mr2k

Hi,

I've got a couple of bank accounts in the UK, and I'm going to set up an account as soon as I arrive in Canada. My question is... am I better taking just a little bit of cash, and using my UK card when I need to, or should I take more cash, as I assume I'll get more for my money (no transaction fees etc.)

Should I open my account with cash, or transfer some over from my UK account?

I assume transferring cash is expensive because of the fees the bank will bung on top?

Any advice appreciated!

Thanks!

jericho

How much cash are we talking?

mr2k

Dunno, not a huge amount, enough for getting by for a few weeks without having to worry too much.

iaink

For a wire transfer its a fixed fee, so transfering a large amount is more cost effective than several small amounts.

You will probably get a better exchange rate through the specialist agencies for a large transfer from a UK to CDN account than either through your bank or as a cash exchange rate... most places here take credit cards, so check what your FX rates are on your cards and use the lowest one...some are 2%, some are 2.5, it all ads up, and just use a bit of cash as necessary.

Aviator

Cash gives the worst exchange rate and there may also be fees. Credit card rates are better than cash (other than to get cash on the card), a GBP cheque can be deposited into a Canadian account, but there will likely be a 30 day hold for a new account holder, FX transfer is the best rate and quickest.

Idomeneus

Can one really use a uk bank cheque to transfer money to a Canadian bank? Didn't think that was possible; useful if it is.

These FX chaps, do they hold onto your dollars while you sort out a canadian bank account to transfer the money into? I have yet to open a canadian bank account, so not sure whether it is better to open bank account prior to transferring several thousands?

NatsnSid

I assume transferring cash is expensive because of the fees the bank will bung on top?


Hi.

We transferred funds over using Moneycorp, they charged us 15.00 on a large sum of money - and 15.00 on a smaller 3,000 transaction. So the fee was minimal. (Sorry I have no pound sign on my canadian laptop keyboard!).

We set up an account with them whilst we were in the UK, we then gave them our Canadian bank details. If you set up an account before you leave - you'll be able to email your broker the Canadian bank details when you arrive/have them.

Once you have your account set up, all you then do is converse/email with the broker reference the rate of exchange, accept it, log into your online banking in the UK, transfer the UK money to Moneycorps' account and advise them of your new canadian account details. They will then transfer the $'s into your canadian account. Takes about 1-2 days I think.

We were surprised at how easy it was. I started on their website asking for info on opening an account. They take care of everything, I told them the rate I wanted and within a couple of days they'd secured it and sent it over. (It was a better market then, now you'll probably get whats advertised on their RSS feed...1.65 or something).

There are other companies out there that do the same. We used Moneycorp again recently from over here, because we had the account already set up, we did it mainly via email until the day of transaction when I was telephoned at work to advise that I wasn't going to get any better of a rate and to get it as it was going to drop upon news which was due! Lucky I did, as she was right. They were very trustworthy and professional, im sure the other companies are the same too.

Just thought this might help a little - sorry if not.

Natalie

Novocastrian

These days, I think the safest way is to buy an appropriate amount of coke in the UK, then put it in a plastic bag and stuff it inside your underpants.

This way you maximize the bang for your buck.

bsmith

...I believe this is the method of choice for many financial transactions carried out between South and North America. There is a element of risk involved, but as you so rightly point out, the returns can be quite impressive.

Aviator

You cannot initiate a transfer until you have an account for it to go to. You can deposit GBP cheques into a Canadian account.

SMCNI1968

Maybe go see HSBC in the UK, they have branches here too (Think you can use Bank of Montreal atms for free on a reciprocal arrangement, but not sure?). Anyway, they might be able to transfer funds cheaply.