not2old

For those of you that do on-line banking

Folks wanting to transfer small to larger amounts of money from Canada to a UK bank account, a bank anywhere in any currency even to another person outside Canada generally use either a bank or an FX company

Without having a HSBC premier account

My question 'is it possible to e-transfer money yourself from your bank account without having to involve the bank or an FX company'?

Suggestions, options, possibilities?


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Aviator

If it is in the same currency, should be no issues. Once you get into FX, then you would to an EFT through the financial institution, or currency broker. Rates would be better to. We do by phone. Book the transfer, they take the money from our designated account. If it is a regular amount, all you have to do is make sure there is enough in the account to cover it and it can be done automatically.

Jerseygirl

We have transferred money from our US bank directly to our UK and Canadian banks...usually takes 24 hrs. You can choose which currency to use...US$ or UK£...US$ or CDN$. We never use a 3rd party. Depending on the amount it can be transferred by internet or phone.

BristolUK

I know this is not what N2O is getting at but you might want to take a look at TransferWise. Post 14 is one of many on BE. It seems to be the major discovery.

Nobody seems to do as favourable a rate and the fee is 0.5%

Just put the figure you might be transferring and it tells you what arrives at the receiving end. Then compare it with what normally arrives for the same sum.

You might be pleasantly surprised.

Jerseygirl

Thanks...I am aware of the various options discussed on here but hubby will not use a third party.

Pulaski

I think the answer to that is "no" ... to transfer money you either have to instruct your bank to send the money or someone else (i.e. a transfer company*) to debit your account and send it to another bank, or comparable financial institution, such as a credit onion.

* If you go totally old school you could deposit a cheque at the receiving bank and they would debit the account at the bank where the money is, but it would likely be slow and expensive especially if the money is in account in another country and different currency.

BristolUK

Pigeon Post

dave_j

There are a number of features that I like about Transferwise. Among these is that a transfer can be initiated online at any time, no phone call required. I use GBPCAD Live Chart | Forexlive to follow the exchange rate live and transfer when I think the rate is good. Transferwise will hold the rate quoted for 24 hours and if the rate improves then you can cancel the transfer and start another one at the improved rate or if you change your mind you can cancel it completely.

morpeth

Dom't the transfers at Transferwise go through Estonia ? Good feature holding rate for 24 hours.

From UK Torfx usually has better rates than bank, and wires are received much faster than through bank. and can be done online.

Hurlabrick

No. The point is that the money is not 'transferred' as such, it is matched to other transfers from CAD to GBP so money remains onshore and is not 'converted' as such.

Easy explanation here:

TransferWise: how does it work and is it safe?

I used to use HiFX for some of my early transfers, now I use TransferWise and will do so for all my transfers in future, save a lot of $$$$$

Learned the other day that at least one and maybe more of the new breed of 'app only' UK banks (i.e. no bank branches, premium rate phone lines as they want to do 100% of transactions yourself online) are using transferwise as their foreign transfer service.

I have no connection with transferwise other than not liking wasting money!

BristolUK

morpeth

I have thought of testing out Transferwise, but I have found so far I got better rates through TORFX, but plan to keep looking at Transferwise. However yes I know money inst physically transferred through Estonia but isn't that the heart of the operation ? Just makes me a bit leery, especially if handling larger amounts ( this could be unreasonable worry about the integrity of Estonian companies).

CanadianSpruce

I can recommend transferwise as well. I rarely find a better exchange rate. As mentioned above, because no money really moves between countries they can give a much better rate. It's pretty much the same way the credit card networks do foreign transactions as well.

Recently gbp cad transfers have gotten even faster, If I do a transfer before 8am MST I'll often have the money in my account that night. (I'm guessing whoever TransferWise use in Canada have their account with BMO as it's slower into other banks)

CanadianSpruce

The money doesn't leave their Barclays UK account until your transfer is complete, so I don't think there is much to worry about. It's also head quartered in London, it's just the founders were Estonian.

Hurlabrick

Hmmm.... you might want to do a google check on the links between TorFX and the now defunct Crown Currency Exchange.......