Any advice on the most cost-effective way to transfer a sizeable amount of money between UK & Canada taking account both commission charges and rates?
Thanks
- posted
20 years ago
Transferring money UK -> Canada
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- posted
20 years ago
Contact a bank in canada, offer them your busines and ask them if they will do a direct transfer. They waive fees (at Least Royal and CIBC have done so for us) for business in excess of a couple of hundred thousand.
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- posted
20 years ago
If it's going in one account of yours to another, a bank draft is always the best, subject to getting the best exchange rate. However, a transfer, if you can get one without any fees, would generally be fastest.
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- posted
20 years ago
Wire transfers are great and fast, but it's quite difficult to receive one in Canada without a bank account, which you have to be physically present in Canada to open, basically. You're better off to bring a bank draft payable to you with a letter of introduction from your bank in the UK. Less fees, better exchange rates, more convenient.