Exchange Rate

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Old Dec 28th 2017, 3:20 am
  #31  
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Default Re: Exchange Rate

Another issue I’m having is getting my funds out from CAD to GBP. You can’t transfer more that 7500 CAD from BMO using exchange tools (XE, transfer wise etc ..). Anyone had any success writing themselves a cheque from their CAD to GBP account ? What other options are there if your not in TO?
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Old Dec 28th 2017, 3:48 am
  #32  
 
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Default Re: Exchange Rate

Originally Posted by BritCanadaNewbie View Post
Another issue I’m having is getting my funds out from CAD to GBP. You can’t transfer more that 7500 CAD from BMO using exchange tools (XE, transfer wise etc ..). Anyone had any success writing themselves a cheque from their CAD to GBP account ? What other options are there if your not in TO?
A FX broker. We do our by phone order and bank transfer in CAD to the broker.
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Old Dec 28th 2017, 11:29 am
  #33  
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Default Re: Exchange Rate

Originally Posted by BritCanadaNewbie View Post
Another issue I’m having is getting my funds out from CAD to GBP. You can’t transfer more that 7500 CAD from BMO using exchange tools (XE, transfer wise etc ..). Anyone had any success writing themselves a cheque from their CAD to GBP account ? What other options are there if your not in TO?
Why not TransferWise?

I just did a dummy test to send CDN$20,000 from my HSBC in Vancouver to any recipient in UK and TransferWise states they would receive GBP11,715.69p by tomorrow night.

BTW....I'm currently doing this dummy transaction in Jakarta, Indonesia.
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Old Dec 28th 2017, 11:51 am
  #34  
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Default Re: Exchange Rate

No such joy with BMO. I’m not in TO either so can’t wire out
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Old Dec 28th 2017, 4:50 pm
  #35  
 
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Default Re: Exchange Rate

Originally Posted by BritCanadaNewbie View Post
No such joy with BMO. I’m not in TO either so can’t wire out
Why do you need to be in Toronto? We are out in the boonies of BC. Regularly send payments our in foreign currency. Right now our credit union FX dept is giving us the best rate (not in the branch).
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Old Dec 28th 2017, 5:39 pm
  #36  
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Default Re: Exchange Rate

i'm in UK. BMO States you in need to be in country to Send wires. How to get your funds from your account to broker? Bill pay? EFT?
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Old Dec 28th 2017, 8:14 pm
  #37  
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Default Re: Exchange Rate

Originally Posted by BritCanadaNewbie View Post
i'm in UK. BMO States you in need to be in country to Send wires. How to get your funds from your account to broker? Bill pay? EFT?
BMO has on-line banking.....https://www1.bmo.com/onlinebanking/c...main?product=5

With HSBC Canada it's a straight on-line transfer of funds to TransferWise who then do an on-line exchange/transfer to any UK account.
The action only takes a few minutes. The actual transfer could take a couple of work-days.

Like I said previously...I do it even I'm on holiday in Indonesia.
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Old Dec 29th 2017, 7:12 am
  #38  
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Default Re: Exchange Rate

Originally Posted by Davita View Post
BMO has on-line banking.....https://www1.bmo.com/onlinebanking/c...main?product=5

With HSBC Canada it's a straight on-line transfer of funds to TransferWise who then do an on-line exchange/transfer to any UK account.
The action only takes a few minutes. The actual transfer could take a couple of work-days.

Like I said previously...I do it even I'm on holiday in Indonesia.
? Yes I know online banking . Can’t do larger that 7500$ with BMO. Even on the phone. I can’t send a wire unless I’m in country. I’m not in canada to open a HSBC account.
Anyone ever tried writing themselves a cheque from their CAD to GBP account ? That can work if cash isn’t urgent right ?
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Old Dec 31st 2017, 3:54 am
  #39  
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Default Re: Exchange Rate

$2.05 is the 25 year average for £1.

Why anyone moves from the UK to Canada with this exchange rate is beyond me.
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Old Dec 31st 2017, 7:34 am
  #40  
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Default Re: Exchange Rate

Originally Posted by Steve_ View Post
$2.05 is the 25 year average for £1.

Why anyone moves from the UK to Canada with this exchange rate is beyond me.
Because people need to purchase goods and services and homes now, not in 1997?

Over the past ten years, GBP/CAD has spent more time below 1.60 than it has above 1.90, and general consensus seems to be that Britain's fortunes are worse before they're better, so unless Canada enters a depression, anything above 1.70 is likely a ways off.

As a general rule, not many people have the luxury of waiting 5-15 years to see if they get an exchange rate they like.
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Old Jan 2nd 2018, 2:42 pm
  #41  
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Default Re: Exchange Rate

Originally Posted by BritCanadaNewbie View Post
? Yes I know online banking . Can’t do larger that 7500$ with BMO. Even on the phone. I can’t send a wire unless I’m in country. I’m not in canada to open a HSBC account.
Anyone ever tried writing themselves a cheque from their CAD to GBP account ? That can work if cash isn’t urgent right ?
My banking officer here (Scotia) has told me I can write myself a cheque drawn on my Barclays account in the UK and pay it into my Scotia account.
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Old Jan 2nd 2018, 6:23 pm
  #42  
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Default Re: Exchange Rate

Originally Posted by Souvy View Post
My banking officer here (Scotia) has told me I can write myself a cheque drawn on my Barclays account in the UK and pay it into my Scotia account.
I’ve done it this way too, but never the other way round - CAD cheque into British bank. It wasn’t easy/possible a few years ago, but don’t know now.
Like some of the others, we find the easiest and best route to be Transferwise.
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Old Jan 2nd 2018, 6:52 pm
  #43  
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Default Re: Exchange Rate

Interesting. I have never tried to move money from my Canadian account to my UK account via transferwise, I have always done it the other way around.

Of course in the UK, there is a 'faster payments' limit of £10k per transaction, but this is easily worked around by doing multiple transfers over a few minutes each of £10k etc. Transferwise works fine with that.
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Old Jan 2nd 2018, 9:50 pm
  #44  
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Default Re: Exchange Rate

Anybody used https://www.ofx.com/en-ca/?

They've offered me a very competitive spread rate to transfer funds from Canada to UK, and have been particularly efficient and courteous setting up an account so far, but wondered if there's any personal experience of them?
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Old Jan 3rd 2018, 5:10 am
  #45  
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Default Re: Exchange Rate

Originally Posted by R I C H View Post
Anybody used https://www.ofx.com/en-ca/?

They've offered me a very competitive spread rate to transfer funds from Canada to UK, and have been particularly efficient and courteous setting up an account so far, but wondered if there's any personal experience of them?
Have a read https://www.monito.com/en/send-money-with/ofx
OFX Lowest exchange rate fee was quoted at 0.4% compared to Transferwise at 0.47% on sums over £3000.

I will set up an account with OFX and compare service with Transferwise and give feedback.
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