UKFOREX

Old Sep 19th 2008, 11:55 am
  #1  
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Question UKFOREX

Hi all!

I'm in the process of transferring GBP funds to Canadian Dollars using UKForex. I logged a deal earlier this week to test the system out before transfering the rest of the money and according to the notice on their site, they have remitted the funds to the beneficiary (my CAD account) on 17 September. They have also sent an email saying that they have remitted the funds. However, I've been checking my RBC bank details and the funds have not yet arrived. I am a bit worried about the status of the money and would be greatly reassured if anyone can answer a few questions:

1. How long does it take to transfer funds between Canadian banks? Should I be worried that the money has not arrived in my account yet? I bank with RBC but I'm not sure what UKForex (or the affilate company in Canada) uses in Canada. The agent from the UK that I called yesterday could not answer this question.

2. If anyone has an account with RBC, how do you quote the account number? I'm a bit paranoid that I might have quoted the account numbers wrong and my money's going nowhere. For the transit code, I quoted 5 digits, then the account number (chequing) i quoted 7 digits. These were two separate fields in the form I filled up. Should I have put them together to make an longer string of digits for the account number?

Thanks!
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Old Sep 19th 2008, 12:42 pm
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Default Re: UKFOREX

Originally Posted by whana
Hi all!

I'm in the process of transferring GBP funds to Canadian Dollars using UKForex. I logged a deal earlier this week to test the system out before transfering the rest of the money and according to the notice on their site, they have remitted the funds to the beneficiary (my CAD account) on 17 September. They have also sent an email saying that they have remitted the funds. However, I've been checking my RBC bank details and the funds have not yet arrived. I am a bit worried about the status of the money and would be greatly reassured if anyone can answer a few questions:

1. How long does it take to transfer funds between Canadian banks? Should I be worried that the money has not arrived in my account yet? I bank with RBC but I'm not sure what UKForex (or the affilate company in Canada) uses in Canada. The agent from the UK that I called yesterday could not answer this question.

2. If anyone has an account with RBC, how do you quote the account number? I'm a bit paranoid that I might have quoted the account numbers wrong and my money's going nowhere. For the transit code, I quoted 5 digits, then the account number (chequing) i quoted 7 digits. These were two separate fields in the form I filled up. Should I have put them together to make an longer string of digits for the account number?

Thanks!
xxxxx-xxxxxxx is the account number format. So I am assuming you are correct.
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Old Sep 19th 2008, 1:13 pm
  #3  
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Default Re: UKFOREX

Sorry, point 2. I can't answer. However, having used UKForex several times, I've found them really reliable. If they remitted the funds on 17th, I'd anticipate that they'll either show over the weekend or on Monday sometime. (Mine come in to an HSBC account here.)
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Old Sep 19th 2008, 6:45 pm
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Default Re: UKFOREX

Hi,
We bank with RBC too and I agree the format for you transit/account number is correct.
I think the funds go to an RBC central bank first then get forwarded to your branch account, so it takes a little longer than you would expect.
R
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Old Sep 19th 2008, 8:27 pm
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Default Re: UKFOREX

I used UKFOREX (once) and although the rate was slightly better it took 9 (NINE) days to get to my bank in Canada.

I use xe.com now (Custom House), with most banks if I send on Monday it arrives in Canada Friday, if I use LloydsTSB to send it only takes 3 days - send Monday arrives Wednesday. The difference in rates it about 2.5c per pound.

Hope this helps.

Last edited by snowdemon; Sep 19th 2008 at 8:30 pm.
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Old Sep 20th 2008, 12:40 am
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Default Re: UKFOREX

Thanks for all your replies! I can breathe a little easier knowing that my waiting time for the transfer is still within the "normal time frame". I guess I'll just have to wait and see when the funds appear in my account so I can stop worrying.
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Old Sep 20th 2008, 5:21 am
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Default Re: UKFOREX

hello, we used them t transfer money into a canadian bank account 3 months ago. the money took 3-4 days to clear and be visible in our account. they were excellent to deal with and explained the process very well to us.

dont worry, grant
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