27mich71

If i go through a currency exchange broker, eg. Halo, HiFX etc. Do they transfer the funds in the form of a 'wire transfer' or is it done in some other way into a Canadian account?
Thanks

pommyg

A wire transfer, also known as a telegraphic transfer or TT seems to be an umbrella term for electronic transfers, eg by CHAPS/BACS etc.

The brokers that I have used expect you to transfer money into a designated account electronically (i.e. by wire transfer) and then they transfer this electronically into your nominated foreign currency account electronically.

This is based on my experience as a consumer and I dont work in this area...

furries

As I understand it, this works in two ways ... first, you have an account at each end and they simply electronically transfer straight from one to the other ... this in many ways is the safest as you have your money all the way along ...

Some companies, we are dealing with TorFX, are able, and prepared to transfer money into a holding account they have, if you do not have your own destination account set up ... they are not keen on this, but are able to do it ...

The second option, as I understand it, is where you give your money to an exchange company and they process it through their own bank... this is a worry (for me) as if I recall correctly, there was a large, established UK firm that did this that went under last year and loads of folks lost their money!

As I understand, the electronic route is the most widely used - transfer from one account to another ...

27mich71

Thanks for the advice, it's much appreciated