lilybilly101

OK, we're really stressed! RBC are saying we can't wire our funds to the UK without doing a cheque or going into the branch. Here we are in the UK in desperate need of our funds to go to HIFX. Nightmare. Does my husband have to get on a plane back to Canada to do this?

brits1

Have you tried ozforex......all we do is contact them ask them for their rates which is usually better than hifx...we agree to the rate....i use telephone banking to transfer the money from our aus account into their ozforex account and then they transfer it into our account in the uk....they have our uk account details and hey presto we have our money within 2 to 3 days......anything over 10,000 dollars (aus) we do not pay a service charge but your first two exchanges with them are free anyway no matter who much the amount is that your transfering. Good luck....things will work out....

lilybilly101

Apparently we HAVE to go back to Canada as we didn't notify them before we left. We're stunned. Everything was so crazy before we left, we didn't speak to the bank. Foolish in hindsight. Any ideas anyone? The thought of going back to simply to do this transaction seems mad! We're transferring over $150000.

Thanks Brits. Did you have to go into your bank before you did the wire?

SomersetGirl

Hi Lilybilly, I don't have an answer for you, but have you tried going to an HSBC bank in the UK and asking them for a solution. Perhaps you could open an account with them and then transfer the $ from RBC to HSBC in Canada, and then to UK? Just a thought.

Or could you authorize someone you trust in Canada, e.g. Acct, Lawyer, to do the transfer for you, perhaps into a trust account with your lawyer who handled the real estate transaction for your house sale? Might be worth checking out. Good Luck!!

lilybilly101

Thank you SG. I guess the problem is they won't let us move it anywhere unless we're in the branch. I feel like our money is being held hostage but I feel like a total twit for not speaking to them before hand. We did have stomach flu and had a tent trailer and a truck to sell and two small kids to look after...and nowhere to live.....AAAAAAGGGGHHH....

SomersetGirl

Can't you do anything online? This is unbelievable!!

lilybilly101

We would have to wire $1000 a day max and there's a charge. It seems we're screwed! Wire transfers need to be done in person and apparently that is the end of the matter as far as RBC is concerned. Gutted.

lf1

Agree with Somerset Girl. Do you have your Cdn cheque book with you?
If so, go to HSBC and open a Cdn dollar and Sterling account. then you can write a cheque to yourself for the whole amount. Then you can transfer the cdn into sterling. Also, as you transferring a large amount ask them for their best exchange rate. I did this in reverse in Canada. Not sure about the timing. Lloyds may also have a similar set up.
I wish you the best of luck.

SomersetGirl

Its worth checking, BUT I think HSBC might not clear the funds for a month, as its a personal cheque written on a foreign bank. It still will be cheaper than going to Canada though, as long as you don't need the funds immediately. If you do, you might be able to borrow on a short term basis, based on your credit history in Canada.

johnh009

Why not access your account online and move the funds to a Canadian Dollar account in the UK and then look at converting?

Or write a cheque to a Canadian Dollar account in the UK and then convert.

The Royal Bank of Canada have an office in London, maybe they can help? It is essentially and investment bank though. There are also RBC branches for personal banking in the Channel Islands which is closer than BC.

Royal Bank Of Canada
71 Queen Victoria Street
London
EC4V 4DE

Tel. 020 74891188

lilybilly101

Thank you. We'll call them today. They have stated we can't move the funds anywhere but the London number may help. I feel so frustrated and feel like my money is being held hostage.

lilybilly101

We do have our cheque book. Won't it take 25 days to clear though?The daily rate seems to be going against us.

johnh009

Trying to predict exchange rates is futile, the rate may even come down again. As I mentioned, you can move your funds online to a another institution.

lf1

It didn't take that long with my transaction. The bank will be able to tell you what the withholding period. Are you dealing with a senior member of staff @
RBC? TD and HSBC were willing to transfer funds from Canada to UK with written consent via fax. Both banks had a form specifically for this. Essentially, it includes sort codes, acct nos of Cdn and UK accounts and signatures of account holders. Maybe RBC can do the same thing. One difference is both banks knew what our plan was.

In your case maybe they would accept a document where your identity has been confirmed via a notary or solicitor.

lilybilly101

Thanks for all your help. We've been on the phone all day regarding this matter and my husband is resigned to travelling to Vancouver in the morning. We simply messed up by not going into the bank before we left and organised an account manager. We have some other things to do tidy up so maybe it's for the best. This move continues to be very stressful but we're still delighted to be home!!!!

Thanks everyone.