# Problem with transferring funds to EU



## VinhoVerde (May 2, 2014)

Hello all, 
I am posting this to alert others to some problems I have run into with transferring funds from outside the EU to the EU. In particular, from Canada to Portugal. Before I left Canada, I found a broker, XE trade, that could transfer funds from my Canadian to my Portuguese bank and was able to accommodate local (Canada) settlement of funds. This obviated the need to initiate a transfer in person, which, obviously, would be difficult when residing in another country.

I tested out this service and was satisfied with their performance and with the ability to move funds. After taking up residency in Portugal, I set about to inform all the various parties necessary, including the FX broker, of my new address. My account with the FX broker was summarily closed upon notification of the address change as I was no longer a Canadian resident. This leaves me in a serious quandary as moving funds from outside the EU to the EU has now become problematic. Fortunately, I have enough savings locally to last for several months and this may provide an opportunity to resolve these difficulties.

Thus, I want to make two points:
1. Give careful consideration to the FX broker that you select, whether there will be problems when your residency status changes, and when and how you go about advising them of your residency status, so as not to leave you with big difficulties.
2. If someone has found a good way to transfer funds between Canada and the EU (Portugal), please advise us! I would be most grateful.

VV


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## Kathrynj (Jul 14, 2014)

Thank you for alerting me to this thread even though I am sorry you are having difficulties. I ended up having my daughter in the U.S. wire me funds from my bank. I'm grateful I added her to my account before I left. My inquires to a broker went unanswered so I tried withdrawing the maximum from the multibanco system - until it locked me out!! 
I've made several expensive phone calls to my banks in the U.S. and have been assured my cards are not being refused on their end. I'm off to my new bank here today to see if they have the ability to help me be unblocked from the multibanco system. If not, I'm not certain what I will do. 
I definitely share your pain and frustration....


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## VinhoVerde (May 2, 2014)

Kathrynj said:


> Thank you for alerting me to this thread even though I am sorry you are having difficulties. I ended up having my daughter in the U.S. wire me funds from my bank. I'm grateful I added her to my account before I left. My inquires to a broker went unanswered so I tried withdrawing the maximum from the multibanco system - until it locked me out!!
> I've made several expensive phone calls to my banks in the U.S. and have been assured my cards are not being refused on their end. I'm off to my new bank here today to see if they have the ability to help me be unblocked from the multibanco system. If not, I'm not certain what I will do.
> I definitely share your pain and frustration....


Thank you and good luck with your efforts! VV


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## brodev (Jan 3, 2010)

Personally I use Transferwise within the EU and I am very happy with them. They always get me more € for £ in my bank than any other company. I checked their website and they do appear to do Canadian dollars. If you wish you can use the following link and get a free transfer of up to £3000 or aprox €4000.
https://transferwise.com/u/db8c


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## VinhoVerde (May 2, 2014)

Many thanks for the suggestion and the link! but the problem is not so much the currency handled as it is the ability to pay the broker. For example, in order to have Transferwise send E100 to my EU bank account, I have to pay them CAD $150. In order to do that, I must be able to pay them with a local funds transfer or through a wire transfer. My bank only allows wire transfers if initiated in person. I cannot do that if I live in the EU but have my bank account in Canada. I had a broker that I could pay with local funds transfer (i.e. transferring funds electronically from my bank to the broker online), but they canceled my account as soon as I moved to the EU! Hence my words of caution: when preparing for a move, make sure that you will be able to use the broker even if you are no longer a resident in your country of origin otherwise you may be stuck with a very serious problem!


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## azoreseuropa (Nov 10, 2013)

Wait a minute.. Whats the difference ?? Here:

The Western Union for 1,000 USD to EURO is different from transfer wise.

Western Union transfer from 1000 USD to EURO is: 885.90 EURO

Transfer Wise transfer from 1000 USD to EURO is: 926.29 EURO.

CONFUSION.


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## brodev (Jan 3, 2010)

azoreseuropa said:


> Wait a minute.. Whats the difference ?? Here:
> 
> The Western Union for 1,000 USD to EURO is different from transfer wise.
> 
> ...


The very simple answer is that Transferwise does not charge as much commision as Western Union.
That is why I use Transferwise


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## azoreseuropa (Nov 10, 2013)

brodev said:


> The very simple answer is that Transferwise does not charge as much commision as Western Union.
> That is why I use Transferwise


Thats good to know. Thanks!


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