It’s a digital platform that allows you to convert one currency to another, such as USD to CAD, EUR to AED, or TRY to IRR, without going to a physical exchange office.
How does it work?
You choose the currency pair, enter the amount, and pay using your preferred method (bank transfer, e-transfer, credit card, etc.). Then the exchanged currency is sent to your recipient or account.
Is it safe to use online currency exchange?
Yes, reputable platforms use encryption, two-factor authentication, and are compliant with anti-money laundering (AML) regulations to keep your funds and data secure.
FAQ Questions and Answers
What is Post Office Exam Application?
Post Office Exam Application is an online app that helps students
prepare for various Post Office exams like GDS (Gramin Dak Sevak),
Postman, MTS (Multi-Tasking Staff), and others. In this app, users can
practice different types of questions and improve their preparation by
solving mock tests and quizzes. It is made to support candidates in
learning and practicing easily from their mobile or computer.
Is it free to use?
Yes, the Post Office Exam Application offers a free plan that you can
start using right away. With the free plan, you can access basic
features and start your exam preparation. If you want full access to
all features like full mock tests, detailed solutions, and more
practice sets, you can upgrade to a paid plan which starts at just
₹199 per month.
How do I take a mock test?
To take a mock test, simply sign in to the Post Office Exam
Application using your account. After logging in, select the exam or
subject you want to practice. Then, click on the “Start Test” button
to begin your mock test. It’s quick and easy to get started with your
preparation.
Are the tests like the real exam?
Yes, the tests in the Post Office Exam Application are designed to
look and feel like the actual Post Office exams. The format, question
style, and timing are kept similar so that you can get comfortable
with the real exam pattern. This helps you feel more confident and
prepared on the exam day.
Can I practice only one subject like GK or Vocabulary?
Yes, you can choose to practice only one subject such as General
Knowledge, Vocabulary, or any other subject you prefer. The app gives
you the option to focus on a single subject or take the full mock test
covering all subjects together, based on your choice.
Will I get my marks after the test?
Yes, after completing each test, you will see your marks, the time you
took, and a summary of your mistakes. This helps you understand your
performance and improve better.
Can I use this app in my language?
Yes, the app is available in multiple languages including Hindi,
Marathi, English, and more. You can choose your preferred language to
make learning easier.
Can I use this on my phone?
Yes, you can use the Post Office Exam Application on your mobile
phone, tablet, or computer. You can study anytime and anywhere as per
your convenience.
Is my data and payment safe?
Yes, your personal data is kept private and secure. For payments, the
app uses safe methods like UPI and trusted payment gateways to ensure
your information is protected.
How can I get help if I have a problem?
If you face any problem while using the app, you can contact our
support team through email or phone. We are always ready to help you
with any issue.
Can I track my progress?
Yes, you can track your progress easily in the app. It shows how much
syllabus or practice you have completed and how much is left, so you
can plan your preparation better.
Can I upgrade my plan in the middle of my current plan?
Yes, it is possible. <br />
<b>Example: </b><br />
You buy the <b> Smart Plan for ₹199 </b> on <b>1st April</b>. It works for 1 month (till 30th April).<br />
On <b>15th April</b>, you want to upgrade to the <b>Achiever Plan for ₹549</b> (for 3 months).<br />
You don’t need to pay the full ₹549 again. We will adjust the unused amount from your current plan. <br />
<ul style="list-style-type: disc; padding-left: 20px;">
<li>Smart Plan is ₹199 for 30 days → ₹6.63 per day </li>
<li>You used it for 15 days → ₹6.63 x 15 = ₹99 used</li>
<li>₹199 - ₹99 = ₹100 balance left</li>
</ul> <br />
Now:
<ul style="list-style-type: disc; padding-left: 20px;">
<li>₹549 (Achiever Plan) – ₹99 = ₹<b>450 to pay</b></li>
</ul>
<b>Your new plan will start from the day you upgrade — 15th April to 15th July.</b>
Buying Process
How do I start the process of buying a property on Broko?
To start, create an account on Broko and explore our property listings. You can filter by location, property type, price range, and more. Once you find a property you’re interested in, you can contact the seller directly or connect with a Broko agent to assist you further.
What documents do I need to buy a property?
