Personal Finance

Wire transfer from uk (inheritance)

  • Last Updated:
  • May 11th, 2019 6:41 am
[OP]
Newbie
Jan 15, 2013
98 posts
130 upvotes
Kamloops

Wire transfer from uk (inheritance)

What is the best bank to deal with a wire transfer coming in from the uk? Simplii bank offers it for a $10 fee and a uk to cdn conversion of 1.70. My conversion app say the current rate is 1.7681 so they are collecting an extra 4%. Is there a bank with a better conversion rate?
18 replies
Deal Addict
Dec 16, 2017
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CND Brain & Hear…
another legit service would be TransferWise. you'd have to look into that yourself. cheers
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Member
Jul 26, 2015
214 posts
135 upvotes
Vancouver, BC
thetank85 wrote: What is the best bank to deal with a wire transfer coming in from the uk? Simplii bank offers it for a $10 fee and a uk to cdn conversion of 1.70. My conversion app say the current rate is 1.7681 so they are collecting an extra 4%. Is there a bank with a better conversion rate?
VBCE may be a good option since you are in BC.
https://www.vbce.ca/online
Deal Fanatic
Mar 21, 2010
5489 posts
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Toronto
dekvitaly wrote: another legit service would be TransferWise. you'd have to look into that yourself. cheers
I've used Transferwise several times for GBP to CAD transfers. Really easy and reliable, with much better rates than the banks.
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May 8, 2009
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Convert to crypto and move funds.
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Deal Addict
Nov 13, 2013
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Ottawa
titaniumtux wrote: Convert to crypto and move funds.
Really? This will cost at least what 10%? And that assumes no wild fluctuations down while you are holding the crypto.
Newbie
Apr 2, 2019
48 posts
32 upvotes
£1000=$1751with TransferWise and that is what you receive in your bank . £4.56 fee equates to 0.456% with exchange rate currently at $1.7592. I use TransferWise for all currency transactions and highly recommend them
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fogetmylogin wrote: Really? This will cost at least what 10%? And that assumes no wild fluctuations down while you are holding the crypto.
Fluctuations will be minimal if converted in and out quickly. Fees will vary greatly depending on which exchanges you use.
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Deal Addict
Nov 13, 2013
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titaniumtux wrote: Fluctuations will be minimal if converted in and out quickly. Fees will vary greatly depending on which exchanges you use.
Are there exchanges with a narrow enough spread in CAD that this is actually practical? Fees aside the spreads on Crypto seem horrible.
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Sep 6, 2018
212 posts
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reminds me of the story where a vancouver guy lost all his funds in quadrica.

Its a risk might not be worth taking..
titaniumtux wrote: Fluctuations will be minimal if converted in and out quickly. Fees will vary greatly depending on which exchanges you use.
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Mar 21, 2010
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BadSitcoms wrote: reminds me of the story where a vancouver guy lost all his funds in quadrica.

Its a risk might not be worth taking..
I'd be more concerned with the bank seeing that a large sum of money got deposited in from a crypto source and you don't really have an explanation that would satisfy them.
[OP]
Newbie
Jan 15, 2013
98 posts
130 upvotes
Kamloops
is paypal cheaper then the banks? and an option?
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Dec 13, 2016
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Depending on how big the inheritance is I would avoid transferwise and similar. Paypal is even worse.

I have been a happy transferwise customer for over a year and have transferred in excess of 100,000, however I did it in small increments only as they are known to block your account and keep the money in case of "fraud".
Deal Addict
Nov 13, 2013
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Ottawa
Manatus wrote: I'd be more concerned with the bank seeing that a large sum of money got deposited in from a crypto source and you don't really have an explanation that would satisfy them.
Yes lots of added risks over transferwise etc. I am happy to be proven wrong but I do not see how a Pound-CAD transaction via Crypto will be anywhere near as cheap as Transferwise. The Canadian dollar exchanges seem to have a 5% spread on either side. That right there makes it probably worse than even a bank.
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May 8, 2009
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Just thinking...OP mentioned Simplii would grab a 4% FTF on the wire conversion. This is sneaky robbery IMO, where CIBC raves that 2.5% FTF is all they'll ever charge, and claims 2.5% is fair and competitive.
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