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Cheapest Way To Send/Transfer Funds abroad.

Cheapest Way To Send/Transfer Funds abroad.

Old Jun 2nd 2002, 5:25 pm
  #1  
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Default Cheapest Way To Send/Transfer Funds abroad.

Hi.

I appologise if this has been covered before.

Could some body please tell me the cheapest/best rate to send/transfer money abroad (Canada).
I am immigrating and would like to transfer £20k Sterling to a Canadian bank (no account open yet).

The following are options I've considered:

Using normal ATM card (Cirrus) to withdraw £1000 a day then deposit cash in to Canadian bank. 1.5% commision?

Over pay my Visa Credit card, then withdraw cash from ATM or over the counter then deposit. Unknown cost?

Wire money over. £20 + Sale a currency commision?

Travellers Checks.

Cash UK check (Barclays) in Canadian Bank. Unknown cost?

Please advise on above methods.
Can any body think of a better/ more economical way?Like a service simialr to C2it - https://www.c2it.com/C2IT/help_e.jsp for Uk residents?

Should I try and use my Credit Cards as much as possible to pay for things abroad?

Thanks for your help!

Last edited by DaFunkyMan; Jun 2nd 2002 at 5:52 pm.
DaFunkyMan is offline  
Old Jun 2nd 2002, 8:20 pm
  #2  
Ron Clarey
Guest
 
Posts: n/a
Default Re: Cheapest Way To Send/Transfer Funds abroad.

In message <[email protected]>, DaFunkyMan
<[email protected]> writes
    >Hi.
    >
    >I appologise if this has been covered before.
    >
    >Could some body please tell me the cheapest/best rate to send/transfer money abroad
    >(Canada). I am immigrating and would like to transfer £20k Sterling to a Canadian
    >bank (no account open yet).
    >
    >The following are options I've considered:
    >
    >Using normal ATM card (Cirrus) to withdraw £1000 a day then deposit cash in to
    >Canadian bank. 1.5% commision?
    >
    >Over pay my Visa Credit card, then withdraw cash from ATM or over the counter then
    >deposit. Unknown cost?
    >
    >Wire money over. £20 + Sale a currency commision?
    >
    >Travellers Checks.
    >
    >Cash UK check (Barclays) in Canadian Bank. Unknown cost?
    >
    >Please advise on above methods. Can any body think of a better/ more economical
    >way?Like a service simialr to C2it - https://www.c2it.com/C2IT/help_e.jsp for Uk
    >residents?
    >
    >Should I try and use my Credit Cards as much as possible to pay for things abroad?
    >
    >Thanks for your help!
    >
    >
    >
    >--
    >Posted via http://britishexpats.com

Why not check if your bank has a Canadian branch or subsidiary I believe the royal
bank of Scotland has and I would be amazes if the HSBC doesn't have one.

--
Ron Clarey Translaters.net HTTP://www.translaters.net
 
Old Jun 3rd 2002, 2:21 am
  #3  
Harry Dodsworth
Guest
 
Posts: n/a
Default Re: Cheapest Way To Send/Transfer Funds abroad.

I had a similar problem in transferring money from Britain to Canada; I couldn't
decide whether British banks were incompetent or crooks

HSBC referred me to the Thomas Cook Bureau de Change in their branch who wanted to
charge me a fixed fee, a percentage fee, and offered a rate of exchange 4 per cent
less than the interbank rate. HSBC wouldn't issue me a draft themselves as I wasn't
a customer (my mother had been). In the end, I brought 2,000 UKP in notes and
changed it here, and got over $200 more (glad I didn't get my pocket picked!)

When I had a larger amount to transfer, Lloyd's Bank wired it. They charged a fee
but the rate was essentially the interbank rate. It went straight into my account.

In the case described here, I would rely at first on the British card for cash
through ATMs, perhaps with traveller's cheques as backup. Once you have opened a
bank account in Canada, send the number to the British bank and the wire transfer
should come in a few days (you can choose the priority).

Note you may have trouble getting a Canadian credit card initially - no credit
history in the country! - so leave some sterling behind so you can continue using
your British credit card.

