When buying a house abroad, whether as an investment property or retirement retreat, you’ll need to find a secure and affordable way to transfer money overseas. In many countries, lending money to foreign buyers is restricted — and even if it is an option, strict terms and conditions often apply.
With rigorous lending requirements for non-citizens, many Canadians prefer to obtain a mortgage here for their overseas purchase. However, moving money overseas through a bank can be expensive, but with Hudson’s Bay Financial Services and OFX, transfers over $10,000 are free. Additionally, most transfers take only one to two business days, and you can always track the transfer with the mobile app — allowing you to keep a close eye on your money.
When buying a house abroad, it’s important to be able to send money outside of traditional banking hours, since your new home might be in a different time zone and a delay in payment could jeopardize the sale. OFX offers increased flexibility because all their services are available 24 hours a day and customer support is always ready to assist.
For Canadians considering buying a house abroad, a Spot Deal transfer through OFX can help you send money for your dream home quickly and securely. Simply lock in an exchange rate online and send your funds. We’ll use our global network of bank accounts to transfer your money into one of 55 different currencies in as little as one business day.
Hudson’s Bay Financial Services is proud to team up with OFX, one of the world’s largest foreign exchange companies that offers competitive rates and exceptional service.
1 Earn 2,000 Hudson’s Bay Rewards points on currency transactions of $2,000 to $9,999 CAD, 3,000 Rewards points on currency transactions of $10,000 to $15,999 CAD, 4,000 Rewards points on currency transactions of $16,000 to $20,999 CAD and 5,000 Rewards points on currency transactions of $21,000 CAD or more.
Foreign exchange services are provided, and money transfers are arranged for, by OFX Limited. OFX is registered with FINTRAC (registration number M08560392).