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How to transfer funds to purchase a house

humdrumdum

Hero Member
Jul 19, 2013
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31-08-2013
I'm now a permanent resident and I'm looking to purchase a house, potentially for my parents as well.
I'm currently self-employed (almost 2 years now) and so I don't have a "standard" source of income especially since our company is still new and I'm not on payroll. I plan to travel back and forth in the coming months so having a home instead of keeping on renting will be very advantageous.

My parents are willing to help me purchase a home, in case they do want to retire here in a few years time and it would also be a good investment. We have a medium-sized business back home as our source of income.

I currently live in Vancouver where homes start in the $1M range. Because of my employment status, I understand I'm likely to put up at least 35% down payment? My parents have been sending me money bit by bit, but it'll take a while to save up to $350,000.

Does anyone have experience in wiring funds in this volume? Or perhaps getting a loan as a new immigrant? Also I got my PR in Jan 2018, do banks still see me as a new immigrant?

Appreciate all the advice!
 

steaky

VIP Member
Nov 11, 2008
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If not wire that volume in a single transaction but more than one batch (there was a maximum limit I can transfer free of charge imposed by the bank in a daily, weekly and monthly basis), does that count?
 

trumprefugee

Champion Member
Jun 6, 2017
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Ottawa, ON
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I recently bought real estate and used a currency exchange company that exchanges high dollar amounts. I was converting US dollars, and they directly deducted my US dollars from my US currency account and directly deposited the Canadian dollars into my Canadian bank account.
 
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