Best way to get a good exchange rate canadian dollar to pounds
Mar 24th 2015, 2:23 pm
#1
Forum Regular
Thread Starter
Joined: Mar 2013
Posts: 80
Best way to get a good exchange rate canadian dollar to pounds
Hi there
I am looking at sending money back to the UK from canada, does anyone know the best way to get the best exchange rate?
Thanks
I am looking at sending money back to the UK from canada, does anyone know the best way to get the best exchange rate?
Thanks
Mar 24th 2015, 4:59 pm
#2
Ex-pat twice?
Joined: Feb 2015
Location: Cotswold, UK
Posts: 32
Re: Best way to get a good exchange rate canadian dollar to pounds
Use one of the professional currency exchange firms, I used HaloFinancial.com and Global Reach partners is another one with a good rep.
These tend to charge a fixed fee say £15 per transfer and give exchange rates within a few pips of the Forex market rate - unlike your banks which will building their own huge profit margin and charge you large fees on top to do the transfer.
When coming over to Canada 8 yrs ago Halo charged me £15 for my whole $300,000 - not bad eh! They are also going to be the people I choose to use going back.
Note one of the great advantages of these firms is that you can lock in rates for the future. So say you think the exchange rate is only going to get worse you can choose a rate - lock it in for a specific date in the future and just pay a 10% deposit.
Some even allow you to 'HEDGE' using OPTIONS, but you need to really understand what you are doing for that.
My advice hit up a couple of them, get them to call you and talk to you about their services. I can recommend someone at Halo if you want to PM me.
These tend to charge a fixed fee say £15 per transfer and give exchange rates within a few pips of the Forex market rate - unlike your banks which will building their own huge profit margin and charge you large fees on top to do the transfer.
When coming over to Canada 8 yrs ago Halo charged me £15 for my whole $300,000 - not bad eh! They are also going to be the people I choose to use going back.
Note one of the great advantages of these firms is that you can lock in rates for the future. So say you think the exchange rate is only going to get worse you can choose a rate - lock it in for a specific date in the future and just pay a 10% deposit.
Some even allow you to 'HEDGE' using OPTIONS, but you need to really understand what you are doing for that.
My advice hit up a couple of them, get them to call you and talk to you about their services. I can recommend someone at Halo if you want to PM me.
Mar 24th 2015, 5:04 pm
#3
Forum Regular
Thread Starter
Joined: Mar 2013
Posts: 80
Re: Best way to get a good exchange rate canadian dollar to pounds
Use one of the professional currency exchange firms, I used HaloFinancial.com and Global Reach partners is another one with a good rep.
These tend to charge a fixed fee say £15 per transfer and give exchange rates within a few pips of the Forex market rate - unlike your banks which will building their own huge profit margin and charge you large fees on top to do the transfer.
When coming over to Canada 8 yrs ago Halo charged me £15 for my whole $300,000 - not bad eh! They are also going to be the people I choose to use going back.
Note one of the great advantages of these firms is that you can lock in rates for the future. So say you think the exchange rate is only going to get worse you can choose a rate - lock it in for a specific date in the future and just pay a 10% deposit.
Some even allow you to 'HEDGE' using OPTIONS, but you need to really understand what you are doing for that.
My advice hit up a couple of them, get them to call you and talk to you about their services. I can recommend someone at Halo if you want to PM me.
These tend to charge a fixed fee say £15 per transfer and give exchange rates within a few pips of the Forex market rate - unlike your banks which will building their own huge profit margin and charge you large fees on top to do the transfer.
When coming over to Canada 8 yrs ago Halo charged me £15 for my whole $300,000 - not bad eh! They are also going to be the people I choose to use going back.
Note one of the great advantages of these firms is that you can lock in rates for the future. So say you think the exchange rate is only going to get worse you can choose a rate - lock it in for a specific date in the future and just pay a 10% deposit.
Some even allow you to 'HEDGE' using OPTIONS, but you need to really understand what you are doing for that.
My advice hit up a couple of them, get them to call you and talk to you about their services. I can recommend someone at Halo if you want to PM me.
Yeah that would be great and thanks for your advise.
Apr 2nd 2015, 5:39 pm
#4
Forum Regular
Joined: Feb 2013
Location: Los Angeles
Posts: 158
Re: Best way to get a good exchange rate canadian dollar to pounds
Take a look at TRANSFERWISE
Apr 6th 2015, 2:24 pm
#5
Forum Regular
Joined: Mar 2015
Location: Calgary
Posts: 61
Re: Best way to get a good exchange rate canadian dollar to pounds
Good question I'm looking to do the same......its breaking my heart losing so much canadian.
Apr 8th 2015, 6:07 pm
#7
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Joined: Dec 2002
Posts: 481
Re: Best way to get a good exchange rate canadian dollar to pounds
Use one of the professional currency exchange firms, I used HaloFinancial.com and Global Reach partners is another one with a good rep.
These tend to charge a fixed fee say £15 per transfer and give exchange rates within a few pips of the Forex market rate - unlike your banks which will building their own huge profit margin and charge you large fees on top to do the transfer.
When coming over to Canada 8 yrs ago Halo charged me £15 for my whole $300,000 - not bad eh! They are also going to be the people I choose to use going back.
