electronic money transfer
 

hey all,
just looking into avenues for sending money over to canada.
even though i probably will use somebody like hifx, has anybody sent money by electronic transfer from the uk to canada.what were your experiences and how long did the process take and how long it took for the money to be available on the other side of the pond.
many thanks troops
Paul:thumbsup:

Re: electronic money transfer
 

There are a few tricks and tips so to speak, first your need a Bank Account in Canada, some of the banks now offer a newcomers account, heres an example.

http://www.icicibank.ca/personalbank...wcomersacc.htm

In the UK I use Natwest to relay money on a monthly basis to my CDN Bank and works a treat.

I use the online banking facility to then check my accounts and pay bill online etc.

In order to build up Credit, you need a UK MBNA Mastercard which is transferrable to Canada when you get there, which will give you the opportunity to start building credit....You UK credit history is none transferrable, so this is the quickest option.

Hope thats helps

John

Re: electronic money transfer
 

Are you sure you can transfer an MBNA credit card to a canadian one. A few years ago we couldn't ..... in fact we still have the UK one and only after two years here could we get the canadian one.

Re: electronic money transfer
 

I did mine a long time ago, so for sure it may have changed, but let me offer some clarity, I did get a new card, new number. But my time as an MBNA customer was acknowledged.

Regards


john

Re: electronic money transfer
 

It doesn't really matter now, but after 10 years and great credit (only about 20k GBP) we were a bit peeved that they said no. But then once we get here my husband goes and gets a canadian MBNA cos we got a nice picture of a golf course on the card. We now have a great credit rating here without the help of MBNA so it doesn't really matter in the long run.

Re: electronic money transfer
 

this isnt really the info i am looking for.....
i am wanting to transfer money when i come back to the uk ,after landing to my wife who will still be in ottawa without me for 4 weeks, while i tie up the financial side of things.
i already have a credit card sorted out for me and my bank account is ready to go....just requires our signatures, so it is just info on electronic transfers.
thanks

Re: electronic money transfer
 

HiFX and Moneycorp are your best bets - banks generally cost more (or have a lower rate) and take longer.

I guess it depends on how much you're transferring and how often. I would def use one of the brokers for a large, one of transaction or a series of regular ones!

HTH!

Re: electronic money transfer
 

Have used hifx recently,
1) need to register with them (if they have enough info from credit check that is that) moneycorp still need a form to be filled.
2) then phone up broker and they will quote a price based on amount you want to buy.
3) if you agree to buy then have to get them money to their account
4) once that is cleared then need to give them in writing the account it needs to get to
5) They acknowledge sending and whilst it left UK on thursday didn't get credited to our Canadian bank account until the weekend

Re: electronic money transfer
 

One cost to bear in mind ... I have used Moneycorp this week to transfer pretty much all my funds - should be floating across the electronic airwaves to Canada as I type this - and whilst Moneycorp did not charge me a direct fee (because they are making a fair few quid on the transaction) - it did cost me £30 to get my LloydsTSB to transfer the funds to the Moneycorp client account yesterday - (CHAPS) - and this has gone up from £15 about 4 weeks ago. I could have sent Moneycorp a regular cheque, but that would take at least 5 days to clear. Just another few pounds to take into account.

HIFX and the like do sort out regular payments, ie, monthly, or similar too, if you wanted to use them for this - and again, depending on the sums involved, I suspect you may get a better rate/free transfer by using them. Just remember any CHAPS fees from your own bank - but perhaps if you are talking fairly small sums of money, it may work out much of a muchness .

Re: electronic money transfer
 

When we opend our Moneycorp accout they said they would cover any charges incurred by either our UK or our Canadian account - might be worth checking!

Re: electronic money transfer
 

Ta ! I'm off to read the small print ! :)

Re: electronic money transfer
 

hopefully i will explain myself better....:o
has anyone transferred from a uk bank to a canadian bank.
what were your experiences.
i already have an hifx account and i am aware of what happens with them
thanks
Paul

Re: electronic money transfer
 

Basically its a nightmare.

Charges both ends and when we did it it took 7 working days to cross over and clear - also a lot of phone calls were made to secure a semi-decent rate. If you've got a HiFX why are you considering the bank?!?!?

Re: electronic money transfer
 

just researching all avenues.....one of my friends(who is setting up my account/creditcard) works with the roayl bank of canada,and she said that the transfer is one of the easier routes.
just making sure i know all the avenues open to me.
thanks for your input
Paul:thumbup:

Re: electronic money transfer
 

I def don't think its easier - even when I've paid UK cheques into my CDN account they've gauged me! I think it might be easy but I don't think its the cheapest/fastest way to go :)

When are you guys heading over?