Money exchange - high street v's foreign exchange specialist
#1
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.
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.
#2
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
#3
Joined: Sep 2008
Posts: 12,830
Re: 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.
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.
#4
Forum Regular
Joined: Jan 2008
Posts: 53
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.
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.
#5
Joined: Sep 2008
Posts: 12,830
Re: Money exchange - high street v's foreign exchange specialist
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.
#6
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?
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?
#7
Joined: Sep 2008
Posts: 12,830
Re: Money exchange - high street v's foreign exchange specialist
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.
#8
Just Joined
Joined: Feb 2009
Location: leeds, west yorkshire
Posts: 22
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.
#9
Re: Money exchange - high street v's foreign exchange specialist
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.
#10
Riddle89
Joined: Aug 2005
Location: Oakville, Ontario
Posts: 62
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
Riddle89
We used a broker, got a better exchange rate than the high streets and they didn't charge a fee.
Thanks
Riddle89
#11
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
We have used HIFX for not a huge sum, there was no charge and in our canadian account within 2 days
#13
Forum Regular
Joined: Feb 2008
Posts: 46
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.
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.
#14
Re: Money exchange - high street v's foreign exchange specialist
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.
#15
Banned
Joined: Mar 2009
Posts: 146
Re: 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.
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.