Saving more than £2,000 made emigrating to Canada all the more fun for Margaret Johnston, who has just enjoyed her first Christmas in her new home in Nova Scotia.
Article written by The Overseas Guides Company
When Margaret relocated in October 2013, she chose to use currency specialist Smart Currency Exchange rather than her bank to exchange her Sterling into Canadian dollars and send the funds to her bank account in Canada. A large portion of her savings were the proceeds from the sale of her house in Ayshire, Scotland, which she used to purchase her new home in Shelburne, a small town in Nova Scotia.
“I had already set up a bank account in Shelburne,” said Margaret. “I contacted Smart immediately I had made an offer on the Canadian home and arranged to sell my home in Scotland. They talked me through the process and initially suggested a trial transfer – to ensure all bank codes and details were correct. I ultimately transferred £200,000 at a good exchange rate – I had ‘booked’ the total amount and guaranteed I’d purchase that amount within three months. As Smart absorbed any necessary costs in their agreed exchange rate, I had only Canadian bank charges against my purchase and my saving [by not using a bank] was therefore in the region of £2,200.”
It wasn’t just Smart’s exchange rate that pleased Margaret, who was born in Canada but moved to Glasgow as a child with her Scottish mother, so therefore has Canadian citizenship. “It was the efficiency of the exchange that impressed me,” she added. “My Canadian law firm advised that they had never had such a fast, smooth UK transfer. My trader James and his team ensured that every detail was double-checked and they were easily contactable during the whole process.”
Margaret paid $159,000 (around £100,000) for her Canadian house, a four-bedroom traditional heritage style property. “It’s in a quiet road close to the town centre, well set off the road on a double plot with lots of trees and green space,” said Margaret. “It should make an ideal B&B, thanks to having one huge en-suite bedroom and three other bedrooms, one of which I could offer with sole bathroom facilities. The view to the front is mainly an expansive green area which I am desperate to fill with garden areas.”
If like Margaret you are emigrating or buying a second home abroad and need to transfer money to a foreign bank account, instead of asking your bank to do it, download Smart Currency Exchange’s free report or visit the Currency Zone and find out how you could save money too.