Hey guys,
Does anyone know the most effective/cheapest way to move a significant amount of money from CAD to EUR?
My situation:
Selling my house in Canada and moving to Europe (Montenegro, not EU/EEA but uses EUR with strict banking regulations). Will have a large sum of money to transfer to my personal account in Montenegro. I have an international account in Montenegro for accepting Euros, which I'll then transfer domestically to my personal account.
My options so far:
Does anyone know the most effective/cheapest way to move a significant amount of money from CAD to EUR?
My situation:
Selling my house in Canada and moving to Europe (Montenegro, not EU/EEA but uses EUR with strict banking regulations). Will have a large sum of money to transfer to my personal account in Montenegro. I have an international account in Montenegro for accepting Euros, which I'll then transfer domestically to my personal account.
My options so far:
- Traditional Wire Transfer - Way too expensive. Will lose 4% converting from CAD to EUR. Will lose more at intermediary bank, and even more on the receiving bank.
- Wise (Formerly Tansferwise) - Will not work as Montenegro despite using the EUR is not on the list of countries they service. This would've been the best route, only costing me 0.5% from Wise, with intermediary and end bank still taking cuts.
- Multiple Cash Hauling Trips below $10,000. This just isn't realistic and will lose 20-30% every time I do it, not including spread difference on currency conversion.
- Crypto. This seems like my best option. Buy a more stable coin like BTC, bring on cold storage wallet and then find a way to deposit into an MNE bank. The problem then becomes that money is now taxable as I'll probably have a hard time proving it's all from a house sale, and most MNE banks will red flag/freeze anything Crypto related.
- Norbert's Gambit from CAD/EUR? Is that a thing?
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