Cheapest Way to Transfer USD to Canada?
Cheapest Way to Transfer USD to Canada?
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Discussion

RegMolehusband

Original Poster:

4,116 posts

288 months

Saturday 28th June 2014
quotequote all
I regularly pay sums of up to 24,000 US dollars into a Canadian supplier's Ontario account. Their invoices are in USD, I don't know why.

I've always done this by foreign transfer via Lloyds online banking. However their exchange rate margin of around 3.4% effectively takes a significant margin out of the products.

Is there a cheaper way of paying this supplier? If I supplied them with a debit or credit card number would it attract the same exchange margin? Probably a naive question!

I looked at Transferwise to see if I could get a better rate but they can't pay USD into a Canadian account.

I need to do another transfer before they get in to work on Monday so any help would be appreciated.

Cheers

"Reg"

Edited by RegMolehusband on Saturday 28th June 13:06

Sideways Tim

1,253 posts

217 months

Saturday 28th June 2014
quotequote all
Transferwise are crap for large amounts too. I use Santander International Transfers as they have a flat rate of £5 and the exchange rate always seems pretty fair. They do take ages to actually transfer the money though.

RegMolehusband

Original Poster:

4,116 posts

288 months

Saturday 28th June 2014
quotequote all
Cheers Tim - I've just opened an account with HiFX but will look at Santander too.

Sideways Tim

1,253 posts

217 months

Saturday 28th June 2014
quotequote all
Contact number to get stared is here. They've always been good as far as I'm concerned, apart from taking ages.

https://www.internationalpayments.co.uk/