HendrikT

International Money Transfer Services

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HendrikT

Dear SACanada Members,

We are planning to land in Calgary in September and I have been looking into a few options on how to transfer money to our RBC savings account before we arrive. I see a lot of people globally using online foreign exchange services. It seems be using these services you might be able to save +-R5000 per R200 000 transferred with very low costs. Often fixed fees and not percentages and you get better rates than typically offered by banks.

I was wondering if anyone have used any of these services before and can share their experience or advise regarding the following services:

  • www.exchange4free.co.za
  • www.currenciesdirect.com
  • www.finglobal.com
  • www.currencysolutions.co.uk
  • www.currencyfair.com
  • www.ofx.com/en-ca/

From what I have researched so far Currencyfair and Currencies Direct seems to have great reviews internationally.

I see quite a few people from SA use exchange4free or finglobal. Exchange4free seems good but finglobal seems to charge almost the same as FNB....

If you are going to use exchange4free one might as well look at currenciesdirect/currencyfair/ofx?

What is in your experience the upside/downsides to using any of these services as i don't see any particular downside....(except maybe for security/trust in banks is better)

I did see a lot of the discussions regarding FNB global accounts and so forth, but i would like to avoid using the banks as you lose so much on the exchange rates, conversions and fees.... (By my approximation i could get an extra $2200 CAD by not using FNB) 

One of my main concerns in using this services is that you still have to make a payment to their "Rand" accounts and i'm unsure if this will result in cost on my side....

Any advise or suggestions would be greatly appreciated.

 

 

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graciax452

Also wondering about any of these... has anyone used them? 

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MaryJane

I've used exchange4free for years (2012-2017 to be exact).

I've heard of FinGlobal, who used to be known as Cashkows, and know many people have used them as well.

I've not heard of the others but assume they operate the same way. There are many providers who offer competitive rates nowadays.

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graciax452

ok will start looking into exchange4free first, thanks!

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