Expatriation and Immigration to Montreal
Expatriation and Immigration – Canada is a country that has historically and recently been open to immigration and expatriation. For this reason, Canada has a very diverse culture that possess immigrants and expatriates from around the globe. In fact, Canada is one of the few countries that is so accepting of new nationalities crossing its borders with the intention of making Canada their home. Cities such as Montreal have attracted a very diverse community of immigrants that have successfully integrated themselves into local society and culture.
One common hurdle that occurs when immigrants are making their preparations to relocate permanently to Canada is how to move substantial assets to acquire property without paying extraordinary fees due to unfavourable exchange rates or traditional wire transfer fees from banks. If you are considering relocating to Canada and Montreal in particular, then it is important to read the conversation below about the most effective way to move assets while paying the least amount of unnecessary fees possible.
Recent Trend of Expatriation and Immigration in Montreal
Canada as a whole is very open to immigration across the board. Recent statistics show a diverse and geographical location of immigrants residing within Canada. For example, in 2015, 271,662 new permanent residents arrived in Canada, which was a 4.4% increase to the prior year. In total, from 2005 to 2015, Canada received at least 2,828,365 new permanent residents, which is incredible. Of those new permanent residents, at least 63% chose to reside in Toronto, Montreal or Vancouver.
In fact, Montreal is in second place of receiving 39,337 (14.5%) to Toronto who received 80,050 (30.2%) respectively. What is fascinating about these top choices is that many of them take place in French Canada, which has a very strong history and cultural identity. That said, many of the current immigrants within Canada are a visible ethnic minority that have constructed cultural enclaves that can interact with native-born Canadian citizens.
Why Transferring Money to Canada Can Be Problematic
Transferring capital to and from different countries can be quite costly. This is particularly true in jurisdictions such as the United States, United Kingdom, and Canada that have very high valued currencies. Currently, the Canadian Dollar is more expensive than both the United States Dollar and the Euro because it is considered to be more exotic, yet secure. For this reason, banks are taking larger margins on the Canadian Dollar than even the United States Dollar.
What this means for immigrants moving from countries that have weaker currencies is that they have a very high threshold to meet in order to be able to afford the ideal lifestyle in Canada. For example, if an immigrant sells their home in their home country and attempts to transfer the capital to a bank account in Canada, it is possible that they could lose at least 3% of their savings. With potential losses such as these, it is important for prospective immigrants to Canada to consider what other potential financial options are available to them. One possible solution that has become popular in recent years is to move money by utilizing a money transfer company that also has expertise in repatriation of money.
Why Money Transfer Companies Can Be Beneficial
Money transfer companies can be quite useful in terms of moving capital to a different jurisdiction. The reason for this is that a money transfer company will assist with transferring the money from the overseas account to their company’s bank account, they will exchange the money at the best possible exchange rate, and then they will transfer it to your desired bank account in Canada.
The best part of utilizing a money transfer company is that it is possible to determine a realistic date that your money can arrive in Canada since money transfers from money transfer companies are normally quite quick. When receiving large sums of money from abroad, it is quite beneficial to use a money transfer company. Another benefit of using a money transfer company is the level of customer service that you will receive. These companies have trained representatives available to assist you and walk you through the entire transaction with ease. This is far better than attempting to understand the process of transferring money to a foreign country on your own. Lastly, money transfer companies have a way of constantly tracking when the ideal exchange rates exist for moving substantial amounts of money.
By taking their company’s recommendations, it is possible to save a substantial amount of money that would have been wasted in banking fees or currency conversions otherwise.
Final Remarks on the Subject
Due to the recent influx of immigration to Canada, Montreal specifically, it has become quite popular for immigrants to sell their property in their home country and bring a substantial amount of capital with them to help them settle into the part of Canada they have selected.
When trying to move large amounts of money, new immigrants to Canada have the potential to pay very high fees since the Canadian Dollar has a very high value internationally these days. This is particularly true if the immigrant is from a country with a substantially devalued currency outside of the European Union, United States, United Kingdom or Australia, for example.
This is precisely why, when trying to move assets to Canada, it is wise for immigrants to hire a money transfer company to assist them with their entire transaction from start to finish.
By doing so, they will be able to save a substantial amount of money that they can put towards their other moving expenses that can be quite substantial. For immigrants considering relocating to Montreal, they will find an incredible culture that is open to immigrants from around the world. Thus, when deciding where to reside in Canada and acquire real estate, it is highly recommended to choose Montreal and use a money transfer company to transfer your assets to a bank account in Canada. The savings that you have as a result will absolutely be worth your while.