Large financial transfers to Canada
#1
Forum Regular
Thread Starter
Joined: Jun 2020
Posts: 129
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
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
#2
Just Joined
Joined: Jun 2023
Posts: 1
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I can't post links on britishexpats yet but there's a useful guide at MSE, although it's a bit out of date and could be expanded.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
I can't post links on britishexpats yet but there's a useful guide at MSE, although it's a bit out of date and could be expanded.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 pm. Reason: Looks a little spammy for a first post
#3
Forum Regular
Thread Starter
Joined: Jun 2020
Posts: 129
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I can't post links on britishexpats yet but there's a useful guide at MSE, although it's a bit out of date and could be expanded.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 <<<>>>=> 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 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
Last edited by Jerseygirl; Jul 17th 2023 at 1:45 pm. Reason: Snipped web address
#4
Re: Large financial transfers to Canada
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."
#5
Banned
Joined: Jul 2014
Location: Hawley
Posts: 958
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.
#7
dah diddly dah
Joined: Jan 2015
Location: White Rock BC
Posts: 151
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.
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.
#8
Re: Large financial transfers to Canada
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 pm.
#11
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.
#12
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.
#13
Re: Large financial transfers to Canada