When you buy a property abroad, the deposit is one of the main factors to consider. Deposits on real estate tend to be higher for foreign nationals than the local buyers. While transferring money to foreign countries, the exchange rates and wire transfer charges add up to the already high deposit costs.
In such scenario, it is in your best interest to choose a currency exchange that offers the best exchange rates for your dollars. Choosing a reputed foreign exchange company for your money transfers will help you to benefit from the best exchange rates and low transfer fees.
Tips to Choose the Right Currency Exchange
- Duly Registered
Buying property overseas involves transferring huge amounts of money. To ensure the safety of your money it is always advisable to opt for a properly registered currency exchange. The exchange should have a segregated account with a local bank to park client funds. It should be registered with the local Government agencies. For example, FINTRAC in Canada.
- Bonded and Insured
Foreign exchange transactions involve a lot of risks. It is always recommended to choose a company that is properly bonded and insured. This will help you to safeguard your funds during any untoward instances.
- Best Rates
Exchanges rates are fluctuating every minute. It is hard to forecast the exchange rate as many factors play a role in determining the demand and supply of currency. Since buying property overseas require you to deal with huge amounts of currency, always choose an exchange company that offers you the best rates. Compare the rates of exchange with a few exchanges and banks, choose the exchange that offers best rate guarantee. You can also know the prevailing rate of exchange through Google, compare this with the rate quoted by the exchange.
Wire Transfer Charges
Most banks and foreign exchange companies charge for wire transfers. These charges add up to your already high property costs. Choose a reputed exchange that offers free wire transfers at best exchange rates.
Consider these four factors before choosing a currency exchange for your foreign exchange transactions. Do some research and choose a reliable, trusted and experienced exchange company that offers the best exchange rates and lowest transfer charges.