Cheapest/easiest bulk £ to $ transfers
#31
Forum Regular
Joined: May 2009
Location: Wolfville, NS
Posts: 144
Re: Cheapest/easiest bulk £ to $ transfers
For comparison, Natwest print their daily exchange rates online (you can google "Natwest Exchange Rates"). They have 2 different rates - one for small personal currency, and another for commercial exchange. Today's example is below:
Mid-market GBP/CAD rate: 1.8223 (4pm UK)
Natwest Commercial: 1.7782 (about 2.5% spread)
RBS: 1.7645 (about 3% spread)
Natwest Personal: 1.7184 (about 5.5%)
It is quite clear to see how much money banks make from FX! Even if you had a commercial account with so-called "preferential exchange rates" they still take 2.5% on every transaction. That is £250 for every £10k transferred.
I have been using Oanda since 2004; initially for forex trading but now primarily for transferring money monthly from the UK to Canada. It takes a bit to get everything set up but once everything is in place it is very straightforward.
#32
Re: Cheapest/easiest bulk £ to $ transfers
Hi Deva,
This shows the saving of using a specialist currency company compared to the bank.
It seems you have a very (very!) good deal there. Working in the industry I can honestly say that I have never heard of such tight spreads for general currency transfers. A £100k transfer would earn Oanda* less than £20! I have dealt with public listed companies (PLCs) with turnovers of £1billion+ who do not achieve these prices!
For comparison, other FX companies will generally trade between 0.5% - 1% (depending on amounts). For larger transfers they can provide rates sub 0.5% but very rarely do they provide rates sub 0.1%.
All I would suggest is that you check that the rates you receive really are at this 0.02% spread. If you check and find these are the actual rates then I would congratulate yourself that you are achieving extremely good pricing!!
* FYI - Earlier this year Oanda have started using the services of World First (another FX company) and so all clients are directed to World First for international payments.
This shows the saving of using a specialist currency company compared to the bank.
It seems you have a very (very!) good deal there. Working in the industry I can honestly say that I have never heard of such tight spreads for general currency transfers. A £100k transfer would earn Oanda* less than £20! I have dealt with public listed companies (PLCs) with turnovers of £1billion+ who do not achieve these prices!
For comparison, other FX companies will generally trade between 0.5% - 1% (depending on amounts). For larger transfers they can provide rates sub 0.5% but very rarely do they provide rates sub 0.1%.
All I would suggest is that you check that the rates you receive really are at this 0.02% spread. If you check and find these are the actual rates then I would congratulate yourself that you are achieving extremely good pricing!!
* FYI - Earlier this year Oanda have started using the services of World First (another FX company) and so all clients are directed to World First for international payments.
#33
Forum Regular
Joined: May 2009
Location: Wolfville, NS
Posts: 144
Re: Cheapest/easiest bulk £ to $ transfers
Bid: 1.81909
Ask: 1.81876
Rate for transfer from my GBP to CAD account: 1.81856
To be clear, I am moving money between my GBP and CAD sub accounts on the fxTrade forex trading platform. These sub accounts are linked to bank accounts in the UK and Canada. Most people may not want to go to the effort of setting up this arrangement hence the World First option. For me it works perfectly.
#34
Re: Cheapest/easiest bulk £ to $ transfers
Ahhh...I see!
Sorry, I assumed you meant you were getting a spread of 0.02% for direct international currency transfers via a currency broker. (I was thinking to myself even Bill Gates and Microsoft would struggle to achieve those prices!!)
It makes perfect sense for spread on a forex platform. A very interesting set-up you have. I have used IG Index and CMC platforms in the past.
Chris.
Sorry, I assumed you meant you were getting a spread of 0.02% for direct international currency transfers via a currency broker. (I was thinking to myself even Bill Gates and Microsoft would struggle to achieve those prices!!)
It makes perfect sense for spread on a forex platform. A very interesting set-up you have. I have used IG Index and CMC platforms in the past.
Chris.
#35
Just Joined
Joined: Aug 2014
Location: Montreal
Posts: 22
Re: Cheapest/easiest bulk £ to $ transfers
Personally, i have used both Azimo and currencyfair and their rates are reasonable. For any person who doesn't know them, you can google the name and see.
you can't use azimo for send money canada to UK but you can send UK to canada.
you can't use azimo for send money canada to UK but you can send UK to canada.
#36
Forum Regular
Joined: Aug 2014
Location: Toronto
Posts: 262
Re: Cheapest/easiest bulk £ to $ transfers
I am novice to this international transfer! - but need £60,000 to transfer to canada within the next 2 to 3 months before my relocation. I have been looking at moneycorp online and seen their rate fluctuate between 1.82 to 1.84. Now coming across this threat so much options and now not sure what would be a good options for me?
