Transferring funds
Posted by David | Posted in Journal | Posted on 21-07-2008
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I thought that It would be simple to wire money to my new account in Calgary. It would have been a simple matter of calling the bank, proving my identity and have the funds wired. Unfortunately, deep down hidden on my USA bank web site, you can read that this can only happen if you previously obtained a pin number by going to a branch in person. As a consequence, Melissa had to go to the bank and wire the money.
Nevertheless, I surprisingly had to assist the banker over the phone since he was not familiar with transferring money to Canada and was confused between the SWIFT and the ABA number. Then, the transfer failed because he wired the money to the wrong name. A day later, Melissa fixed the situation.
In retrospect, I should have gone to the bank beforehand to get the pin number or bring more funds with me as I entered the country. Live and learn.
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Another thing to consider is in which currency to make the transfer. The US bank doesn’t always tell you, but you can make the transfer is US$ or the foreign currency, and the fees are usually different (in the sending and receiving banks). For example, it’s $10 cheaper at Bank of America in foreign currency, and if I remember right, was also cheaper for us at the receiving bank. –DD