# Best way to get money from European account to Canadian account?



## Bob101 (Sep 12, 2011)

Hi all,

I have a few thousand euros in a Belgian bank account that I would like to access, but I'm not sure the best way of getting them. I have access to online banking for both accounts. 

If I transfer to my bank in Canada (RBC) the exchange rate is not very good will buy a euro for 1.34 dollars right now. A local currency exchange place will do 1.38. Then there are the vague fees that come with sending money from one bank to another. 

If anyone has experience on transferring cash from a European account to maximize my Canadian dollars please let me know.

Thanks.


----------



## kcowan (Jul 1, 2010)

I would go into your bank in Canada and deposit a cheque drawn on your Belgian account. See how they do it with a small amount (e.g. $1000). There should be no charges other than the FX, and a delay in transfer. I do this a couple of times a year into my Mexican bank account. It is comparable to drawing money at an ATM from my Canadian account but without ATM fees.

Then I can write local cheques and get the 15% discount for cash when I buy big ticket items.


----------



## ShowMeTheMoney (Apr 12, 2009)

I've used XE.com to transfer money to/from Europe. It's a lot cheaper than the banks and their service is excellent.


----------



## LemonJuice (Nov 10, 2011)

There is a free chequing account offered by DKB (Deutsche Kreditbank) in Germany. It comes with a free VISA card which offers free withdrawals of cash anywhere in the world. There is no conversion fee. It's absolutely free.

If you can manage to open that you could transfer your money from your Belgian account to the German one. By European regulation this transaction is also free and should be done within three days. Then you could withdraw your cash simply from a cash machine in Canada.


----------



## canadianbanks (Jun 5, 2009)

ShowMeTheMoney said:


> I've used XE.com to transfer money to/from Europe. It's a lot cheaper than the banks and their service is excellent.


How exactly does the transaction work with XE.com? Is it a complicated process? Is it all done online?


----------



## m3s (Apr 3, 2010)

ShowMeTheMoney said:


> I've used XE.com to transfer money to/from Europe. It's a lot cheaper than the banks and their service is excellent.


+1 to XE.com for a few thousand Euros. For larger amounts there is also Knightsbridge and if you have a brokerage acct I've found IB is insanely cheap for exchange

It's all done online you just need a SWIFT or BIC code and your Cdn acct numbers. You just set up an XE account, lock in a rate, and then make a bill payment or EFT etc from your online banking to "Custom House" They will explain it



LemonJuice said:


> There is a free chequing account offered by DKB (Deutsche Kreditbank) in Germany. It comes with a free VISA card which offers free withdrawals of cash anywhere in the world. There is no conversion fee. It's absolutely free.
> 
> If you can manage to open that you could transfer your money from your Belgian account to the German one. By European regulation this transaction is also free and should be done within three days. Then you could withdraw your cash simply from a cash machine in Canada.


Wow I have to check this out. Thanks! It's true all transfers are free in the EU, though Canadian banks will charge you $30 just to receive it depending on the amount even if you have a "Select Service" account


----------



## LemonJuice (Nov 10, 2011)

mode3sour said:


> though Canadian banks will charge you $30 just to receive it depending on the amount even if you have a "Select Service" account


That's why I was suggesting to withdraw the money from the German account using a cash machine in Canada and deposit the cash into the Canadian account. The withdrawal is also free. I've used it many times and it worked fine. 
In one rare occasion (it happened in the US) I was charged $3 for the withdrawal by the US bank - a quick email to Deutsche Kreditbank and the charge was reimburse within 2 days.

Honestly, comparing Canadian with European banks, I have the feeling that customers in Canada are ripped off by the banks. It's just too little competition in Canada.


----------



## m3s (Apr 3, 2010)

Thanks for that info I hadn't heard of it. Could be very useful to me! I did understand your method but I was just ranting that Europe has free regulated fast transfers whereas Canadian banks will charge you just to receive one. They make good divie stocks though...


----------

