So who is offering the best deal on money transfer these days?
Aug 22nd 2014, 10:08 am
#16
Forum Regular
Joined: Nov 2012
Posts: 38
Re: So who is offering the best deal on money transfer these days?
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?!
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?!
PayPal is great for less then a few hundred dollars because of zero or very low fees but if you plan to transfer more than that there are much better options because of the percentage they make from the exchange rate.
Specialist money transfer companies are the way to go beyond a few hundred dollars.
Getting the best deal comes down to a number of factors including the amount you are transferring, the countries you are sending between and frequency of transactions. Before you decide who to go with, it is good to know the minimums and average amounts you plan to send.
To figure out the best options under different circumstances, I conducted a case study and comparison including PayPal, My Bank and some specialist Money Transfer Companies and I broke out all the fees and exchange rates you can expect. Pretty interesting findings, but the long and the short of it is if you really want to get the best deal you have to shop around.
