hi
just to clear a point up.Companies (such as HIFX)will not give you a forward rate transaction for 'free'.
If for example you pledge to buy x amount at say 2.5,for every month before this transaction goes through the quoted rate will drop by i think in the case of sterling/Cad $, 0.01 points.Obviously they don't shout this from the rooftops and it is still an excellent deal if you are pretty sure monies will be available to you and you can secure a good rate ...but free it is not.

The only way i can see that LP can offer 2.5 is if they charge a large percentage commision. i will phone them to check.
Mike.

Ok, thanks for all you input and advice.
As I'm only 11 months into the process and haven't sold my house yet, I only have one option and thats to sit and wait with my fingures crossed.
If anyone has any good companies which offer good exchange rates etc can they let me know.
I have sighned up with one called "moneycorp" which cam hold a rate for you for 12 months if you put down 10% of the total amout you want to change over, but without any thing back from the CIC can't take any chances yet so will just hope for the best and keep my eye on the rate fluctualting in the "sun" newspaper.

THanks

Hi
i think the 2.5 'rate' from LP is a bit of a red herring.Just phoned them and they quoted for £50k + a rate of 2.3 whereas HIFX are quoting 2.35 (although this rate is for £1 million + ,the rate for £50+ will be just below at about 2.33-2.34).

You can always see the rate at the BBC business/currency site for up to date rates.

Do the sensible thing.....Leave your money in the UK, go to Canada....Pop into a HSBC bank...open a CAD$ account... and ask them for a sterling account as well. then you can pop all your dosh into the sterling account, and exchange in at intervals when the Dollar/Pound rate is varourable.
Regards frankieforehead

Sounds temptig, but would one incur high bank charges, thus negating any benefit?

Well we use ours all the time to pay house bills etc....and we just incur normal bank account charges...........they never said there was a limit to what you can transfer, and they never mentioned any charges and we have not apid anything...oh and you also get interest on the money as well......give them a call.

Like Morweena, I have got the bumpf from HIFX. It seems they are a safe bet. Their charts show that on average the pound hits 2.40 about twice a year. You can simply leave instructions that they purchase £100,000 when it hits this rate. They claim to be able to get above tourist rates, as they purchase foreign currency in huge amounts and so are able to get closer to the market rates rather than the lower tourist rates we usuallly get as an individual.

Provided you can transfer the money to them within 3 working days from the time they purchase the CA$ then you can leave the cash in a high interest account with your own bankers.

Added to this, they will transfer your converted funds to an account in Canada free of charge.

Therefore you can get the best of both worlds. You can only buy at the rate you want (should it hit that rate), and they will transfer it without the 1% to 3% fee other banks charge.

Always bear in mind that although you may lose a bit on the exchange rates, the property market here has been more buoyant than in Canada, and so you have done very well in the last 5 years, and perhaps it is best not to be too greedy. There will always be someone who got a better deal, or paid less etc than you, just be happy with what you need for your own circumstances.

Hope this helps.

peterb

Please be wary of rates quoted over the phone.

Many companies will quote close, on or even above the Interbank rate to make their proposition the most attractive to the uninitiated.

You have to be registered with an fx company to ensure their compliance with the Anti Moneylaundering regulations applicable in the UK. Until that time, any quotes you are given wil be "indicative".

Keep your eye on the BBC to show which way the currency is going but dont get too bogged down with it.

Talk to several fx companies regarding their service and choose the one that makes you feel most secure about dealing with your money.

Please note that I refer generally to the idea of getting qoutes as against the quote given here.