How to Save Money on Canadian Foreign Exchange
Doing international wire transfers to Costa from Canada can incur unnecessary expensive currency exchange charges for a multitude of reasons. When buying Real Estate in Costa Rica you will have to change your Canadian dollars into US Dollars to be able to deposit them into the Costa Rican Escrow account for the purchase. Please check out the information below that can help you save a great deal of money in the process.
Tips for Canadians:
– check with banking institution in advance to get rate quote and FEES prior to transfer as well as how long the money must be in account prior to transfer.
– check with banking institution if they can process transfer without being at bank in person
If you have a High Net Worth Account with Canadian Bank you may get better rate and it may not be necessary to do exchange in Canada jurisdiction.
If only have a normal Canadian bank account, then open a Canadian USD currency account that has International Wire Transfer Eligibility. Not all USA currency accounts have this feature. This account can be with another Canadian institution.
Then open a Knightsbridge Foreign Exchange account and use Knightsbridge to do Canadian currency transfer to Canadian USA account. The company can do this in one or multiple transactions directly from CDN account to USD account
For your property purchase you then transfer from your Canadian USD Account to the Costa Rican escrow account.
Here is the link to the Knightsbridge website where you will find all the information that you need to make the exchange and save money. Many of our clients have used this service to save money changing their Canadian Dollars to US Dollars. You will be surprised.