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Transfering your money to the uk

Transfering your money to the uk

Old Feb 27th 2009, 10:58 am
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Default Transfering your money to the uk

Can I please ask whats the easiest way to transfer funds back to the UK. I don't really want to exchange my money straight away as I want to wait until the rate is good. Is it best to open a canadian dollar account in the uk and move the funds or try and access it from the UK whilst the money remains in Canada.

I am not to sure.
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Old Feb 27th 2009, 11:07 am
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Default Re: Transfering your money to the uk

Originally Posted by woodywoodside
Can I please ask whats the easiest way to transfer funds back to the UK. I don't really want to exchange my money straight away as I want to wait until the rate is good. Is it best to open a canadian dollar account in the uk and move the funds or try and access it from the UK whilst the money remains in Canada.

I am not to sure.
If you intend moving back to the UK for good, I'd suggest you open a UK-based foreign currency account. I did that (USD account), but also left a fair chunk in the States ... not sure what the situation is with having a bank account over there if you are nonresident, but I must admit it makes me a bit nervous that I no longer live there.

My USD account here has zero interest, which isn't fantastic, but then US accounts don't tend to have stellar interest rates at the best of times.
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Old Feb 27th 2009, 12:01 pm
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Default Re: Transfering your money to the uk

The rate is really good at the moment, ie, bad. It hasn't been this low for years.

We brought money here at about 2.20. If we go back at about 1.79, that'll be brill
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Old Feb 27th 2009, 3:35 pm
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Default Re: Transfering your money to the uk

Originally Posted by snogood
The rate is really good at the moment, ie, bad. It hasn't been this low for years.

We brought money here at about 2.20. If we go back at about 1.79, that'll be brill
I think I remember $2.40 when we went back for one trip. We just tried not to think about it. $1.79 looks very nice!

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Old Feb 28th 2009, 4:19 am
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Default Re: Transfering your money to the uk

Originally Posted by woodywoodside
Can I please ask whats the easiest way to transfer funds back to the UK. I don't really want to exchange my money straight away as I want to wait until the rate is good. Is it best to open a canadian dollar account in the uk and move the funds or try and access it from the UK whilst the money remains in Canada.

I am not to sure.
I really carn't see it getting any better in your favour It did go down to $1.69 acouple of wks ago, but it seems to be creeping back the other way .

Guess the Canadians have realised their really is a recession going on

Having said that i know of one or two people that keep their money in off shore accounts...Something to do with taxes ( beats me).
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Old Mar 11th 2009, 3:18 pm
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Default Re: Transfering your money to the uk

Originally Posted by woodywoodside
Can I please ask whats the easiest way to transfer funds back to the UK. I don't really want to exchange my money straight away as I want to wait until the rate is good. Is it best to open a canadian dollar account in the uk and move the funds or try and access it from the UK whilst the money remains in Canada.

I am not to sure.
Hi there, there are a couple of things I would say.

1) I would check with your bank in Canada that you can keep the account open after you leave the country. I would also check that you can transfer the CAD out of the account when you are based in the UK. If both of those things are ok, then you don't even need to open a CAD account in the UK. From my experience, this is what a lot of returning expats do.

2) These are the best rate for selling CAD and buying GBP since 1993 so how much better do you want the rate to get?
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Old Mar 11th 2009, 3:22 pm
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Default Re: Transfering your money to the uk

I am getting a divorce settlement in US dollars....am moving back to the UK - I have no idea what to do with it....
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Old Mar 11th 2009, 3:37 pm
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Default Re: Transfering your money to the uk

Originally Posted by lentil_curry
I am getting a divorce settlement in US dollars....am moving back to the UK - I have no idea what to do with it....
I am sorry to hear that. The plus side of your divorce settlement is that you will get the most amount of pounds for your US dollars since 1996 I think. The exchange rate is around 1.3800 at the moment. Therefore, let's say you had $100,000 to bring back into pounds. If you do it at 1.3800, you will get GBP72,460. if you were bringing it back this time last year when the exchange rate was 2.0500, you would only have got GBP 47,780. An incredible difference!

When you receive the settlement, speak to a currency broker and you can get the settlement paid directly into their dollar account but remember to fix the exchange rate first. They will then send you the pre-agreed amount of Pounds directly into your UK Sterling account. I am new to this site so don't know if I can give you the name of the foreign exchange company I work for (can anyone tell me this?) but contact me directly if you would like to give you more information. Cheers, Nick
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Old Mar 11th 2009, 3:46 pm
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Default Re: Transfering your money to the uk

Feel free to pm me.... thanks!
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Old Mar 13th 2009, 7:29 am
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Default Re: Transfering your money to the uk

Originally Posted by woodywoodside
Can I please ask whats the easiest way to transfer funds back to the UK. I don't really want to exchange my money straight away as I want to wait until the rate is good. Is it best to open a canadian dollar account in the uk and move the funds or try and access it from the UK whilst the money remains in Canada.

I am not to sure.
We used HiFX........very good service, good rate, no commission and they will talk you through every step. There is a forum run by them on BE, about halfway down the Discussions page, and you may well find a link at the top of this thread. Good luck
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Old Mar 24th 2009, 10:52 am
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Default Re: Transfering your money to the uk

Don't use a british bank to change the money - they will charge a lot of commission.

Use world first in London or a similar specialist currency broker - they charge around 1.5 cents max against LIBOR rate eg if libor is $1.40- they give you $1.385

I put a lot of dosh through them over an extended period and saved an enormous amount - my first transfer was via halifax plc and i was ripped off

careful of the low £50k govt guarantee in the uk

I bank with national savings (Bank of England) so its direct with the govt
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Old Mar 27th 2009, 3:40 am
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Default Re: Transfering your money to the uk

Originally Posted by woodywoodside
Can I please ask whats the easiest way to transfer funds back to the UK. I don't really want to exchange my money straight away as I want to wait until the rate is good. Is it best to open a canadian dollar account in the uk and move the funds or try and access it from the UK whilst the money remains in Canada.

I am not to sure.
Open a HSBC Canadian account and then a British on and transfer monies between the two!

Friends of mine have done the same in reverse and it's simple
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Old Mar 27th 2009, 4:42 am
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Default Re: Transfering your money to the uk

Originally Posted by bombards
Open a HSBC Canadian account and then a British on and transfer monies between the two!

Friends of mine have done the same in reverse and it's simple
Well you would have to go through all the money laundering stuff to get your account open in the UK and then the HSBC would charge a BIG margin to transfer from one currency to the other

I would still use forex brokers in london - their margins are much smaller
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Old Mar 27th 2009, 11:09 am
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Default Re: Transfering your money to the uk

Originally Posted by oldbag
We used HiFX........very good service, good rate, no commission and they will talk you through every step. There is a forum run by them on BE, about halfway down the Discussions page, and you may well find a link at the top of this thread. Good luck
there is commission mate, they don't do it for the love of it!
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Old Mar 27th 2009, 11:14 am
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Default Re: Transfering your money to the uk

Originally Posted by pingpong
there is commission mate, they don't do it for the love of it!
yeah I trade forex all day long so I am watching the LIBOR screen when I am on the phone to them - halifax cost me hundreds more than the specialist brokers on the first £15k - after that I went to the brokers and the charge was 1.5 cents away from the LIBOR screen with no commission and no bank tsf charges at either end

Take no notice of tourists rates - they are scandalous - its the LIBOR that matters but the bank wont tell you what that is - its a secret and they keep it all hid

Look on bloomberg or whatever for the true rate
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