Foreign Exchange Recommendations?

[ricky and elaine 8]

Hi I am going to be moving within the next weeks. I have sold my home. I plan to wire money thru a foreign exchange as they seem to have better rates than the bank..also better fees if any. Has anyone from Canada wired money to a US bank? I am a bit leary..I imagine the the larger companies move money from all over the world so any experience??? Many Thanks

[Raven4dragon 12]

Good Morning when i have had to transfer money from Canada to US or the other way I took advantage of TD Banks cross border banking wire transfer it is a free service that moves the money between the two accounts. Was really easy and just took a phone call to do and the money shows up in my accounts with in 12 hours. I have seen that a few other banks also offer this service so might be worth looking into for you.

[ricky and elaine 8]

Good Morning when i have had to transfer money from Canada to US or the other way I took advantage of TD Banks cross border banking wire transfer it is a free service that moves the money between the two accounts. Was really easy and just took a phone call to do and the money shows up in my accounts with in 12 hours. I have seen that a few other banks also offer this service so might be worth looking into for you.

Yes I have taken advantage of the RBC cross border banking. But the bank's exchange rate is quite inferior to what the foreign exchange companies offer..With similar or no fees. I hope someone here has moved money with a foreign exchange they can recommend.

[Wishing-Waiting 2]

Custom House / Western Union was who I used. Check out the website and give them a call. No trouble with my transactions. They have tiered services depending on how fast you want your money to move. That is, the faster the service the higher the fee. I was ok waiting 3 days or so. I think my fee was $5.00. I ordered the Cdn / US transaction. Then I transferred my Cdn money to them via a "bill payment" option. Once they receive they convert and electronic deposit to my US bank account. Good Luck !

[Sylea 30]

Hi I am going to be moving within the next weeks. I have sold my home. I plan to wire money thru a foreign exchange as they seem to have better rates than the bank..also better fees if any. Has anyone from Canada wired money to a US bank? I am a bit leary..I imagine the the larger companies move money from all over the world so any experience??? Many Thanks

I have 10 years experience in F/X as part of my 30 years in Canadian banking. I have had clients run into problems when wiring money from somewhere like Custom House, where the receiving bank puts a hold and/or there's a delay in the money reaching the destination bank for subsequent credit to an account.

You may get a slightly better rate, but for my money using one of the big 5 Canadian banks to move your money is more efficient. If you have the destination bank information correct, wiring funds can be same day.

Just my 2 cents. So to speak.

Edited July 27, 2014 by Sylea