#37
Re: Cheapest/easiest bulk £ to $ transfers
Hi Xavio - yes they are both good methods of transferring funds. I would perhaps say that CurrencyFair is slightly cheaper than Azimo, but not by much. These companies are very good methods of transferring small amounts (sub £2500), and certainly cheaper than the bank. If you are transferring larger amounts I would definitely recommend looking at a traditional currency broker. They will be able to provide better rates and cheaper transfers.
Hasan - £60k is definitely worth looking at using a traditional currency broker. On this amount you will see a big saving compared to using the bank, and also over companies like the above. Traditional currency brokers, such as my own company (which I am unfortunately not allowed to name) will quote from the live market. As the 'interbank' rate moves up and down, the broker's rate will move accordingly.
Whoever you choose to exchange your funds, you could consider putting in an order at a certain rate. When (if) the rate hits this level they can automatically exchange for you, meaning that you do not have to be glued to the internet rates!!
Hasan - £60k is definitely worth looking at using a traditional currency broker. On this amount you will see a big saving compared to using the bank, and also over companies like the above. Traditional currency brokers, such as my own company (which I am unfortunately not allowed to name) will quote from the live market. As the 'interbank' rate moves up and down, the broker's rate will move accordingly.
Whoever you choose to exchange your funds, you could consider putting in an order at a certain rate. When (if) the rate hits this level they can automatically exchange for you, meaning that you do not have to be glued to the internet rates!!
#38
Forum Regular
Joined: Mar 2014
Posts: 30
Re: Cheapest/easiest bulk £ to $ transfers
I have just transferred a relatively small amount of money as a test using Canadian Forex. The rate I got was $1.79 to the pound and I think they waived their fee for the first transaction - might be wrong with that though.
Word of warning though (and it's sensible and obvious once you actually think about it): it's not a simple register, setup, pay, exchange, receive. They will request ID and if you're in the middle of a move you might not readily have all the information they will want (fixed address for example). From signing up to submitting ID and doing the exchange it took about a week so just be prepared for that if you need the money quickly.
Word of warning though (and it's sensible and obvious once you actually think about it): it's not a simple register, setup, pay, exchange, receive. They will request ID and if you're in the middle of a move you might not readily have all the information they will want (fixed address for example). From signing up to submitting ID and doing the exchange it took about a week so just be prepared for that if you need the money quickly.
#39
Re: Cheapest/easiest bulk £ to $ transfers
If 1.8223 was the rate you could have made the transfer at around 1.8219 using Oanda. That's a 0.02% difference. As mentioned earlier there is a $20 fee for the first transfer in the month, $40 thereafter.
I have been using Oanda since 2004; initially for forex trading but now primarily for transferring money monthly from the UK to Canada. It takes a bit to get everything set up but once everything is in place it is very straightforward.
I have been using Oanda since 2004; initially for forex trading but now primarily for transferring money monthly from the UK to Canada. It takes a bit to get everything set up but once everything is in place it is very straightforward.
#40
Re: Cheapest/easiest bulk £ to $ transfers
Hi Edo / Felixtrebor,
You will need to register to use the services of a currency specialist. The actual requirements will depend on where you are based, the amount you are transferring and where the FX company is based.
In the UK, HMRC regulations are pretty tight (for obvious reasons)! In most cases you will need to submit 3 documents to open an account:
1) A completed application form (this is often done online). This requires standard information such as name, address, date of birth etc. It will also ask you to sign to agree to their Terms & Conditions of trading.
2) Proof of ID - this can sometimes be submitted electronically. A photocopy of a passport usually is sufficient. The FX company will usually check it is genuine by authenticating the MRZ number (which is the long number at the very bottom of the photo page with lots of <<<<<<<<<< on)
3) Proof of address - This can sometimes be verified electronically (via electoral roll databases etc.), but as Felixtrebor mentions this can often be tricky if you are part way through a move. A bank statement or utility bill is normally fine. (You may find they do not accept mobile phone bills).
When you are going to register with a currency company it may be worth getting scanned copies of the above ready. This will speed up the process of opening an account. When the currency company has these document it shouldn't take longer than a few hours to open the account and you can begin trading.
Edo - I have worked in the industry for over 10 years and have never heard of certain areas of Canada not being allowed a trading account. When dealing with Oanda you are actually dealing with World First. Region specific applications are common in the United States, but shouldn't be an issue in Canada. If you have any specific questions about this please get in touch.
Chris.
You will need to register to use the services of a currency specialist. The actual requirements will depend on where you are based, the amount you are transferring and where the FX company is based.
In the UK, HMRC regulations are pretty tight (for obvious reasons)! In most cases you will need to submit 3 documents to open an account:
1) A completed application form (this is often done online). This requires standard information such as name, address, date of birth etc. It will also ask you to sign to agree to their Terms & Conditions of trading.
