Whether you are investing in international property or relocating abroad, you will have to make one or more international money transaction. Small fluctuations in exchange rates and the timing of your transfer can make a big difference to the amount of your new home currency that you receive.

For example, if you are a Canadian Resident moving to France and plan on selling your home in Canada with the intention to buy a property in France, you will need to eventually sell Canadian Dollars (CAD) and buy Euro (EUR). The value of your CAD will be affected by the timing and exchange rate achieved. If the CAD strengthens during the period of you selling your home and the date of exchange, you will be able to purchase more EUR once your home is sold. However the opposite is true if the CAD weakens during this time.

EXAMPLE
If you transferred CAD $500,000 into EUR in early January 2008, you would have received approximately EUR 345,000, at an exchange rate of approximately $0.6900 CAD to 1 EUR. Only 4 months later in early April, the amount had fallen to EUR 0.6250 netting you EUR 312,500, a difference of EURO 32,500, nearly a 10% change in just 4 months!

We can see from the example above that timing is extremely important and one of the biggest aspects of your transaction. Many people leave their decision to the last minute not realizing that there are ways to guarantee an exchange rate for the future. If you are happy with an exchange rate today, you can secure that rate for future use by utilizing a Forward Contract. In a nutshell, this is a BUY NOW, PAY LATER scenario. You lock in today’s exchange rate for a future date specified by you for up to usually a maximum of 1 year. This is a binding agreement that you are then held to irrespective of whether the exchange rate improves or worsens.

One of the biggest things to keep in mind is that there are alternatives to banks when it comes to foreign exchange and transferring money. CanadianForex is a global foreign exchange provider offering corporate rates and services to individuals, which means great savings on your international transfers and more money for you at the other end. Another major benefit is that we do not charge for wire transfers on any transaction over USD $10,000. You can do all your business online or over the phone to save you time. Our secure dealing facilities have been designed to be easy to use and provide timely and relevant information to our clients. Simply logon and deal with us online at any time.

When transferring funds with us you can use our extensive range of currency tools to watch the exchange rate and make the conversion at a time (and the rate) that suits you. A dealer can also be assigned to you to ensure that everything goes smoothly and that you have access to professional advice and service. Your dealer can also help you formulate a strategy to minimize your exposure to the market and assist in increasing the amount of foreign currency you will receive. The other benefit is that we are open 24 hours a day, 5 days a week. With offices in Sydney Australia, London UK, and Toronto Canada, we offer seamless access to the foreign exchange market.

CanadianForex offers a completely transparent service where you can compare our rates with the wholesale rates and against your bank's rates. Using CanadianForex is a breeze - simply follow these steps to transact:

1. Register with CanadianForex
2. Login and request a live (and dealable) rate
3. Confirm your rate, deal and payee details with CanadianForex
4. Transfer payment to CanadianForex