The documents required vary by location and property type but typically include proof of income, identification, a pre-approval letter for a mortgage (if applicable), and other financial documents. Working with a real estate agent or legal advisor can help ensure you have all necessary documents.
What costs should I consider when buying a property?
In addition to the property price, consider costs such as legal fees, property taxes, inspection fees, mortgage fees, and possible homeowners' association fees. Closing costs generally range from 2-5% of the property price.
Can I negotiate the price of a property?
Yes, most property prices are negotiable. You can submit an offer below the asking price, but the seller may choose to accept, decline, or counter your offer. An experienced real estate agent can assist with negotiations to help you get the best possible price.
What is a home inspection, and is it necessary?
A home inspection is a professional evaluation of the property's condition. It helps identify any potential issues before purchasing, such as structural problems or repair needs. While not mandatory, it is highly recommended to avoid unexpected expenses after purchase.
How long does the buying process usually take?
The buying process can take anywhere from a few weeks to several months, depending on factors like financing, inspections, and negotiations. On average, it takes around 30-60 days from making an offer to closing the purchase.
Do I need a real estate agent to buy a property on Broko?
While it's not required to have a real estate agent, having one can help guide you through the buying process, handle negotiations, and manage paperwork. Broko provides tools to connect you with local agents if you choose to work with one.
How does financing work when buying a property?
Most buyers use a mortgage to finance their property purchase. You’ll need to apply for a loan from a bank or lender and usually make a down payment. Broko offers resources to help you connect with lenders and secure financing options that work for you.
Transaction Questions
What is the minimum and maximum amount I can exchange?
It depends on the platform. Most services allow a minimum of $10–$100 and a maximum up to $10,000+ per transaction. Contact support for large transactions.
How long does the exchange take?
Most transactions are processed within minutes to a few hours. Bank transfers may take 1–2 business days depending on the country.
What payment methods do you accept?
We accept bank transfers, e-transfers, Apple Pay, Google Pay, and in some regions, credit cards or local payment apps.
Selling Process
How do I start selling my property on Broko?
To list your property on Broko, create an account and go to the 'Sell Property' section. Follow the steps to upload photos, write a description, set a price, and provide other key details about your property. Once submitted, your listing will be reviewed and published for potential buyers to view.
What information do I need to provide for my property listing?
When listing your property, you’ll need to provide details like property type, location, square footage, number of bedrooms and bathrooms, amenities, and photos. A clear, accurate description helps attract the right buyers and speeds up the selling process.
How should I price my property?
Pricing your property competitively is key to attracting buyers. Consider getting a professional appraisal or researching similar properties in your area. Broko offers tools and market data insights that can help you set a competitive and realistic price.
What costs should I be prepared for when selling my property?
Selling a property may involve costs such as legal fees, agent commissions (if applicable), staging costs, and repairs or improvements. In addition, some sellers may need to pay closing costs, which vary by location.
How do I handle inquiries and schedule viewings?
Once your property is listed, you’ll receive inquiries from potential buyers. You can communicate with them through Broko's messaging system to answer questions and schedule viewings. Be responsive and transparent to increase buyer interest.
Do I need a real estate agent to sell my property on Broko?
You can sell your property on Broko with or without an agent. While an agent can assist with pricing, marketing, and negotiations, it's also possible to handle the sale independently using Broko's platform. We provide tools to help streamline the process if you decide to sell on your own.
How long does it typically take to sell a property?
The time to sell a property can vary based on market conditions, property type, location, and pricing. On average, it may take a few weeks to several months. Proper marketing, competitive pricing, and well-staged listings can help shorten this timeframe.
What should I do to prepare my property for sale?
Preparing your property involves cleaning, decluttering, and making any necessary repairs or improvements. Consider staging the space to make it look more appealing to buyers. High-quality photos and a clear description can also make a significant impact on your listing.
Can I negotiate with buyers directly?
Yes, Broko allows sellers to negotiate directly with buyers or work through their agent. Once a buyer makes an offer, you can accept, reject, or counter it. Open communication and responsiveness can help facilitate a successful negotiation.
What happens once I accept an offer on my property?
After accepting an offer, you’ll work through the closing process, which involves signing the purchase agreement, finalizing any conditions, and handling necessary paperwork. A lawyer or agent can help guide you through closing, ensuring a smooth transaction.