Remember that every foreign exchange transaction is a new adventure every time.
Identical transactions will not be processed identically. International banking is
for the banks not their customers.

--
Harry Dodsworth Ottawa Ontario Canada [email protected]
 
Old Jun 3rd 2002, 5:20 am
  #4  
Paul O'Brien
Guest
 
Posts: n/a
Default Re: Cheapest Way To Send/Transfer Funds abroad.

Interbank transfers are arranged across international borders by Banks, easily and
relatively cheaply!! To do it you will need a Canadian Bank Account. Tell them you
wish to transfer money - they will give you the relevant details needed, including
a routing number. You then contact your UK Bank with the information and the deed
can be done, electronically, usually within an hour. That way you use wholesale
exchange rates - do it with ATM cards etc, you use retail exchange rates, and
they're not good!

--
Paul O'Brien [email protected] "DaFunkyMan" <[email protected]> wrote
in message news:[email protected]...
    > Hi.
    >
    > I appologise if this has been covered before.
    >
    > Could some body please tell me the cheapest/best rate to send/transfer money abroad
    > (Canada). I am immigrating and would like to transfer £20k Sterling to a Canadian
    > bank (no account open yet).
    >
    > The following are options I've considered:
    >
    > Using normal ATM card (Cirrus) to withdraw £1000 a day then deposit cash in to
    > Canadian bank. 1.5% commision?
    >
    > Over pay my Visa Credit card, then withdraw cash from ATM or over the counter then
    > deposit. Unknown cost?
    >
    > Wire money over. £20 + Sale a currency commision?
    >
    > Travellers Checks.
    >
    > Cash UK check (Barclays) in Canadian Bank. Unknown cost?
    >
    > Please advise on above methods. Can any body think of a better/ more economical
    > way?Like a service simialr to C2it - https://www.c2it.com/C2IT/help_e.jsp for Uk
    > residents?
    >
    > Should I try and use my Credit Cards as much as possible to pay for things abroad?
    >
    > Thanks for your help!
    >
    >
    >
    > --
    > Posted via http://britishexpats.com
 
Old Jun 3rd 2002, 9:27 am
  #5  
Loz
Guest
 
Posts: n/a
Default Re: Cheapest Way To Send/Transfer Funds abroad.

"Harry Dodsworth" <[email protected]> wrote in message
news:[email protected]...
    > I had a similar problem in transferring money from Britain to Canada;
    > I couldn't decide whether British banks were incompetent or crooks
    >
    > Remember that every foreign exchange transaction is a new adventure every time.
    > Identical transactions will not be processed identically. International banking
    > is for the banks not their customers.
    >

I did the reverse (US bank to UK bank), and even though it is a wire transfer
between 2 banks, my bank still instist on 5 day processing before I can have access
to the funds.

loz
 
Old Jun 3rd 2002, 10:21 am
  #6  
Ron Clarey
Guest
 
Posts: n/a
Default Re: Cheapest Way To Send/Transfer Funds abroad.

    >> I had a similar problem in transferring money from Britain to Canada;
    >> I couldn't decide whether British banks were incompetent or crooks
    >>

Crooks there is very rarely a bank error in your favour only theirs

    >I did the reverse (US bank to UK bank), and even though it is a wire transfer
    >between 2 banks, my bank still instist on 5 day processing before I can have access
    >to the funds.

You are lucky it took 3 days to transfer money from one account in the bank to
another and I got bank charges for and missed payment. I got my money back after
complaining.
--
Ron Clarey
 
Old Jun 3rd 2002, 6:25 pm
  #7  
Scottish Quilte
Guest
 
Posts: n/a
Default Re: Cheapest Way To Send/Transfer Funds abroad.

On 2 Jun 2002 18:20:15 GMT, DaFunkyMan <[email protected]> wrote:

    >Hi.
    >
    >I appologise if this has been covered before.
    >
    >Could some body please tell me the cheapest/best rate to send/transfer money abroad
    >(Canada). I am immigrating and would like to transfer £20k Sterling to a Canadian
    >bank (no account open yet).
    >
I transferred money from my account to my daughter's account in the USA through
the bank ( Bank of Scotland at this end and one in MA at the other) there was a
small charge but it was there in 24hrs! Elma in Glasgow, Scotland (Remove spex to
reply by email)
 
Old Jun 3rd 2002, 10:21 pm
  #8  
Miguel Cruz
Guest
 
Posts: n/a
Default Re: Cheapest Way To Send/Transfer Funds abroad.

