Daveyboy_The_Red

i am in the process of selling my house in the uk and expect to have the money in my bank around christmas time. what is the best way of getting it over to canada to allow me to buy a house there?

I expect to be sending about £40,000, what sort of exchange rates are possible?

many thanks

dt

Tiaribbon

Assuming you have a Canadian bank account, all you need to do is make a bank transfer. We had a manager for our money with Lloyds and we just instructed him to exchange as soon as the rate reached 2.5. He did this and it was easy. The exchange rate is only 2.2 right now, but if you wait for a couple of months it should go back up again. Checkout www.x-rates.com this will give you an idea of how much you will have and also it shows graph of how the exchange rate has changed over the years.

Daveyboy_The_Red

thank you. it seems difficult to find projections of where the exchange goes in future. is it likely to go back up to 2.4/2.5 in the short term then?

Tiaribbon

Who knows.......but if you look over the past couple of years it may give you some idea. We had to wait 8 months for it to go back up to 2.5.....but it did eventually.

gooding

Rates can go up and down often, we bought @ 2.5 last May and it was the same the year before, but went down slightly inbetween. Really glad we did it then than now.

I used this company in scotland http://www.exchange-currency.co.uk/for business and personal. very quick efficient and helpful service for me.

I asked him for his advice on rates. I tell him what I would like it to reach, and as soon as it gets close he phones, or if it hits that rate he buys for me. To do this you need a bit of time to watch the rates. If it is over £5000 all transactions are free.

This is a quote from an article a couple of days ago.

"The number one appealing point about Canada right now is the strength of the Canadian dollar", says Shooshan Danagoulian, an economist at the IDEAglobal consultancy in New York. "It is making investment in Canada more appealing than investment in the US."

It is hard to find an economist who is not forecasting a further appreciation. Donald Coxe, chairman of Harris Investment Management in Chicago, thinks the loonie is heading towards par with the dollar for the first time since the mid-1970s. "

As you need to watch the US dollar as well to get a good idea. I think the CAN dollar is not going to go up for sometime, the US dollar is up to US 1.8 (ish) to the UK pound. and the CAN is under 2.2.
As i watched the US$ go up , then down last year the Can$ went up and down as well, and still going down.
I have heard it said you may get US$2 to the pound in the near future, great for trips to US, but not good for you $can.

Just like share dealing sell when you think its best. You could regret it if you wait, BUT it is a gamble like any dealing.

Daveyboy_The_Red

i've just been quoted a rate of 2.5 now, by Lunn Poly!!!

gooding

Take it!!!!!!!!!! as long as you get it in writing before they change their minds. None of the high street exchanges were offering over 2.1 yesterday. can't believe they can manage to do 2.5??????
if they still quote that let us know which branch and I'll buy too!!!!!!!

gooding

You got me so excited that i checked lunn poly exchange rates and they quote 2.13.

I also found this on google when looking.?????


"LUNN Poly agents face having their wages docked if they make a mistake that costs the company money.

The multiple is rolling out new employment contracts which it says are designed to “protect itself from fraud�. And it has warned workers they will be pursued through the courts if necessary to recover ‘lost’ cash.

Industry trade union the Transport Salaried Staffs’ Association has been flooded with calls from worried Lunn Poly agents concerned that a wrongly calculated booking could leave them struggling to pay the bills.

TSSA negotiations officer Dave Allen labelled the policy “horrendous� and accused Lunn Poly of railroading staff to sign up to the clause, introduced in the last two weeks.

Lunn Poly will deduct money if employees are deemed to have failed to follow company procedure when they make a mistake.

I hope whoever quoted you has read it?

Lunn Poly agents - most of whom earn a basic salary of £9,000-£13,000 a year - will be liable when shop tills are short, for holiday or foreign exchange calculation errors and administration mistakes.

Daveyboy_The_Red

i was suprised too, i asked them to double check for me and they came back the same...

If anyone is interested it was Lunn Poly in Ashford, Kent on 01233 625722

Tiaribbon

Well Davey if that is what they are quoting you, then you should exchange as much as you possibly can. This is TOP DOLLAR you know. Good luck.

tpiper

I have just made two transfers from GBP to CAD using xe.com's Foreign Exchange service (www.xe.com/fx). The whole process worked smoothly and I got a good rate. Not affiliated - just a happy punter.