I am working in Zurich for 3 years. My family is back in Canada. We are going to buy a house back home. I am going to purchase with a home mortgage loan. I have to pay 20% down payment for the property. My savings are in Zurcher Kantonalbank. I would like to know what is the cheapest and easiest way to transfer the amount. Please help.
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Money transfer to Canada
Mar 15, 2017 @ 06:50
The text you are quoting:
I am working in Zurich for 3 years. My family is back in Canada. We are going to buy a house back home. I am going to purchase with a home mortgage loan. I have to pay 20% down payment for the property. My savings are in Zurcher Kantonalbank. I would like to know what is the cheapest and easiest way to transfer the amount. Please help.
Charles RobertMar 15, 2017 @ 06:50
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Re: Money transfer to Canada
Post 1
Mar 15, 2017 @ 08:40
Hello,
You need to transfer a big amount and at the same time change currency. The cheapest will not always be easy to compare. Be careful with all structures advertising "no fee", as you always have to pay somewhere, at least in the spread between buy and sell rates (with the spot rate, i.e. the one from the interbanking market, somewhere in between). Often the spread will not be transparent.
If you have time to manage rates evolution which makes sense especially for a big amount, you might want to span your exchange in time to average down your purchase price (i.e. change a fix amount of CHF into CAD at regular intervals).
From my experience, Transferwise (they're the most known and probably the leader) works well, and the spread is not bad (0,5%). On the other hand, CurrencyFair does the job even cheaper, including advanced features as, they -like Transferwise- allow you to have automated exchange when receiving cash, but also to choose by yourself when/how much you like to change. This gives you more control if you wish to optimize timing or average down!
Currencyfair model: very low spread (even better, if you're not in a hurry for one specific exchange, you can decide on a specific rate in your oder (this is optional, and allows you to wait for a counterparty to match it, while you can view the orders book at any time), and a low fixed amount when you transfer funds out of the account (which in the case you describe you'll only need once).
Here are referral links for mutual benefits:
Currencyfair, will allow both a new client and myself to benefit from 30€ bonus, and a free transfer out: https://www.currencyfair.com/?channel=RQDQE1
Transferwise, will give the new client a discount on the first transfer, and myself a bonus for every 3 new clients for them: https://transferwise.com/u/c1a2e4
I hope this helps.
The text you are quoting:
Hello,
You need to transfer a big amount and at the same time change currency. The cheapest will not always be easy to compare. Be careful with all structures advertising "no fee", as you always have to pay somewhere, at least in the spread between buy and sell rates (with the spot rate, i.e. the one from the interbanking market, somewhere in between). Often the spread will not be transparent.
If you have time to manage rates evolution which makes sense especially for a big amount, you might want to span your exchange in time to average down your purchase price (i.e. change a fix amount of CHF into CAD at regular intervals).
From my experience, Transferwise (they're the most known and probably the leader) works well, and the spread is not bad (0,5%). On the other hand, CurrencyFair does the job even cheaper, including advanced features as, they -like Transferwise- allow you to have automated exchange when receiving cash, but also to choose by yourself when/how much you like to change. This gives you more control if you wish to optimize timing or average down!
Currencyfair model: very low spread (even better, if you're not in a hurry for one specific exchange, you can decide on a specific rate in your oder (this is optional, and allows you to wait for a counterparty to match it, while you can view the orders book at any time), and a low fixed amount when you transfer funds out of the account (which in the case you describe you'll only need once).
Here are referral links for mutual benefits:
Currencyfair, will allow both a new client and myself to benefit from 30€ bonus, and a free transfer out: https://www.currencyfair.com/?channel=RQDQE1
Transferwise, will give the new client a discount on the first transfer, and myself a bonus for every 3 new clients for them: https://transferwise.com/u/c1a2e4
I hope this helps.
David L, Mar 15, 2017 @ 08:40
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