DaFunkyMan <[email protected]> wrote:
    > Could some body please tell me the cheapest/best rate to send/transfer money abroad
    > (Canada). I am immigrating and would like to transfer £20k Sterling to a Canadian
    > bank (no account open yet).
    >
    > The following are options I've considered:
    >
    > Using normal ATM card (Cirrus) to withdraw £1000 a day then deposit cash in to
    > Canadian bank. 1.5% commision?
    >
    > Over pay my Visa Credit card, then withdraw cash from ATM or over the counter then
    > deposit. Unknown cost?
    >
    > Wire money over. £20 + Sale a currency commision?
    >
    > Travellers Checks.
    >
    > Cash UK check (Barclays) in Canadian Bank. Unknown cost?

I'm fairly certain that at the amount you're talking about, the wire transfer will
end up being the cheapest. Nevertheless, there is no blanket answer; it depends on
your bank and its relationship with you. You'd have to get their rates for all the
various methods, sit down with a calculator, and work it out.

miguel
--
Hit The Road! Photos and tales from around the world: http://travel.u.nu New mini
photo-feature: Life in DC: http://travel.u.nu/dc/
 
Old Jun 3rd 2002, 10:21 pm
  #9  
Stephen Farrow
Guest
 
Posts: n/a
Default Re: Cheapest Way To Send/Transfer Funds abroad.

loz wrote:
    >
    > "Harry Dodsworth" <[email protected]> wrote in message
    > news:[email protected]...
    > > I had a similar problem in transferring money from Britain to Canada;
    > > I couldn't decide whether British banks were incompetent or crooks
    > >
    > > Remember that every foreign exchange transaction is a new adventure every time.
    > > Identical transactions will not be processed identically. International banking
    > > is for the banks not their customers.
    > >
    >
    > I did the reverse (US bank to UK bank), and even though it is a wire transfer
    > between 2 banks, my bank still instist on 5 day processing before I can have access
    > to the funds.

When I've done wire transfers from a UK bank to my Canadian bank, it's always taken
3-5 working days for the money to come through here.

Stephen

    >
    > loz

--
"First of all, you're going to need a live chicken and a working knowledge of
Latin..."
 
Old Jun 4th 2002, 12:20 am
  #10  
Nigel
Guest
 
Posts: n/a
Default Re: Cheapest Way To Send/Transfer Funds abroad.

"DaFunkyMan" <[email protected]> wrote in message
news:[email protected]...
    > Hi.
    >
    > I appologise if this has been covered before.
    >
    > Could some body please tell me the cheapest/best rate to send/transfer money abroad
    > (Canada). I am immigrating and would like to transfer £20k Sterling to a Canadian
    > bank (no account open yet).
    >
    > The following are options I've considered:
    >
    > Using normal ATM card (Cirrus) to withdraw £1000 a day then deposit cash in to
    > Canadian bank. 1.5% commision?
    >
    > Over pay my Visa Credit card, then withdraw cash from ATM or over the counter then
    > deposit. Unknown cost?
    >
    > Wire money over. £20 + Sale a currency commision?
    >
    > Travellers Checks.
    >
    > Cash UK check (Barclays) in Canadian Bank. Unknown cost?
    >
    > Please advise on above methods. Can any body think of a better/ more economical
    > way?Like a service simialr to C2it - https://www.c2it.com/C2IT/help_e.jsp for Uk
    > residents?
    >
    > Should I try and use my Credit Cards as much as possible to pay for things abroad?
    >
    > Thanks for your help!
    >
    >
    >
    > --
    > Posted via http://britishexpats.com

I recently had to send some money to Argentina from the UK (approx. 4000 US dollars)
to a travel agent who was organising a trip for us - they wouldn't accept payment by
VISA (too much commission!)

