Transfer of funds - HELP!
#16
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Joined: Nov 2008
Location: Canada
Posts: 202
Re: Transfer of funds - HELP!
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.
Thanks everyone.
#17
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Joined: Jan 2008
Location: Near Kingston, Ontario
Posts: 1,323
Re: Transfer of funds - HELP!
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.
#18
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Re: Transfer of funds - HELP!
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.
#19
Re: Transfer of funds - HELP!
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.
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.
#20
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Joined: Nov 2008
Location: Canada
Posts: 202
Re: Transfer of funds - HELP!
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.
#21
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Re: Transfer of funds - HELP!
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.
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.
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
Last edited by johnh009; Feb 12th 2011 at 1:40 am.
#22
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Joined: Nov 2008
Location: Canada
Posts: 202
Re: Transfer of funds - HELP!
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
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
#23
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Joined: Aug 2007
Posts: 1,782
Re: Transfer of funds - HELP!
Just remember that when converting money, negotiate with them, the rates are not cast in stone, at least not for larger amounts.
#24
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Joined: Nov 2008
Location: Canada
Posts: 202
Re: Transfer of funds - HELP!
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?
#25
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Joined: Aug 2007
Posts: 1,782
Re: Transfer of funds - HELP!
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
Last edited by johnh009; Feb 12th 2011 at 6:17 am.
#27
Re: Transfer of funds - HELP!
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!!
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!!
#28
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Joined: May 2009
Posts: 68
Re: Transfer of funds - HELP!
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.
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.
#29
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Joined: Aug 2007
Posts: 1,782
Re: Transfer of funds - HELP!
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.
Last edited by johnh009; Feb 12th 2011 at 7:54 am.
#30
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Joined: May 2007
Location: England
Posts: 4,235
Re: Transfer of funds - HELP!
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?
Thanks Brits. Did you have to go into your bank before you did the wire?