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

[Donx]

Hi Guys,

I am moving to Canada in a few weeks. However, I have a few financial obligations to take care of in the UK while in Canada.

What is the best way of transferring money to UK and vice versa. Any fee free deals out there? Thanks for your contributions as usual.

Donx

 

[Donx]

Seniors, Any help with this please?

 

[explorer101]

Hi Guys,

I am moving to Canada in a few weeks. However, I have a few financial obligations to take care of in the UK while in Canada.

What is the best way of transferring money to UK and vice versa. Any fee free deals out there? Thanks for your contributions as usual.

Donx

To send money from Canada to UK, you have to use the service of international wire transfer of your bank, the cost involved while sending it is about $20-30, the receiving bank may also deduct some charges. You will need swift code, institution number, transit no and account number of the receiving bank.
There are be some other ways like western union, see details here http://onlinefx.westernunion.ca/

 

[msaeed]

Hi Guys,

I am moving to Canada in a few weeks. However, I have a few financial obligations to take care of in the UK while in Canada.

What is the best way of transferring money to UK and vice versa. Any fee free deals out there? Thanks for your contributions as usual.

Donx

Sir

Contact your relationship manager in your bank , where you are operating your account.
He is the one who will advice you best , as per UK rules.

Stay Blessed

 

[sarsanballa]

Hi Guys,

I am moving to Canada in a few weeks. However, I have a few financial obligations to take care of in the UK while in Canada.

What is the best way of transferring money to UK and vice versa. Any fee free deals out there? Thanks for your contributions as usual.

Donx

Use "Western union" or "MoneyGram" to transfer your money to UK.

 

[Donx]

Thanks for the contributions so far; but, I will be doing these transfers on a monthly basis. Is there anyway I can reduce the cost or do FREE inter-bank transfers? Or any other free platforms out there?

 

[explorer101]

Thanks for the contributions so far; but, I will be doing these transfers on a monthly basis. Is there anyway I can reduce the cost or do FREE inter-bank transfers? Or any other free platforms out there?

In Canada international wire transfers are not free, however to reduce the cost you may have to talk with local branch of the bank. They can not give you in writing of fee reduction but can do it on occasional basis. It is totally discretionary. I will recommend you to develop a good understanding with a banking officer as you will need someone who can do special favour.

 

[Donx]

In Canada international wire transfers are not free, however to reduce the cost you may have to talk with local branch of the bank. They can not give you in writing of fee reduction but can do it on occasional basis. It is totally discretionary. I will recommend you to develop a good understanding with a banking officer as you will need someone who can do special favour.

Thanks explorer 101 for the advice , much appreciated I will keep that in mind, might be handy when I come over. Any other takers?

 

[Donx]

Thanks explorer 101 for the advice , much appreciated I will keep that in mind, might be handy when I come over. Any other takers?

 

[steaky]

In Canada international wire transfers are not free, however to reduce the cost you may have to talk with local branch of the bank. They can not give you in writing of fee reduction but can do it on occasional basis. It is totally discretionary. I will recommend you to develop a good understanding with a banking officer as you will need someone who can do special favour.

No, you are wrong. At HSBC Canada internet banking, international wire transfer between Canada and a number of countries are free. Contact your HSBC branch for details.

 

[explorer101]

No, you are wrong. At HSBC Canada internet banking, international wire transfer between Canada and a number of countries are free. Contact your HSBC branch for details.

You are absolutely wrong. Do not misguide members. To maintain an HSBC chequing account the monthly charge is $ 25-30, unless someone maintains a daily balance of $25000/-. For a HSBC savings account, their is no monthly fee, but global transfers can not be made. Wire transfer cost if done online is $15-45.
for fee structure see here https://www.hsbc.ca/1/PA_ES_Content_Mgmt/content/canada4/pdfs/personal/StatementofDisclosure-en.pdf

 

[canuck_in_uk]

Thanks explorer 101 for the advice , much appreciated I will keep that in mind, might be handy when I come over. Any other takers?

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

 

[steaky]

You are absolutely wrong. Do not misguide members. To maintain an HSBC chequing account the monthly charge is $ 25-30, unless someone maintains a daily balance of $25000/-. For a HSBC savings account, their is no monthly fee, but global transfers can not be made. Wire transfer cost if done online is $15-45.
for fee structure see here https://www.hsbc.ca/1/PA_ES_Content_Mgmt/content/canada4/pdfs/personal/StatementofDisclosure-en.pdf

You are absolutely wrong - you have no idea what you were talking about! Do not misguide members. If you were a HSBC Advance or HSBC Premier customer, you can get free global money transfer. Here is the correct link:

http://www.hsbc.ca/1/2/personal/banking/ways-to-bank/gvgt

According to my link, those customers who maintains their minimum monthly balance, can enjoy at their convenience free money transfer (via the internet) between eligible HSBC accounts in over 30 countries (including Canada). Contradicting to what explorer101 said, they can directly transfer the foreign funds (in Canadian or foreign currency) to a Canadian HSBC savings account (and vice versa) without through a chequing account.

