Go Back  British Expats > Living & Moving Abroad > Canada
Reload this Page >

Large financial transfers to Canada

Large financial transfers to Canada

Old Apr 26th 2023, 10:13 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Jun 2020
Posts: 129
Sunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond repute
Default 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
Sunnybrae is offline  
Old Jun 7th 2023, 1:10 pm
  #2  
Just Joined
 
Joined: Jun 2023
Posts: 1
FromBristol is an unknown quantity at this point
Default 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I can't post links on britishexpats yet but there's a useful guide at MSE, although it's a bit out of date and could be expanded.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

Last edited by Jerseygirl; Jul 17th 2023 at 1:44 am. Reason: Looks a little spammy for a first post
FromBristol is offline  
Old Jun 7th 2023, 8:11 pm
  #3  
Forum Regular
Thread Starter
 
Joined: Jun 2020
Posts: 129
Sunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond reputeSunnybrae has a reputation beyond repute
Default Re: Large financial transfers to Canada

Originally Posted by FromBristol
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 <<<>>>=> 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
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

Last edited by Jerseygirl; Jul 17th 2023 at 1:45 am. Reason: Snipped web address
Sunnybrae is offline  
Old Jun 7th 2023, 11:24 pm
  #4  
Oscar nominated
 
BristolUK's Avatar
 
Joined: Jan 2008
Location: Moncton, NB, CANADA
Posts: 51,803
BristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond repute
Default Re: Large financial transfers to Canada

Originally Posted by FromBristol
I wouldn't use wise myself as something has gone wrong there recently judging by the terrible reviews on the consumer affairs website
I, along with many other BE users, continue to get great service from Wise.
I remember some scandal about "reviews" and wiki says this
ConsumerAffairs "creates biased and negative portrayals of companies that don't pay for its service called ConsumerAffairs for Brands."
Plenty of other review websites continue to give Wise great write-ups.
BristolUK is offline  
Old Jun 7th 2023, 11:53 pm
  #5  
Banned
 
Joined: Jul 2014
Location: Hawley
Posts: 958
Jack_Russells4ever has a reputation beyond reputeJack_Russells4ever has a reputation beyond reputeJack_Russells4ever has a reputation beyond reputeJack_Russells4ever has a reputation beyond reputeJack_Russells4ever has a reputation beyond reputeJack_Russells4ever has a reputation beyond reputeJack_Russells4ever has a reputation beyond reputeJack_Russells4ever has a reputation beyond reputeJack_Russells4ever has a reputation beyond reputeJack_Russells4ever has a reputation beyond reputeJack_Russells4ever has a reputation beyond repute
Default 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.
Jack_Russells4ever is offline  
Old Jun 8th 2023, 3:21 am
  #6  
Forum Regular
 
Joined: Jul 2015
Location: BC
Posts: 45
Skyva has a reputation beyond reputeSkyva has a reputation beyond reputeSkyva has a reputation beyond reputeSkyva has a reputation beyond reputeSkyva has a reputation beyond reputeSkyva has a reputation beyond reputeSkyva has a reputation beyond reputeSkyva has a reputation beyond reputeSkyva has a reputation beyond reputeSkyva has a reputation beyond reputeSkyva has a reputation beyond repute
Default Re: Large financial transfers to Canada

Likewise!
Skyva is offline  
Old Jun 8th 2023, 4:47 am
  #7  
dah diddly dah
 
Joined: Jan 2015
Location: White Rock BC
Posts: 157
btar has a reputation beyond reputebtar has a reputation beyond reputebtar has a reputation beyond reputebtar has a reputation beyond reputebtar has a reputation beyond reputebtar has a reputation beyond reputebtar has a reputation beyond reputebtar has a reputation beyond reputebtar has a reputation beyond reputebtar has a reputation beyond reputebtar has a reputation beyond repute
Default Re: Large financial transfers to Canada

Originally Posted by Skyva
Likewise!
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.
btar is offline  
Old Jun 8th 2023, 5:04 am
  #8  
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,585
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Large financial transfers to Canada

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

Last edited by Pulaski; Jun 8th 2023 at 5:06 am.
Pulaski is offline  
Old Jun 8th 2023, 6:52 am
  #9  
Oscar nominated
 
BristolUK's Avatar
 
Joined: Jan 2008
Location: Moncton, NB, CANADA
Posts: 51,803
BristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond repute
Default Re: Large financial transfers to Canada

Originally Posted by Skyva
Likewise!
Very droll
BristolUK is offline  
Old Jul 17th 2023, 12:44 am
  #10  
Oscar nominated
 
BristolUK's Avatar
 
Joined: Jan 2008
Location: Moncton, NB, CANADA
Posts: 51,803
BristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond repute
Default Re: Large financial transfers to Canada

I see my near namesake hasn't returned from making their single post.
If I was to be cynical I might think there was a specific intention.
BristolUK is offline  
Old Jul 17th 2023, 1:46 am
  #11  
SUPER MODERATOR
 
christmasoompa's Avatar
 
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,166
christmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond repute
Default Re: Large financial transfers to Canada

Originally Posted by BristolUK
I see my near namesake hasn't returned from making their single post.
If I was to be cynical I might think there was a specific intention.
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.
christmasoompa is offline  
Old Jul 17th 2023, 2:16 am
  #12  
Oscar nominated
 
BristolUK's Avatar
 
Joined: Jan 2008
Location: Moncton, NB, CANADA
Posts: 51,803
BristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond repute
Default Re: Large financial transfers to Canada

Originally Posted by christmasoompa
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.
I was thinking something along opposite lines - discrediting Wise. I'm just not sure on whose behalf that would be.
BristolUK is offline  
Old Jul 17th 2023, 3:28 am
  #13  
SUPER MODERATOR
 
christmasoompa's Avatar
 
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,166
christmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond repute
Default Re: Large financial transfers to Canada

Originally Posted by BristolUK
I was thinking something along opposite lines - discrediting Wise. I'm just not sure on whose behalf that would be.
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.
christmasoompa is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Manage Preferences Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Your Privacy Choices -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.