The situation
Our client approached us explaining they would be selling their lake house in Canada. Due to our Account Managers knowledge and experience, we were already aware of the hurdles that our client would face due to the difficulties in the Canadian banking system. The conveyancing lawyer in Canada specified that the proceeds of the sale must be sent to an account held in the name of our client.
The challenge
To enable our client to quickly receive the proceeds from the sale of their property into an account that is held in their own name as specified by the lawyer. To eliminate the difficulties, delays and costs associated with sending CAD across borders through banks and intermediaries.
The solution
Capitex was able to instantly issue our client a local CAD collection account in their own name. Our client does have a Canadian bank account, but they were charging excessive fees to convert CAD. To eliminate a step in the process the Lawyer sent the funds directly to our clients local account in Canada held in their own name. As we made use of Canada’s local payment network for collection, the funds credited instantly. The CAD was converted to GBP at an exchange rate considerably better than the bank, without the headaches of dealing with them. All our client had to do in this process was send the lawyer their local account details held with Capitex and instruct the conversion of CAD to GBP to send to their UK account.
Saved against the bank
Centralised global facility
Day repatriation of funds
"The Capitex team were always there at the end of the phone - no delays, no 'held in a queue', no 'select 1 for whatever' - an immediate response from real people who all knew the details of what I was trying to achieve. They were professional in all aspects and worked diligently to make the process of dealing with the difficult and oftentimes outdated banking system in Canada very fast, seamless and stress-free. Moreover, the rate of exchange secured was the best around, easily bettering the high street banks and also the other bespoke FX companies." Insurance Executive