A money question
 

I do work on the Internet for a UK company. They wire or however it's now nowadays, my pay into my Canadian bank account.

The amount I was expecting was £512.99. On xe.com it said that this converted to $1,088.35. However, what arrived in my bank account was $1,060.04.

I assume that banks don't transfer the money for nothing. However, I understood from the company that they picked up the cost of transferring the money.

Does anybody know how transfers work? Am I being charged for the transfer fee. I worked out that if xe.com is correct, I am $28.31 short. But perhaps xe.com is NOT correct.

Anybody know the answer to this?

Re: A money question
 

It's probably a charge levied by your Canadian bank. When I wire my daughter money my US bank charges me for the wire transfer and her Canadian Bank (RBC) charge her that end too. It is usually in the region of 20 CD.

Re: A money question
 

We both have Private UK Pensions. My husband always receives a better exchange rate then I do. Must admit that I have complained many times but with no success!!
All I can say is that I

Re: A money question
 

try to keep smiling and hoping next month will be different!!

Re: A money question
 

I guess it has a lot to do with the exchange rate the company got on the day of transfer and that changes all the time. Just because xe.com is showing it as at one figure doesn't mean that is what it converted at.

Re: A money question
 

Have a look at #2 on this link - that might be your problem:

http://www.xe.com/faq.php#midmarket

Scott

Re: A money question
 

Hi,

xe.com post what are referred to as 'mid-rates'. They explain that these are the current market rates and they do not equate to the actual exchange rate you get when transferring money or sending/receiving a payment.

Depending on who you bank with or use to make transfers, the fees will vary.

Our Canadian bank (TD Canada Trust) charge a flat $10 for each transaction, no matter how large / small.

For transfers we use HiFX who will reimburse the $10 on proof that it has been charged.:)

Hope this is of help.:thumbup:

Simon:cool:

Re: A money question
 

We also bank with TD Canada Trust for our sins and we have never been charged at all for transfers no matter how big, small. :thumbsup:

Re: A money question
 

Something to do with minimum balance perchance?:confused:

Good for you anyway!:thumbup:

Simon:cool:

Re: A money question
 

Hi, HIFX do a regular payment service (go to www.emigreat.com, then financial, click on HIFX). Also we bank with CIBC and we exchange English and Danish cheques there free. Even before we emigrated we set up an account with them and used to send over a cheque once a month and there was never a money exchange charge.