How to send money to buy a property abroad in 2025
Whether it's for yourself to live in, as an investment or a vacation home, buying a property abroad is a dream for many Canadians. If you're planning how to buy your international property, you'll need to figure out the best way to pay for it from Canada.
Buying a property abroad can be costly and slow, so finding a way to send high value transfers overseas with low fees, fair rates and a fast delivery time is crucial. In this article we'll talk about the options to pay for a high value overseas purchase with a bank wire - and also look at providers like Wise and OFX to make cheap, fast and safe international transfers.
Key points: Buying property abroad as an American
💡 Key points: | |
|---|---|
Transfer fees | Transfer fees vary a lot and can be a flat charge or a percentage - bank fees may rise to about 50 CAD if you need to transfer in a branch |
Exchange rates | Getting a fair exchange rate is crucial, as even small fees added to the rate can mount up quickly on high value payments - providers like Wise and OFX can often offer great rates and convenient payments |
Transfer speed | Buying a property is time bound, so picking a provider which offers quick and secure transfers is important - check the delivery timings before you pay |
Limits | Some bank payment methods - particularly online and in app - might have low limits, or limits could vary based on currency or country, which may influence your choice of service |
Safety | Use a safe provider with a good reputation for customer service, so you'll know you can get help if you ever need it |
Taxes | Make sure you understand your liability for tax and compliance at home and in the country you're buying in, before you proceed with your transaction |
How to send money to buy a property abroad from Canada
When it's time to send money to buy a property abroad from Canada, you'll need a safe and convenient way to send a high value payment. While there are many options to transfer funds abroad, in this guide we will explore two different popular and easy options:
International money transfer, using specialist providers
SWIFT payments and international bank wires, using banks.
Ultimately, the best option will depend on your own specific preferences and needs. Here's a quick rundown of some pros and cons of each - and we'll have a more detailed look at your primary options later.
Advantages | Disadvantages | |
|---|---|---|
Using an international money transfer provider | ✅ Providers often have low fees and good rates ✅ High value digital payments available | ❌Exchange rates may have variable fees added ❌You'll need to register an account to transact |
Using a bank transfer (SWIFT) | ✅Safe, reliable and familiar service ✅You can usually transact in a branch to get face to face service | ❌Transfer and exchange fees can be high ❌ Digital transfers are often not available for high value payments |
Using an international money transfer provider
You can register an account with a specialist money transfer service, which will allow you to send a high value payment using your phone or laptop. You'll still be able to pay for your transfer from your bank, but the transfer provider may have optimized their systems to allow for low fees and a quick delivery time.
Register an account online or in an app
Providers like Wise and OFX offer a fully digital onboarding and transfer service
Options like OFX have no transfer fees, while Wise has no fees added to the exchange rate
Delivery times can be quick compared to SWIFT payments
Advantages of using a specialist provider | Disadvantages of using a specialist provider |
|---|---|
✅ Low fees and good exchange rates ✅ Send to a broad range of countries and currencies ✅ Payments can often be deposited quickly ✅ Get help in app or by phone if you need it | ❌Variable fees apply depending on the provider ❌ No face to face service option |
It's also helpful to know that some specialist services which offer money transfer products also have account and card services which let you hold and exchange many different currencies in one account.
Wise for example has a multi-currency account you can use to hold 40+ currencies, with the mid-market rate for exchange when you send or spend. This could be an additional handy tool if you plan to live in or visit the country you're buying a property in regularly.
How to send money abroad with a specialist provider
Here's how to send money abroad with a specialist provider:
Choose your preferred provider and follow the steps to register an account
Get verified by uploading images of your ID and address documents
Enter the amount and currency you want to send to generate a quote for fees and rate
Add the recipient information following the prompts - for high value payments you may need to provide additional details or documents
Fund the payment using your preferred payment method
Using a bank transfer (SWIFT)
If you plan on sending a bank wire to cover the costs of your overseas property purchase, it's good to know that most banks use the SWIFT payment network. SWIFT is a safe and reliable payment method, but it can also be slow and expensive.
In SWIFT several different banks can work together to process a single payment, passing it along the chain until it lands in the correct account in the end. Each provider can charge a fee which is deducted as they handle the transfer, and which may mean the recipient gets less than you expect in the end.
Aside from third party fees like these, banks may also have fairly high fees for large payments, plus exchange fees.
