Inheritance in Canadian Dollars

Lyn72

Hi, I have an inheritance in Canadian dollars and I was wanting advice on which would be the best account to use to change to sterling without paying a small fortune. I don’t have to pay inheritance tax as the amount is under the threshold. I have opened a Currency account with HSBC so would really appreciate any advise on exchanging to GBP. Thank you.

eskbanker

Best bet is likely to be a specialist currency broker:

https://www.moneysavingexpert.com/banking/foreign-currency-exchange/

Compare rates at https://www.monito.com/

eDicky

Where are the funds now, already paid into your account with HSBC..?

Conversion usually takes place during an international transfer. Your choice of method may be limited if the inheritance can only be initially paid into an account in your name, which is usual.

Lyn72

eDicky said:

Where are the funds now, already paid into your account with HSBC..?

Conversion usually takes place during an international transfer. Your choice of method may be limited if the inheritance can only be initially paid into an account in your name, which is usual.

Not received the funds yet, a cheque is being drawn up but my sister has reached out to see if it can be paid by bank transfer. I’ve been told about Revolut who don’t charge exchange rates but I’m not sure about it. 

eDicky

Yes, a CAD cheque will be a headache and costly to negotiate.

Beware of Revolut for receiving a substantial sum, if it becomes automatically blocked for investigation you could have a nightmare dealing with their almost nonexistent customer services, unless you pay for a premium account.

Have a look at Wise, if you can have it paid into a CAD sub-account (in your name) with them, conversion is at the interbank rate with a minimal percentage fee before sending to a UK GBP account.

HSBC rates for conversion are comparatively very poor.