Currency exchange for Canadian Expats - moving funds to & from Canada
As an Expat myself, I’ve gone through the hurdles that many of you have experienced to make your new destination home - from learning new customs to finding work, we’ve all gone through it.
One big hurdle was to move funds from my home country to Canada, while residing in Canada. With internet banking available from almost any bank in the world, you would think it would be very easy to transfer funds from one country to another. This was not the case unfortunately, and the length of time to overcome this hurdle, the fees that had to be paid, then the long wait for the funds to arrive was something I would not want to experience again.
To streamline the process, plan beforehand, talk to your bank before you leave Canada, or have a currency exchange/international payment firm assist you with moving your funds.
Often these types of firms will have a pre-authorized debit service to provide to their customers. The customer does not have deal with their bank, the firm will auto debit your Canadian Dollar bank account free of charge and wire the converted funds to your new destination bank account.
These types of firms also offer hands on service and specialist advice on currency exchange. You deal with a person with a name, not the “dial one for service…” voice.
Time difference can also be quite frustrating. Once again, finding a firm that offers online, 24/7 access to currency exchange/international payments will give you the stronger hand.
Take advantage of ‘holding accounts’. If you are still In Canada but will soon leave for your new destination, most firms can hold onto your converted or unconverted funds until you arrive at your destination and have set up a bank account to wire funds into.
Many Expats also have the need to send money back home for mortgage payments, loan payments, etc. An advantage of using a Canadian based FX firm is that you can avoid your bank’s “landing fees”. Most Canadian banks will charge you up to $20 as a fee to receive a Canadian Dollar wire from an overseas bank. This is usually taken out of the wire itself. When using a Canadian based FX firm, they will transfer funds into your Canadian Dollar bank using a domestic funds transfer network that should not be charged a landing fee by your bank.
Finally, keep your options open. Because you set up a payments account with one firm does not mean you need to do everything with them. Some firms may be stronger in some areas than others. Use the one that gives the most in your current situation. As a consumer, let the service providers compete for your business.
Ken Fukami
Payline Financial Inc.
Client Relationship Manager
2nd Floor - 838 10th Street,
Canmore, AB T1W 2A7
Office: (403) 621-1037
Fax: (866) 639-8501
Toll-free: (888) 989-4636 ext.312
We use Lloyd International Money Transfer cost $20 and the money is there is 20 minutes - yes minutes and no landing charge at our bank! It’s fantastic.