2) Proof of ID - this can sometimes be submitted electronically. A photocopy of a passport usually is sufficient. The FX company will usually check it is genuine by authenticating the MRZ number (which is the long number at the very bottom of the photo page with lots of <<<<<<<<<< on)
3) Proof of address - This can sometimes be verified electronically (via electoral roll databases etc.), but as Felixtrebor mentions this can often be tricky if you are part way through a move. A bank statement or utility bill is normally fine. (You may find they do not accept mobile phone bills).
When you are going to register with a currency company it may be worth getting scanned copies of the above ready. This will speed up the process of opening an account. When the currency company has these document it shouldn't take longer than a few hours to open the account and you can begin trading.
Edo - I have worked in the industry for over 10 years and have never heard of certain areas of Canada not being allowed a trading account. When dealing with Oanda you are actually dealing with World First. Region specific applications are common in the United States, but shouldn't be an issue in Canada. If you have any specific questions about this please get in touch.
Chris.
#41
Forum Regular
Joined: Mar 2010
Location: Red Deer, AB
Posts: 217
Re: Cheapest/easiest bulk £ to $ transfers
Just transferred 32k GBP from my UK account into my Canadian account via Canadian Forex. No fees, 1% spread, good customer service and very prompt once I managed to get the funds out of my UK account into theirs (had to do 4 transfers over 4 days...).
#42
Forum Regular
Joined: Nov 2012
Posts: 38
Re: Cheapest/easiest bulk £ to $ transfers
As Chris points out WorldFirst is the partner of Oanda.
I recommend WorldFirst and CanadianForex as both have offices in Canada. Should be no worries with Alberta Edo.
One you have it all set up it runs really. The speed to move money is actually faster then a bank too.
#43
Re: Cheapest/easiest bulk £ to $ transfers
Hi Smivers,
Many banks have restrictions on the amount of funds which can be transferred per day, especially when making the transfers online. £10k / £15k or sometimes £20k is the norm.
If you are ever pushed for time I would suggest calling the bank up. They will be able to make a CHAPS payment. This is a same-day transfer and will not have any limit restrictions. Be warned - they may charge you for the luxury. The most I have heard is £25 for a CHAPS payment, but as you saved $1,000 anyway this is slightly more palatable.
I hope this helps.
Chris.
Many banks have restrictions on the amount of funds which can be transferred per day, especially when making the transfers online. £10k / £15k or sometimes £20k is the norm.
If you are ever pushed for time I would suggest calling the bank up. They will be able to make a CHAPS payment. This is a same-day transfer and will not have any limit restrictions. Be warned - they may charge you for the luxury. The most I have heard is £25 for a CHAPS payment, but as you saved $1,000 anyway this is slightly more palatable.
I hope this helps.
Chris.
#44
Forum Regular
Joined: Mar 2010
Location: Red Deer, AB
Posts: 217
Re: Cheapest/easiest bulk £ to $ transfers
Hi Smivers,
Many banks have restrictions on the amount of funds which can be transferred per day, especially when making the transfers online. £10k / £15k or sometimes £20k is the norm.
If you are ever pushed for time I would suggest calling the bank up. They will be able to make a CHAPS payment. This is a same-day transfer and will not have any limit restrictions. Be warned - they may charge you for the luxury. The most I have heard is £25 for a CHAPS payment, but as you saved $1,000 anyway this is slightly more palatable.
I hope this helps.
Chris.
Many banks have restrictions on the amount of funds which can be transferred per day, especially when making the transfers online. £10k / £15k or sometimes £20k is the norm.
If you are ever pushed for time I would suggest calling the bank up. They will be able to make a CHAPS payment. This is a same-day transfer and will not have any limit restrictions. Be warned - they may charge you for the luxury. The most I have heard is £25 for a CHAPS payment, but as you saved $1,000 anyway this is slightly more palatable.
I hope this helps.
Chris.
#45
Re: Cheapest/easiest bulk £ to $ transfers
Do not get me started on banks and money transfers... I just sold my house in the UK, and the proceeds were deposited into my HSBC account by my solicitor... so far so good. My mortgage company was the bank of Mum and Dad, so next stage was to transfer money over to their account to settle debts. Telephone banking (pin code, date of birth, as many security questions that they can think of) and internet banking (user ID, security question and separate key-pad-generated-number) only allow a combined maximum of 10k GBP a day. The only way they would let me transfer the money is a signed letter, and even that had to be original rather than a scanned and sent copy. In the end I just sent a cheque, but it is very annoying that in the modern day, with the wonders of technology, the best way they can come up with securing my money is on the basis of my signature - probably the least secure of all the methods...
All of this, and we are supposed to have one of the most advanced banking systems in the world!
I have a few accounts with Natwest, Barclays and Halifax. Natwest and Barclays have a monthly charge for their 'services', but I can honestly say that my Halifax Building Society account is by far the best for payments... and it's free!