Markicof

So I thought that I would be very organised and set up a bank account before I left the UK, however, just as I was about to use a FOREX company to send my funds I read this on the transfer instructions -

Has anyone had experience using a FOREX company to transfer funds? Can you ever use them to transfer funds to Scotiabank? The rates are much better than my bank!

Mark

Hurlabrick

Yep. I have already used HiFX to transfer a small test amount from the UK, converting from GBP to CAD and wired direct to my Canadian savings account at TD Bank on our recent recce visit. Took four working days and definitely arrived.

Was going to then transfer much larger amounts, but the BREXIT vote put all that on hold

withabix

I've transferred funds to Scotiabank using Forex companies (HiFX, Excel) with no issues.

Both of them use Barclays in London as the source account, even though (in the case of HiFx) my HiFx account is registered in New Zealand (don't ask me why - my guess is that it is related to the time of day or night you opened your account with HiFx....)

I suspect this is just an anti money-laundering clause.

BristolUK

It's a very common subject here. Probably every service in existence has been used.

I just used TransferWise a week or so back.

Markicof

Thanks for all the info folks. I thought I would share the outcome.

After a long time of the phone to advisors who didn't really know one way or the other I spoke to a really helpful branch financial advisor when I arrived in Canada.

The reason sending money before you arrive from an account which is not in your name is due to money laundering concerns. The account you set up before you arrive is actually a holding account and not in your name until you arrive at a branch and show your passport.

Once you set up your account Forex service transfers are fine.