I am passing on some advice provided by Moneycorp. Their experience of dealing with foreign exchange has been valued by many of our clients, and ourselves too. This advice relates to organizing money transfers once you are in Canada. It refers to transferring money from the UK, but I am sure similar issues exist when moving money from other countries.
We [Moneycorp] have found that once clients move to Canada, they often come across problems transferring their money there too. Their UK banks often request their physical presence to authorise the transfer or a letter of authorisation.
Our service is a very simple and straightforward alternative.
When transferring your money from your UK accounts (Moneycorp banks with Barclays, HSBC and RBS) please check with your UK bank before you leave the country – as you may find them unhelpful here too. The below tips might be of help for organising your transfer once in Canada;
1) Letter – Many of our clients courier a letter from overseas to their UK bank. For example via DHL.
2) Online banking – Check your daily limit. We can accept payment over a number of days. If your limit is low, ask if it can be increased. However we are flexible and can also book later value dates with this delay in mind.
3) Bank Form – Complete and sign a transfer instruction form before you leave. Your bank will likely ask you to specify in advance the date of transfer and the amount which may not be known at this stage. Enquire as to whether the amount and date can be completed over the phone at a future date.
4) Cheque – We can accept a sterling cheque up to £100,000 in the post. I would recommend finding a secure method of posting. We cannot book a deal until we have received your cheque. Cheques will take 8 working days to clear.
5) Types of transfer – Your banks will offer various methods of transfer for example CHAPS, BACS and Faster Payment. Please check cost and time frames with your bank. Our payments department are on hand to assist with any queries.
I (Frank) recommend Moneycorp’s services. We recently had a client buying a home here and without Moneycorp’s advice they would have struggled to get their deposit into Canada in time. Thankfully all was well and the deposit arrived in time. They are now comfortably settled in their new home.
See our page on foreign exchange for other tips on moving your money to Canada.