Exchanging your money
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 make sure that you do this safely and at the best rates available?
We recommend that you use specialist currency exchange professionals. We have experience of a number of these companies, both on a personal basis and through the many clients that we have helped relocate.
We used 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. They have offices in the UK, Spain and the USA.
If you want to find out more, you can get them to send you information using this link: Moneycorp
There are two other companies that we are happy to recommend based on the positive experiences of our clients. So the three main companies we recommend are:
Offices in UK, Spain and USA
- Halo Financial
Offices in UK, Australia and New Zealand
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
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: