Financial services in Canada - Job Search in Canada

Financial Services in Canada

Q: My family and I are thinking of moving out to Canada in late 2005. We have been issued our visas already. When we get out there, I will be looking to buy a house and a car and other things to start off our new life. Is there any way by which I can start to gauge my costs now? I am waiting for my house to complete, but I do have some savings available. Is there anything I can do or should I just wait until I go?

A: By simply waiting and watching the exchange rates you are taking a big gamble! It is safer to take a more proactive but precautionary approach. Buying a proportion of your currency straight away is a good way of spreading your risk. This can either be done by taking out a forward contract (needing a 10% deposit), where we can hold the agreed rate for up to 2 years, or by paying for the currency outright and sending it straight over to Canada. The remainder, that you have not yet secured, can then be monitored to potentially achieve a more favourable exchange rate. This is best done by using a tool called a “market order”. All this of course is time dependent. How much time do you have to buy all of your currency?

Please contact the Migration Team at 01753 859 159 for a free currency consultation at HIFX, or simply visit their website for further information www.hifx.co.uk/migration.

Q: I have lived in Canada for 2 years now and my house in the UK is still being rented out. I have seen HIFX plc advertised many times and would like to know the best way for me to transfer this rental income over to Canada on a monthly basis, without paying a fee every month.

A: HIFX have a great system for transferring regular payments abroad. You can fix the exchange rate for a minimum of six months or up to two years. This means that you know exactly how many Canadian dollars you will receive each month. All funds will be transferred via a direct debit from your UK bank account. HIFX will also absorb all the transfer fees which could save you £100's each year. You can then relax and forget about it! To contact the UK office, email: migration@hifx.co.uk or call 01753 859159 and ask to speak to the migration team or visit their website for further information www.hifx.co.uk/migration

Q: I need to buy £100,000 Canadian dollars in the next few months and have been monitoring the CAD dollar very closely, I am a little confused about what to expect when both the UK and Canada appear to be raising interest rates.

A: There are often many factors that influence the foreign exchange markets and because of this it is impossible to predict future exchange rates exactly. Currency specialists HIFX plc, however, are world renowned for their market views with Reuters consistently ranking them in the world’s top three most accurate foreign exchange forecasters globally. Although they cannot predict the future, their Migration Team will implement a strategy, free of charge and without any obligation, to help migrants achieve the best exchange rate possible.

Please call Jonathan Sermon at Tel: 01753 859159 Fax: 01753 859169