steff123

The question may have been asked many times, even tough I didn't find any canada-specific discussion here in the forum.

Which experiences do you have in transfering money from the UK to Canada?
HSBC charges somehting between 17 or 30 Pounds depending if it's done online or in the bank branch.

How do you go about it?

Would you recommend any of the services below: ?
http://www.hifx.co.uk/Personal/Onlin...t-works.aspx#1

allycat231

Hi forget HSBC, its not the bank in Canada to be with. There are hardly any branches and is not integrated with the UK system.

We use our TD Canada trust, or you can use RBC or Scotia Bank.

We have a UK account still open and use our Visa Debit card, (no cash advance charges, as its coming from your current account) over the counter in the bank for cash advance or using the cash-point machine. Its a lot cheaper and more convenient.

Are you are already in Canada?

Hope this helps.

Kathy Martin

Hi,
We opened an account in Canada when we came for the landing and returned home for another year to sell the house in UK and allow the kids to complete their education.
When we then moved into Canada, We used Hifix. That was in my experience the most convenient method and they re-imbursed all bank charges. You can wire the transfers in chunks as you watch the current changes of the dollar against the pound.
Good luck!

The most frustrating part for us was that our bank in UK was blocking our transactions most days. They were abominable. We had to call them all the time and watch the time differences. So my advice is to make sure that you inform your UK bank that you are moving permanently on time so they don't put unnecessary stops to your money. We were purchasing an investment property when we arrived and it was a little problematic to get our own money we needed for the same reasons which we basically managed to get on the very day it was all due!
Please feel free to email any other questions.
Best of luck.
Kathy

Editha

We had to transfer our savings and the proceeds of the sale of our house, when we moved to Canada in '06. We were banking with First Direct in the UK. For a large sum they were no more expensive for the transfer than any of the companies that advertise they can do it cheaper than your bank. We'd opened up an account with RBC in Canada, and they did not charge us anything for the transfer in.

Also -- you need to look at the exchange rate they are using as well as the charge. A lower charge may just mean a less favourable exchange rate.

I suggest you get a quote from your bank and compare with the alternatives. Also check whether your bank in Canada is going to charge you. I wouldn't advise transferring the money in separate amounts, because the exchange rate is better, the more you transfer.

RKS_in_Calgary

you can also consider a money transfer company (not sure if I can name names here?) but there are quite a few around. We used them to transfer some initial monies - they dont, from memory charge a fee, and you pre-agree the rate at which they will exchange the money. Worked fine for us

JonboyE

Depends where you are. HSBC's presence in Canada varies. Where I live (Metro Vancouver) HSBC have a branch network that rivals every other Canadian retail bank.

steff123

not to get you confused here: I am Canadian, currently in the UK, holding an account with HSBC in the UK and with Scotiabank in Canada. The questions is, if there would be a commission free option to transfer the money over there?

GavS

Steff123

One way you can get free unlimited transfers is if you are a premier HSBC customer. This way you have unlimited free transfers between all of your HSBC accounts worldwide. I have a HSBC account in Canada and the UK and the online process takes about 2 minutes online, fantastic service. The only thing is to be a premier customer you do need £50,000 or $100,000 in savings with them though.

steff123

@GavS

Now we're talking :-)


Thanks for the hint, and in the end, the amount you mentioned would be what I was thinking about.

Is ist easier with an existing HSBC UK account to open an account with HSBC in Canada? - Should I ask for a reference letter from HSBC in the UK? - or would a reference from a Canadian Bank be required? ( I hold an account with Scotiabank )

GavS

Steff123
Its doesn't matter that much really. But if you have a UK HSBC account open then before you arrive in Canada the UK branch can open a HSBC canadian account in (British pounds and Cad dollars) ready and waiting for you when you arrive. I opened my HSBC account in canada before I opened the my HSBC UK account, the process took about 20 munites and was really easy all you need is your landing forms, passport and a bank card (credit or debit).
There are two advantages of the HSBC Premier account (1) Free transfers and (2) you can keep your money in British pounds and convert them when the exchange rate improves or when you need them.

steff123

Yes, I heard that this is possible. I still do remember that HSBC TV commercial in the UK around 2008 where they showed a family moving someplace to Asia, and having all setup in the UK.

To me it's Toronto, but as far as I remember, I have only seen one HSBC branch somwhere on Younge?