As our world becomes more connected, you may find that you need to have money getting to every corner of the globe! To that end we’ve put together a list of the top reasons to send money internationally – from tuition payments to paying overseas employees!
1. Paying for International Exchange
According to a 2016 survey, approximately 11 percent of Canadian undergrad students are now spending a stint abroad during their years of study. That is more Canadians than ever before gaining valuable international experience studying abroad. This experience can come with a price, however, and whether your kid is relying on the support of student loans, their own savings, or a little help from mom and dad, it is important to find a cheap and easy way to send the money where it is needed. Of course, older students, those in grad school, and anyone else in academia may have need of an international wire. Luckily for any and all students, paying tuition or student expenses by money transfer is FREE at Continental!
2. Purchasing Property Abroad
Buying property abroad is another big area for international expenditure. As the price of property skyrockets at home, the number of Canadians buying property south of the border and overseas is also on the rise. Whether as an investment or a holiday home (or both), the acquisition of foreign property is another excellent reason to send money internationally.
3. Sending Money to Family or Friends Living Overseas
In an increasingly globalized world, more and more of us have friends or family living overseas. While airfare has gotten cheaper, it can still be a pretty expensive venture to visit them as frequently as we would like, but whether as a gift or a sign of support, sending money to them on a regular or occasional basis can be a great way to let them know you’re thinking about them. With this motive in mind, supporting our loved ones is another top reason to send money internationally.
4. Paying International Bills and Taxes
Whether you live and work part of the year overseas, have a vacation home, or possess dual nationalities, you may have monetary obligations to take care of in a foreign country. A mortgage, utilities, or taxes (or a combination of the three), can all be very important reasons to send money abroad.
5. Making Overseas Investments
If you own a business that’s doing well at home, you may have decided it’s time to expand operations to an international setting. While such a move is not without its complications, it can be a really exciting opportunity, and a great reason to send money abroad to support the expansion.
6. Paying for a Destination Wedding
With the advent of apps like Instagram and the ever-growing popularity of travel, destination weddings are on the rise like never before. But like any wedding, getting married overseas can leave you with some significant bills to pay by the end of it all. For this reason, it is one of the top reasons to send money abroad.
7. Purchasing or Selling Assets Abroad
Whether it’s cars, boats, watches, or anything in between, if you want the best, chances are you’ll have to look elsewhere. Such high-ticket items don’t often come cheap, however, and if you’re looking to make an acquisition, you had better be prepared to move that capital overseas. Likewise, if you have foreign assets you are looking to divest yourself of, that’s money you’ll likely be looking to bring home. All great reasons to send money internationally!
8. Refilling a Foreign Bank Account
If you’re doing business overseas, or own property or spend part of your time in another country, there’s a good chance you have a foreign bank account. But while you may have an account with a foreign bank, you might not have regular income flowing into it, meaning that from time to time it might be necessary for you to send money to top it up.
9. Salary Transfers
If you happen to live and work overseas, it’s more than likely you’ll find the need to send money home now and then. International money transfers are a great tool to send salary payments to where they are needed and can be performed either regularly through pre-authorized debit or on a one-off basis.
10. Moving Overseas
If you’ve decided to permanently move overseas, you’re going to want to bring your money (and likely many moveable assets) with you. If you happen to have had property in your home country and sold it, the funds you are looking to bring with you could be quite significant. All the more important then, when sending money internationally, to search around and find the best deal so that you retain as much of it as possible on the other side!
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