International Payment Solutions for Canadians Living Overseas - the Canadian Diaspora

Eh! What diaspora?

The idea of a "Canadian diaspora" is as rare as the Toronto Leafs winning the Stanley Cup again!

While Canadians do love to explore the world and live in exotic places, we're not exactly known for creating our own global fan club. We're more like the friendly neighbors who occasionally pop up in different corners of the world, always ready to share a "sorry" and a good ol' hockey game.

Who makes up the Canadian diaspora?

There are Canadian expatriates, immigrants, and descendants of Canadians living in various parts of the world, making up a diverse and scattered group. Here are examples on who might make up this "Canadian diaspora":

Canadian expatriates: These are Canadian citizens who have temporarily or permanently relocated to other countries for various reasons, such as work, education, or personal preference. They maintain their Canadian citizenship and may continue to identify strongly with Canadian culture and values.

Canadian immigrants and their descendants: People who have immigrated to Canada, become Canadian citizens, and then later returned to their home countries or moved elsewhere are considered part of the Canadian diaspora. Additionally, their children and descendants who were born in Canada but later moved abroad may also be considered part of this group.

Dual citizens: Some individuals may hold dual citizenship, being both Canadian and citizens of their host country. They can be part of the Canadian diaspora while also maintaining strong connections to their host country.

Canadian students abroad: Canadian students pursuing education in foreign countries can be considered part of the diaspora. They often form Canadian student communities and maintain ties to Canada.

Canadian professionals and workers: Canadians working in international organizations, multinational corporations, or foreign governments contribute to the Canadian diaspora. They often represent Canadian interests abroad and promote Canadian values and expertise.

Retirees abroad: Canadians who retire and choose to spend their retirement years in other countries may also be part of the Canadian diaspora. They often form communities with other Canadian retirees and continue to engage in Canadian cultural activities.

Canadians in the entertainment and arts industry: Canadian actors, musicians, artists, and writers who achieve international recognition and work extensively outside of Canada are a notable part of the Canadian diaspora. They may continue to promote Canadian culture on the global stage.

Canadians in international organizations: Canadians working for international organizations like the United Nations or World Health Organization represent Canada's interests abroad and contribute to global diplomacy and development.

OK. So how many Canadian expats are there?

It's challenging to provide an exact number for the Canadian diaspora worldwide because it includes a diverse and widely scattered group of people, and there is no comprehensive global database or official count of Canadians living abroad. The 'whisper' number is, around 4 million Canadian citizens living overseas. That's about 10% of the population, or roughly one Canadian citizen out of ten lives overseas.

What kind of currency exchange solutions do Canadian expats need?

Canadian expatriates often have specific currency exchange needs due to their financial ties to both Canada and their host countries. Here are some common currency exchange solutions that Canadian expats may require:

Currency conversion: Expats need a straightforward way to convert their Canadian dollars (CAD) to the local currency of their host country. Banks and currency exchange services can provide this service, but expats should compare rates and fees to get the best deal.

International money transfers: Canadian expats often need to transfer money between their host country and Canada. Efficient and cost-effective international money transfer services are essential for sending funds back home, paying bills, or supporting family members in Canada.

Multi-currency accounts: Some financial institutions offer multi-currency accounts that allow expats to hold multiple currencies in a single account. This can be convenient for managing finances in both CAD and the local currency. 

Remittances: Some Canadian expats send remittances to family members or support charitable causes in Canada. Low-cost remittance services are essential for these purposes. 

 

How can MTFX help?

MTFX can assist Canadian expatriates with various currency exchange and international payment needs. Here's how MTFX can help:

Competitive exchange rates: MTFX typically offers competitive exchange rates, which can be advantageous for Canadian expatriates looking to convert Canadian dollars (CAD) into their host country's currency or vice versa. Getting favorable exchange rates can maximize the value of their money.

Low transfer fees: MTFX generally charges lower transfer fees compared to traditional banks, which can result in cost savings, especially for expats who need to make frequent international money transfers.

Online platform: MTFX offers a user-friendly online platform that allows expatriates to initiate and track their international payments conveniently. This platform typically provides real-time exchange rate quotes and tools for managing currency exposure.

Dedicated account managers: MTFX often assigns dedicated account managers to assist clients, offering personalized advice and assistance tailored to individual needs. These professionals can help expats navigate the complexities of currency exchange.

Multi-currency accounts: Some Canadian expats may benefit from MTFX's multi-currency accounts, which allow them to hold and manage multiple currencies in a single account. 

By providing personalized assistance and delivering cost-effective solutions, MTFX emerges as a strong contender for the best option to help Canadian expatriates manage their finances effectively, whether they are sending money back to Canada, paying bills in their host country, or handling other financial obligations across borders. 

Partner with MTFX for your international payment needs

When considering currency exchange and international payment solutions as a Canadian expatriate, MTFX stands out as an excellent choice. With its competitive exchange rates, lower transfer fees, forward contracts, user-friendly online platform, dedicated account managers, risk management solutions, multi-currency account options, regulatory compliance, tax expertise, and support for investment accounts, MTFX offers a comprehensive suite of services tailored to the needs of expatriates.

Open an account today and enjoy competitive exchange rates, low transfer fees, and quick, easy international money transfers.