Subj

Hi all,

Could somebody please clarify the following. If I was to bring an amount in Euros and deposit it to a CAD$ Bank account in Canada after landing, would the exchange commision be charged for the currency conversion ?

I realise that if I was to exchange X amount of Euros into CAD$ in cash I would have to dish out the commission, but interbanbk money transfers are commission free and use the best exchange rate available. Therefore the question is, in terms of exchange rate, would depositing money in a bank equate to transferring money from abroad ?

Thanks a lot for the replies

pak2

Most banks charge to receive foreign currency deposits. Alternatively they have poor exchange rates to make their commission. Generally you can't win. Swings - roundabouts the old story. I find it better to change into Canadian dollars here as the charges in the U.K. banks are less than in Canada.

I hope this helps.

Phil

Subj

Thanks a lot for the reply.

I guess I'm gonna have to bring a only a couple of grand CAD$ in cash to cover start-up expenses and have the rest sent to me via a bank transfer. I've been told by my bank that such transfers are commission free and as such use the published currency exchange rate.

pak2

THis is a tricky issue that I am dealing with at the moment. Obviously we all need access to money when we arrive. But then there is the issue of setting up bank accounts etc. All of which can take time. I have set up an account with HSBC in Canada prior to going. I can then transfer funds before I travel and organise cards and checkbooks etc. when I get there. It should be quick and painless! I think I will still carry some cash with me just incase. I will still have my accounts in the U.K. open so I can access them should the need arise as well as use my Visa card from my U.K. bank. All should be fine. PM me if you need any other details etc.

Phil