Transferring Currency from Canada to UK, USA & Australia

mrhorseham on 31/03/2016 - 13:19
Last edited 31/03/2016 - 16:05 by 1 other user

Hey guys,

I was wondering what international currency transfer service people are using?

My situation; I have liabilities in the UK, USA, and Australia, and I am currently working in Canada. What are people suggesting for both 1 off transfers and regular transfers?

I have come across the following websites;
xendpay
transferwise
currencyfair
worldfirst
currenciesdirect

There is a bunch more here

Has anyone used any of the above companies? Recommendations? Words of advice? Anything to stay clear of?

Thanks everyone

• 

  [Deactivated] on 31/03/2016 - 13:25

  -1

  Citibank Plus. 'Nuff said.

  • 

    bonezAU on 31/03/2016 - 13:27

    This, but it might be a bit of a pain since you are in Canada

  • 

    mrhorseham on 31/03/2016 - 13:37

    Citibank Plus doesn't help me. That is a debit card, I am not purchasing items. I am looking at transfers sums of money to pay liabilities in each country e.g. mortgage.

    • 

      rickb on 31/03/2016 - 13:51

      Citibank Plus transaction account, that includes the Debit Card, lets you make international transfers with no fees.

      • 

        mrhorseham on 31/03/2016 - 13:59

        I think you guys are missing the point to this post. I am not in Australia. I am in Canada being paid in CAD. I have to transfer my Canadian money into AUD, USD and GBP. I believe this is not possible with the Citibank plus transaction account as you are all suggesting. Also, using a banking service as such is a worse exchange rate then the companies I have posted above.

      • 

        [Deactivated] on 31/03/2016 - 15:16

        @mrhorseham:

        using a banking service as such is a worse exchange rate

        Perhaps you can't use Citibank because you're in Canada, but I can assure you that statement does not apply to them.

      • 

        lionelhutz on 31/03/2016 - 17:01

        @KaptnKaos: It does. Citibank Global Transfer rates are okay, usually about interbank + 2%, but not as good as a money transfer service.

      • 

        [Deactivated] on 31/03/2016 - 17:27

        @lionelhutz:

        But they don't charge fees. Have you taken that into account?

      • 

        lionelhutz on 31/03/2016 - 20:30

        @KaptnKaos: World First don't charge fees either. I'm not saying Citibank is a bad option: the funds are transferred instantly, so there are times when I still use it for that reason. And if you're just changing holiday money once a year it is fine. But if you are changing your salary every month the better rates available through a money transfer service will add up.

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  lionelhutz on 31/03/2016 - 14:53

  +1

  I live in OZ but work for a HK company. I transfer my pay from HKD to AUD every month. I use World First. They are excellent. Their rates are much better than Citibank (which I was using previously) - usually interbank rate + between 1% and 1.5% or thereabouts. They transfer the money fairly fast, usually 1-2 days.

  I keep meaning to also sign up to a second service like OzForex so I can compare rates every month and make sure I am getting the best available, so I'd be interested in other recommendations.

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  dcuksuop on 01/04/2016 - 01:44

  What about HSBC Premier Global Transfers? Does anyone have experience with them?

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  TPbMe on 02/04/2016 - 22:25

  I can recommend CurrencyFair. I've used them quite a few times now & their exchange rates are far better than the banks & their fees minimal. Also fast & reliable. Good luck~

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  lionelhutz on 06/04/2016 - 17:36

  As a follow up to my previous answer, I signed up with ClearFX (same company as Ozforex) last week and used them for a transfer yesterday. All good. The rate was slightly better than World First (about $25 more on a $8000 transfer, not much but hey it all adds up). Interface is easy to use and the transfer itself was fast, less than 24 hours.

  I plan to keep both accounts and just use whichever offers the better rate from time to time.