Currency

Old Jan 15th 2019, 3:02 pm
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Default Currency

Hi, moving to BC in 2 weeks time. I’ve opened a ScotiaBank immigrant account online and intended to transfer some funds into it then open the account as soon as I arrive. However, Frontier Pay have just contacted me and told me about their services (White & Co referred me). Am I better to use them of carry on as I was going to do and just transfer the funds from my UK bank account to my Scotiabank account?
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Old Jan 15th 2019, 3:54 pm
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Default Re: Currency

Check the rates you get and any fees. Rather than use the FX rate alone, sample a figure and find out how much you end up with, this will show the true cost. They all charge fees, some you see, some you don't. There are plenty of FX houses, you can also deposit a UK cheque into a Canadian bank account, Depends on the sum involved as to which is best. We use either the FX desk at our bank (not the tellers in branch) or a currency broker. Depends on the rates at the time.
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Old Jan 15th 2019, 4:11 pm
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Default Re: Currency

Personal preference is HiFX for best number of CAD actually received per GBP.

Other low-cost currency exchange companies exist.

But never use your bank, no matter what they say about there being 'no fees'.
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Old Jan 15th 2019, 4:33 pm
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Default Re: Currency

Originally Posted by withabix View Post
Personal preference is HiFX for best number of CAD actually received per GBP.

Other low-cost currency exchange companies exist.

But never use your bank, no matter what they say about there being 'no fees'.
The Wire Transfer fee is a standard $17 by the main banks here. But there would be no transfer fee if you deposit a cheque.

RBC have 2 exchange rates.. one for cash, one for transfers. The non-cash one is preferable if you are depositing a large amount... if it's large enough then the $17 fee is worth paying.
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Old Jan 15th 2019, 8:30 pm
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Default Re: Currency

Originally Posted by withabix View Post
But never use your bank, no matter what they say about there being 'no fees'.
We use the bank on occasion, not through the teller though, through their FX desk. Just did a substantial FX transfer though them, rate was the same as the currency broker, but is went through faster.
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Old Jan 15th 2019, 8:34 pm
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Default Re: Currency

Originally Posted by philip.arkwright View Post
Hi, moving to BC in 2 weeks time. I’ve opened a ScotiaBank immigrant account online and intended to transfer some funds into it then open the account as soon as I arrive. However, Frontier Pay have just contacted me and told me about their services (White & Co referred me). Am I better to use them of carry on as I was going to do and just transfer the funds from my UK bank account to my Scotiabank account?
Suggest you check the wiki page on this, lots of ideas there.

http://britishexpats.com/wiki/Transf...m_UK_to_Canada

Personally, I always use TransferWise - probably the best overall 'rate' if you take into account all charges.
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