YEGBrit

Hi

Sorry for another currency question. Ill be arriving in Edmonton on a one way flight with £6000. What will be the best way exchange this. Before I leave or do Canadian companies offer better rates for Sterling?

Thanks in advance

Aviator

Depends on the rate on the day. No way to tell. For £6000 I would not get in a knot over it.

Best bet is to leave it in the bank and use an FX dealer or write yourself a cheque when you are in Canada.

YEGBrit

Sorry for the naive reply but could you briefly explain how a FX dealer works please

Aviator

You set up an account, giving them your details and bank details. Once done, you phone them up, tell them you have 6000 GBP you want to change to CAD. If the rate is acceptable (set a target rate you are happy with, otherwise you'll be endlessly chasing the 'best rate'), place the order, you have 48hours as a rule to get the cash to them and then they send the CAD at the rate you booked to your CAD bank account in Canada (or CAD account in a UK bank if that is what you have).

Once you place the order though it is a legally binding contract. You cannot back out without financial penalty.

An Alternative, what I would do for smaller amounts, write a cheque from a UK bank to yourself, negotiate a rate with the bank and deposit the cheque into your bank account here.

YEGBrit

Thank you Aviator. Kudos for you. I will look into the transfer times as I will be needing some money for deposits as soon as I land. But I can always transfer half and half I suppose. thanks for the advice