Erinbrooke

Hi all,

Does anyone know of a UK High Street Bank that allows you to electronically transfer funds, via online banking, to a Royal Bank of Canada account?

We have opened an RBC account and would like to make deposits from the UK as and when we feel like it - i.e. not when a branch is open.

Any help is appreciated......

Erinbrooke

Forgot to mention - Other than the HSBC !!!!!!!

retsujou

Well technically they are not HSBC and First Direct will allow you to setup such a transfer method. However you might want to look into writing cheques instead it might end up having lower processing fees.

BristolUK

I'd have thought all of them.

I have done it with Smile/Co-op.

allicat001

My mum sends us money through natwest on line banking.

You need swift code
IBAN
Address of Bank branch in Canada

Think that is all not 100% sure but that is all she asked me for.

nooka

Trouble is that although all banks allow international transfers, they also charge you for it. Often quite heavily. We have moved money from the UK to the USA with Citibank. I opened an account in the UK and one in the USA and then moved the money about with no problems. I'll be opening a citi account in Canada to move my saving across, but then probably have a RBC account for everyday use, as there aren't many citi branches outside of the major cities. Transfers within a bank are usually free.

Erinbrooke

thanks everyone.

Hi Nooka, i've had a quick look at the Citi website, but the way i read it is that you have to eother phone or go in branch to make a SWIFT transfer.

Is that correct or have you done it via online banking from home??

nooka

I have a citi account in the US and one in the UK. I can transfer online between them. It's not a swift transfer as far as I am aware if it is within the same bank. I have also been told I can transfer to other accounts (ie my new landlady in Canada) online, but there is a $25 fee for that. You can do it at a branch, but they told em they preferred it online. That's between the US and Canada, so it could be different from the UK I guess.

Ramsey

I think most canadian banks will charge around $10-$15 to receive telegraphic transfers even from within Canada. Apparently it's to cover the cost of processing the incoming funds.

To get around it we use XEtrade.com (same as customhouse.com) and set up our Canadian account as an EFT transfer (is an automated method so banks receive for free).... Then setup a bill payment for the UK XE account.

The UK bank will not charge, the canadian bank will not charge and XE do not charge a transaction fee.

It takes a little time to setup (as opposed to a direct transfer), but if you're planning more than a couple of transfers then it is definatley worth the effort!

You can also lock-in an exchange rate for upto 90 days if things are in your favour, but you dont have the funds immediatley available.

Erinbrooke

XE Trade - just for the avoidance of doubt, does this mean that we would not be charged a penny/cent for transferring money from UK to Canada???

Are the exchange rates significantly lower than the listed rates at banks?

BristolUK

This is one of those subjects where I think 'they' will get you somehow.

Anything involving currency exchanges, it's always been my impression that where there's no commission charged (or a lesser fee) the exchange rate is not as good. Sometimes paying a higher fee gets you a better rate - but it may not be worth it.

The bank I have used charges a percentage with minimum/maximum fees.

At the lower level, the minimum fee makes it less attractive but it becomes a better deal when the maximum fee applies. I only do it once a year at most so it doesn't bother me too much.

Ramsey

Their rates are generally pretty good.... they make their money on the spread between the rate they get on the market and what they give you, but as they are an online trader, they have less overheads.

As has been said here before, you will get better rates if you pay the service charges.... it's a question of is the amount you are exchanging big enough for the rate difference to overcome the charge?

If you are transferring the proceeds of a house sale then yes this could be better, but if you are only looking at a couple of hundred or regular payments then XE works out fairly good.

allicat001

http://www.xe.com/

XE rates are normally quite a bit better than the high street link for rates above.

Erinbrooke

Cheers gang,

I have now signed up to XE Trade

Now I just need som Bl@@dy money to transfer !!!