Relocation services for British Columbia, Canada

Foreign Exchange

Canadian Dollar News - August 4, 2008
Still no direction for Sterling/Loonie
- Sterling avoids worst effects of weak data
- Canadian economy contracted in May
Considering the string of duff economic data that could have knocked it off balance, Sterling did not fare too badly in the end.
Canadian GDP shrank by 0.1 per cent over the month and local analysts believe annualised growth for the second quarter as a whole will be something like 1 per cent.
The big picture shows Sterling sticking mainly between $1.95 and $2.05 since the beginning of the year. In the last few weeks it has spent most of its time in the top half of that range. An optimist will be looking for an upward break. A realist will point to the lessons of recent history and expect a return to the centre of the six month trading range
Courtesy TTT Moneycorp

We used TTT Moneycorp for the transfer of the money from our house sale and have subsequently used them on several occasions. We found their service to be excellent and can recommend them.

If you want to find out more, you can get them to send you information using this link: TTT Moneycorp

The other foreign exchange bureau that we are able to recommend is HIFX who offer similar services to TTT Moneycorp.

Specialist Foreign Exchange Bureaux Services

These bureaux are set up to cater for currency exchange. They will have a specialist foreign exchange trading floor and should know the market.

You will have to set up an account with them. This is a simple process.

One of the reasons to consider using a specialist FX bureau is that they offer more sophisticated currency exchange facilities. For example you may be able to:

• Book a forward trade so as to lock in an exchange rate
  This usually requires you putting down a deposit and agreeing a date and exchange rate. You may be able to roll the date forward if you need to.
• Put in an order to buy when the exchange rate reaches a certain level
  If you have money ready to exchange, then this will allow you to trade when the rate reaches a level you want.
• A variant of the above is to buy when the rate rises or falls. This way if the rate improves enough you buy, but should it move the other way you can buy too.

When you contact these companies, check what services they offer. You should also check the same things as you would for the high street banks.

As we said earlier, the only service we can recommend from personal experience is TTT Moneycorp

HIFX, which has been recommended to us by several people, offers a similar service. They have a currency converter that you may find useful too (note that it opens in new window).