Rate and Fees
Do you charge any fees?
We charge a small service fee included in the exchange rate. All fees will be shown before you confirm the transaction.
How is your exchange rate calculated?
Our rates are based on real-time interbank exchange rates plus a small margin to cover service and operational costs.
Can I lock in a rate?
Yes, once you initiate a transaction, the rate is locked for a limited time (usually 15–30 minutes) to protect you from fluctuations.
Financing & Mortgages
What is a mortgage, and how does it work?
A mortgage is a loan from a bank or lender to help finance the purchase of a property. You make a down payment, and the lender provides the rest of the funds needed to buy the home. You then repay the loan, plus interest, over a set period (usually 15-30 years)."
What types of mortgages are available?
Common mortgage types include fixed-rate mortgages, adjustable-rate mortgages (ARMs), and government-backed loans like FHA, VA, or CMHC (Canada Mortgage and Housing Corporation) loans. Each has its own terms and benefits, so it’s essential to choose one that fits your financial situation.
How much down payment is required to buy a property?
The required down payment varies but is typically between 5-20% of the property’s price. For first-time homebuyers, some programs may offer lower down payment options. A higher down payment can reduce your monthly mortgage payments and interest costs.
What are mortgage interest rates, and how do they affect my loan?
Mortgage interest rates are the percentage of the loan amount you’ll pay in interest to the lender. Lower rates mean lower monthly payments and less interest over the life of the loan. Rates can vary based on economic conditions and your credit score.
How do I qualify for a mortgage?
To qualify, lenders generally look at your credit score, income, employment history, and debt-to-income ratio. A higher credit score and steady income improve your chances of approval. Pre-approval from a lender can help you understand your budget before you start house hunting.
What is mortgage pre-approval, and should I get one?
Mortgage pre-approval is an initial evaluation by a lender to determine the amount they’re willing to lend you. It gives you a clear budget and shows sellers that you’re a serious buyer. Getting pre-approved before house hunting can make the buying process smoother.
Can I get a mortgage with a low credit score?
It may be more challenging, but some lenders offer mortgage options for buyers with lower credit scores. Expect potentially higher interest rates and a larger down payment requirement. Working to improve your credit score before applying can help you secure better terms.
What are closing costs, and how much should I expect to pay?
Closing costs are fees associated with finalizing the purchase of a property, typically around 2-5% of the property price. These may include legal fees, property taxes, appraisal fees, and lender fees. Understanding these costs can help you budget accordingly.
What is mortgage insurance, and when is it required?
Mortgage insurance is required if you make a down payment of less than 20% in most cases. It protects the lender in case you default on the loan. For Canada, CMHC insurance is common for lower down payments. This cost is typically added to your monthly mortgage payment.
How can I reduce my monthly mortgage payments?
Options include making a larger down payment, choosing a longer loan term, or finding a lower interest rate by shopping around. Refinancing your mortgage down the line may also help reduce payments if interest rates decrease.
International Transfers
Can I send money internationally after exchanging currency?
Yes! You can convert your currency and send it directly to bank accounts or wallets in supported countries.
Which countries can I send money to?
We support Canada, UAE, USA, Turkey, Iran, and countries in Europe. Please check the list on our website for updates.
Do you support business transfers?
Yes, we support both personal and business transfers. Contact us for high-volume or recurring exchange needs.
Legal Requirements
What documents are needed to buy a property in Canada?
To buy a property in Canada, you’ll typically need identification, a mortgage pre-approval letter (if financing), proof of income, recent bank statements, and tax documents. Additionally, a purchase agreement, property title, and insurance documents will be required during the closing process.
Do I need a lawyer to buy or sell a property?
Yes, it’s highly recommended to have a real estate lawyer to guide you through the legal aspects of the transaction. They ensure all paperwork is accurate, conduct title searches, manage the transfer of funds, and help resolve any legal issues that may arise.
What is a property title, and why is it important?
A property title is a legal document that outlines ownership of the property. It is essential because it confirms that the seller has the legal right to sell the property and that there are no legal claims (like liens) against it. Your lawyer can perform a title search to verify its status.
What are property taxes, and who pays them?