Advantages of using a bank transfer | Disadvantages of using a bank transfer |
|---|---|
✅ Safe and reliable ✅ Send to more or less any country in the world ✅ Get branch services when needed ✅ Some providers waive transfer fees for foreign currency payments | ❌ Fees and exchange costs can be high ❌ Digital payments usually have very low limits, and in branch fees can be more than using the online system |
How to send money abroad with a bank
Here's how to send money abroad with a bank:
Check your bank's international wire limits which can vary by payment method - decide if you need to send in a branch or if you can make a digital transfer
Set up your payment online or in a branch by showing your ID and having a teller help you
Check the fees and exchange rates for your payment
Fund the payment from your preferred bank account
Best ways to transfer money abroad to buy property from Canada
There are several different ways you might choose to send money abroad to buy property from Canada, including specialist providers and banks.
Specialist services like Wise and OFX often allow you to generate a no obligation quote, even without registering a customer account. This means you can see how much your transfer would cost - and what the recipient might get - before you sign up.
Banks will only offer wire payment services for existing customers, so to see the full details of your transaction you'll need to log into your online or mobile banking.
To give a flavor of your ideas, here's a look at the costs of sending a high value payment to Europe with Wise and OFX:
Transferring 100,000 CADto EUR | |||||
|---|---|---|---|---|---|
Options | Services provided | Exchange rate | Total costs | Amount received | Transfer limits |
International transfer, multi currency account and debit cards | Mid-market rate - 0.639921 | Transfer fee 387.44 CAD | 63,744.17 EUR | Limits set by currency, up to 1.5 million CAD per wire transfer | |
International transfer, currency risk management products | 0.633278 | No transfer fee | 63,327.81 EUR | Usually unlimited | |
Details correct at time of research - 3rd June 2025.
As you can see, in this comparison the recipient gets more with Wise, even though the transfer fees are higher. That's because the exchange rate used by Wise is much closer to the mid-market rate than the rate offered by OFX. On a high value payment, even a fee added into the rate can make a huge difference to the overall cost.
As we've seen, banks don't usually let you model the amount the recipient would get unless you are already registered for an account and mobile or online banking with them. However, you can see the broad fee structure without needing to commit to an account - here's a look at the options for RBC and TD Bank when sending money to Europe to buy a property:
Transferring 100,000 USD to EUR | ||||
|---|---|---|---|---|
Options | Services provided | Exchange rate | Total costs | Transfer limits |
RBC | Full suite of services including accounts and debit cards, payments, loans and credit | Bank exchange rate - may include a markup | 45 CAD outgoing wire fee No fees when sending via RBC International Money Transfer | 50,000 CAD per day via International Money Transfer |
TD Bank | Full suite of services including accounts and debit cards, payments, loans and credit | Bank exchange rate - may include a markup | 50 CAD when sending a wire payment internationally via branch 25 CAD Transfer Fee per transfer via Global Transfer | Send up to 6,500 CAD per transaction every 24 hours via Global Transfer |
Details correct at time of research - 3rd June 2025, taken from RBC and Scotiabank websites.
Wise
💡 Great for: Fast low cost transfers to 140+ countries with the mid-market exchange rate |
Wise is a specialist in international payments, accounts and card services for personal and business customers.
If you need to transfer money to buy a property abroad, Wise can be a great option as there's no fee added to the exchange rate you're offered. Instead the fees are split out for transparency, and you may even benefit from progressive fee discounts if you send a payment over 20,000 GBP in value - about 37,000 CAD.
Aside from international payments, Wise also offers multi-currency accounts you can use to hold and exchange 40+ currencies, the international Wise card and business services.
⭐ Wise features | |
|---|---|
Transfer fees | From 0.48%. Learn more here: Wise large transfer fees calculator |
Currency conversion | Mid-market exchange rate |
Supported currencies | Send in a broad selection of currencies, to 140+ countries |
Transfer speed | Payments can be fast or instant, depending on destination, value and other factors* |
Limits | Limits set by currency, usually around 1.5 million CAD per wire transfer. Find out more about limits for other currencies here. |
Details correct at time of research - 3rd June 2025
_*_The speed of transaction claims depends on individual circumstances and may not be available for all transactions
Is Wise safe for large transfers?
Wise is a digital first company which has been built with security at its heart. Payments are processed securely, and accounts are covered by 2 factor authentication and other industry level security features.
🎯 Learn more: How to send large amounts of money with Wise
💰 You can get a fee-free transfer on your first international transaction with Wise, find out more about Wise promo code here. |
OFX
💡 Great for: Arrange your payment with no transfer fee, with the option to transfer by phone if you'd like to |
OFX is a specialist in currency exchange and payments, and offers transfers from Canada to many other countries, with no transfer fee for transfers under 10,000 CAD and a low exchange rate markup. You can arrange your payment online, in app or by phone, which may appeal to people who prefer to talk through their payment needs. Aside from payment services, OFX also has currency risk management solutions for individual and business customers.
