Money transfer

Bubbs · World Chat Champion Joined: 28 May 2009 Karma :

Howdy,

I was hoping for some advice. I want to transfer money between Canada and uk bank accounts but have been informed that it costs 30quid to send it and 30 dollars to receive it the other end. Now the bank accounts both belong to me and I don't want to waste money.

So... Would this work: I set up an eBay account in Canada and link it via paypal, and do the same for uk account, then put up an item on eBay uk that no one would buy, I.e. A single shoelace and purchase it using my Canadian eBay account. Then money would flow nicely into my canadian account.

Is there any flaw to this logic?

The way I see it, if I transfer 40 quid I get charged about 120% interest.

Any ideas whether this would work? And if not are there any cheaper options you could recommend?
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fatpies · World Chat Champion Joined: 01 Mar 2011 Karma :

Try moneybookers.com

They charge 1% upto 1 Euro or there abouts and to receive it, its free.

Sam_Y_93 · World Chat Champion Joined: 04 Nov 2009 Karma :

Well if you go along with your ebay idea then can't you just gift it between the paypal accounts?
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SpicyBlimp · World Chat Champion Joined: 15 Oct 2007 Karma :

Ariel Badger · Super Spammer Joined: 02 Dec 2006 Karma :

I move a lot of cash around the world using paypal. it is not a bad way of doing so but check out Western Union.
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st3v3 · Super Spammer Joined: 16 Oct 2006 Karma :

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..Just give me bank numba's, yah?
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Bubbs · World Chat Champion Joined: 28 May 2009 Karma :

Robby · Dirty Old Man Joined: 16 May 2002 Karma :

I'm fairly sure that you can just load money into your paypal account and convert it there, then withdraw it as any currency. You would need to link your Canadian account to your paypal account.

Might be worth waiting a few days though. Whatever the USA decides to do about its additonal borrowing/default problem over the next week is likely to weaken the US dollar, which will often feed through to the Canadian dollar. The Canadian dollar will still be up compared to the US dollar, but likely down against the UK pound and the Euro.

Amateur Forex players must be rubbing their hands together in anticipation.