Lodging Canadian Dollars to BOI account

W

Walshie99

Guest
Hello,

I'm currently working over in Canada at the moment and want to transfer some money home. I was hoping to either give my parents cash or a cheque to lodge whenever the Canadian dollar strengthens against the euro.

My question is -

  • Which is the cheapest option?
  • Any one know whether the cheque handling fee is greater than the money fee's for converting the cash?
  • Also will there be conversion fee's on the cheque as well.
  • My bank here charges $30 for transferring money home. Will BOI charge handling fee's on top of this?
Thanks
Conor
 
All other things being equal .. cash is less cost for your parents.

A cheque, even a draft, drawn on a Canadian bank would have to be remitted back to Canada for value. This means, for you/them, cost. Cash, on the other hand, will get the Bank's buy rate on the day, which would include the Bank's margin.

The drawback with cash is the security involved in getting it to Ireland safely.

There are other methods for transferring funds, e.g. Western Union. In other words, your options aren't limited to banks.
 
@ TarfHead - Thanks for that! I must go look at Western Union and see. The cash I can send home with a mate but true about the security of it.
 
Another option you might consider, if you trust your parents, that is, would be to send them your Canadian Bank ATM card or a duplicate of it and they can draw out the money in Euro at an ATM here and deposit for you.
 
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