Property taxes are annual taxes paid by property owners to the local government. They are typically based on the property’s value and used to fund public services. As a buyer, you may be responsible for paying a portion of the property taxes at closing, depending on when the previous owner paid them.
What is a land transfer tax, and do I have to pay it?
A land transfer tax is a fee paid to the province or territory when property ownership is transferred. In most provinces, the buyer is responsible for paying it at closing. The amount varies depending on the property’s price and location.
Are there any restrictions on foreign buyers purchasing property in Canada?
Foreign buyers are allowed to purchase property in Canada, but some provinces have specific restrictions or taxes for non-resident buyers. It’s important to consult a local real estate lawyer to understand the requirements and any additional costs for foreign ownership.
What is the difference between freehold and leasehold property ownership?
Freehold ownership means you own both the building and the land, while leasehold ownership means you only own the building but lease the land from another party. Most residential properties in Canada are freehold, but some properties (like certain condos) may be leasehold.
Do I need property insurance to buy a home?
Yes, property insurance is typically required by lenders to protect their investment in the property. Insurance covers potential damages from natural disasters, fire, theft, and other risks. It’s a good idea to have coverage in place before closing on the property.
What happens if there are issues with the property after I purchase it?
If issues arise post-purchase, your options depend on the nature of the problem and any warranties or guarantees included in the sale. For hidden defects, you may be able to pursue legal action if it’s proven that the seller knowingly concealed information. Consulting your lawyer can help resolve such matters.
What is a closing date, and can it be changed?
The closing date is the agreed-upon day when the property ownership is legally transferred from the seller to the buyer. It can be adjusted if both parties agree, but changes may affect costs or timelines. Your lawyer or real estate agent can help coordinate any changes to the closing date.
Account and Support
Do I need to create an account?
Yes, for security and compliance reasons, all users must create an account and verify their identity.
What documents are required?
A government-issued ID and proof of address (such as a utility bill or bank statement).
What if I send the wrong amount or make a mistake?
Contact our support team immediately. We’ll try our best to reverse or correct the issue if the funds have not yet been processed.
Frequently Asked Questions
FAQ Sections
General Questions
What is an online currency exchange?
It’s a digital platform that allows you to convert one currency to another, such as USD to CAD, EUR to AED, or TRY to IRR, without going to a physical exchange office.
How does it work?
You choose the currency pair, enter the amount, and pay using your preferred method (bank transfer, e-transfer, credit card, etc.). Then the exchanged currency is sent to your recipient or account.
Is it safe to use online currency exchange?
Yes, reputable platforms use encryption, two-factor authentication, and are compliant with anti-money laundering (AML) regulations to keep your funds and data secure.
FAQ Questions and Answers
What is Post Office Exam Application?
Post Office Exam Application is an online app that helps students
prepare for various Post Office exams like GDS (Gramin Dak Sevak),
Postman, MTS (Multi-Tasking Staff), and others. In this app, users can
practice different types of questions and improve their preparation by
solving mock tests and quizzes. It is made to support candidates in
learning and practicing easily from their mobile or computer.
Is it free to use?
Yes, the Post Office Exam Application offers a free plan that you can
start using right away. With the free plan, you can access basic
features and start your exam preparation. If you want full access to
all features like full mock tests, detailed solutions, and more
practice sets, you can upgrade to a paid plan which starts at just
₹199 per month.
How do I take a mock test?
To take a mock test, simply sign in to the Post Office Exam
Application using your account. After logging in, select the exam or
subject you want to practice. Then, click on the “Start Test” button
to begin your mock test. It’s quick and easy to get started with your
preparation.
Are the tests like the real exam?
Yes, the tests in the Post Office Exam Application are designed to
look and feel like the actual Post Office exams. The format, question
style, and timing are kept similar so that you can get comfortable
with the real exam pattern. This helps you feel more confident and
prepared on the exam day.
Can I practice only one subject like GK or Vocabulary?
Yes, you can choose to practice only one subject such as General
Knowledge, Vocabulary, or any other subject you prefer. The app gives
you the option to focus on a single subject or take the full mock test
covering all subjects together, based on your choice.
Will I get my marks after the test?
Yes, after completing each test, you will see your marks, the time you
took, and a summary of your mistakes. This helps you understand your
performance and improve better.
