money moving advice????
Nov 21st 2007, 6:27 pm
#1
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Location: Okanagan BC
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money moving advice????
Can anyone give me some sound advice to do with moving my money to Canada? Recommend companies etc.... Thanks.
Nov 21st 2007, 6:53 pm
#2
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Re: money moving advice????
Hi, we used HIFX. Very good service and happy to recommend.
Nov 21st 2007, 8:14 pm
#3
Joined: Apr 2007
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Re: money moving advice????
Highly reccommend them
Nov 22nd 2007, 7:44 am
#4
spring is coming yeha
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Re: money moving advice????
steve
Nov 22nd 2007, 1:08 pm
#5
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Re: money moving advice????
Caxton FX are good too. We have used them a few times with no problems.
Nov 23rd 2007, 3:10 am
#6
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Re: money moving advice????
Can recommend HIFX, have used them a load of times and they're extremely helpful.
Whomever you use, be sure to remember that their first rate offer is not necessarily their best rate offer, so try and haggle a bit!
Cheers, Iain
Whomever you use, be sure to remember that their first rate offer is not necessarily their best rate offer, so try and haggle a bit!
Cheers, Iain
Nov 23rd 2007, 1:17 pm
#7
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Location: Paris, France
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Re: money moving advice????
Ok guys showing my ignorance here. I'm about a year away from my visa.Once my house is sold,I have the money in my bank,I transfer to my bank account in Canada? (I opened an account in NS this August/ I live in France) So what do I need to know?
Thanks Eve
Thanks Eve
Nov 23rd 2007, 2:01 pm
#8
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Location: Okanagan BC
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Re: money moving advice????
how much do these companies charge roughly for the service.does it depend on the amount or is it a fixed cost.
Nov 23rd 2007, 3:27 pm
#9
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Re: money moving advice????
For our FX needs we use Custom House They are a Canadian company with offices in the UK as well. We give our broker a target rate and they buy/sell on that or we can just phone and book a rate. The money is then sent to our account in the right currency. When you book a rate though it is a contract to buy.
If you want to get an approximation of the bank rate you can get this from the Royal Bank of Canada This is for the cheque rate and is an indication of what you might get. From Custom House we can usually get a bit better than the banks.
To exchange through custom house we can give them authority to draw from our bank or we can do an online payment into their account though Internet banking.
We pay no fees for this service.
If you want to get an approximation of the bank rate you can get this from the Royal Bank of Canada This is for the cheque rate and is an indication of what you might get. From Custom House we can usually get a bit better than the banks.
To exchange through custom house we can give them authority to draw from our bank or we can do an online payment into their account though Internet banking.
We pay no fees for this service.
Nov 23rd 2007, 3:39 pm
#10
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Location: British Columbia
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Re: money moving advice????
Glenn, there are no 'fees' as such for most brokers.
If I understand correctly they make their money by taking a whole load of client's cash-to-be-transferred and pooling it into large amounts before transferring it at interbank rates (for millions of pounds).
As an individual, you can't get anywhere close to rates as good as those, but they pass on some of the saving to you compared to what you'd get through your high street bank. What's left, the rate differential, is their profit.
For instance, say the interbank rate is 2.05. You might get 2.01 in the highstreet and 2.04 through a broker. They trouser the 0.01.
And yes, you get offered a better rate the more money you are moving.
Cheers, Iain
If I understand correctly they make their money by taking a whole load of client's cash-to-be-transferred and pooling it into large amounts before transferring it at interbank rates (for millions of pounds).
As an individual, you can't get anywhere close to rates as good as those, but they pass on some of the saving to you compared to what you'd get through your high street bank. What's left, the rate differential, is their profit.
For instance, say the interbank rate is 2.05. You might get 2.01 in the highstreet and 2.04 through a broker. They trouser the 0.01.
And yes, you get offered a better rate the more money you are moving.
Cheers, Iain
Nov 23rd 2007, 8:51 pm
#11
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Location: Okanagan BC
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Re: money moving advice????
thanx great info guys...
