# currency



## margaretchow2 (Sep 20, 2008)

Hi - could anyone recommend a bank or other financial organisation that they have used to transfer their funds from the UK to Canada. I have looked at a few different ways of doing this but would like to get some thoughts from people who have actually used the processes - is it really as easy as they make out - no hassles and your money waiting on you when you land????

Thanks

Margaret


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## bc brit (Dec 30, 2009)

*exchange rates*



margaretchow2 said:


> Hi - could anyone recommend a bank or other financial organisation that they have used to transfer their funds from the UK to Canada. I have looked at a few different ways of doing this but would like to get some thoughts from people who have actually used the processes - is it really as easy as they make out - no hassles and your money waiting on you when you land????
> 
> Thanks
> 
> Margaret


Hello,
Transfer the money in sterling to a HSBC branch in Canada,when you exchange it into dollars use a currency exchange company as they will give you a much better exchange rate,
Do not use someone like Thomas cook as the charge a massive commision.
When you get here,check the yellow pages for a company that charge no more than half a percent or less,also make sure you know the true forex rate on the day you exchange your money as this can make a big difrence

happy landings bc brit


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## inutley (Jun 9, 2009)

margaretchow2 said:


> Hi - could anyone recommend a bank or other financial organisation that they have used to transfer their funds from the UK to Canada. I have looked at a few different ways of doing this but would like to get some thoughts from people who have actually used the processes - is it really as easy as they make out - no hassles and your money waiting on you when you land????
> 
> Thanks
> 
> Margaret


Hi,

There are a number of UK companies that specialise in this sort of transaction - HiFX is one, Moneycorp another. Personally we have used Moneycorp and have found them to be excellent - transfer typcially takes about 24 hours straight to your account in Canada. The benefit is that the rates they charge are better than bank rates, even for smaller sums, and unlike the bank will not charge you a commission percentage - fee is typically a set 15 pound fee. When moving large sums even a couple of cents difference could mean $1000's more dollars so worth doing - particulary as the rate is low at present (around $1.6/pound). They will also monitor rates for you and buy at a set point, so if you can wait, this could be the ebst option. A google search will find them and setting up an account is free.
Regards
Ian


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## margaretchow2 (Sep 20, 2008)

Ian - thanks for this recommendation. I will have a look at their web site.

Margaret


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## androb (Aug 26, 2009)

*exchange companies*

Hello Margaret,

I have used worldfirst in the UK, twice over the last year. Each time they have offered the best rate. Although, each transaction was only a few thousand pounds. Obviously, all companies make money from doing transactions. Generally, they make their money in one (or two) of three ways: 

1) They charge a flat fixed rate. As inutley mentioned £15.
2) They charge a percentage of the total amount being exchanged. One or two % ???
3) They make money on the "spread" - the difference in the exchange rate that they buy and then sell onto you. i.e. they buy at $1.65 and offer a rate to you at $1.60.

Whichever company you use, you need to look at the exchange rate that they are offering you. I have played one company off against another, as they are flexible in the rate that they offer (they obviously don't advertise this fact). Also, the more money you exchange, the better rate you'll get. 

Kind regards,
Rob.


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## oddball (Aug 1, 2007)

margaretchow2 said:


> Hi - could anyone recommend a bank or other financial organisation that they have used to transfer their funds from the UK to Canada. I have looked at a few different ways of doing this but would like to get some thoughts from people who have actually used the processes - is it really as easy as they make out - no hassles and your money waiting on you when you land????
> 
> Thanks
> 
> Margaret


 When I migrated to Canada many years ago , my bank in England had a sister bank in Canada to which they transfered monies coming from the sale of our house , you could check with your bank for something similar .


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