Note one of the great advantages of these firms is that you can lock in rates for the future. So say you think the exchange rate is only going to get worse you can choose a rate - lock it in for a specific date in the future and just pay a 10% deposit.
Some even allow you to 'HEDGE' using OPTIONS, but you need to really understand what you are doing for that.
My advice hit up a couple of them, get them to call you and talk to you about their services. I can recommend someone at Halo if you want to PM me.
These tend to charge a fixed fee say £15 per transfer and give exchange rates within a few pips of the Forex market rate - unlike your banks which will building their own huge profit margin and charge you large fees on top to do the transfer.
When coming over to Canada 8 yrs ago Halo charged me £15 for my whole $300,000 - not bad eh! They are also going to be the people I choose to use going back.
Note one of the great advantages of these firms is that you can lock in rates for the future. So say you think the exchange rate is only going to get worse you can choose a rate - lock it in for a specific date in the future and just pay a 10% deposit.
Some even allow you to 'HEDGE' using OPTIONS, but you need to really understand what you are doing for that.
My advice hit up a couple of them, get them to call you and talk to you about their services. I can recommend someone at Halo if you want to PM me.
Apr 8th 2015, 6:21 pm
#8
Ex-pat twice?
Joined: Feb 2015
Location: Cotswold, UK
Posts: 32
Re: Best way to get a good exchange rate canadian dollar to pounds
That's a co-incidence, us too, aiming for July 1st assuming the house sells reasonably quickly.
I'll PM the guys name
I'll PM the guys name
Apr 8th 2015, 10:10 pm
#9
Forum Regular
Joined: Feb 2013
Location: Los Angeles
Posts: 158
Re: Best way to get a good exchange rate canadian dollar to pounds
Mike,
It appears they do but currently they use the SWIFT system to move CAD$ into your TRANSFERWISE account, then from there to your UK account. I used them to move some USD but had to do a wire transfer to them as I could not get my FCU to authorize the transfer directly - I think it may be because of how my FCU has set up their login process, it's double tiered with a text to my cellphone of a unique access number that has to be manually entered, so TransferWise can never authenticate the account.
https://transferwise.com/support/cus...ticles/1740911
https://transferwise.com/support/cus...wift-payments-
It appears they do but currently they use the SWIFT system to move CAD$ into your TRANSFERWISE account, then from there to your UK account. I used them to move some USD but had to do a wire transfer to them as I could not get my FCU to authorize the transfer directly - I think it may be because of how my FCU has set up their login process, it's double tiered with a text to my cellphone of a unique access number that has to be manually entered, so TransferWise can never authenticate the account.
https://transferwise.com/support/cus...ticles/1740911
https://transferwise.com/support/cus...wift-payments-
Last edited by Disenchanted; Apr 8th 2015 at 10:12 pm.
Apr 10th 2015, 8:24 pm
#10
Just Joined
Joined: May 2011
Location: NJ
Posts: 17
Re: Best way to get a good exchange rate canadian dollar to pounds
I recently used WorldFirst (based on a recommendation by this site), to move US Dollars to GB Pounds. I got what seemed a favourable exchange rate and they have been super easy to deal with.
Apr 12th 2015, 5:47 am
#11
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Joined: Jun 2010
Location: Belfast, Northern Ireland UK again!
Posts: 1,085
Re: Best way to get a good exchange rate canadian dollar to pounds
If you have a HSBC account in the USA and in the UK, do they charge to transfer?
Apr 15th 2015, 7:37 pm
#12
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Joined: Nov 2007
Location: Vancouver
Posts: 438
Re: Best way to get a good exchange rate canadian dollar to pounds
We used TorFX coming out, and we are doing the same going back.
A good tip, if possible, is to exchange larger amounts to get a better deal!
A good tip, if possible, is to exchange larger amounts to get a better deal!
Apr 16th 2015, 3:43 pm
#13
Ex-pat twice?
Joined: Feb 2015
Location: Cotswold, UK
Posts: 32
Re: Best way to get a good exchange rate canadian dollar to pounds
So I used Halo Financial Today to make a purchase of £16k which cost me $29440 so 1.84.
My Bank TD wanted to offer 1.88 something so I saved myself nearly $700 .
though of course the bank then charges you to do a wire transfer of CAD funds to the UK of $50 - rip off merchants, and even then they nearly paid GBP instead of CAD.
Either way it shows how using a dedicated Forex company saves you a fortune, imagine the savings on the proceeds of a house sale!
My Bank TD wanted to offer 1.88 something so I saved myself nearly $700 .
though of course the bank then charges you to do a wire transfer of CAD funds to the UK of $50 - rip off merchants, and even then they nearly paid GBP instead of CAD.
Either way it shows how using a dedicated Forex company saves you a fortune, imagine the savings on the proceeds of a house sale!
Apr 20th 2015, 1:47 pm
#14
BE Enthusiast
Joined: Dec 2002
Posts: 481
Re: Best way to get a good exchange rate canadian dollar to pounds
We plan on giving Halo a go, just deciding whether to fix rate now or in 8 weeks is our challenge, do have proceeds of house sale, so a few points difference does make quite a difference!
