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Money Transfer to Canada

Hi All, I am a newbie to all these forums but in a time of need I have always been taught to ask for help...... I am about to emigrate to Canada and have the proceeds of my house sale and savings to move. Yesterday I went to the bank to see how many Dollars I would get but while I was there my personal banker made me aware that I should look else where as in Currency Brokers could offer me a saving...... Is this true?

I am concerned that in this difficult time that if I place my whole life savings with a company outside of a bank will it arrive in Canada.

Any feed back would be helpful....

Thank you in advance.
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Comments

  • Yes there are money brokers who will offer a better rate than a bank to transfer money. For such a large sum it's probably worth investigating. Remember to include all fees and not just compare exchange rates.

    Caxton is one name that comes to mind, but I don't know who is better or exactly how the system workds.
  • JanCee
    JanCee Posts: 1,241 Forumite
    I can't make any specific recommendations but I would just urge you to do some research before you use a currency broker. There have been some articles in the papers recently about the fact that some are not FSA regulated. I have used them for travel currency but for house sale proceeds I would want to be sure that at least £50k was covered by the compensation scheme.
  • I have been searching through the net and seen there is one or two comparison sites for this type of thing..... do you know if any are any good to go by?
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    See this information provided by MSE about sending large sums of money.

    http://www.moneysavingexpert.com/banking/foreign-currency-exchange
    There is no hard and fast rule to which currency broker is best. It's worth getting quotes from all of them to see which is offering the best rate for that specific currency. The regularly quoted big brokers include such players as HIFX*, Currencies Direct*, Moneycorp and Foreign Currency Direct, so they’re the obvious places to start.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • I have found a site called sendmoneyhome.org and it seems that they were set up by the government, I have requested a call from their top 3 companies...... also I will do the same for ones mentioned in previous posts....thank you for your help I will let you know how I get on.
  • Ok, so far had contact with 4 brokers..... seems to be very interesting on how they can save me money by not using my bank..... 3 have given me a quote but 1 wouldnt give me a quote until I was registered not happy with that so have scrubbed them off my list......

    Now going to register with other 3 as I was advised I may not be getting a accurate rate from some due to fact that I was not registered and not able to take them up on their quote, cant really see that but can do no harm......

    Maybe the other brokers I requested a call from may find the time to call me.

    Will update again when I choose who I go with...
  • Right I think I am getting somewhere have registered with 3 and 2 have come up with good rates its either TorFx or Moneycorp.

    By the way the other call requests I made still havent called me.....

    I bet if I had put million and not 5k they would have called me straight away..... anyway their loss
  • Ive bit the bullett, just fixed a rate with TorFx I got 1.7500 bank quoted me this morning 1.7325
  • Just checked with my citizens bank and funds have arrived from UK on time as I was told, I want to say the service provided to me by TorFx has been 2nd to none.... they was always there when I called never put on hold..... I would reccomend them to anyone moving money abroad..... they even reccomended other services that I may have needed so a compete package if you ask me.... Thank You TorFX
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