⭐ OFX features | |
|---|---|
Transfer fees | No transfer fee over 10,000 CAD, 15 CAD fee for transfers under this |
Currency conversion | Exchange rates may include a markup |
Supported currencies | Send to 170+ countries in a good selection of international currencies |
Transfer speed | 1 - 2 days |
Limits | Usually unlimited |
Details correct at time of research - 3rd June 2025
Is OFX safe for large transfers?
Yes. OFX is a large, well liked and tested provider which uses high level security and also has a 24/7 phone service you can call if you're ever unsure of anything related to your payment.
RBC
💡 Great for: Sending payments supported by a banker, with no transfer fee |
RBC helps you move your money to over 200 countries worldwide, including popular destinations like the US, Europe, India, China, and the Philippines. With RBC International Money Transfer, you benefit from 0 CAD transfer fees to keep costs low, although the exchange rate does include a markup. Transfers can be arranged 24/7 via the RBC Mobile app or RBC Online Banking, giving you convenient and flexible access and most payments arrive within 2 business days, making it a good option for buying property abroad.
Aside from payment services, RBC also has a full suite of other financial products, from accounts and cards to investments and loans.
⭐ RBCfeatures | |
|---|---|
Transfer fees | 45 CAD outgoing wire fee No fees when sending via RBC International Money Transfer |
Currency conversion | Bank exchange rate - may include a markup |
Supported currencies | Send to a broad selection currencies globally to over 200 countries worldwide |
Transfer speed | Typically 1–2 business days, but transfers may take up to 7 business days in some cases |
Limits | Send up to 50,000 CAD per day via International Money Transfer. You may be able to send more when making a transfer in branch. There is also a minimum transfer limit of 100 CAD |
Details correct at time of research - 3rd June 2025
Is RBC safe for large transfers?
Yes. RBC employs industry-level security measures, including 2-step verification and fraud protection through the RBC Digital Banking Security Guarantee. Their large, established presence and 24/7 online access make them a trusted choice for international money transfers.
TD Bank
💡 Great for: Sending money internationally online and in branch with flexible account options |
TD Global Bank Transfer lets you send money from eligible TD Canadian or US dollar personal chequing, savings, or line of credit accounts directly to your recipient's bank account in over 150 countries and territories. Transfers are usually received within 1 to 5 business days, however online limits are quite low, meaning it might not be the best choice for making high-value payments when purchasing property abroad. As a full service bank TD Bank also offers many other products like savings accounts, loans and credit cards.
⭐ TD Bank features | |
|---|---|
Transfer fees | Transfer fees vary by amount, currency, and destination up to $25 CAD per transfer via Global Transfer; there's no transfer fee for sending money to the US via this service. 50 CAD when sending a wire payment internationally via branch |
Currency conversion | Bank exchange rate - may include a markup |
Supported currencies | Over 150 countries and territories |
Transfer speed | Within 1-5 business days |
Limits | Send up to $6,500 CAD per transaction every 24 hours via Global Transfer. Other TD sending limits may also apply You may be able to send more in a branch if the digital limit is too low |
Details correct at time of research - 3rd June 2025
Is TD Bank safe for large transfers?
Yes. TD Bank is one of Canada's largest banks, offering strong security protocols and regulatory compliance. Transfers are protected and monitored for fraud, with clear limits and fees provided upfront during the transaction process.
How to choose a provider for your transfer
It's really important to choose the provider that best suits your needs when sending money abroad, to avoid unexpected issues down the line. That means investing a bit of time upfront to decide which option best meets your specific requirements. Things you should consider include:
Check your provider is safe to use, and is licensed and regulated in Canada
Make sure that the provider supports the currency route you need
Look at the recent feedback on the provider which you can find online on sites like Google and Trustpilot, to see what their service standards are like
Check the transfer limits which may vary for digital payments - if your bank has low digital payment limits, consider an alternative with higher limits like Wise or OFX
Check the fees including the coast which re built into the exchange rate - see what the recipient gets in the end as the most consistent way to compare
Find out how long it takes for your money to arrive, to make sure you won't miss important deadlines
Ask if the provider has dedicated support for high value payments - with Wise, for example you can get a call back from the high value transfer team if you ever need specific help
What is the maximum amount you can send money abroad?
Each provider, and each bank has its own transfer limit, although in some cases you can increase this by visiting a bank directly or calling the provider to talk through your options. Limits may also vary based on the currency and your status with the provider or banks.
Aside from this, you'll need to check if there are any limits based on the country you're sending to, which may be imposed by the local authorities there. It's always a good plan to have a reliable local team overseas when you're buying a home, who should be able to guide you on this point.
