When I moved from Canada to the UK last year I had about $40,000CAD to move with me. I plan to live in the EU for the foreseeable future, and I figured keeping my savings in Pounds over Canadian Dollars couldn’t be worse. The problem is that you can’t just withdrawal your life’s savings from the ATM, and using banks to convert currencies gets you a bad rate. These transfers can be cumbersome as well, involving IBAN/SWIFT codes and sometimes a week or more of waiting for the funds to be cleared.
I wanted to transfer my money with the best rate possible and I wanted it not to take ages. There are a lot of companies that offer rates better than the bank, but after doing a lot of research I can say CanadianForex are the way to go if you’re looking to move money out of Canada or back into Canada.
How Does it Work?
The process is pretty simple, but you will require both a Canadian and British bank account if you want to make the transfer. You can lock in rates in advance, but they won’t be able to be deposited until you have your British bank account. You’ll get no-fee rates when you transfer $10,000 CAD or more; anything below that is $15 flat-fee; bank fees + conversions fees are usually at least triple that.
Actually moving the money is simple; sign up for a CanadianForex account in advance and get your Direct Debit info with your Canadian bank sorted with them. You’ll need to confirm your identity with them as well but this is as easy as a quick phone call. After that, you add them as a bill payee using your online banking with the account number they provide you. It’s actually that easy!
The last step is to add your UK bank account once you get one in the UK. It will use the UK’s excellent fast transfer payment system so it should take at absolute most five days for the money to be transferred. For me, I believe it took three days.
If you’re moving from Canada to the UK and want to take any sum of money over $1,000 with you, I’d recommend using CanadianForex. It was hard to determine if they were a legit site when I signed up to use them, and while I did eventually find reviews, they weren’t the easiest to find.
I wanted to write this up as I saved a lot of money not only moving money to the UK using them, but eventually sending some back to Canada when I went home to visit.
Check them out, and save at least a bit on the awfulness that is currency exchange!