Go Back  British Expats > Living & Moving Abroad > Canada
Reload this Page >

transfer money to canada

transfer money to canada

Old Jun 16th 2011, 7:50 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Jun 2011
Posts: 44
sarah.h is an unknown quantity at this point
Default transfer money to canada

hi we are moving to canada in the summer,just want to know what is the best way to transfer money to canada and pay uk bills from canada. i went to HSBC they want large amount of money in the account to transfer the funds free of charge. i am with barclays and lloyds TSB they don't do international banking.thanks
sarah.h is offline  
Old Jun 16th 2011, 8:31 pm
  #2  
SUPER MODERATOR
 
christmasoompa's Avatar
 
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,033
christmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond repute
Default Re: transfer money to canada

As per my answer to you in your last thread, please only put visa related queries in the immigration forum - more general Canada related stuff belongs in the main forum, so I'll move this for you. Pls have a read of the 'Newcomers to the Forum' sticky thread at the top which has lots of info in, including info on forum netiquette and which part of the forum is for what.

And again, the Wiki has info on this type of thing so well worth a read of the banking section if you haven't already.

christmasoompa is offline  
Old Jun 16th 2011, 8:34 pm
  #3  
Forum Regular
Thread Starter
 
Joined: Jun 2011
Posts: 44
sarah.h is an unknown quantity at this point
Default Re: transfer money to canada

Thank you. im new to this site sorry.
sarah.h is offline  
Old Jun 16th 2011, 8:40 pm
  #4  
SUPER MODERATOR
 
christmasoompa's Avatar
 
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,033
christmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond repute
Default Re: transfer money to canada

Originally Posted by sarah.h
Thank you. im new to this site sorry.
That's ok. That's why the thread you need to read is titled 'Newcomers........'.
christmasoompa is offline  
Old Jun 17th 2011, 6:30 pm
  #5  
BE Enthusiast
 
delsol79's Avatar
 
Joined: Jul 2005
Location: Calgary
Posts: 479
delsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud of
Default Re: transfer money to canada

If you open an HSBC account in Canada (either from within Canada or now whilst in the UK) and link them together then you can move money for a small charge - I think it is 7GBP.
delsol79 is offline  
Old Jun 18th 2011, 4:22 am
  #6  
BE Enthusiast
 
Joined: Nov 2009
Location: Gastown - East Van
Posts: 413
canadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to behold
Default Re: transfer money to canada

The whole thing about charges and commission is a bit smoke and mirrors. What really matters is what exchange rate you'll get. Plenty of places claim commission free but then the difference between the rate you'll get and the interbank rate could be quite high.

I have used HIFX who were a hell of a lot more competitive than another foreign exchange broker I'd considered. Once everything is set up it's incredible easy and really quick, wiring money out of a UK account on Tuesday and having it cleared by Friday for example.

In more recent years there's a lot more paperwork before you can transfer money with such services, so it's worth setting that up asap. For example, one check is that your address is valid, and they do this by mailing you a security code. But it's not a complex process.

In your case the simplest will be with your HSBC account. £7 is very reasonable but compare with places like HFIX on the exchange rate you will be offered. Don't look at interbank rates which are right down the middle, and probably for that reason are the same for most institutions. Get a rate quote to make comparisons. By shopping around I saved nearly $20,000 on one transaction in the past, so it's really not a matter of being penny wise.
canadian_critic is offline  
Old Jun 19th 2011, 8:45 am
  #7  
BE Forum Addict
 
Joined: Aug 2007
Posts: 1,782
johnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to behold
Default Re: transfer money to canada

Originally Posted by delsol79
If you open an HSBC account in Canada (either from within Canada or now whilst in the UK) and link them together then you can move money for a small charge - I think it is 7GBP.
If you have an HSBC account in Canada and the UK, when logged on, you can go into "Global View" and transfer money instantaneously and free of charge between accounts in different countries.

Be careful with currency transfer companies, there is no deposit protection scheme.

Last edited by johnh009; Jun 19th 2011 at 8:48 am.
johnh009 is offline  
Old Jun 19th 2011, 9:14 am
  #8  
Forum Regular
 
chobert's Avatar
 
Joined: Nov 2009
Posts: 213
chobert is just really nicechobert is just really nicechobert is just really nicechobert is just really nicechobert is just really nicechobert is just really nicechobert is just really nicechobert is just really nicechobert is just really nicechobert is just really nicechobert is just really nice
Default Re: transfer money to canada

Originally Posted by johnh009
If you have an HSBC account in Canada and the UK, when logged on, you can go into "Global View" and transfer money instantaneously and free of charge between accounts in different countries.

Be careful with currency transfer companies, there is no deposit protection scheme.
Hi johnh,

We're seriously considering using HSBC as we'd qualify for their Premier/Premium account using money from our UK house sale. Based on your above comment, what is their exchange rate like when doing the 'Global View' transfer money bit online? How does it compare to XE.com for example?
Cheers
chobert is offline  
Old Jun 19th 2011, 2:20 pm
  #9  
BE Enthusiast
 
delsol79's Avatar
 
Joined: Jul 2005
Location: Calgary
Posts: 479
delsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud ofdelsol79 has much to be proud of
Default Re: transfer money to canada

It ses the inter-bank exchange rate so it is not bad at all. Not as good as XE but then do not forget that XE gives you a mid-Market figure so is always going to be a bit out.
delsol79 is offline  
Old Jun 19th 2011, 3:34 pm
  #10  
BE Forum Addict
 
Joined: Aug 2007
Posts: 1,782
johnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to behold
Default Re: transfer money to canada

Originally Posted by chobert
Hi johnh,

We're seriously considering using HSBC as we'd qualify for their Premier/Premium account using money from our UK house sale. Based on your above comment, what is their exchange rate like when doing the 'Global View' transfer money bit online? How does it compare to XE.com for example?
Cheers
Depending on the amount you are transferring, you can negotiate the exchange rate. For large amounts, I have known the HSBC do better than some of the currency exchange companies and your money is better protected. I would call into your branch and explain your situation and see what they can offer. In the "Global View", you can only transfer 10,000 GBP per day.

This is what can happen with currency exchange companies:

http://www.walletpop.co.uk/2010/10/0...nge-goes-bust/

Last edited by johnh009; Jun 19th 2011 at 3:44 pm.
johnh009 is offline  
Old Jun 20th 2011, 2:02 am
  #11  
Just Joined
 
Joined: Jun 2011
Location: Ontario, Canada
Posts: 8
hooksy is an unknown quantity at this point
Default Re: transfer money to canada

dont the HSBC offer international accounts. not sure tho...
hooksy is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.