Moving money abroad?
Discussion
I'm moving to Canada to live in a couple of weeks, I want to take most of my money over and leave about a grand in a UK account for things that I may to sort out back home (Bills, cancelling accounts, buying gifts for people still in the UK, etc)... This a good plan?
Also, I have some money in savings, not a massive sum (Less than 5 figures) but I was wondering what is the best way to move it to Canada? (IE the most efficient, best exchange rate, etc?).
Also, I have some money in savings, not a massive sum (Less than 5 figures) but I was wondering what is the best way to move it to Canada? (IE the most efficient, best exchange rate, etc?).
Do you already have a bank account in Canada up and running?
If so you just need convert your uk money into canadian dollars and transfer it over. Do not use your high street bank for this - they will tell you that their service is 'free' but they will screw you on the exchange rate which is where they male their profit.
I use these guys to transfer money to my American account:
http://www.thomasexchange.co.uk/
First class service, great exchange rates, low transfer fee and the funds arrive within a few hours.
If so you just need convert your uk money into canadian dollars and transfer it over. Do not use your high street bank for this - they will tell you that their service is 'free' but they will screw you on the exchange rate which is where they male their profit.
I use these guys to transfer money to my American account:
http://www.thomasexchange.co.uk/
First class service, great exchange rates, low transfer fee and the funds arrive within a few hours.
When I moved to Canada 4 years ago I called HSBC UK about pre-opening an account, but they just told me to walk into their branch and do it, so I did. Easy.
You need to think carefully about bringing money over - the exchange rate is not good, and if you need it, you should weigh up the pros and cons, it may be in your interest just to borrow the money in Canada.
When I came here, the exchange rate was 2.30=£1. I really, really should have transferred it then....
If you don't have one already, your first task is to get an SIN number.
You need to think carefully about bringing money over - the exchange rate is not good, and if you need it, you should weigh up the pros and cons, it may be in your interest just to borrow the money in Canada.
When I came here, the exchange rate was 2.30=£1. I really, really should have transferred it then....
If you don't have one already, your first task is to get an SIN number.
Hi T84,
I realise this is a little late at this point but thought I’d contribute anyway. : )
I’d be careful about changing large sums through banks like HSBC. It might be convenient but the rates they offer can be really bad compared to foreign exchange brokers.
Brokers like Thomas Exchange meanwhile can be great. It is worth though talking to more than one so you can make the largest possible saving – especially if you’re moving a large amount. For instance I’m with foreign exchange broker Pure FX and – if it’s not too late – I’d love to compare the rate Thomas Exchange is offering with ours. We might be able to save you some money.
Feel free to call us on 01494 671800 if you’re interested.
Thanks!
I realise this is a little late at this point but thought I’d contribute anyway. : )
I’d be careful about changing large sums through banks like HSBC. It might be convenient but the rates they offer can be really bad compared to foreign exchange brokers.
Brokers like Thomas Exchange meanwhile can be great. It is worth though talking to more than one so you can make the largest possible saving – especially if you’re moving a large amount. For instance I’m with foreign exchange broker Pure FX and – if it’s not too late – I’d love to compare the rate Thomas Exchange is offering with ours. We might be able to save you some money.
Feel free to call us on 01494 671800 if you’re interested.
Thanks!
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