transferring finances
 

Hi Everyone,
We will be leaving for Canada at new year 2017.
With the exchange rates starting to change, I'm thinking I want to start moving my money now.
For those of you who have already done this, in your experience what is the cheapest route for making this happen for a lump sum just under £10,000?

Re: transferring finances
 

We have transferred money from the UK to Canada. FX companies easily give you a better rate than banks.
BUT with exchange rates changing all the time be prepared to understand that whatever you do whenever you do it will always be the the wrong thing at the wrong time. Be prepared to do the best you can on the understanding that some time later you will always say.. we should have waited or why did we wait so long and oh.. we shouldn't have used that company.
We've learned to transfer the cash and draw a line under it because we always got it wrong...

Re: transferring finances
 

I have used the UK specialist FX company called HiFX.

Used them to move several larger sums to my sister in the USA and plan to use them again in the next few months to start transferring my own funds to a Canadian bank account in preparation. Internet based and very easy to create an account and move money and with very good rates.

Exchange rates will be what they will be and yes, hindsight vision is alwats perfect! The rate for GBP has dropped significantly since the announcment of the referendum on BREXIT. Whether it will recover again IF the vote is to stay in is a guess and a gamble - your call!

Re: transferring finances
 

I think more worrying is what will happen to the GBP rate if the vote is a 'yes' to exit........again.....its anyone's guess !!

Re: transferring finances
 

This is one of the reasons why a forward contract can be a good idea. I did one with HiFX for our biggest chunk of money and I'm very glad I did.

Re: transferring finances
 

I used World First.
Transfer was free and I got a better rate of exchange than anywhere else.

Re: transferring finances
 

You don't think you should wait until the Brexit referendum? Cuz the GBP may get stronger again. Right now there is not too much going for the Canadian economy but the reason the CAD is getting stronger against GBP is because the fear of Brexit (which seems less of a possibility) is putting downwards pressure on the British currency.

Re: transferring finances
 

CAD improved quite a bit this week. Just did a CAD/AUD transaction and it was 4% better on Friday than the previous Monday. Oil has been going up and that helps CAD.

This time round I used our Credit Union FX desk and got an outstanding rate, was very surprised. A most competitive rate.

Re: transferring finances
 

I received nearly $600 less than I had previously on a sterling / Canadian $ exchange last week. It was a bit of a blow, to be honest.

:(

Re: transferring finances
 

I was in the UK a couple of weeks ago and I didn't get the impression that there seems less chance of a UK exit...............it is very close to call but the vast majority of the people I spoke to about it all wanted out of Europe !

Re: transferring finances
 

I've used Money Corp in the past for transferring from UK to Canada- no issue and it was safe. The transaction itself is only free because they make their money out of the rate. So best to shop around, but ensure its reputable and legal. I've used MoneyCorp before so am happy to recommend it- see link below. Their transactional bank used to be HSBC but now its Barclays. Please note I don't work for them, I'm just a former customer. But again check out the others and find what works best for you. Good luck!

https://www.moneycorp.com/uk/personal/

Re: transferring finances
 

I use the forex houses too, although my wife likes her HSBC Premier services.

Re: transferring finances
 

I have used Transfer Wise to send money over to Canada. Worked well and the fees were low.

I expect the exchange rate to improve for the sterling after the EU poll (who knows if it will ever back to £1\$2 CAD), my prediction is that the UK will remain in the EU.

Re: transferring finances
 

Sorry, just checked their site.. my bad, there is a transfer fee.