Do you need to send money internationally to buy a property?
Finding a secure, efficient, and affordable method for sending your funds is important regardless of location. This blog will provide all the necessary information on transferring money to buy an immovable property overseas.
What is an Immovable Property?
You may be familiar with the term “immovable property”, often called real estate. It includes residential houses, warehouses, manufacturing units, and factories. Essentially, immovable property refers to assets that cannot be relocated. Ownership rights are typically associated with immovable property.
We’ll cover in this blog a few alternatives and introduce Unimoni for when you want to send money overseas without inflated exchange rates.
Buy an Overseas Property: All You Need to Know
Investing in real estate abroad can be a wise decision, but knowing how to transfer money internationally at the best transaction rate is crucial before committing. Having this knowledge will assist you in selecting the most suitable method for remitting a substantial sum of money for purchasing overseas property, whether it’s a house, a home, or an investment in land or property.
Bank or Foreign Exchange Service Providers?
Before considering a Foreign Exchange Service Provider, check with your bank first. They may charge more than any forex service providers, especially for larger amounts. When buying international property, you must send payments for your deposit and close the sale directly to a bank account. The time that takes can vary widely by provider, based on how they process cross-border transfers. That’s safe and reliable but also slow and expensive.
Use any Foreign Exchange (Forex) Service Providers as they, unlike banks, offer lower exchange fees and better exchange rates. Some other benefits that may be provided include no hidden charges or fees and potential savings of up to 2-3% on average. Choosing the right provider depends on the amount you want to remit, the type of transaction you would like to make and the time taken.
Finding the Best Exchange Rate
When transferring funds for an overseas property that amounts to US$100,000 or more, choosing the money transfer provider with the best exchange rate is essential, even if the difference is negligible. Even a slight variation in the exchange rate can significantly impact the final amount received. Don’t risk losing the money you could have saved with a better exchange rate. Some foreign exchange companies can also choose between locked-in and indicative exchange rates. For larger transactions, it’s recommended to go with the locked-in exchange rate as it guarantees a known amount to be received.
Recurring Payments for Mortgage
You should be prepared for ongoing mortgage payments, property taxes, and maintenance expenses when owning international real estate. To make your life easier, it’s worth finding a reliable and affordable payment service that allows you to schedule recurring payments. Many people set up recurring accounts with money transfer companies to pay for their overseas mortgages. If you do this, it’s important to ensure you get the best exchange rate and value for your currency by setting up recurring payments with a reputable forex provider. At Remitforex, we understand that you want to save time and avoid jumping between different websites. That’s why we offer a single platform where you can make a well-informed decision and find the best way to send money abroad.
Transfer Large Amounts Once
Transferring more money at once instead of smaller amounts frequently is better. Because the remittance company will offer you a better exchange rate when you send more money; also, if you exceed a specific amount, you may not have to pay transfer fees. If you want more information about the various methods for transferring large sums of money, contact our Forex Expert NOW.
Costs to Look Out For:
Before making a transaction, inquire with your bank or money transfer provider regarding any applicable fees or charges. It’s also important to consider possible tax implications related to the transaction, as these costs may be applicable.
- Fees
Look out for transfer charges and overseas currency receiving fees.
- Taxes
Suppose you plan to buy property in a foreign country and transfer significant money. In that case, conducting thorough research on the real estate market and your options for money transfers is essential. It will help you make informed decisions and get the most value for your money, resulting in a better return on investment.
What’s the best international money transfer option for you?
When sending money overseas to purchase a property, it’s important to consider the various options available to you. Let’s explore some of these options together— and some pros and cons:
Bank
Pros
- Familiar way
Cons
- Exchange rates may include a markup
- Fees are often relatively high and complex
- Third-party charges can apply
Foreign Exchange Service Provider
Pros
- Foreign exchange specialists’ service
- Fast & Secure transactions than a bank
- Best Currency Exchange Rate
- Online/Offline Payments
Cons
- Fees, rates, and transfer times vary by provider
Get the Best Money Transfer Provider!
Using specialist money transfer providers can often be the most cost-effective option when sending international payments. These providers are regulated like banks, ensuring they are safe to use, but their primary focus is sending money, making the process more convenient. It’s important to note that different providers may have varying payment processing methods, but some, such as Unimoni, offer excellent payment networks that allow for faster and more affordable transfers. Unimoni is the prime Authorized dealer approved by the Reserve Bank of India (RBI). It has Shatterproof protection and a shield against fraud to secure your account and transactions.