 

[explorer101]

You are absolutely wrong - you have no idea what you were talking about! Do not misguide members. If you were a HSBC Advance or HSBC Premier customer, you can get free global money transfer. Here is the correct link:

http://www.hsbc.ca/1/2/personal/banking/ways-to-bank/gvgt

According to my link, those customers who maintains their minimum monthly balance, can enjoy at their convenience free money transfer (via the internet) between eligible HSBC accounts in over 30 countries (including Canada). Contradicting to what explorer101 said, they can directly transfer the foreign funds (in Canadian or foreign currency) to a Canadian HSBC savings account (and vice versa) without through a chequing account.

What a joke ? Is it a mockery of understanding and explanation or Is it some kind of prestige issue? I do not work in a lumber company, I work for a Canadian Bank. Question was free/ low cost international money transfer ? In your link really state free transfer, the answer is NO. The link is for transfer of money between 2 HSBC accounts internationally, but to maintain the account their is cost involved. What is that cost?

HSBC Option : They have 2 types of chequing accounts.
1. Premier chequing( Min balance requirement is $100000, banking fee $28 monthly and can be reduced depending on the amount but it is not zero.
2. Advance chequing( min bal 25000, or monthly fee $25) No interest is paid on the money in chequing account.
& after paying the fee or maintaining balance of $25000-100000, wire transfer is NOT free for a other bank( other than HSBC)(https://www.hsbc.ca/1/PA_ES_Content_Mgmt/content/canada4/pdfs/personal/StatementofDisclosure-en.pdf( see page no 4.)
Annual Interest at 1% on $25000 is $250.
Annual Interest at 1% on $100000 is $1000.
So, both these accounts are never free to maintain. Customer is loosing interest on deposit.
For new immigrants they are given 12 months to maintain balance of $25000, but wire transfer is not free. Further it is also recommended to see the terms of agreement of acc opening, especially the fine print.

Coming to wire transfer from savings account, it is NOT allowed. (https://www.hsbc.ca/1/PA_ES_Content_Mgmt/content/canada4/pdfs/personal/StatementofDisclosure-en.pdf)
See page no 3, Savings acc options ... activity based fee....... self service transactions ..... there is 1 star and 2 stars.... now page no 4, see the Note :It say if the premium account is available( it is available in Canada), wire transfer is NOT available.

I am going to sleep now, knowing that age is just a number and so are the posts in this forum.

 

[steaky]

What a joke ? Is it a mockery of understanding and explanation or Is it some kind of prestige issue? I do not work in a lumber company, I work for a Canadian Bank. Question was free/ low cost international money transfer ? In your link really state free transfer, the answer is NO. The link is for transfer of money between 2 HSBC accounts internationally, but to maintain the account their is cost involved. What is that cost?

HSBC Option : They have 2 types of chequing accounts.
1. Premier chequing( Min balance requirement is $100000, banking fee $28 monthly and can be reduced depending on the amount but it is not zero.
2. Advance chequing( min bal 25000, or monthly fee $25) No interest is paid on the money in chequing account.
& after paying the fee or maintaining balance of $25000-100000, wire transfer is NOT free for a other bank( other than HSBC)(https://www.hsbc.ca/1/PA_ES_Content_Mgmt/content/canada4/pdfs/personal/StatementofDisclosure-en.pdf( see page no 4.)
Annual Interest at 1% on $25000 is $250.
Annual Interest at 1% on $100000 is $1000.
So, both these accounts are never free to maintain. Customer is loosing interest on deposit.
For new immigrants they are given 12 months to maintain balance of $25000, but wire transfer is not free. Further it is also recommended to see the terms of agreement of acc opening, especially the fine print.

Coming to wire transfer from savings account, it is NOT allowed. (https://www.hsbc.ca/1/PA_ES_Content_Mgmt/content/canada4/pdfs/personal/StatementofDisclosure-en.pdf)
See page no 3, Savings acc options ... activity based fee....... self service transactions ..... there is 1 star and 2 stars.... now page no 4, see the Note :It say if the premium account is available( it is available in Canada), wire transfer is NOT available.

I am going to sleep now, knowing that age is just a number and so are the posts in this forum.

I'm not joking.

There is a demo in my link. After you finished viewing the demo, you can understand that using this feature in HSBC internet banking, the money transfer between accounts globally in HSBC (including savings account) are free - no hidden charges.

About the cost of maintaining Premier or Advance. Customers do not necessary have to put those money in savings account earning such low interest as you suggested. There are many more investment opportunities for consideration. Customers might be making money on their investments. After all, customers can combined their personal deposits and investments with HSBC Bank Canada and its subsidiaries. Furthermore, the bank fee of $28 and $25 can be waived if customers are eligible, so they might be end up paying zero bank fee. Do not misguide members.

Contradicting to what you had said, wire transfer from savings account is therefore allowed and available. Contact your local HSBC branch for details.