Having checked with a couple of UK banks that I had accounts with, and then did some
research I found the easiest and cheapest way to facilitate the transfer was via
Western Union money transfer - my local branch of Going Places was an agent. I took
the sterling to the branch, and they did the conversion (at the Western Union rate
which was better than the travel agency or my banks rate!) and wired it to Buenos
Aires. A very fast and efficient service - I will use them again.

Hope that this helps.

Nigel.
 
Old Jun 4th 2002, 1:20 am
  #11  
Stephen Farrow
Guest
 
Posts: n/a
Default Re: Cheapest Way To Send/Transfer Funds abroad.

DaFunkyMan wrote:
    >
    > Hi.
    >
    > I appologise if this has been covered before.
    >
    > Could some body please tell me the cheapest/best rate to send/transfer money abroad
    > (Canada). I am immigrating and would like to transfer £20k Sterling to a Canadian
    > bank (no account open yet).
    >
    > The following are options I've considered:
    >
    > Using normal ATM card (Cirrus) to withdraw £1000 a day then deposit cash in to
    > Canadian bank. 1.5% commision?
    >
    > Over pay my Visa Credit card, then withdraw cash from ATM or over the counter then
    > deposit. Unknown cost?
    >
    > Wire money over. £20 + Sale a currency commision?

I think it's actually slightly cheaper than that. As I said elsewhere, it takes
3-5 days to go through. This has become my preferred method for transferring money
from home.
    >
    > Travellers Checks.

Probably a good idea for at least some of the money - safer than carrying cash, and
you can spend them like cash most places in Canada (though you'll probably need ID -
passport or whatever).
    >
    > Cash UK check (Barclays) in Canadian Bank. Unknown cost?

It's a while (at least a couple of years) since I deposited a UK cheque (it would
have been from an account at NatWest) into my Canadian (Bank of Montreal) checking
account; I don't remember there being any charges, but I wouldn't recommend this
method simply because cheques drawn on banks outside Canada take 30 days to clear, so
it'd be a month before you had access to the funds.

Hope this helps,

Stephen

--
"First of all, you're going to need a live chicken and a working knowledge of
Latin..."
 
Old Jun 4th 2002, 3:21 am
  #12  
Canmore House
Guest
 
Posts: n/a
Default Re: Cheapest Way To Send/Transfer Funds abroad.

DaFunky:

I just spoke with my wife who works at the Royal Bank of Canada.

She recommends against wiring the money without having an account here. Its like
having sent a letter without a destination.

In her experience, the CHEAPEST way is the bring a cheque written out to yourself.
Don't worry about certifying it, as the hold period will probably be the same. The
bank will probably put a 30-day hold or so on it until it clears, but the fees will
likely = ZERO!

Just make sure you have enough living money for the month!

Hope that helps.

Murray Calgary, Ab

"DaFunkyMan" <[email protected]> wrote in message
news:[email protected]...
    > Hi.
    >
    > I appologise if this has been covered before.
    >
    > Could some body please tell me the cheapest/best rate to send/transfer money abroad
    > (Canada). I am immigrating and would like to transfer £20k Sterling to a Canadian
    > bank (no account open yet).
    >
    > The following are options I've considered:
    >
    > Using normal ATM card (Cirrus) to withdraw £1000 a day then deposit cash in to
    > Canadian bank. 1.5% commision?
    >
    > Over pay my Visa Credit card, then withdraw cash from ATM or over the counter then
    > deposit. Unknown cost?
    >
    > Wire money over. £20 + Sale a currency commision?
    >
    > Travellers Checks.
    >
    > Cash UK check (Barclays) in Canadian Bank. Unknown cost?
    >
    > Please advise on above methods. Can any body think of a better/ more economical
    > way?Like a service simialr to C2it - https://www.c2it.com/C2IT/help_e.jsp for Uk
    > residents?
    >
    > Should I try and use my Credit Cards as much as possible to pay for things abroad?
    >
    > Thanks for your help!
    >
    >
    >
    > --
    > Posted via http://britishexpats.com
 
