Hi, I need to send $1300 CAD (Candian dollars) to a Canadian bank account.
Via my bank (UBank) I can only presume it will cost me a lot (a fee, and a lower exchange rate I presume).
I am an OzForex member (foreign exchange), but they charge a fee for such a small amount.
Do I have any other options?
Thanks
If you have the time, you can open a Citibank Plus transaction account. It has fee free transfers to everywhere in the world. The receiving bank may impose an incoming fee, but in my experience it's not much.
Bonus if the account you are sending to is also a Citibank account, because the transfers are instant and fee free to about 25 countries, of which I'm sure Canada would be one of them.
Citiplus account? It's free of charge.
Cheers all.
Here are their rates (which seem okay)
http://www.citibank.com.au/global_docs/onlinetools/ci1.htm
I have a friend who's Citibank account I can use- I'm not sure if it's a Plus Account tho. Do all Citibank accounts allow you to freely transfer money overseas?
I use ozforex and xetrade
Both are way better than banks (it's the spread/rate you have to look out for the most!!!)
That's what I thought- but I just got a quote from OzForex's and it's identical to Citibank's but you have to pay OzForex a fee.
I think OzForex is only good for bigger amounts
That sounds great then. All the aussie banks were appalling when I was living in America.
I've signed up with Citibank, and I'm ready to make the transfer.
I'm about to transfer but it says "Beneficiary Bank Fees**" and I've selected my account. How will I know if I what "fee's" I'll be charged?
Do Citibank do a "Wire Transfer"? Or do they deposit from their accounts in Canada?
Im impressed citibank.
I transferred at 5:04pm, and the Canadian bank received it within 2 hours (not a CitiBank either).
So far neither of us were charged fee's. Do maybe its not a wire transfer
Ubank does not support overseas fund transfers. Ozforex might be your easiest options and still cheaper than a bank even taking into account the fee.