Currency
#1
Forum Regular
Thread Starter
Joined: Jan 2016
Location: Newcastle, UK
Posts: 55
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?
#2
Joined: Sep 2008
Posts: 12,830
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.
#3
BE Forum Addict
Joined: Aug 2013
Location: Maple Ridge, Super Natural British Columbia
Posts: 2,071
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'.
Other low-cost currency exchange companies exist.
But never use your bank, no matter what they say about there being 'no fees'.
#4
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Currency
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.
#5
Joined: Sep 2008
Posts: 12,830
Re: Currency
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.
#6
Re: 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?
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.