Taking Sterling to Canada
 

Hi,

I wonder if someone could help. I would like to take a cheque in sterling (it seems the easiest option with my bank) accross to Canada.

Does anyone know if the RBC would open an account with a cheque made out in sterling?
If it would, does anyone know how long it takes for the cheque to clear, and be fx'd??

thanks,

Kate

Re: Taking Sterling to Canada
 

Are you sure you want to do this via cheque? I know it's probably the cheapest option at your UK bank end, but I bet it's not at the receiving end. Currency conversions on cheques get terrible rates.

K.

Re: Taking Sterling to Canada
 

We did exactly that when we came over and got a better exchange rate than we could have got in the UK, the only downside was that we had to wait 3 weeks for the cheque to "clear"

hth

Re: Taking Sterling to Canada
 

I agree!

But I bank with the Woolwich and they are not a normal banking institution!!

I have phoned three times, the first two times I was met with vague answers and put the phone down not feeling 100% happy with their guestimate of how a transfer works. The third time, they told me that they don't do fx's.

Does anyone have experience with the Woolwich??

Basically I will not have a bank account open in Canada until I get there. At that stage I'd like to be able to fax/phone the Woolwich and request they transfer CAD into my new account.

My questions:
1. Can they do this?
2. How long should it take to transfer?
3. Will they accept a phone call/fax requesting a transfer (obviously there are no Woolwich's in Canada).


Anyone a straight answer purleaseeeeeeeeeeeeeeeeeeee

Re: Taking Sterling to Canada
 

do you have a internet bank account with the woolwich?

Re: Taking Sterling to Canada
 

If the woolwich is the problem, open a new back account in the UK with a better bank. It won't cost you a penny - many people here use HSBC because they have branches in Canada, but I'm sure other banks can be used to.

You can still keep your Woolwich account - no need to close it to open a UK account. I have 2 current accounts in the UK but live abroad...

Re: Taking Sterling to Canada
 

Hey, thanks for all coming back with suggestions!!

No, I don't have an Internet account, just a plain, old ordinary account.

I think I'm going to transfer the money to Caxtonfx, getting them to do the fx and then atleast they can hold the money until I get the CAD account open, plus all it takes is a fax from Canada from me requesting they transfer the funds. And, there is no commission or transfer fee which is a bonus!

Has anyone used them? They are FSA registered so that's a step in the right direction.

Re: Taking Sterling to Canada
 

Hi
Don't know about the RBC, but we came with a cheque in Sterling and opened an account with the TD Canada Trust, if your cheque is over a certain amount you gets a preferencial exchange rate, it took 30 days to clear but they did advance us an amount to buy a car etc.

Ring the RBC and ask them.

Jo x

Re: Taking Sterling to Canada
 

I've never had a problem with paying a cheque, be it a British Bank or a Building Soceity into my RBC Account.

I have been told that cheques get better exchange rates than cash, as the cash has to be physically transported and the cheque do'snt. Of course you don't have to wait for the cash to clear.

Re: Taking Sterling to Canada
 

Yes we have used them in the past and will be again shortly, we have had no problems, you will also get a much better exchange rate with them. The exchange rate at the moment is better than it has been in recent months (thank goodness) and lets hope it keeps creeping up. With the house prices going up we all could do with a better pound for $$.

Re: Taking Sterling to Canada
 

Hi Kate,

My guess is that you would be better off with one of the fx bureaux - HIFX or TTT Moneycorp. I have details of their services on our web page:
http://www.relocation2bc.com/foreign-exchange.htm

BTW our contact at TD Bank told us that electronic transfer is by far the best way to transfer money - of course that may be purely from the bank's point of view. I know it is quicker, so if time is of the essence...

We used TTT Moneycorp and definitely got good service and a better rate than our bank offered.

Warmly,

Frank