Moving funds back to Canada from overseas does not have to be time-consuming and costly. Learn how you can find quick and cost-effective ways to repatriate funds.
If you make regular overseas payments, find a money transfer service provider that is cost-effective and reliable. Transferring your pension, wages, tuition fees or loan payments to another country can be a difficult and time-consuming process, especially if you make the payments on a regular basis. However, using a service provider who can offer you great customer service, competitive rates and low transfer fees can help you save time and money when making regular international money transfers.
Repatriation of funds
If you regularly pay bills, send school fees or make mortgage payments overseas, it is important to have a simple and cost-effective way to ensure your money gets to the required account on time. Since banks can charge around $50 per transfer, using an international money transfer service provider allows you to skip paying outrageous amounts each month on transfer fees and commissions.
How does repatriation of funds work?
Repatriation of funds basically gives you the ability to have money without borders, allowing you to transfer funds back to Canada from overseas. There are many Canadians living and working overseas who require the need to move money back home regularly for a variety of personal or business reasons. However, it is not always easy to move your investment funds or other funds from one country to another as there may be restrictions on how much you can move and requirements for you to prove that your money is from a legitimate source. A repatriation service provider can help you get your money to Canada quickly and ensure that you make a substantial profit by offering you a competitive exchange rate and low transfer fees.
Examples of repatriation of funds
- Investment. Purchasing property overseas is a significant investment. Although property may be cheaper overseas than in Canada, you will still need to move a large sum of money and will require a currency provider who offers you a competitive foreign exchange rate.
- Foreign pensions. If you hold your pension in an overseas account and are planning to retire back home, you will need to move your pension fund to Canada. You will need a currency provider who can save you money on fees, give you a good exchange rate and help you come up with a retirement plan.
- Wealth management. Converting assets held overseas into foreign currency can be confusing, especially with the laws regulating international transfers of investment funds and occasional currency exchange fluctuations. Wealth management and conversion of assets is part of the repatriation services offered by banks and other currency providers. These services help you to understand the process and answer any questions you may have.
How do I compare international money transfer services?
- Fees. A currency provider that charges competitive fees for international money transfers can help you save a lot of money. While banks may end up charging fees up to 1% of the transfer amount, you can save by using a currency provider who has little or no transfer and commission fees.
- Accessibility. If you regularly transfer money overseas, you need a service provider who has wide coverage in many countries worldwide. Most banks and reputable international money transfer companies have an international presence, with multiple branches, agents and offices across Canada and overseas that make it easy to send and access funds from almost anywhere globally.
- Exchange rates. Transferring funds from one country to another at the right time can make you a substantial amount in profits. Since foreign exchange rates are always fluctuating, you need a currency provider who can advise you on the right time to convert your funds, while still providing you with a competitive exchange rate.
- Reputation. With so many currency providers in the market today, you need to protect your investments overseas by only trusting reputable providers or a bank to handle your international money transfers.
What are the pros and cons to repatriating funds?
- Easy and fast overseas payments. Whether you are making a one-off overseas payment or are regularly transferring money back to Canada for family, investment or business needs, you can now easily do so using international money transfer services offered by banks and other service providers.
- Easier emigration. Moving to another country can pose many challenges, the biggest of which may be converting all of your assets to foreign currency for use in your new country. With repatriation of funds, you can easily convert all of your offshore assets to cash and move the funds back to Canada in an easy and convenient process.
- Competitive international transfers. There are many reputable currency providers who are using new methods to transfer funds internationally who can now save you a lot of time and money by waiving all fees and commissions on transfers when repatriating funds.
- Laws and regulations. Repatriating funds can be complex due to many laws governing the process. You can face restrictions in some markets on the amount you can send or on the method of sending funds back to Canada.
Frequently asked questions
Yes. If you are planning to repatriate funds in the future, you can talk to your currency provider about the right time to do this. If exchange rates are extremely volatile at the moment, you have the option of fixing your exchange rate up to one year in advance.
Moving money when foreign exchange rates are high is a sure way to make substantial profits on international money transfers. A foreign exchange broker can offer you advice on the right time to convert your foreign funds.