KJT

Hi all,

Has anyone any experience of using one of the Currency brokers advertised in Canada News to buy Canadian dollars when they moved?

They say they can get better exchange rates than the rest of us and that they will pay it direct into a Canadian account for you.

Not sure of the best way to do it yet, really would appreciate any ideas or experiences you may have???

KJT

Pretty Flowers

I used TTT Moneycorp to transfer my forex. 90,000 UKP.

They were very efficient, but my bank HSBC were not. I transferred the money from a UK account while I was in Canada. My bank would not let me transfer more than 10,000 UKP per day.

My advice to you would be the following.

1) Transfer your money from the UK, so you can go directly into a branch to do it.

2) If this is not possible, then set up an agreement with your bank that they will do the transfer over the phone/ internet

3) Alternatively, get your funds sent to a First Direct account, as they have no upper limit on the amount you can transfer from your account remotely.

HTH

Sarah

LouiseN

We used Cantor FX twice to exchange GBP to CAD, once when we were in the UK and once from Canada. The funds went from HSBC UK to Cantor to HSBC Canada. Both times the sums were quite large (>£100K). We've also used them going from CAD to GBP.

We've had no problems at all with any of the transactions - the banks at both ends were fine, although with HSBC Canada it does seem some branches are better than others. We had no problems with respect to the size of the transactions.

Cantor gave us a great service, very good rates and I would definately recommend them.

stephenbottcher

I opened a (free) account with www.currenciesdirect.com in London to transfer UKP from my Natwest account to my Bank of Montreal account. Cost: none in the UK for the transfer if above UKP3000 and C$14 with my Canadian bank. I had three tranfers (couple of 1.000s, couple of 10.000s) without problems on either side.

Just my 2c.

Stephen in Ontario

wcitizen

I called one of these companies, and their rate was no better than my bank (Lloyds TSB). Besides I was told there is a possibility of being charged more than what those companies say will charge you, and they are right because they won't take that additional charge, that goes to another broker's pocket down the road from UK to Canada.

Biiiiink

I used HSBC UK to get a simple ole' bankers draft to deposit in my HSBC Canada account. I sent a large amount split into two cheques, a couple of months apart, and the total cost for both was £20. I got a great rate, monitored it here, http://fx.sauder.ubc.ca/plot.html , and with HSBC and picked my transfer days carefully

Biiiiink

Hopeful Mike

Hi .
I dont know if this is helpful or not, but my daughter who is resident in B.C. has a Bank Account with the Bank of Nova Scotia.
She just pays cheques in British Pounds into the Branch, with no charges made and she receives the commercial rate of exchange.
No need for Brokers, who have to get paid somehow. !!

You cant get better than the commercial rate. !

Mike.