Large financial transfers to Canada
 

I'm sure this has been asked before but I'm used to transferring small amounts to Canada using Wise but was wondering are they the best to use when I eventually transfer over the proceeds of our UK home sale?

It'll be a few hundred thousand pounds,so if I was to use Wise for this transfer would I just go to my UK bank and ask them to do the payment for me? My daily on line limit is only GBP 10,000 so it would take a few weeks to move it all myself. Thanks

Re: Large financial transfers to Canada
 

I'm struggling with how best to move funds from the UK at the moment. A bank will give you a poor exchange rate.

I can't post links on britishexpats yet but there's a useful guide at MSE, although it's a bit out of date and could be expanded. Go to <<<SNIP>>>=> banking & savings => bank accounts => sending money abroad

There's also a forum associated with the guide although the link is a bit hard to spot. I'll post suggestion there on how to improve the guide when I get a chance.

I wouldn't use wise myself as something has gone wrong there recently judging by the terrible reviews on the consumer affairs website

Re: Large financial transfers to Canada
 

I moved a small amount the other using Wise and it was business as usual, I'll do a google and have a look for these bad reviews you mention

Re: Large financial transfers to Canada
 

I, along with many other BE users, continue to get great service from Wise.
I remember some scandal about "reviews" and wiki says this
Plenty of other review websites continue to give Wise great write-ups.

Re: Large financial transfers to Canada
 

I used Wise twice recently and had absolutely no problem. My recipient recieved the funds in less than 2 hours both times. I have used them for at least 7 years and never had any problems.

Re: Large financial transfers to Canada
 

Likewise!

Re: Large financial transfers to Canada
 

I too used Wise recently without any apparent problems and have only seen good reviews. However, given that they are not protected by the FSCS, it wouldn't take many bad reports to scare the horses.
I've had good service from TORFX Currency Broker, International Money Transfers – TorFX the exchange rate is normally a little less than Wise and the receiving bank usually imposes a charge but the risk seems to be less although they too don't seem to have full FSCS protection.

Re: Large financial transfers to Canada
 

That is true for small to medium sized amounts, up to say GBP50,000, but for larger amounts, such as the proceeds of the sale of your home, you need to ask your bank for "a dealing desk rate" (use those words) and the bank should be able to offer you a live market rate, that moves up and down constantly throughout the day - so you may only be given a minute, literally, to accept the rate being offered. You can always ask for a new rate if you don't respond quickly enough. The rate you're offer will be at a spread to the mid rate, with the spread being smaller the larger the amount you're exchanging).

The non-GBP proceeds of the exchange will be wired to your account and should be credited within 24-48 hours. There is probably a fee to send the wire (somewhere around £25-£35 in the UK is common, though some banks don't charge a fee, or give you a few free wires each year), and some banks still charge a smaller fee to receive a wire.

Re: Large financial transfers to Canada
 

Very droll :lol:

Re: Large financial transfers to Canada
 

I see my near namesake hasn't returned from making their single post. :scarper:
If I was to be cynical I might think there was a specific intention. ;)

Re: Large financial transfers to Canada
 

I’m pretty sure Martin Lewis is too busy doing major news programs, hosting his own tv show and and advising the government to be spamming forums with his hugely successful website somehow. :lol:

Re: Large financial transfers to Canada
 

I was thinking something along opposite lines - discrediting Wise. ;) I'm just not sure on whose behalf that would be. :confused:

Re: Large financial transfers to Canada
 

I think you're definitely being too cynical. And this is from somebody that is the queen of cynics and can spot a spammer a mile off. :lol: