As the value of the Canadian dollar continues to fall, an increasing number of Canadians are taking advantage of the easy access to the world that the internet provides by purchasing items online to make hefty savings when converting their currency.
When international purchases are made online using the Canadian dollar, it is advisable to enlist the services of a third party transaction management company such as Escrow.com. The process is extremely straightforward, and their facility means that the security of both the purchaser and the seller is never in jeopardy. If the primary currency of a bank account is the Canadian dollar and items are being purchased online then the process to use Escrow.com is simple:
- The transaction begins when the purchaser (whose main currency is the Canadian dollar) and the seller (who operates in American dollars or the Euro) sign up to Escrow.com and agree to the terms and conditions.
- The purchaser then transfers the cost of the item to a holding facility held by Escrow.com where it will remain until the purchaser has carried out their obligations. At this stage, the financial institution of the purchaser will convert the Canadian dollars into American dollars or Euros. There may be a charge to transfer the currency of the Canadian dollar, so it is important to factor this into the total cost of the item.
- Escrow.com informs the seller that the funds have been converted from the Canadian dollar and are being held, the seller then dispatches the item.
- The Purchaser confirms that they are satisfied with the item and the funds, which are no longer in Canadian dollars, are released to the seller by Escrow.com.
- The transaction is complete.
Escrow.com provides a completely secure transaction management system which provides support to both the seller and the purchaser no matter what the nature of the items involved in the transaction.
The purchaser receives a guarantee that even though they are buying an item from abroad and their currency has been converted from a Canadian dollar to an American dollar or Euro, they will receive the item as described. This is because the purchaser is bound by the terms of Escrow.com, which they agreed to when they started the transaction. They also have the benefit of the savings that they’ll make by purchasing items from another country at a greatly reduced rate.
The seller receives many benefits by using Escrow.com for online transactions that originate in the Canadian dollar. The seller is not liable for any costs incurred which arise from conversions of currency, and they are guaranteed to receive the stated cost of the goods or merchandise that they are selling in the currency of their choice. This increases their customer base to include everyone in the world and makes their opportunity for profit limitless.
If your main currency is the Canadian dollar and you are considering making international purchases online, it is vital that you use the services of Escrow.com to ensure a safe, smooth and risk-free transaction which will allows you to take advantage of currency conversion and exchange rates.