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How to buy property overseas & avoid paying excessive bank exchange rates

Why do Canadians buy property overseas?

Many Canadians are looking overseas to buy property because prices in Canada have risen dramatically over the last few years. Many see their overseas investment as much more affordable than if they were to buy land here in Canada.

There are many reasons why Canadians are buying property overseas, including:

1. Investments overseas are generally cheaper than in Canada

2. Buying property overseas can be risky, but it can also be very rewarding.

3. Retirees often look to purchase land or property overseas in order to experience a different or more affordable lifestyle

The process of buying property overseas

Buying property overseas is a major undertaking that requires preparation. Do your research. Are you looking to relocate for work? or be close to family? or looking to spend the winter months somewhere warm ( US, Mexico or the Caribbean).

When purchasing property overseas, it's important to be aware of a number of things including:

  • Each country's rules and regulations will apply to you as a foreigner. Reach out to an expert before deciding on your investment strategy if you're not familiar with the territory.
  • Some rules and regulations may be too complex so it's wise to seek advice from professionals who know the market well.
  • Real estate agents or brokers can guide you through the process of buying property overseas, which is constantly changing.

How do I find my source of financing?

If you’re having trouble raising the full amount required to purchase property overseas, you may need to find a way to finance your investment. There are financing institutions in Canada that have branches or business partners in foreign countries worldwide, which may be able to provide you with a financial solution. Most of these will help you complete the required paperwork and make the necessary transactions.

The Internet is a great place to look for more information regarding financing options in specific countries. If you can’t find what you need, it may be wise to reach out to a broker or financial expert in order to receive additional guidance when looking into property overseas.

What are my options for transferring money overseas?

When you're sending your hard-earned cash to another country, it's important that you consider all of the available ways in which to get this done. In order to make sure that every penny is going towards what matters most (buying property), be mindful about how much will go into fees and charges by considering a few key facts before choosing one method over any other:

Banks or other financial institutions like credit unions. Banks tend to charge higher transfer fees and provide less competitive exchange rates.

Specialist money transfer service. It may be a better option for you to use a specialist money transfer service that is dedicated to sending money overseas. These companies will likely offer the best rates and allow you to send over certain amounts of money without charging any transfer fees.

Do I need to consider currency transfer exchange rates?

In the event that you are planning to purchase a property, one key point to consider is the currency transfer exchange rate. Exchange rates vary and fluctuate constantly, so it’s better for you to purchase an overseas property when the rates are favourable.

Remember that this rate will also affect any income that you’ll receive if you rent out your property, and this may vary from one year to the next. In order to get the best rates and lowest fees when sending your money between countries, you might want to consider a currency exchange service like MTFX.

The MTFX platform is a cost-effective way to buy property overseas, exchange currency and get your money in the local country.

Forget about paying excessive bank rates for exchanging currencies on international transactions! The quickest sign-up process will take you 5 minutes or less!!

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FAQs

Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into. Personal clients usually use our services to transfer money between their own accounts in two different countries. Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands. We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world. Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.