am
  #12  
Forum Regular
 
Joined: Aug 2008
Posts: 129
dieseltank is a glorious beacon of lightdieseltank is a glorious beacon of lightdieseltank is a glorious beacon of lightdieseltank is a glorious beacon of lightdieseltank is a glorious beacon of lightdieseltank is a glorious beacon of lightdieseltank is a glorious beacon of lightdieseltank is a glorious beacon of lightdieseltank is a glorious beacon of lightdieseltank is a glorious beacon of lightdieseltank is a glorious beacon of light
Default Re: Advice/Help on Foreign Exchange

I opened a Canadian account with HSBC when I got to Canada and they transfered my credit reference across from the UK (it costs about $100) but it enabled me to get a credit history for credit cards / buying a car etc.
I could have done this in the UK through the UK branch before I arrived, but it would have cost 100 quid, so I thought I'd save money and do it here.
dieseltank is offline  
Old Oct 28th 2008, 3:12 pm
  #13  
Forum Regular
 
nordyandsharpey's Avatar
 
Joined: Jul 2008
Posts: 57
nordyandsharpey is an unknown quantity at this point
Default Re: Advice/Help on Foreign Exchange

Originally Posted by KJM
Help

This whole foreign exchange issue I haven't got my head around as yet.

How does it work?
Who did you use?
What are the charges?
What are the pro's or cons?

I want to know your experiences to enable to make a decision.

Thank you

K

I need help.....
We've used Moneycorp and they have been great - easy to deal with, honest about getting us the best deal, ie - when the best time to transfer money is, etc. and their fee is nominal.
nordyandsharpey is offline  
Old Oct 29th 2008, 2:39 am
  #14  
9 months, start to finish
 
gibsonslanding's Avatar
 
Joined: Jul 2008
Location: VANCOUVER
Posts: 904
gibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond reputegibsonslanding has a reputation beyond repute
Default Re: Advice/Help on Foreign Exchange

Originally Posted by dieseltank
I opened a Canadian account with HSBC when I got to Canada and they transfered my credit reference across from the UK (it costs about $100) but it enabled me to get a credit history for credit cards / buying a car etc.
I could have done this in the UK through the UK branch before I arrived, but it would have cost 100 quid, so I thought I'd save money and do it here.
femmine charm seems to have worked for us as we've not been charged although, yes, it's usually £100.....so apply some womanly charms!!
gibsonslanding is offline  
Old Oct 30th 2008, 5:29 pm
  #15  
KJM
BE Enthusiast
Thread Starter
 
KJM's Avatar
 
Joined: Sep 2007
Location: West Sussex - Calgary
Posts: 722
KJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to allKJM is a name known to all
Default Re: Advice/Help on Foreign Exchange

Originally Posted by nordyandsharpey
We've used Moneycorp and they have been great - easy to deal with, honest about getting us the best deal, ie - when the best time to transfer money is, etc. and their fee is nominal.
Thanks looking into it.
KJM is offline  

Contact Us - Manage Preferences - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.