Edo

Hi, I need to transfer some cash from UK to Canada. There are quite a few companies who provide this service but since I have never transferred money before I just wanted to ask if anyone has done it recently and which company would you recommend. I live in Calgary and have my accounts with a Credit Union and the online bank Tangerine if that helps.

An idea of fees and stuff would be helpful. Also, should I transfer it all in one bulk or is it better to split the amounts? I am also not in any rush and a little bit of wait on this end would not hurt if the rates are good.

Tramps_mate

I still find ukforex/ozforex have the best rates..

Is there canforex?

Yes!

http://www.canadianforex.ca

Same company, very good to deal with. Decent rates.

Edo

Thank you

So do you have to open an account with them? And how do you pay them in GBP since its a Canadian based company? Like you transfer GBP into their account or something?

Also are there any fees?

Edo

........or someone knows of another provider?

Tramps_mate

Yes it's very easy. First time you transfer they will telephone you to confirm it, then you can transfer to that new account as many times as you like.

No min or max amount. You go to your online account and get a live quote. You get emailed a ref number and transfer the amount of GBP required. I usually choose their same bank account as my own bank so it goes through quicker, they tend to have several banks. Usually 3-4 days and they transfer the $ to you. Really good.

I'm using them for AUD/GBP currently..

Of course there are other companies!

Edo

Thank you again

Is there any charge on the amounts on the receiving end e.g. by the canadian bank? I once read someone saying on here that the banks charge you for receiving money into your account

loulougarthorpe

Hi Edo.

I have used a couple of companies before to send money to Spain and have had receiving charges then. What a cheek - charging you to put money into your own account!

Anyway - when I got to Spain I went to the branch and complained and they refunded the charges. It was only a few euros but that wasn't the point. In the end, every time I went over I would do the same and complain about the charges until they took them back.

I used a currency company to move dollars to my HSBC canadian dollar account and there were no charges there. I don't know whether different banks will charge though - maybe call ahead and ask.

Quinna

The bank will not charge you a fee if you use a specialist money transfer company because they have a bank account in Canada.

In other words, they use their Canadian bank account to get your money to its' final destination so your Canadian bank will not charge you for this.

This is just one of the reasons you can save money by using a specialist service, but the exchange rate is the most critical for amounts more than a few hundred dollars.

You might also want to shop around if you are moving a lot - like tens of thousands...

Edo

Thanks for the information everyone. Out of the specialist money transfer companies that I have looked at so far, canadianforex.ca (as suggested by Tramps_mate) and xe.com seem to be the best. Mostly in line with the Canadian Central Bank's rate albeit slightly higher.

Has anyone used XE before?

TravelingTramp

I'll 2nd the choice for Canadianforex. I've used them twice. When I found out what TD charges vs. Canforex, I was shocked. Canadianforex charge a $15 fee. TD charges $35. Not a huge deal. But difference in exchange rates means TD took too much. I saved around $900 by using Canforex. Anyhow good luck.

Quinna

I have not used XE, but you raise an interesting point.

The rates all these companies display right on their website are not the rate you will get. These rate are "mid-market" or "spot rates" and they tell you this in the small print (if you look hard).

They use algorithms to decide what rate they can offer you and these are based on a number of factors - but mostly the amount.

You will have to be registered to find out the rate you will get and it changes every second along with the currency market.

Edo

aah now thats interesting. So I shall register myself with one of them to find out the exact deal then. Hopefully I wont get it as low as $1.55 as was the case this time last year. I dont know what magic David Cameron played to make the Sterling so strong lately (and who knows how long will it stay like this).

Sparrow Clan

Hi Everyone!

Happy Friday!

I am currently in the UK, I will be arriving in Canada later this year. I have a UK Halifax bank account and a Presidents Choice Canadian account.

I would like to start sending some money over so its there when I arrive on my IEC Visa.

In the past I used Paypal to send money to my PC account from the UK. I'm wondering if I can get a better exchange rate/lowest fee by using a different method?

Any Idea's?!

beckiwoo

How have you mangaged to set up a bank account and activated it from the UK even with scotia, which you apply from in the UK - you still have to show them all the info and proof of ID before you are good to go.

Has anyone used hifx before?

Sparrow Clan

Hi beckiwoo,

This is my second IEC visa. I opened the account in my first year. I just kept it open whilst I was back in the UK

Sparrow