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Sending money to buy an overseas property

2 minutes minutes read

Buying a property in another country is a good investment, but before you take that step, you need to know the best way and the options for you to transfer your money.

Your options

  • Banks: This may seem the “easy” way, but you should go for the other option. Although, it is recommended to go to a bank first to get a reference of what it might cost you to send the money.
  • Forex brokers: Usually, this option gives better fees and exchange rates for the customers. It is also recommended to be careful and not get attached to any broker (by setting up recurring mortgage payments), since every transfer will be made based on the current exchange rate. You should check every month for the best broker in order to get the best fee and exchange rate.

Related costs

  • Fees: These are charged both by the banks and the Forex brokers. In any case, you will be paying a fee, and it is about paying the lowest fee.
  • Taxes: You should make a good investigation on the country you are investing in since you might have to pay certain taxes related to your investment.

In conclusion

If you are planning on doing this type of investment, you should make a good investigation about the legal requirements, taxes and fees you might be paying.

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Arturo Mendez

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