SomersetGirl

So sorry to hear you have to do this...I still think the RBC are being totally unreasonable. I bank with them also, and I'm going to be sitting down with someone and grilling them about this. If I find anything out (!) I'll post on this thread. Good Luck to your husband...hope all goes well.

shelley748

ask them if they have a "Verbal/facsimile agreement" they can email to you. You can then transact via phone or fax once you have signed this and sent it back. Its something in existence at the bank I work for,not sure of the opposition though.

johnh009

Why bother. As I keep saying, all they have to do is access their account online and do an online transfer of funds to whatever benificary account they choose.

dunroving

That's what I did (see my thread on USA column about this sort of thing - some banks just can't handle these situations). the check cleared in about 10 days (Barclays charged me £70 just to accept the check, mind you ... ). Now the money is in a USD account in the UK and I can exchange it. Seemples.

SomersetGirl

Yes, I know, I suggested that too, but the OP said RBC had told her this was not possible.

I'm currently dealing with a problem with RBC too, in that they refused to honour a Bank Draft I had taken in person to another country to pay into someone else's bank account. Its been sent back to Canada twice on collection. So far its been 2 months and its still in limbo, although of course the money is no longer in my account, nor the payee's.

johnh009

Then we do not know the whole story. Any online account allows you to make a transfer. You do not have to ask, you just go online and do it as long as the funds are cleared.

This is why I bank with the HSBC. Having worked in a few countries over the years, I find that they are the best bank to deal with for international transfers. They are not my favourite bank by choice but you can go online and into their "Global View" and move money to your accounts around the World in just about any currency in seconds. Also, when converting large sums of money, you can negotiate a better exchange rate than some of the currency exchange outfits.

Another point to consider with some of the currency exchange companies is how well protected is your money? If the company goes bust, you lose your money. Then how much better off are you? Just recently in the UK, Crown Currency Exchange went bust and all of the clients with money held in limbo by them lost everything.

http://www.walletpop.co.uk/2010/10/0...nge-goes-bust/

http://www.thisismoney.co.uk/savings...6&in_page_id=7

SomersetGirl

Yes, I agree John. I've recently opened an account with HSBC with a view to opening my UK one soon so that I will have that set up. Thanks for the links. Take care.

johnh009

Just remember that when converting money, negotiate with them, the rates are not cast in stone, at least not for larger amounts.

SomersetGirl

Thank you. I will!!

BTW do you know if your money is protected with ANY of the currency exchange companies, or do you have to use a bank to be covered?

johnh009

This will depend on the country in which they are based and regulated. Currency exchange companies are not banks and, in the UK, they may be registered with the Financial Services Authority but they are not covered by the Financial Services Compensation Scheme (now 100,000 Euros or equivalent). So if anything goes wrong you will have to line up with the other creditors for any remaining funds.

Your money would be protected in a bank under the compensation scheme for the country where the money is currently held. In your case, in Canada, I believe, it is C$100,000 and in the UK it is the equivalent of 100,000 Euros (about 85,000 GBp at the moment).

http://www.moneysavingexpert.com/new...crown-collapse

e_vh

This is simply not true for Canadian bank accounts.

ann m

Canadian banks can seem behind the times, very hands-on and personal and quite dogmatic in their rules. Which is all charming, frustrating, personal and dogmatic!!

But we have to agree they must have been doing something right all these years as they are in nowhere near the mess of other US and European institutions!!

Good luck lillybilly - I hope you sort something out from a distance, but if it involves one last trip to Van Island, then chalk it up to a tiring long weekend break, and a chance to put some closure on your journey!!

Sazzer

I personally wouldn't quite jump on a plane yet at there must be a solution.

Have you asked you bank if you can send them a signed form through a secure documentation company via the internet. I use a company called DataWitness www.datawitness.com. Basically your documents are legally binding (lawyers use them so it's a legal way of sending documents via the internet) and identification.

Alternatively, maybe you could give power of attorney to a lawyer or friend in Victoria who could then can go into the bank and transfer the money on your behalf.

Good luck.

johnh009

I suppose this is the value of banking with HSBC if you are going to transfer money internationally. Their "Global View" works really well and allows you to move your funds quickly and easily between countries.

brits1

Nope all we do is just phone for the rates except the deal and then wire the money (I do that via telephone banking) into OZforex, they then transfer it into our account here in the UK. Can you not contact your Canadian Bank via phone or Skype to verify who you are? I had to do this in Dubai a few years ago and just had to give my bank in Aus some personnel info. Good luck try not to stress....I know I know...easier said than done...there will be a way around this without you going back to Canada.