Provider/Bank | Transfer limits |
|---|---|
Limits set by currency, usually around 1.5 million CAD | |
Usually unlimited | |
RBC | 50,000 CAD per day via International Money Transfer |
TD Bank | Send up to 6,500 CAD per transaction every 24 hours via Global Transfer |
Tax implications on buying property overseas
Tax can be complicated - and it's even more so if you're buying property overseas as you might also have to consider the tax implications in the foreign country. It is crucial that you take advice in Canada and in the country you're buying a home in, so you comply with all the rules as tax rules overseas can vary a lot.
In Canada, residents must report all income earned from foreign property on their Canadian tax returns, regardless of the property's cost. If the total cost of your foreign property exceeds 100,000 CAD at any time during the year, you are required to file Form T1135 with the Canada Revenue Agency (CRA).
To avoid double taxation, Canada has tax treaties with many countries, which can provide credits or exemptions for foreign taxes paid. However, navigating these rules can be complex, and professional advice early in the process can save you from costly mistakes and ensure full compliance with both Canadian and foreign tax authorities.
For more details on Canadian foreign property reporting requirements, see the CRA's official guidance on Form T1135.
Regulations for sending large international transfers
In Canada, there is generally no restriction on sending large amounts of money abroad. However, financial institutions are required by law to monitor and report certain transactions to help prevent money laundering, terrorist financing, and other financial crimes.
Specifically, Canadian banks and money transfer providers must report international electronic funds transfers of CAD 10,000 or more (or the equivalent in foreign currency) to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This reporting is automatic and handled by the financial institution, so in most cases, you won't need to take any action yourself.
Do I need to declare foreign property in Canada?
If you're a Canadian resident for tax purposes and you own foreign property, you may need to declare it to the Canada Revenue Agency (CRA).
If the total cost amount of all your foreign property exceeds CAD 100,000 at any time during the year, you must file Form T1135 – Foreign Income Verification Statement. This includes foreign real estate, but does not include property you use exclusively as a personal vacation home, unless it generates income (such as through rental).
How to purchase property in another country
While the process to purchase property in another country may vary a bit depending on the country involved, there are a few key steps you'll almost always need to take:
Step 1: Research the property types and prices online using reputable real estate websites, to set a budget and understand your options
Step 2: Get a local real estate agent, and a lawyer or solicitor to help you navigate the process
Step 3: Start viewing properties and put in an offer via your agent when you find the one for you
Step 4: Negotiate a sales contract via your legal advisors and pay your deposit on the property
Step 5: Your local team will complete due diligence checks and ensure the purchase is safe to proceed with
Step 6: Set a date for completion - on that date you'll pay the outstanding amount, and the property will be passed into your ownership according to the local laws in the country
What are the documents required to transfer large sums of money?
Generally, you'll need to provide documents to the bank or transfer provider to show where the funds you're using have come from. These documents depend on the source of the money, but here are a few examples of what may be needed in some common cases:
Source of funds | Common documents needed |
|---|---|
Sending money from your salary | Recent payslips Salary section of your contract A letter from your employer saying how much you earn Last 3 months of bank statements |
Sending money from investments | Investment certificates, contract notes, or statements Confirmation from your investment company, bank, or dividend payer Bank statements showing you received the money |
Sending money from a loan or US mortgage | Your loan agreement 3 months of loan statements Bank statements showing you received the money |
Can you buy a house in another country without citizenship?
The rules for foreigners buying property vary enormously from one country to another. In some countries, like France and the UK, there are no restrictions on buying property - this means you can buy as a foreigner or a non-resident. The taxes you pay and the process you follow may vary a bit if you're non resident though.
In other countries, like Singapore, there are stricter rules about land ownership. This may mean that foreigners can buy a leasehold property like a condo but they can't buy a landed home. Restrictions often also apply on foreigners buying property in areas of special interest, such as national parks or areas near to military or sensitive sites.
If I rent my property abroad, how do I declare the money received?
In Canada, rental income from foreign property must be reported as part of your worldwide income on your Canadian tax return. You include it on Form T776 – Statement of Real Estate Rentals as part of your T1 personal tax filing. You'll also need to convert the foreign rental income into Canadian dollars using the exchange rate at the time received. Be aware that you may also need to report the property on Form T1135 if its cost exceeds CAD 100,000.
What are the best countries to buy real estate?
There's no single best country to buy real estate - the best country for you will depend on the circumstances. This guide does not include investment advice, so you'll need to take professional guidance before you buy to make sure you're making the most of your money, particularly if you're buying as an investment.
