Relocation services for British Columbia, Canada

Foreign Exchange

Canadian Dollar News - March 8, 2010
LUCKY ESCAPE FOR STERLING
Positive economic signs from the UK economy allow a near-miraculous recovery for sterling after a sharp fall. Canadian interest rates will head north in June, maybe.

Sterling fell sharply last Monday, losing three cents before lunch. It continued lower and it was not until the following day that it found bottom at $1.54. The rest of the week was spent in what is generously known as 'consolidation' (i.e. it could not recover) between there and $1.56, where it opened in London this morning

Whilst sterling's recovery last week might be seen as a sign that there is life in the old dog yet, it is still hard to see the British currency as anything other than a dog. Opinion polls continue to indicate a hung parliament and investors fear that even after the general election Britain's government will be paralysed by indecision, unable or unwilling to tackle the budget gap.
Courtesy TTT Moneycorp

One concern that many people have when moving from one country to another is moving their money - and making the most of it. If you are selling your home and transferring the proceeds to Canada, you could be talking about a substantial sum. So how do you do this?

Our recommendation

We used TTT Moneycorp for the transfer of the money from our house sale and have subsequently used them on several occasions. We found their service to be excellent and can recommend them.

If you want to find out more, you can get them to send you information using this link: TTT Moneycorp

We have also been impressed by recommendations from our clients who have used HIFX.

High Street Banks

Probably the first thing that people think of when they want to convert money into Canadian dollars is their high street bank. While your bank is capable of making this conversion for you, they are generally not as competitive as the specialists. We suggest that you check with your bank.

• Ask for their rates
  these vary constantly, but if you comparison shop on the same day you will get an idea of the rate.
• Check on commission and transaction charges
  and don’t be afraid to ask for these to be waived, or for a special rate, particularly if you are transferring large sums.
• Ask about the mechanics of trading
  for example internet banking has a daily limit and you may not be able to transfer the money you want in one day - or several days

Specialist Foreign Exchange Bureaux

These, like TTT Moneycorp and HIFX, are set up to cater for currency exchange. They will have a specialist foreign exchange trading floor and should know the market.

You will have to set up an account with them. This is a simple process.

One of the reasons to consider using a specialist FX bureau is that they offer more sophisticated currency exchange facilities. For example you may be able to:

• Book a forward trade so as to lock in an exchange rate
  This usually requires you putting down a deposit and agreeing a date and exchange rate. You may be able to roll the date forward if you need to.
• Put in an order to buy when the exchange rate reaches a certain level
  If you have money ready to exchange, then this will allow you to trade when the rate reaches a level you want.
• A variant of the above is to buy when the rate rises or falls. This way if the rate improves enough you buy, but should it move the other way you can buy too.

When you contact these companies, check what services they offer. You should also check the same things as you would for the high street banks.

We believe that specialist foreign exchange services are the best way of transferring your money. With a major move like emigration, getting the best rate and service makes a huge difference.

Our recommendations are that you contact at least one of these specialist companies:

• TTT Moneycorp
  The service we used personally. Also often recommended by our clients.
• HIFX
  This company offers a similar service and has also been recommended by many of our clients.
  You may also want to use their Currency Converter to check current exchange rates (note that it opens in new window).