Korma said:
Sounds like a wise plan.
...How do I e-mail them? Is that via a CSE? Probably a stupid question I should know the answer to, I know!
Thanks to everyone who's offered their congratulations! I feel a little bad there are people before me in the queue who are still waiting
Yup CSE unless you already have any emailed responses from them for any previous enquiries (that is an email chain with your File Number in the subject line) in which case you can just reply to the email.
mario12345 said:
hi. so how u do it?thanks
Quite a few people have PM'd me so I'll put some information up here:
Ok the best way to send small amounts is Paypal. You set up a Paypal account (or may already have one) linked to your UK bank account and another separate Paypal account linked to your Canadian bank account. You simply then send money from one account to the other. This is by far the cheapest way to send money (fees are tiny like 0.1% - usually only a couple of dollars) and the FX rate will probably still be better than a bank. Even better you can literally have the money transferred in like 10 minutes if going Canada -> UK. If going UK -> Canada it's a bit slower (couple of days) because Canadian banks are SLOW! When you transfer from Canada to the UK the money is in your UK account instantly and it actually takes them a few days before it comes out of your Canadian account - so for 3 days you have double the money
! The Paypal rate is usually around the current spot rate plus or minus 0.04. So if the rate is 1.54 (as it is just now) you'll get around 1.58 going from Canada to the UK and around 1.50 going from the UK to Canada. Banks often have a much worse rate than this believe it or not. And then larger fees too on top of this!
For larger amounts your best option is to use a currency exchange company. They can get you as close to the spot rate as possible, usually within 0.02. The reason is that they basically have UK and Canadian bank accounts so if you were transferring Canada to UK you'd send it to their Canadian bank account and they send you the pounds from their UK bank account - they don't actually exchange the money at the transaction date, which is why they can offer better rates. They then store the money and exchange it when market conditions are at their most favourable. I used a company called Foreign Currency Solutions based in Glasgow - I was recommended them by a financial advisor in Scotland. A larger well known one is Oanda. If you have the time I'd pick out a few companies and ask them for their Canadian to UK (or vice versa) exchange rate. They will usually respond within 24 hours and then you can see which company is offering the best rate and go with them. The first time you use one you will have to send in a bunch of identification documents and stuff - this is standard practice due to money laundering regulations. So it will take a little bit longer to do the transfer first time.
I haven't done any calculations and this is completely an estimate. But I'd say if transferring more than $3,000 (CAD) going with a currency exchange company is best. Less than this Paypal. This is because a 0.02 spot rate saving on $3,000 = $60. But there are usually more fees in going this way - however $60 is probably enough to cover them, so I'd guess this is close to the break-even point. At $4,000 you're saving $80 (again, assuming you can get a 0.02 better rate), $5,000 you save $100 etc. These savings should more than cover the additional fees.
