Hi we are in process of updating our records as requested and we have now the 60 day waiting. we have been in this process for 2 years, and hopefully reaching the end (there is light at the end!).

We would like any information about opening a bank account, so we can transfer some funds, as the exchange rate seems good. should we use HSBC as they are international bank(i think) or should we look into another bank - any help would be good, has anyone else done this!


many thanks for your help

sarah

Hi Sarah,

Since it's only your second post on the forum, a navigational tip may be helpful.

This part of your message will not get maximum exposure to people who may be able and willing to answer it if it's in a thread entitled "Bank Accounts."

There may be merit in repeating that part of your enquiry in a new thread that has Nova Scotia and New Brunswick in the title.

Well that's what I'd suggest at any rate.

If you see my suggestion in time, and if you agree with it, there may even be time for you to edit your post and delete the paragraph that is not related to banking.

You can ask what rate HSBC bank are offering for exchange ($2.17 on their website ) or have a look online at the rates offered by eg www.hifx.co.uk or www.moneycorp.com. (Both are offering $2.28 CDN to 1 GBP today.) Google for similar international money exchange companies.

They usually do not charge you any fees and make their commission from the rate they offer. These companies usually offer a higher rate of exchange which is good for your pocket especially if you have a nice lump sum to convert.

That must be their tourist rate? I've been having a conversation for days via email with someone working in the HSBC callcentre in Mumbai who says I need to phone them to get their current wholesale rate, only "Get Rate" business customers (which I'm not, never heard of it) can get a live rate online.

I used to get the current wholesale rate via their UK call centre no trouble at all, but I'm too mean to make an international call for it... and I want to shift house purchase dosh over soon

I think if you use HiFX you have to have a canadian bank account for them to deposit the funds into?

You don't have to have a Canadian account immediately, they'll hold the money till you have somewhere to put it in. That's what HiFX are doing for me at the moment, we're waiting for a HSBC account to open in Canada (taking a long time, 3 weeks so far) then we'll let them know and cross the money over. We got a good rate at the time, 3 weeks ago, $2.26 to £1 whereas HSBC were quoting at the time $2.18 AND they wanted a fee to move it. When you're sending over LOADS of ££ a few cents difference could be the cost of that car you want when you get there...
Do a search in the Canada forum for HiFX and Moneycorp, loads of info from other people. If you register with both you can do a bit of haggling and get an even better rate

Has anyone else got any practical experience of "haggling" on the phone with HIFX or MoneyCorp?

I presume the guys on the other end of the phone have some leeway and the first quoted price probably isn't the best they're prepared to offer, but haven't actually "haggled" myself yet.

With the rate as it is, however, I'm possibly going to move some shortly so would be interested to know if I'll just get laughed at if I try to push them a little. Not that that'd do any harm, I guess, and I'll probably try anyway!

Cheers, Iain

This is what I did, Phoned up a dealer with Moneycorp, he gave me a rate, I said thanks I'll phone back in a few minutes, phoned a HiFX dealer, he gave me a rate 1 cent lower than Moneycorp, I told him what Moneycorp quoted and he gave me 0.05 over it.

So I went with that. I didn't keep phoning back and forth because there is the danger the £ to $ could drop, you can of course do that if you have nerves of steel. The difference of 0.05 cents on what I exchanged was $600, worth it BUT you also have to do it VERY quickly...Can bit of a gamble but time it right it can pay off dividends. And it's fun!

hi steve666

many thanks for your reply. this HSBC account you have opened, was this via over the internet or did you go into your local HSBC in the uk and open it?

Hi Sarah,

We got our local HSBC branch to arrange our Vancouver account before we landed (well, they got the paperwork for us and the international HSBC bods in London handled it I think).

Was pleasantly hassle free.

You get varying stories about this process, so I think it may well vary from branch to branch depending on how clued up your local staff are!

Steve - thanks for that, I'll angle for a cent over their initial offer, can't hurt and would result in a few more dollars. If not, I'd take a half-cent!

Can't be bothered to open a Moneycorp account just for the haggle so I'll just pretend.

Cheers, Iain

hi iain

many thanks for that we might have to go to our larger bank in the next town, our local bank may not be that clued up on international banking!

Country life!! from us in zommerzet

You can't do it over the internet, at least that's what I was told.
We phoned the International bit of HSBC, number on their web site, but I can dig it out if you want me too (we're in the UK) they sent the forms for a Canadian account, we filled them in, took them to the local HSBC branch (it can be any branch), someone runs through the forms with you. You have to open it with $1500 minimum though, then they send it all off to Canada for setting up. Which was 3 weeks ago for us but expect another 2. I can give you more info if you like, just PM me.

My neighbor has transferred their money to Royal Bank of Canada. HSBC wanted £185 in transfer fees. She went to Halifax £15.
They opened an account in Feb 07 and said it was very easy and they dont move till Saturday.
HSBC in Canada from what I have very expensive bank charges. I have compared it to RBC and their charges seem to be better. Everyone uses a bank differently so you will have look through the internet and find the best deal for you.
I have been with HSBC in UK for 20 years but would not use them in Canada.
Personnel preference.


Hope that helps.

It's quite true what you say bigboy (I love saying that), HSBC is expensive in Canada and they don't have the coverage of other Canadian specific banks. As we're already with them and the account could be set up from the UK we found it to be an easy option, and any foreign exchange we'd use Moneycorp or HiFX. When we get over there we'll change tactics however. As you say, it's all dependent on the individual's preferences and needs.

Check this new thread for foreign exchange matters. Pariculary Baza2154's post.

http://britishexpats.com/forum/showthread.php?t=439943