triniangel

Hello

I am landing in December and since I have to take up a lot of cash (from sale of house) I was advised by my local bank that they can just transfer to a bank account in Canada. the charge is minimal locally but I have no idea what the banks in Canada may charge. Does anyone know?

Triniangel

britishvixen21

I dont im sorry I would check out some bank websites, I would reccomend CIBC thats who i bank with and they are excellent, im sure ppl will have other opinions. and I definatly would not go with TD canada trust, I was banking with them and id have to take a pack of sandwhiches and a flask of coffee cos even making a bloody deposit became a drama!

here are some websites check them out

www.cibc.com

www.tdcanadatrust.com

www.scotiabank.com

www.royalbank.com

www.hsbc.ca

Hope they help

Rich_007

When we transferred 2 lots of funds there was no charge at the Canadian end.

We found that transferring from HSBC UK / First direct to HSBC Canada was as cheap as using a money broker as the charges were a lot less but with lower exchange rate. However, brokers do allow you the option of setting your rate and hoping for the best on the day.

Using a calculator meant there was nothing in it so we went HSBC:HSBC. Money was in our Canadian account the next day. If it's a substantial amount of cash and they want to charge a fee, tell them you'll go elsewhere and set up an account, they should then decist with their minbdless nadgering.

Rich

Purley

I think it must depend on the branch, because I bank with T-D Canada Trust and I have always been pleased with the service.

I heard that President's Choice is cheap. But they are part of the CIBC - at least when I do PC mortgages at work I have to get them off the CIBC website!

Calgal

I'll second that - I HATE TD (well 'til 'TD' joined in! Canada trust were great before that!) I always wonder what on earth it is they can be typing into that bloody computer that takes so long - I reckon it's their shopping list

Lizwil - you're right! PC financial is part of CIBC, which is/was part of Amicus (an american bank).

britishvixen21

LOL thats so true, Id go in there and say oh id like to make a depostit please, oh well il just to check that il be back in a minute (A DEPOSIT FOR CHRIST SAKE) so id eat my sandwhiches, write "I woz here" with the pen on a string, have a cup o char, and shed come back and say thats a fine but there is a charge for this and that. ive never been charged so much for nothing in my entire life!

Ive never been happier with CIBC.

Higgy

Exactly the same for us too Rich....transferred from First Direc(hsbc owned) to HSBC in Canada and cost £10. It was there the next day too even though they said it could be 5. Clydesdale bank in the UK are a nightmare at moving funds, charge you a fortune and have a good chance at losing it for you for a while. Then they say sorry while dipping your pockets for the charge.
Our experience with HSBC in Maple Ridge has been excellent. Hopefully it will continue like that.



[QUOTE=Rich_007]When we transferred 2 lots of funds there was no charge at the Canadian end.

We found that transferring from HSBC UK / First direct to HSBC Canada was as cheap as using a money broker as the charges were a lot less but with lower exchange rate. However, brokers do allow you the option of setting your rate and hoping for the best on the day.

dbd33

A word in favour of the TD. It's true that I find it a bother to have to go to a specific branch to make a deposit (if only they had machines and internet banking that worked). It's also true that every transaction takes an age. I find a deposit takes around thirty keystrokes and it involves two people, one of whom is behind a window at which the tellers queue to get the deposit approved. I have never been able to make a single deposit of a cheque in less than half an hour in the bank, ten minutes of which is spent at the counter. But, and for me this is a big but, TD counter staff are mainly young women and they're often sluttily dressed. Treat banking as being akin to visiting a strip joint and the TD is not all bad.

If you value low fees and convenience over lechery look at PC Financial and/or ING Direct. For currency exchange look for a currency broker rather than a bank.

britishvixen21

LMFAO I love it! what a refreshing way to look at it, im sure if i was a lesbian id still be banking there, but now you mention it my hb never minded TD LOL

Cowtown

Quite a range of views here.

We seem to be at the opposite end of the scale from everyone else. Our TD branch seems fairly efficient (can do deposits fairly fast). The internet banking and bank machine deposits work just fine for us. The ladies are not dressed as strippers however the men could do with a bit of smartening up.

CIBC on the other hand - dreadful service and the manager has no discretion of her own - has to follow head office views to the letter.

Calgal

Hi Cowtown - dare I ask which branch?

Canredy

Regarding currency brokers, I've had good success with www.xe.com . You'll need a bank account in Canada and their SWIFT number. After those are obtained, it's easy as pie to transfer funds between your bank and the Canadian one, for a minuscule currency exchange fee (way less than 1%).

poll72000

We have been told that if you open a HSBC account in the UK and HSBC in Canada you can transfer your money as Sterling to Sterling, we are going to do this so we can wait for the interest rate to go up (hopefully!!).

hot wasabi peas

Yeah, I've been using them as well, in the opposite direction, and I'm happy with the exchange rates and the service.

A bit of a pain in the ass to set up an account and the website doesn't have a feel of legitimacy to it (which still scares me whenever I do a trade ) but the support people are great and I've had zero problems.

Sutherlands

Hi all,

I have heard in other threads that getting your credit rating started is sometimes hard, Would getting a HSBC visa card over in the UK, then transfering it over to your Canadian branch when u move, help you any in your credit rating side of things.

Sutherlands