sarahloo

can anyone give me some ideas how they transfere money back to the uk . I have tried sending family personal cheques and cerified cheques but they both take just as long to clear even thou the certified is supposed to be guaranteed funds

caleo

I use paypal for small amounts.

magnumpi

And me

sarahloo

is it easy for the person you are sending it to to access the money have you had any problems

caleo

If they have a bank account linked to their paypal account it is no problem at all. It takes a few days to process the whole thing, but no longer than postage and waiting for a cheque to clear.

Paypal will guide you through linking the paypal to a bank account. You then transfer money to the through paypal, and they transfer it to their bank account. Costs about 1% - we usually classify it is a gift or household expense.

I have a UK paypal linked to my UK bank account and a Canadian paypal linked to my Canadian bank account and transfer money regularly between the two.

sarahloo

thanks for your help i will see if my son has his account linked i know he has used paypal in the past in the uk

PeterF

I've been using XE Trade for the last 5 years with no problem, set up the transfer on-line and takes about 5 days.

XE TRADE WEBSITE

Collie

currencyfair.com charges $4 for each transfer if i remember correctly - and gives a good rate too, without commission. I use it a lot for bringing funds from the uK to Canada. You need to give details of a Canadian bank account and a UK bank account. The money arrives in a couple of days.

gooodman

I am considering tranferring money from Canada to the UK. I have a HSBC account both in uk and Canada (with an additional UK GBP account). But I am not sure if the exchange rate is good and i know from past experience they charged me something like $15 for transferring in between the accounts as it was not a premium account.

Does paypal have any charges or does the local Canadian bank charge for transferring from their account to paypal? Also does paypal offer better exchange rates?

Andy_Zena

Royal Bank of Canada has an on-line international transmittal service which allows up to $2500 or equivalent currency to be transferred every day, cost is around $14 per transaction. Takes 2 to 3 days and as long as you have the IBAN No and Swift code of the person your sending to its easy. You obviously need an RBC account. It's cheaper than the wire transfer option.

How long

A bankers draft from your bank, send it in the regular post and the amount is credited to that account immediately. The cost at TD Bank is $7.50, the money is guaranteed as only the recipient can cash it, the exchange might not be the best you can get is about the only drawback that I can think of.

MRam

yes I agree with some of the others above - don't use a bank - you can lose out considerably on the exchange rate. The best thing to do is shop around for currency transfer quotes and make sure that you are getting the best rate from an FSA authorised foreign exchange provider. Typically, a foreign exchange broker's rate can be up to 4% better than the banks. This doesn't sound a lot but when you're transferring thousands or hundreds of thousands, it really does make a huge difference!
all the best

Woodcutter

I have the same problem. Best way i found was through Paypal as the funds are cleared immediately. Although you pay commission, its not that much.

Woodcutter

scootb

Try this mob.

http://affiliate.travelfx.co.uk///index.php

I had never used anything like this until Saturday when I ordered a few thousand dollars which arrived without any problems,I know that was cash but they also do a bank transfer with better rates than the banks offer.
They did have the best rate when I purchased my dollars,but I honestly couldn't say if the bank transfer is the same.
Couldn't hurt to enquire though.

yzf.shaun

As others have said Paypal for small amounts and for anything over $2000 I use these http://www.canadianforex.ca/