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Foreign Exchange/Bank Accounts - Emigrating

61 replies

DaddyCool · 19/04/2006 11:51

I should know this but it's not really my area. When you emigrated, how did you handle the logistics of your money?

I'm talking equity and large values here.

Did you take it all over in travellers cheques and pay them into an account in the country? Did you somehow manage to set up a foreign bank account and wire the money over ready to be accessed when you arrived? If so, did they send you cash card/book everything before you even entered the country?

I'm going to Canada. I'm sure this would be the same process for Canada/NZ/AUZ.

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Report

DaddyCool · 19/04/2006 12:24

anyone?

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Tutter · 19/04/2006 12:26

DC - I'm ex-BigBlueBankThatEverybodyHates and I know they have an expat offering. Imagine other high street banks do too - maybe give yours a call? They should be able to help out with your options. Good luck.

TheBlonde · 19/04/2006 12:29

I would recommend setting up an account Canada first
Royal Bank of Canada is one of the main high st banks there

Take some readies with you but I would wire the bulk of the money - you should get a better exchange rate that way

TheBlonde · 19/04/2006 12:29

Citibank is another option I guess

SueW · 19/04/2006 12:30

I odn't know how possible this is these days but when I used to work in the brnahc Forex dept of a high st bank we used to do introductions for people to banks overseas including all opening paperwork etc.

However friends who have emigrated recently have kept their money in the UK until they are in the new country then arranged transfer.

DaddyCool · 19/04/2006 12:31

Blonde - that's exactly what i was thinking. get the money at a really good rate from one of these big FX only companies and get them to wire money directly to the RBC account. Now... how to set up a RBC account (?)

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Tutter · 19/04/2006 12:31

hmmm Canada prob not an option for UK banks' expat services actually. but many do have arrangements with o'seas banks, so still worth a call i think.

SueW · 19/04/2006 12:38

You don't need to go to an forex company though - your own high st bank will have diff rates for wire transfers than for cash. The more you want to tfr, the better the rate (although there are v big steps between the rates).

You can even set your rate in advance if you want by entering into a forward contract

foxinsocks · 19/04/2006 12:43

the larger banks will have someone that deals with expat services

DaddyCool · 19/04/2006 13:10

i've tried the larger banks and they seem to well.... suck.

their rates are about 1.95/1.96 and the forex companies (one in particular www.moneycorp.com) offer to the tune of 2.03. a difference of about $1600 for the amount i'm converting. that's a month's rent!

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hana · 19/04/2006 13:12

you'll have to declare how much you are bringing into the country as well, I'm pretty sure it's taxed

eidsvold · 19/04/2006 13:13

I still had one Aus bank account and so we were able to do an electronic transfer from our Uk bank to the AUs bank. We took some spending money for our holiday enroute etc to get started.

Our UK banking was all online and dh had a visa debit/credit card and so we used that for a lot of purchases and then just checked what was left online. you should also be able to access your money if you have an ATM card as you would if you were in the UK - or we could using the visa debit/credit card.

Would not take it all over in travellers cheques - would organise it as an electronic transfer - ours used to take about three - five days.

We then set up our joint account when we got here. Also had some wired over - jsut used the little loval bank and it was all sorted.

However I know Citibank are both here and in Aus as are HSBC - am sure they are all over the place - even if you used one of those to get started and then opened a local one when you got there iyswim. Friend of mine did that through citibank here in Aus and used it when she first got to the UK and then opened a local one.

DaddyCool · 19/04/2006 13:13

hmmmm i thought about that as well. it pains me deeply to pay tax on it.

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foxinsocks · 19/04/2006 13:16

I meant you probably have some money with a larger bank - just suss out their services first and see what you think. It takes the hassle out for you because they do all the work and it's convenient!

hana · 19/04/2006 13:17

sorry I've got that wrong, you won't have taxes to pay ( have been thinking this myself - just asked dad who is a FCA here in Canada and he said you don't!)

DaddyCool · 19/04/2006 13:17

absolutely.

tax eh? i wonder why a country you were taking the money into would charge tax. i mean, it's money being brought into the economy, not taken out. hmmm.

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eidsvold · 19/04/2006 13:17

Electronic transfer seems the safast way to go - jsut remembered as hana said you would have to pay tax and I am sure with Aus there is a limit to the amount you can bring in ( supposed to prevent money laundering).

Use a visa debit/credit card - if you can get one where you can use your money/their money and access it from an ATM displaying the visa sign wherever you are in the world.

Then open a local account and they will know about transferring money electronically. We even have them doing our cheques - my dds get cheques from UK relies in pounds and they sort it all out when it comes - just up at our local little branch.

LIZS · 19/04/2006 13:17

We set up a local bank account and then electronically transferred funds into it.

eidsvold · 19/04/2006 13:18

anyway check candian customs for that info.

DaddyCool · 19/04/2006 13:18

LIZS - did you set it up from the UK or wait until you got there?

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DaddyCool · 19/04/2006 13:19

and LIZS - which country? Canada? Did you pay any tax?

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DaddyCool · 19/04/2006 13:21

OOPS OOPS, I didn't see Hana's post about her Dad. no tax. coolio.

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LIZS · 19/04/2006 13:22

dh did it there (it had to be in his name as I wasn't earning or entitled to work). He went ahead of us and had to have an account set up for his earnings as even though he worked for a bank he had to hold an account elsewhere into which he was paid. Not Canada though , but still outside EU.

eidsvold · 19/04/2006 13:23

this might help with your move

\link{http://www.cbsa-asfc.gc.ca/E/pub/cp/rc4151/rc4151-e.html#P187_10768\settling in Canada}

LIZS · 19/04/2006 13:23

Sorry, it was Switzerland and don't think we paid tax on it but can check with dh later.

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