Is it more advantageous to convert CAN DOL into GBP or EUR?
Thread poster: xxxorane10

xxxorane10  Identity Verified
Local time: 20:43
English to French
+ ...
Aug 3, 2009

Hello everyone,

if I'm paid in CAN Dollar, is it better to have the payment transfered on a EUR account ou GBP account in terms of current rate? Which one will lose me less money?
I have consulted a currency convertor already but still hesitating...
Thanks for your help?

[Subject edited by staff or moderator 2009-08-05 22:36 GMT]

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Tom Ellett  Identity Verified
United Kingdom
Local time: 20:43
Swedish to English
+ ...
No right or wrong answer Aug 6, 2009

It's really impossible to answer your question, because banks are totally unpredictable and a law unto themselves when it comes to charging for international transfers.

For transfers from other European countries into my British bank account, the fee is usually higher when the incoming payment is already in sterling than when it is in euro or Swedish kronor. This is presumably because my bank doesn't have the opportunity to apply its own exchange rate to the sterling payments.

But for transatlantic wire transfers, I imagine the bank will gouge you regardless of whether you deposit the Canadian dollar payment to a sterling or a euro account. Going the other way, my Canadian bank charges a flat fee of CAD 15 for an incoming wire transfer, irrespective of currency and amount. This is on top of the transfer fees paid by the sender and any commission deducted if an intermediary ("correspondent") bank is involved.

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Samuel Murray  Identity Verified
Local time: 21:43
Member (2006)
English to Afrikaans
+ ...
I suspect... Aug 6, 2009

orane10 wrote:
Which one will lose me less money?

I suspect the choice of currency is but one small aspect of it. Which banks and also which countries are involved may actually have a bigger influence on your currency exchange losses.

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