snowboardboy

unlikely as they normally take a little bit for themselves BUT if you use someone like www.xe.com and trade over the market it could work out pretty good.

Surrey Expat

No it will be their market rate (which I have never found to be much). We used to hold and HSBC GBP account and use Custom House for our FX transactions. It was a pain using HSBC, far easier using an overseas bank, such as Barclays, Custom House just take it out using a Direct Debit Mandate and deposit it in $CAD into the designated account.

snowboardboy

I will both 2nd and 3rd that comment xe.com also use custom house ( I think ) so they should all be one happy family.

AndyBCbound

I dont actually hold a HSBC account in the UK, Just in Canada, and use interchangefx for changing money

mandymoochops

you'll get a slightly better rate if you exchange a large sum with them but a standard Canadian bank will still rape you on the rate. Better to go with a trading account like HiFX or Moneycorps who just "shave" a tiny amout off the rate not huge amounts like the banks will.

AndyBCbound

On 20k i was offered 1.3 cents below the inter bank exchange rate,and on 100k 0.7 cents below,thought that was'nt too bad

Surrey Expat

Our GBP account was in Canada, which is what made it silly, we had to go into the branch to do a transfer to Custom House for them to do the exchange, whereas from a UK bank account it can all be processed by Custom House using a direct debit manadate.

G77

1.92 sob

Need to change up about $20K in the next 3 weeks or so - change now or wait and see if UK interest rates are held?

AndyBCbound

Same here, i have till October 1st,if the BOE lowers rates what effect do you think it will have ?

geedee

Normally people would say a drop for sterling. But the markets seem to be a complete lottery these days..... it might go up!

PaulandNikki

With inflation over double the governments desired rate, can't see interest rates coming down.
Exchange rate is only going 1 direction for the foreseeable future. Shame as we're landing in 3 weeks so have had to take a massive hit on transferring our funds

G77

If interest rates don't come down, then that's good because it makes sterling stronger, hence more CAD to GBP! However, seeing as the British economy is down the toilet, it probably won't make much of a difference

geedee

I think you're forgetting who's "in charge" of the UK at the moment! A self-serving slimy bunch of spin merchants who have their own interests way ahead of the Country's.

cneldred

Things are very dire with the exchange rate at the moment, but remember one important thing. Most traders be it banks or self employed will not return to their desks properly until after the Labor Day holiday.

geedee

Enjoy your holiday Mr. C?

Hopefully when the pros get back on the terminals they'll factor in that the Canadian economy isn't bullet proof either and we'll see a return to that good old 2.35!!