lgabriel73

Since its in CAD there will be a fee whichever bank account you put it into.

dunroving

Yes, I realise that, but I was wondering if anyone has insight into the relative merits (low fees/better exchange rate) of paying into a US or UK bank. I have had experiences in the past where you could lose a considerable amount and others (like when I sent US checks in USD to pay off my Barclaycard bill from abroad) that were surprisingly cheap.

It's the exchange rate that will probably sting me the most, but I don't know if this will be worse for a UK bank or a US bank.

Anyway, anyone with experience of trying either way, I'd be glad for some advice.

lf1

Would the issuer be willing to give you a GBP Money Order instead of a cheque. When sending gifts to to the UK I used to send MO's instead of cheques and the recipient avoided fees and a long waiting period. Or, would they be willing to do a bank transfer?

dunroving

Don't get me started on universities and professional organisations ... they live in mediaeval times compared to the corporate world.

Every year I rack up close to £4,000-£5,000 on travel costs and other "employer" expenses and have to submit reimbursement. Asking them to think even slightly outside the box is like asking Jeremy Clarkson to keep his mouth shut. It isn't going to happen.

lf1

That is pretty frightening given that universities are teaching the corporate world about the corporate world.

dunroving

Well, to bring it back to the OP's post, I am baffled why international banking doesn't seem to have advanced much over the past 4 decades.

I think the OP should be able to go the XE.com route if he can open a UK HSBC account, but there are so many threads on BE from people having trouble with opening accounts and being slammed for charges. Investment bankers don't seem to have any problem but when the average person needs to do something simple like pay in a foreign check it's like they have never heard of it before.

Editha

My UK bank, First Direct, consistently gives me a better exchange rate than my Canadian bank, RBC. But, I think it is the bank that matters, not the country.

fulwood

Yes I am sorry for hijacking thread as well. So for my vacation should I just use debit and credit cards or transfer some funds into my trusted friends bank account.

Vexcore

1: Draw it all out in cash take it with you?
2: Transfer it via paypal, then to your bank (i do this sometimes)
3: Main Bank Transfer from USA BANK TO UK BANK (you need IBAN CODE SWIFT CODES to do this)
4: cheque? i wouldn't trust it.

lf1

Whilst still living in Canada and travelling to the UK for hols, I just used my debit and credit cards. I just advised my Cdn bank that I would be travelling in UK/Europe

michali

Years ago, when we relocated to the UK, we brought our funds in the form of a money order and deposited it right away. All went well, but this time we are planning to do a wire transfer, feeling that it is safer and faster. Of course, we will lose some in the process, conversion and bank charges this end and smaller charges (I now discover!) the other end, but for peace of mind, we will probably use this method.

lgabriel73

If you get an account with XE.com you can set up ACH/EFT payments to an account in the UK. This way you don't have to pay the wire transfer fees.

CraigM

r0briley,

With any transfer I would use a Currency Exchange company, less risk of the money being "Lost" in the transfer and most of the time they will give you a better rate than that of the bank.

Once you bring the money back into the UK, it will be liable for tax... Depending on the amount I would strongly recommend to offshore route. Setting up an account is not that complicated. Can happily help you through the process..

Editha

'Most of the time they'll give you a better rate of exchange'. With my bank, that seems to be never. I've never been quoted a better rate than I get with FirstDirect.

Can you explain the benefits of 'an offshore route' and why you think money transferred to the UK will be subject to tax?

I'll be very frank. Financial expert or not, this is not good advice IMO.

michali

As I understand it, it is the interest accrued on the money you bring into the uk that will be subject to tax.