Selling house overseas

How to sell your property overseas using a money transfer

Your options for repatriating money to Canada after the sale of a property.

Selling property can be stressful enough without the worry of how you are going to get the money into your Canadian bank account. There are a couple of ways you can transfer money back to Canada after you sell a house overseas. Read on to find out your best option for overseas money transfers.

Receiving an international money transfer from overseas

Rates last updated October 21st, 2019
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
Exclusive: OFX (Ozforex) International Money Transfers
USD 150
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
XE International Money Transfers
CAD 0
1 day
Online, Phone, Bank Account to Bank Account
Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
WorldRemit International Money Transfers
CAD 0
Within an hour
Online, Bank Account to Bank Account, Cash Transfer
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
CurrencyTransfer International Money Transfers
GBP 5,000
1 - 2 days
Online, Phone, Bank Account to Bank Account, International Money Order
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate.
TorFX International Money Transfers
CAD 2,000
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.

Send money overseas in 45 currencies.
Venstar Exchange International Money Transfers
CAD 7,000
1 day
Phone, Bank Account to Bank Account
Venstar Exchange offers competitive exchange rates and zero fees on large transfers over US$10,000.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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Why you should use an international money transfer company

A bank cheque or deposit can be convenient, but this convenience can cost you thousands, if not tens of thousands of dollars. When transferring international currency to Canada via your bank, your bank uses its own exchange rate to convert the funds into Canadian dollars. This exchange rate is often less than ideal.

International money transfer companies provide bank-beating exchange rates, and some even give best rate guarantees. If you can find a better exchange rate, they’ll beat it, as long as it’s above the interbank rate.

Foreign exchange companies specialize in international currency transactions. When you’re dealing with the sale of a property, you must take the time to compare international money transfer companies and find the one that’s best for you. A small difference in the exchange rate could change your bottom line by thousands of dollars. Looking at a transfer of $500,000, a 0.01% change in the exchange rate makes a $500 difference to the final total.

What to look for in an international money transfer company

  • International offices. As you’re dealing with the sale of a foreign currency and the purchase of Canadian dollars, it helps if the international money transfer company has offices overseas as well as in Canada.
  • Service and support. It’s a bonus if an account manager can be assigned to help you repatriate the funds to Canada. They will be able to help you get the best rate as well as identify any issues you may encounter with the money transfer.
  • The best exchange rate. Most international money transfer companies will give you a bank-beating rate. Some can guarantee you get the best rate on your international money transfer.

Which international money transfer companies offer a best rate guarantee?

  • TorFX. TorFX provides bank-beating exchange rates and also specializes in repatriating money to Canada. Part of this service includes a best rate guarantee, a personal account manager to help you with the international transfer and the ability to fix a rate two years in advance. To get the TorFX best rate guarantee, you need to show evidence of a competitor’s quote with the better rate before you agree to the transfer, and the foreign exchange rate has to be above the interbank rate.
  • Travelex. Travelex also give customers an international price promise. You must provide a like-for-like competitor’s quote with a better price to Travelex within 30 minutes.

What about capital gains tax?

You must pay capital gains tax (CGT) on the sale of overseas property, and you must include the sale of the asset on your Canadian tax return so the income can be assessed by the Canada Revenue Agency.

If you’ve paid a foreign tax in Canada, you may be eligible for the government’s foreign income tax offset. This stops you from paying tax twice on an asset.

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