Other reasons to buy include to get a home for you and your family to relocate to or as a vacation home. If you're planning to relocate, bear in mind that property ownership doesn't always mean you get a visa - look out for countries which offer a Golden Visa scheme which may make it easier to get a visa if you invest in real estate. Popular countries to buy property in from Canada can include Portugal, Italy, France, and the UK - but what's right for you will depend entirely on your personal preference and circumstances.
Easiest countries to buy property as a foreigner
The rules about buying property as a foreigner vary a lot from one place to another. Here's a quick summary of a few popular - and relatively simple - places to buy as a Canadian. Do your own research on the country you're interested in to understand if there are barriers to foreign property ownership there.
Countries | |
|---|---|
France | Foreigners can buy property with few restrictions, although you'll need an experienced local team to help you navigate the language and process |
UK | Foreigners can buy property with few restrictions - and no language barrier - higher taxes apply for non resident buyers though |
Costa Rica | Foreigners can buy property with few restrictions, and the market is used to foreign buyers which means good local advisors are available |
Philippines | Foreigners can buy property in condos and similar development, subject to maximum foreign ownership rules in any given location |
Mexico | Foreigners can buy property outside of the restricted zones which take in areas around the coast and close to the border. In these areas you may still be able to buy via a company or trust |
Can you get a mortgage on an overseas property?
If you want to get a loan to pay for your new property overseas, you may be able to apply before you leave Canada, or in the country you're buying in. In Canada, you may be able to find some banks offering a loan on a foreign property, but this isn't always a service that's offered as Canadian banks have limited ability to enforce their right over property located in another country. You may have more success if you work with a specialist mortgage broker to set up your loan.
If you want to take a local mortgage in the country you're buying in, you'll need to check the local bank policies. It's common for foreign buyers to be asked for higher down payments for example, so do research before you decide to take this route.
5 tips for purchasing property overseas
To finish up we'll look at some common sense tips for purchasing property overseas, to help make sure everything happens smoothly:
Understand the law of the country you are buying the property: foreign ownership can be restricted or not allowed at all in some countries
Exchange rates: before you send any money overseas compare transfer fees and rates across several banks and providers. A small difference in the rate can add up to a huge amount when you send a high value payment
Seek help from local agents and legal professionals: navigating a foreign property purchase is tricky, and you'll be best set to get everything over the line with a strong team on the ground in the country you're buying in
Send money with a trusted provider: only ever deal with licensed and trusted banks and money transfer services to make sure your funds can be delivered securely and without undue delays
Be careful of fraud: buyer protections overseas may not be the same as in Canada, and foreign buyers may fall victim to fraudsters - get good local advice and educate yourself on common risks and scams before buying
Conclusion: How to purchase a property in another country
Whether you want a new home to live in, a vacation place or an investment overseas, buying a property abroad can be a smart move. The rules and processes for buying property overseas can vary a lot depending on the country you select, so having a strong local team of advisors is essential. Once you've found the right place for you, you'll also need to decide how to pay for your purchase with low fees, great exchange rates and quick, secure deliveries. This guide gives you a few options to consider.
You could send your payment using a bank wire, but this can be inconvenient if you need to visit a branch, and may also come with high costs to transfer and exchange currencies. As an alternative, compare the costs and rates of providers like Wise and OFX which may offer a sleek digital solution to help you send money overseas securely for a low overall cost.
Provider | 💡 Great for |
|---|---|
Wise | Fast low cost transfers to 140+ countries with the mid-market exchange rate |
OFX | Arrange your payment with no transfer fee, with the option to transfer by phone if you'd like to |
RBC | Sending up to $50,000 CAD per day with $0 transfer fees when sending online |
TD Bank | Smaller international transfers up to $6,500 CAD/day |
FAQ s
What is the best way to transfer large amounts of money abroad?
There's no single best way to transfer large amounts of money abroad as long as you select a safe and reliable provider. Banks can help you with face to face service and great coverage, but their overall costs may be quite high. Specialists like OFX and Wise offer digital payment solutions which can have below fees and great rates, but you can't get branch service - weigh up the pros and cons of each to help you decide.
What is the maximum amount I can send money abroad?
Different banks and providers have their own limits on the amount you can send overseas, and local countries may also have restrictions you'll need to learn about. If your bank has a low limit for digital payments you might want to compare alternatives like OFX which has no upper payment limit, or Wise which has very high limits of over 1 million CAD in most cases.
Does Canada tax foreign property?
Yes. If you're a Canadian resident for tax purposes, you must report and pay tax on any income earned from foreign property, such as rental income or capital gains. Even if the property isn't rented, you may need to declare it if its total cost exceeds CAD 100,000.