Can I use this app in my language?
Yes, the app is available in multiple languages including Hindi,
Marathi, English, and more. You can choose your preferred language to
make learning easier.
Can I use this on my phone?
Yes, you can use the Post Office Exam Application on your mobile
phone, tablet, or computer. You can study anytime and anywhere as per
your convenience.
Is my data and payment safe?
Yes, your personal data is kept private and secure. For payments, the
app uses safe methods like UPI and trusted payment gateways to ensure
your information is protected.
How can I get help if I have a problem?
If you face any problem while using the app, you can contact our
support team through email or phone. We are always ready to help you
with any issue.
Can I track my progress?
Yes, you can track your progress easily in the app. It shows how much
syllabus or practice you have completed and how much is left, so you
can plan your preparation better.
Can I upgrade my plan in the middle of my current plan?
Yes, it is possible. <br />
<b>Example: </b><br />
You buy the <b> Smart Plan for ₹199 </b> on <b>1st April</b>. It works for 1 month (till 30th April).<br />
On <b>15th April</b>, you want to upgrade to the <b>Achiever Plan for ₹549</b> (for 3 months).<br />
You don’t need to pay the full ₹549 again. We will adjust the unused amount from your current plan. <br />
<ul style="list-style-type: disc; padding-left: 20px;">
<li>Smart Plan is ₹199 for 30 days → ₹6.63 per day </li>
<li>You used it for 15 days → ₹6.63 x 15 = ₹99 used</li>
<li>₹199 - ₹99 = ₹100 balance left</li>
</ul> <br />
Now:
<ul style="list-style-type: disc; padding-left: 20px;">
<li>₹549 (Achiever Plan) – ₹99 = ₹<b>450 to pay</b></li>
</ul>
<b>Your new plan will start from the day you upgrade — 15th April to 15th July.</b>
Buying Process
How do I start the process of buying a property on Broko?
To start, create an account on Broko and explore our property listings. You can filter by location, property type, price range, and more. Once you find a property you’re interested in, you can contact the seller directly or connect with a Broko agent to assist you further.
What documents do I need to buy a property?
The documents required vary by location and property type but typically include proof of income, identification, a pre-approval letter for a mortgage (if applicable), and other financial documents. Working with a real estate agent or legal advisor can help ensure you have all necessary documents.
What costs should I consider when buying a property?
In addition to the property price, consider costs such as legal fees, property taxes, inspection fees, mortgage fees, and possible homeowners' association fees. Closing costs generally range from 2-5% of the property price.
Can I negotiate the price of a property?
Yes, most property prices are negotiable. You can submit an offer below the asking price, but the seller may choose to accept, decline, or counter your offer. An experienced real estate agent can assist with negotiations to help you get the best possible price.
What is a home inspection, and is it necessary?
A home inspection is a professional evaluation of the property's condition. It helps identify any potential issues before purchasing, such as structural problems or repair needs. While not mandatory, it is highly recommended to avoid unexpected expenses after purchase.
How long does the buying process usually take?
The buying process can take anywhere from a few weeks to several months, depending on factors like financing, inspections, and negotiations. On average, it takes around 30-60 days from making an offer to closing the purchase.
Do I need a real estate agent to buy a property on Broko?
While it's not required to have a real estate agent, having one can help guide you through the buying process, handle negotiations, and manage paperwork. Broko provides tools to connect you with local agents if you choose to work with one.
How does financing work when buying a property?
Most buyers use a mortgage to finance their property purchase. You’ll need to apply for a loan from a bank or lender and usually make a down payment. Broko offers resources to help you connect with lenders and secure financing options that work for you.
Transaction Questions
What is the minimum and maximum amount I can exchange?
It depends on the platform. Most services allow a minimum of $10–$100 and a maximum up to $10,000+ per transaction. Contact support for large transactions.
How long does the exchange take?
Most transactions are processed within minutes to a few hours. Bank transfers may take 1–2 business days depending on the country.
What payment methods do you accept?
We accept bank transfers, e-transfers, Apple Pay, Google Pay, and in some regions, credit cards or local payment apps.
Selling Process
How do I start selling my property on Broko?