Old Jun 4th 2002, 3:21 am
  #13  
Go Fig
Guest
 
Posts: n/a
Default Re: Cheapest Way To Send/Transfer Funds abroad.

http://www.citibank.com is actually trying to get into this biz in a mass way. They
now have FREE introductory transfers... not sure of the limitations for foreign
account holders... but you basically use any account (I use a credit card) to fund
your '2citi" account which then transfers the funds to a third account I've used it
and liked it... it was free.

jay Mon, Jun 3, 2002 mailto:[email protected]

In article <[email protected] >, "Canmore House"
<[email protected]> wrote:

    > DaFunky:
    >
    > I just spoke with my wife who works at the Royal Bank of Canada.
    >
    > She recommends against wiring the money without having an account here. Its like
    > having sent a letter without a destination.
    >
    > In her experience, the CHEAPEST way is the bring a cheque written out to yourself.
    > Don't worry about certifying it, as the hold period will probably be the same. The
    > bank will probably put a 30-day hold or so on it until it clears, but the fees will
    > likely = ZERO!
    >
    > Just make sure you have enough living money for the month!
    >
    > Hope that helps.
    >
    > Murray Calgary, Ab
    >
    > "DaFunkyMan" <[email protected]> wrote in message
    > news:[email protected]...
    > > Hi.
    > >
    > > I appologise if this has been covered before.
    > >
    > > Could some body please tell me the cheapest/best rate to send/transfer money
    > > abroad (Canada). I am immigrating and would like to transfer £20k Sterling to a
    > > Canadian bank (no account open yet).
    > >
    > > The following are options I've considered:
    > >
    > > Using normal ATM card (Cirrus) to withdraw £1000 a day then deposit cash in to
    > > Canadian bank. 1.5% commision?
    > >
    > > Over pay my Visa Credit card, then withdraw cash from ATM or over the counter
    > > then deposit. Unknown cost?
    > >
    > > Wire money over. £20 + Sale a currency commision?
    > >
    > > Travellers Checks.
    > >
    > > Cash UK check (Barclays) in Canadian Bank. Unknown cost?
    > >
    > > Please advise on above methods. Can any body think of a better/ more economical
    > > way?Like a service simialr to C2it - https://www.c2it.com/C2IT/help_e.jsp for Uk
    > > residents?
    > >
    > > Should I try and use my Credit Cards as much as possible to pay for things
    > > abroad?
    > >
    > > Thanks for your help!
    > >
    > >
    > >
    > > --
    > > Posted via http://britishexpats.com
    >
    >

--

Legend insists that as he finished his abject... Galileo muttered under his breath:
"Nevertheless, it does move."
 
Old Jun 5th 2002, 10:20 am
  #14  
Keith Willshaw
Guest
 
Posts: n/a
Default Re: Cheapest Way To Send/Transfer Funds abroad.

"DaFunkyMan" <[email protected]> wrote in message
news:[email protected]...
    > Hi.
    >
    > I appologise if this has been covered before.
    >
    > Could some body please tell me the cheapest/best rate to send/transfer money abroad
    > (Canada). I am immigrating and would like to transfer £20k Sterling to a Canadian
    > bank (no account open yet).
    >
    > The following are options I've considered:
    >
    > Using normal ATM card (Cirrus) to withdraw £1000 a day then deposit cash in to
    > Canadian bank. 1.5% commision?
    >
    > Over pay my Visa Credit card, then withdraw cash from ATM or over the counter then
    > deposit. Unknown cost?
    >
    > Wire money over. £20 + Sale a currency commision?
    >
    > Travellers Checks.
    >
    > Cash UK check (Barclays) in Canadian Bank. Unknown cost?
    >
    > Please advise on above methods. Can any body think of a better/ more economical
    > way?Like a service simialr to C2it - https://www.c2it.com/C2IT/help_e.jsp for Uk
    > residents?
    >
    > Should I try and use my Credit Cards as much as possible to pay for things abroad?
    >
    > Thanks for your help!
    >

The cheapest way is to open an account and have the money transferred via
wire transfer

Check with each bank what it charges. When I did this was worthwhile changing my UK
bank to one with lower charges (Alliance and Leicester)

Keith
 

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