With our growing digital age, and the ease of access to travel around the world, it’s no surprise that one in seven of us makes international money transfers regularly. But why do people send money around the world? Listed below are five of the most popular reasons why people send money abroad. .
1. Buying or Selling a Property Whether you’re a real estate investor or just someone who wants a different vacation house everywhere you go, buying and selling properties is one of the most popular reasons why people send money overseas. Maybe you want to have that dream vacation house by a beachside in Goa, well in order to do so you’re going to need to send money to India to do that. Or maybe you want to buy a property in Philippines given that the cost of living is lower there. Well you’ll also need to send money to Philippines in order to purchase that property.
2. Making Mortgage Payments If you do end up buying that dream vacation house overseas, or that amazing real estate investment property, you’ll need to make your monthly mortgage payments. This is where you’ll usually get a handful of people who send money on a regular basis. Now it’s important to know that there may be inaccuracies in predicting how much you will pay because of fluctuating exchange rates. If you’re looking to change CAD to INR or CAD to PHP, the exchange rate will fluctuate and so if you do have that dream house overseas, it’s best to talk to an expert to properly structure your budget for mortgage payments.
3. Helping Loved Ones Travelling Sometimes our close loved ones travel abroad, either for relaxation, adventure, school, or any other reason. During these times, many people send money abroad in order to support them.
4. Paying International Businesses Let’s say you have a business that operates from the Philippines. If your manufacturer is over there, you will need to send money to Philippines in order to pay your supplier so that your business will thrive and survive.
5. Planning a Wedding For those couples looking for a destination wedding, planning a wedding abroad means you’ll also have to send money abroad. Destination weddings are typically cheaper than local weddings here in Canada. However, with all wedding planning, you will need money for the venue, reception costs, accommodation, and any other miscellaneous fees. So in order to get it all booked and guaranteed, it’s essential for the couples to send money abroad
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