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Money exchange - high street v's foreign exchange specialist

Money exchange - high street v's foreign exchange specialist

Old Mar 19th 2009, 10:58 pm
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Default Money exchange - high street v's foreign exchange specialist

Hi all,

I've been reading up on the options for transferring money but wanted some of your opinions please.

I'm planning on taking approx £10,000 with me when I initially move in 3 weeks, so how would you recommend I change this over?

a) Change it at a high street bank?
b) Use one of the specialists such as HIFX, Halo, World First?

I know the specialist charge a rate for exchanging funds but they get you a slightly better rate don't they? Just trying to way up the pro's and con's of both.

Any suggestions would be greatly received.
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Old Mar 20th 2009, 12:40 am
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Default Re: Money exchange - high street v's foreign exchange specialist

for such a small amount i'd just get my UK bank to TT the money to my Canadian bank
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Old Mar 20th 2009, 1:50 am
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Default Re: Money exchange - high street v's foreign exchange specialist

Originally Posted by pinzo
Hi all,

I've been reading up on the options for transferring money but wanted some of your opinions please.

I'm planning on taking approx £10,000 with me when I initially move in 3 weeks, so how would you recommend I change this over?

a) Change it at a high street bank?
b) Use one of the specialists such as HIFX, Halo, World First?

I know the specialist charge a rate for exchanging funds but they get you a slightly better rate don't they? Just trying to way up the pro's and con's of both.

Any suggestions would be greatly received.
Write yourself a cheque and deposit in your Canadian bank account.
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Old Mar 20th 2009, 5:29 am
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Default Re: Money exchange - high street v's foreign exchange specialist

I wouldn't do the writing a cheque option. I did it and it took a seriously long time to get cleared.
If you don't need the money for a fair while then that'd work. But if you do..... It could be a frustrating time.
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Old Mar 20th 2009, 5:39 am
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Default Re: Money exchange - high street v's foreign exchange specialist

Originally Posted by Shawn_ldn
I wouldn't do the writing a cheque option. I did it and it took a seriously long time to get cleared.
If you don't need the money for a fair while then that'd work. But if you do..... It could be a frustrating time.
Our account has no holds so funds available immediately, some friends have a two week hold, depends on your relationship with the bank and how quick you need the money. The rate of exchange we get is pretty close to the FX houses.
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Old Mar 20th 2009, 6:56 am
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Default Re: Money exchange - high street v's foreign exchange specialist

Hi all

I wouldn't need the money for a week or so.

So you say the best option is to do a money transfer through the bank?
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Old Mar 20th 2009, 2:51 pm
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Default Re: Money exchange - high street v's foreign exchange specialist

Originally Posted by pinzo
Hi all

I wouldn't need the money for a week or so.

So you say the best option is to do a money transfer through the bank?
You got a variety of answers all of which are options.

Bank Transfer (fees charged to do this)
FX house, but they may not be so interested in a small amount
Write yourself a cheque when in Canada, no fees, may have to wait for it to clear. Rate usually better than cash rate

All work, no one better than the other, just different and each suits some and not others. For me, I would do small amounts by cheque and large amounts ($100k+) through an FX house.
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Old Mar 20th 2009, 3:48 pm
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Default Re: Money exchange - high street v's foreign exchange specialist

If you have a debit card, then just phone the bank.They will transfer your money straight away. No charge.Thats the way I did it when I had to pay the deposit for my house.
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Old Mar 20th 2009, 6:01 pm
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Default Re: Money exchange - high street v's foreign exchange specialist

Originally Posted by john5655
for such a small amount i'd just get my UK bank to TT the money to my Canadian bank
Perhaps I am a mean person but, if it's over fifty bucks, I think it worth my while to get a finance broker to change the money rather than the bank. I think you'd have to be pretty well off before the difference on ten thousand quid didn't matter to you. Also, if you use a currency broker you avoid the problems common to the banks; not knowing what pounds are, putting a hold on the money, generally being a bother.
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Old Mar 20th 2009, 9:09 pm
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Default Re: Money exchange - high street v's foreign exchange specialist

HI
We used a broker, got a better exchange rate than the high streets and they didn't charge a fee.
Thanks
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Old Mar 20th 2009, 9:33 pm
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Default Re: Money exchange - high street v's foreign exchange specialist

Hi

We have used HIFX for not a huge sum, there was no charge and in our canadian account within 2 days
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Old Mar 20th 2009, 11:10 pm
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Default Re: Money exchange - high street v's foreign exchange specialist

Originally Posted by riddle89
HI
We used a broker, got a better exchange rate than the high streets and they didn't charge a fee.
Thanks
Riddle89
Of course they do, you just did not see it. Some include it in their rate, others give a better rate and add it on top.
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Old Mar 21st 2009, 3:24 am
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Default Re: Money exchange - high street v's foreign exchange specialist

you need to check the cash limit out too,if you decide to bring cash.
declare it all at POE,otherwise it will not look good if the border service chappie decides to search you.
canada has similar anti money laundering laws to the US and is strictly adhered to.

please check as i cannot remember the limit.
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Old Mar 21st 2009, 5:15 pm
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Default Re: Money exchange - high street v's foreign exchange specialist

Originally Posted by The Aviator
Of course they do, you just did not see it. Some include it in their rate, others give a better rate and add it on top.
I regularly use an fx clearing house, they typically add CA$0.01 into the exchange rate, which is far less than the banks and there are no other fees if you set it up right. For small amounts this is the way to go.
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Old Mar 24th 2009, 2:46 am
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Default Re: Money exchange - high street v's foreign exchange specialist

Originally Posted by pinzo
Hi all,

I've been reading up on the options for transferring money but wanted some of your opinions please.

I'm planning on taking approx £10,000 with me when I initially move in 3 weeks, so how would you recommend I change this over?

a) Change it at a high street bank?
b) Use one of the specialists such as HIFX, Halo, World First?

I know the specialist charge a rate for exchanging funds but they get you a slightly better rate don't they? Just trying to way up the pro's and con's of both.

Any suggestions would be greatly received.
Get a HSBC bank account in the UK, and get a Canadian dollar bank account. HSBC should give you the option to do this. When you arrive to Canada, withdraw your funds from this account at a HSBC ATM machine.
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