Paul5455

hi guys
just a quick note to say that i used HiFX to transfer my £££ over to my canadian account
very simple and easy to use

also used travelex to transfer a small amount (£500) that i will use for spending money until my account is up and running. again, very easy to use and money arrives quick, special delivery for no charge!

something for those nearing the end to bear in mind!

MR79

what rate did you get?

rogsheff

Hi Paul

We are looking at companies to use to transfer funds as an alternative to HSBC. Are you able to expand further on your experience of HIFX ? What did you have to do to set your account up ? Was it a decent exchange rate ? Can you secure a fixed exchange rate ?

Anyone who could add their own experience of exchange companies, positive or otherwise, would be appreciated.

Thanks.

Hobbess

Hey Rog - there are lots of threads on this sort of thing, do a quick search and you'll get advice on which companies offer the most compettive rate as well as the set-up process.

Sam-in-Okotoks

Hi Rogsheff

We have used HIFX and Moneycorp, personally speaking we found Moneycorp more reliable and we have done 2 transactions with each company.

HIFX messed up on one of our deals and it took 7 days for the money to arrive with no real apology, we needed this money for our house purchase so it was a real pain.

Having said bad things about HIFX, many of my clients have used them with no problems at all. I guess go with the company that offers the best deal and play them off against each other.

Sam

Alan2005

Do as hobbess susgests. We used moneycorp and they were OK. I had access to live FX rates when I traded with them and they always gave me a better rate when I asked.

Not sure what you mean by securing a 'fixed' exchange rate. However, most brokers will do a forward trade (where you agree a price now for a fixed date in the future), and they will do an order (where you specify the price and they tell you if and when it trades). I think some will offer a service where you can also fix the price for regular transfers over a period (e.g. monthly for six months), but I have no experience of doing this.

Paul5455

i think i got 1.74 something for my rate.
i havent used moneycorp but was quite impressed with Hifx.
although i did need an international clearing code for the bank, which my contact had never heard of!
apparently its a hifx thing!

Alan2005

******* hell!

calgarylady

What is the fastest means of getting money across to Canada

Paul5455

is 1.74 good or bad?!

Alan2005

Given the rate is now actually around 1.74 it's ok considering (you weren't ripped off or anything). i'm just surprised how low GBP has gone. Friday last week it was around 1.80

Then again - it's been lower. Most of the year it was aorund 1.76, but it had spiked up in the last few weeks. Mervin King gave a speech at the start of the week - was fairly bearish in outlook and so GBP moved low (not just against CAD, but everything). My advice - you've done the deal - forget about the rate.

Paul5455

i got it for 1.7451. i know, but i only transferred £5k so doesnt make that much difference to me!

Yogi-Bear

Hi Rogsheff,

Pm me, I'll give you the details of a guy who is superb. He'll deal too! I opened four accounts with all the big players and this guy beat them all at $1.8025 three weeks ago, when all the other guys were offering a max of $1.7845 Not much of a difference I know, now multiply that the difference by £50k!!! and that's how much extra I had.

Brilliant service, and exchanged the same day into my account in Canada.

Seriously! Anyone looking to transfer money - especially large sums - Pm me and I'll give you the guys details.

Y

Yogi-Bear

Paul,

You did me a favour with Sam, now I'll do you one. Don't do anymore money until you've PM'd me, and try this guy out.

Even Sam's colleague at TD bank, past comment in her e-mail how fast our funds hit our Canadian account!

$1.74 is riddiculous!

Y

Yogi-Bear

My thoughts exactly!

I'm guessing all the Moderators are fast asleep.

Y