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Transferrign Money - CHAPS

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Transferrign Money - CHAPS

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Old Mar 5th 2012, 1:31 pm
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Default Transferrign Money - CHAPS

Hello!

I'm about to finally transfer over all my savings to Canada from the UK - £145k

I'm using SAT Worldwide to transfer the money for me, but the problem is that when they've locked in the rate I have maybe 2 days to get the money to them before the rate expires.

The only way to do this is using a CHAPS transfer, but Barclays won't do it over the phone! I have to visit a branch, not easy from Toronto. The alternative is writing Barclays a letter confirming the CHAPS, but again that'll take a week - too long for the rate lock-in.

How have over people done this?

Thanks,

Tim.
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Old Mar 6th 2012, 3:02 am
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Default Re: Transferrign Money - CHAPS

Anyone?
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Old Mar 6th 2012, 3:09 am
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Default Re: Transferrign Money - CHAPS

Originally Posted by humanist
Hello!

I'm about to finally transfer over all my savings to Canada from the UK - £145k

I'm using SAT Worldwide to transfer the money for me, but the problem is that when they've locked in the rate I have maybe 2 days to get the money to them before the rate expires.

The only way to do this is using a CHAPS transfer, but Barclays won't do it over the phone! I have to visit a branch, not easy from Toronto. The alternative is writing Barclays a letter confirming the CHAPS, but again that'll take a week - too long for the rate lock-in.

How have over people done this?

Thanks,

Tim.
Western Union Business Solutions, give them a direct debit mandate and they take the money from your UK account. Any FX broker will do it that way. When you book a rate it is a contract to buy, if you don't get the money to them in the required time and the rate changes against you, they can come after you for the loss.
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