To list your property on Broko, create an account and go to the 'Sell Property' section. Follow the steps to upload photos, write a description, set a price, and provide other key details about your property. Once submitted, your listing will be reviewed and published for potential buyers to view.
What information do I need to provide for my property listing?
When listing your property, you’ll need to provide details like property type, location, square footage, number of bedrooms and bathrooms, amenities, and photos. A clear, accurate description helps attract the right buyers and speeds up the selling process.
How should I price my property?
Pricing your property competitively is key to attracting buyers. Consider getting a professional appraisal or researching similar properties in your area. Broko offers tools and market data insights that can help you set a competitive and realistic price.
What costs should I be prepared for when selling my property?
Selling a property may involve costs such as legal fees, agent commissions (if applicable), staging costs, and repairs or improvements. In addition, some sellers may need to pay closing costs, which vary by location.
How do I handle inquiries and schedule viewings?
Once your property is listed, you’ll receive inquiries from potential buyers. You can communicate with them through Broko's messaging system to answer questions and schedule viewings. Be responsive and transparent to increase buyer interest.
Do I need a real estate agent to sell my property on Broko?
You can sell your property on Broko with or without an agent. While an agent can assist with pricing, marketing, and negotiations, it's also possible to handle the sale independently using Broko's platform. We provide tools to help streamline the process if you decide to sell on your own.
How long does it typically take to sell a property?
The time to sell a property can vary based on market conditions, property type, location, and pricing. On average, it may take a few weeks to several months. Proper marketing, competitive pricing, and well-staged listings can help shorten this timeframe.
What should I do to prepare my property for sale?
Preparing your property involves cleaning, decluttering, and making any necessary repairs or improvements. Consider staging the space to make it look more appealing to buyers. High-quality photos and a clear description can also make a significant impact on your listing.
Can I negotiate with buyers directly?
Yes, Broko allows sellers to negotiate directly with buyers or work through their agent. Once a buyer makes an offer, you can accept, reject, or counter it. Open communication and responsiveness can help facilitate a successful negotiation.
What happens once I accept an offer on my property?
After accepting an offer, you’ll work through the closing process, which involves signing the purchase agreement, finalizing any conditions, and handling necessary paperwork. A lawyer or agent can help guide you through closing, ensuring a smooth transaction.
Rate and Fees
Do you charge any fees?
We charge a small service fee included in the exchange rate. All fees will be shown before you confirm the transaction.
How is your exchange rate calculated?
Our rates are based on real-time interbank exchange rates plus a small margin to cover service and operational costs.
Can I lock in a rate?
Yes, once you initiate a transaction, the rate is locked for a limited time (usually 15–30 minutes) to protect you from fluctuations.
Financing & Mortgages
What is a mortgage, and how does it work?
A mortgage is a loan from a bank or lender to help finance the purchase of a property. You make a down payment, and the lender provides the rest of the funds needed to buy the home. You then repay the loan, plus interest, over a set period (usually 15-30 years)."
What types of mortgages are available?
Common mortgage types include fixed-rate mortgages, adjustable-rate mortgages (ARMs), and government-backed loans like FHA, VA, or CMHC (Canada Mortgage and Housing Corporation) loans. Each has its own terms and benefits, so it’s essential to choose one that fits your financial situation.
How much down payment is required to buy a property?
The required down payment varies but is typically between 5-20% of the property’s price. For first-time homebuyers, some programs may offer lower down payment options. A higher down payment can reduce your monthly mortgage payments and interest costs.
What are mortgage interest rates, and how do they affect my loan?
Mortgage interest rates are the percentage of the loan amount you’ll pay in interest to the lender. Lower rates mean lower monthly payments and less interest over the life of the loan. Rates can vary based on economic conditions and your credit score.
How do I qualify for a mortgage?
To qualify, lenders generally look at your credit score, income, employment history, and debt-to-income ratio. A higher credit score and steady income improve your chances of approval. Pre-approval from a lender can help you understand your budget before you start house hunting.
What is mortgage pre-approval, and should I get one?
Mortgage pre-approval is an initial evaluation by a lender to determine the amount they’re willing to lend you. It gives you a clear budget and shows sellers that you’re a serious buyer. Getting pre-approved before house hunting can make the buying process smoother.
