GBP bank account in Canada?
 

Hi folks, I am not an ex-pat, just a Canadian that travels to the UK on a regular basis. I do some work for a UK company and they reimburse my expenses plus pay me some income. They wire me the money to my TD CAD bank account but I think I am likely getting hosed in bank fees and foreign exchange rates.

I am wondering if it is possible to maintain a GBP denominated bank account with a Canadian financial institution. I don't know that I can do that with my main bank - which is TD. But what about other banks? I would think that HSBC would be the most likely.

Any advice on this?

Re: GBP bank account in Canada?
 

You will be hosed but why bother with your idea, although possible...if you earn in GBP in a UK financial institute and want to receive CDN to spend in Canada.....just use TransferWise to do that.
Their transfer/exchange rates are emailed to me daily! I exchange between currencies around the world...CDN, GBP, HKG, IDR, AUD...No banks can beat that exchange/transfer including HSBC Premium where I also hold accounts in those countries, except AUD.

Re: GBP bank account in Canada?
 

I wasn't aware of Transferwise. I looked at their web site and it seems geared to sending money in other currencies, but I will be receiving. Do they also work for that?

You are right that for the most part I would just convert the money back to CAD in most instances, but I do vacation in the UK from time to time so it can make sense to keep a balance of a few thousand pounds.

Re: GBP bank account in Canada?
 

So looking into this a bit more TD used an exchange rate of 1.6697. The Bank of Canada shows a rate of 1.7120 for that date so I have been charged about 2.5%, assuming that the BoC rate was the mid-market rate.

Re: GBP bank account in Canada?
 

Foreign Currency Account | Scotiabank

RBC snd some other banks also have a similar account.. do a google search for 'sterling account' There are fees involved in addition to wire transfer fees etc., so it may not be financially advantageous to have one.

:)

Re: GBP bank account in Canada?
 

Hi
HSBC, has a gbp acct,
you can pay gbp cheques into the account
and draw out gbp cash if you wish
cheers
jerry

Re: GBP bank account in Canada?
 

HSBC told me last month I had to hold a Canadian account for 90 days before I could open a sterling account, and there'd be a $300 fee to open the additional account.

Re: GBP bank account in Canada?
 

I'm not sure I know what you mean. I thought you earned in UK and wanted to remit to Canada to spend.
Why would you need GBP in Canada when you could keep it in your UK bank and transfer/exchange any amount into CDN$ when needed? Then, when returning to UK, you can use the GBP directly from your account.

I just did a dummy run on TransferWise and if I wanted to transfer/exchange GBP1,000 from my account in UK I would receive CDN$1711.09 in my Canadian account in approx. 14 hours.

Re: GBP bank account in Canada?
 

I think the only difficulty with this would be the OPs ability to open a GBP account but it seems like this is possible with HSBC, in which case what what you are suggesting sounds best. It’s what we do, using Transferwise.

Re: GBP bank account in Canada?
 

Starling bank in the UK has a good deal. 0% bank fees and Mastercard exchange rates for foreign purchases and withdrawals (comparing them seems to be around Transferwise's rates). No account fees, etc. Have the best of both worlds.

Re: GBP bank account in Canada?
 

I was under the impression the OP was working legally, when in UK, and would therefore be permitted to open a bank account....https://www.litrg.org.uk/tax-guides/...k-bank-account

If working illegally and getting paid 'under the table'....I have no suggestions.

Re: GBP bank account in Canada?
 

I have both USD and a GBP accounts with TD. Transfers from overseas in the relevant currency lands in those accounts without conversion (obv).

Re: GBP bank account in Canada?
 

Hi Photoplex - Can I ask when you opened the GBP account with TD and how easy it was to open? Are there any restrictions on how much you have to keep in it (or transact) or any fees?

I have tried to do this with a few banks since arriving in Canada and have hit a brick wall. Generally I seem to come up against bank staff who don't know what they are doing! I was told Scotiabank would do it, yet after much confusion, they said it was for commercial businesses only and would come with fees...

The other option is of course HSBC - duly noted Jerry's post as well although the $300 fee mentioned by another poster has put me off a bit...

Re: GBP bank account in Canada?
 

All it took was a visit to my branch, and they opened a Foreign Currency Account in GBP. Then again, I had been a TD customer for some time with a lot of holdings with them. Your mileage may vary if you're new to them.

My GBP account is dormant now, but there wasn't any special requirements that I remember. I do recall that it's not an interest bearing account - just a holding account.

Re: GBP bank account in Canada?
 

Are you seeing a teller, when you get this information? If yes, then make an appointment with a customer services advisor.. they have more knowledge and can tweak the computer so it 'doesn't say no' - up to a point. Most accounts carry fees, unfortunately.

:)