There is a simple alternative to the maddening hassle of CNY currency transfers from China.
The exchange of Chinese Yuan into Australian Dollars is currently one of the most difficult yet most desired transactions. Australian real estate is one of the most popular investments in China. Compass Global Markets offers simple exchange between the two currencies, thereby removing the most common road block most Chinese Nationals face when wanting to buy real estate in Australia.
In seven years, the Chinese have spent over $24 billion in the Australian real estate market. This incredible number is impressive on its own; however, the massive amount of funds being poured into the market is even more impressive considering how difficult the transfer of money can be. The Chinese government places stringent procedures on the transfer of money out of the country. For example, Chinese residents who are looking to purchase foreign currency can only transfer up to USD $50,000 each year. Furthermore, transferring money to or from any foreign bank will require hours in an office examining documents and paying the necessary fees, with month long waits and no guarantee of approval.
When dealing with most of the banks, the process is complicated in order to give the bank the ability to charge more fees, which takes away from one’s foreign purchasing power. Many banks, for example, will require CNY to be transferred into foreign currency, and then deposited and transferred. Fees can include exchange cost, a flat transfer rate, an interval transfer rate that depends on the amount of CNY, and even transfer fees from the receiving bank. For a first time buyer, the process can certainly be dizzying.
To help ease the stress and bring homebuyers closer to their new properties faster, my company provides quick and easy transfers. The process is as simple as other international transfers, which takes a huge weight off the buyers’ shoulders.
I have taken a great present interest in this market throughout my schooling and early career. My majors are in property and finance, which have given me a deeper understanding of the nature of this rapidly growing market. To gain an even greater understanding, I also lived in China and studied Mandarin and Chinese business culture.
I am therefore well equipped to help those who are interested in Australian real estate. My company uses the latest technology and systems to greatly simplify currency transfers.