~~~ MONEY TRANSFER FROM CANADA TO UK AND VICE VERSA~~~

[Donx]

Thank all guys who have given pointers. I will explore all points raised and also welcome any other pointers.

 

[loncan]

Re the HSBC suggestion it may well be a good deal, but please don't fall for the word "free" - there is always a commission on currency transfers whether it is charged as a "fee" or whether it is an adjustment to the rate (a "margin").

From HSBC:

"a foreign exchange margin is applicable if the transaction involves a currency conversion, including cases where the currencies are pegged"
http://www.expat.hsbc.com/1/2/hsbc-expat/ways-to-bank-with-us/international-money-transfers/global-view-transfers?WT.ac=HBIB_2012_8_4_home_small_pro_Global_Transfers_Find_out_more

 

[Donx]

Re the HSBC suggestion it may well be a good deal, but please don't fall for the word "free" - there is always a commission on currency transfers whether it is charged as a "fee" or whether it is an adjustment to the rate (a "margin").

From HSBC:

"a foreign exchange margin is applicable if the transaction involves a currency conversion, including cases where the currencies are pegged"
http://www.expat.hsbc.com/1/2/hsbc-expat/ways-to-bank-with-us/international-money-transfers/global-view-transfers?WT.ac=HBIB_2012_8_4_home_small_pro_Global_Transfers_Find_out_more

That is an excellent point loncan. Thanks a bunch! I will keep that in mind.

 

[kkankal]

I recently transferred a sum of money from my HSBC account in the UK to my HSBC account in Canada. I did this in person through a local branch of HSBC in the UK and was charged 20 pounds in the UK and a further CDN$ 15 was deducted from my account by HSBC in Canada.

I suggest that you use the services of a money transfer service..not only do you get a better exchange rate..some waive their transfer charges..(eg. Worldfirst.com)..However you do have pay charges to the recepient bank..looks like you also pay for incoming funds..aka incoming calls on your mobile.. ;D..

Kkankal

 

[jkgtr]

Use an online transfer company, like Tranzfers, or if you're sending larger amounts, UKForex.

I am planning on useing ukforex myself shortly, just wondering though do you have to declare this amount when Landing in Canada?

 

[loncan]

I am planning on useing ukforex myself shortly, just wondering though do you have to declare this amount when Landing in Canada?

You don't need to declare it, but if you have money left in the UK you will declare that when you do a tax return (due in April).

I like UKForex, they were good for me for transfers of GBP3k. I did one larger transfer and having rung around, Moneycorp were able to offer a better rate (although UKForex were still competitive). The bigger transfer incurred a $20 receiving charge at the Canadian bank, but the GBP3k ones via UKForex did not. Less than GBP3k UKForex charge a small fee.

 

[sumitk12345]

Send money through Paypal...One time cost will be charged by Paypal.