Can I get a mortgage with a low credit score?
It may be more challenging, but some lenders offer mortgage options for buyers with lower credit scores. Expect potentially higher interest rates and a larger down payment requirement. Working to improve your credit score before applying can help you secure better terms.
What are closing costs, and how much should I expect to pay?
Closing costs are fees associated with finalizing the purchase of a property, typically around 2-5% of the property price. These may include legal fees, property taxes, appraisal fees, and lender fees. Understanding these costs can help you budget accordingly.
What is mortgage insurance, and when is it required?
Mortgage insurance is required if you make a down payment of less than 20% in most cases. It protects the lender in case you default on the loan. For Canada, CMHC insurance is common for lower down payments. This cost is typically added to your monthly mortgage payment.
How can I reduce my monthly mortgage payments?
Options include making a larger down payment, choosing a longer loan term, or finding a lower interest rate by shopping around. Refinancing your mortgage down the line may also help reduce payments if interest rates decrease.
International Transfers
Can I send money internationally after exchanging currency?
Yes! You can convert your currency and send it directly to bank accounts or wallets in supported countries.
Which countries can I send money to?
We support Canada, UAE, USA, Turkey, Iran, and countries in Europe. Please check the list on our website for updates.
Do you support business transfers?
Yes, we support both personal and business transfers. Contact us for high-volume or recurring exchange needs.
Legal Requirements
What documents are needed to buy a property in Canada?
To buy a property in Canada, you’ll typically need identification, a mortgage pre-approval letter (if financing), proof of income, recent bank statements, and tax documents. Additionally, a purchase agreement, property title, and insurance documents will be required during the closing process.
Do I need a lawyer to buy or sell a property?
Yes, it’s highly recommended to have a real estate lawyer to guide you through the legal aspects of the transaction. They ensure all paperwork is accurate, conduct title searches, manage the transfer of funds, and help resolve any legal issues that may arise.
What is a property title, and why is it important?
A property title is a legal document that outlines ownership of the property. It is essential because it confirms that the seller has the legal right to sell the property and that there are no legal claims (like liens) against it. Your lawyer can perform a title search to verify its status.
What are property taxes, and who pays them?
Property taxes are annual taxes paid by property owners to the local government. They are typically based on the property’s value and used to fund public services. As a buyer, you may be responsible for paying a portion of the property taxes at closing, depending on when the previous owner paid them.
What is a land transfer tax, and do I have to pay it?
A land transfer tax is a fee paid to the province or territory when property ownership is transferred. In most provinces, the buyer is responsible for paying it at closing. The amount varies depending on the property’s price and location.
Are there any restrictions on foreign buyers purchasing property in Canada?
Foreign buyers are allowed to purchase property in Canada, but some provinces have specific restrictions or taxes for non-resident buyers. It’s important to consult a local real estate lawyer to understand the requirements and any additional costs for foreign ownership.
What is the difference between freehold and leasehold property ownership?
Freehold ownership means you own both the building and the land, while leasehold ownership means you only own the building but lease the land from another party. Most residential properties in Canada are freehold, but some properties (like certain condos) may be leasehold.
Do I need property insurance to buy a home?
Yes, property insurance is typically required by lenders to protect their investment in the property. Insurance covers potential damages from natural disasters, fire, theft, and other risks. It’s a good idea to have coverage in place before closing on the property.
What happens if there are issues with the property after I purchase it?
If issues arise post-purchase, your options depend on the nature of the problem and any warranties or guarantees included in the sale. For hidden defects, you may be able to pursue legal action if it’s proven that the seller knowingly concealed information. Consulting your lawyer can help resolve such matters.
What is a closing date, and can it be changed?
The closing date is the agreed-upon day when the property ownership is legally transferred from the seller to the buyer. It can be adjusted if both parties agree, but changes may affect costs or timelines. Your lawyer or real estate agent can help coordinate any changes to the closing date.
Account and Support
Do I need to create an account?
Yes, for security and compliance reasons, all users must create an account and verify their identity.
What documents are required?
A government-issued ID and proof of address (such as a utility bill or bank statement).
What if I send the wrong amount or make a mistake?
Contact our support team immediately. We’ll try our best to reverse or correct the issue if the funds have not yet been processed.