How AQWIRE Helps Travelers
Part 2 of a 3 part blog
Read part 1 here: https://medium.com/aqwire/how-aqwire-help-expats-1735f23f7aae
There are two types of travelers:
The ones who travel for leisure and those who travel for work.
Both have different purposes for traveling. While one is eager to try every unique activity the country has to offer, the other is more worried about delivering the right sales pitch to a board of potential clients.
Since people who travel for leisure have more time at their disposal, they tend to explore more and seek adventure throughout their stay. Some, if not most, develop some kind of ties that make them fall in love with the country. This leads them to visit the country multiple times and even consider buying a property there.
But please don’t get it wrong. Business travelers are also likely to do the same. It might be of the same reason but in most cases, it is because businessmen find it more convenient to own a place in a country they frequently visit for business purposes.
This brings me to my next point.
Travelers, regardless of what type, are more likely to buy their own property in countries they visit frequently. Just imagine how nice and comfortable it is to sleep in your own bed while staying in your favorite country.
Unfortunately, the processes involved in acquiring a property in a foreign country are complicated and demands a lot of work. It’s definitely not as easy as buying a property in your home country where you can talk to one broker and he’ll do the rest of the work. We all hope it’s that simple.
Instead…
If Mike Williams from Brooklyn wanted to buy a pre-built two bedroom condominium unit in Bangkok as his vacation home, he would have to go through a long, complex process before finally acquiring his new home.
To illustrate:
- Mike would need to do an intensive research to learn which property developer best meets his preferences as well as the regulations in acquiring a property as a foreigner in Thailand.
- After finalizing his decision, Mike will then need to reach out to a real estate agent from the developer of his choice to assist him with the process. He will need to prepare and submit all necessary documents to comply with the developer’s term (if the forms and agreements he needs to sign are written in Thai, it would require the other party to have all documents translated which will take even more time).
- Mike should also consider how he’s going to pay for his reservation and monthly dues. As it turns out, his payments must come from outside Thailand for him to qualify as a foreign buyer (this is in accordance with Thai Condominium Act B.E. 2522 (1979) as amended in 2008).
- Unless he can pay straight out of his own pocket, Mike would have to apply for financing from a Thai bank, which can be really difficult to get approved even with sufficient documents as Thai banks generally won’t lend to foreigners. But even if he does get financing, the money should still come from overseas since Mike is buying as a foreigner.
- Another option for Mike is to apply for bank financing in his own country. This option still requires Mike to transfer his money over to his bank account in Thailand (if he has any) or send it directly to his property developer, if they allow it. Either way, it will still cost him expensive international wiring fees.
- If Mike does not have a local bank account in Thailand and wouldn’t want to spend expensive wiring fees on international transfers, he can opt to send his payments via remittance centers to a trusted third party. This method is the least recommended since it’s difficult to trust another person with your payment, especially in another country.
- In addition, Mike will need to obtain a Foreign Exchange Transaction Certificate before he can start paying for his property.
The process can take from a few weeks to several months, depending on the buyer’s situation. As of now, there are still no easier and more seamless way to go through this process.
How Does AQWIRE Solve This?
AQWIRE is a global property marketplace that connects property developers and buyers from all around the world. Property buyers, no matter where they are, can browse through thousands of units for sale in whichever country they wish to buy a unit from.
AQWIRE can provide comprehensive information on each unit as well as the regulatory concerns the buyer must take note which will greatly help with the decision making. And since we are partnering up with lawyers and validators, the accuracy of information provided on the platform will be assured.
Buyers are also connected with agents directly regardless of the distance barrier. Concerns are addressed entirely online so we can assure the availability of agents at anytime. Document and legal translations are also accessible on the platform which will save both time and cost to the buyer.
Paying for the property will be the best part in using AQWIRE. Issues like opening a new bank account in another country or issuing dozens of post-dated checks will no longer be a worry for the paying party. With Qwikwire, AQWIRE’s parent company, payments such as reservation fees and monthly amortizations can be settled online almost instantaneously. Buyers can use their own locally issued cards to pay for their unit abroad, seamlessly. They can also opt to do direct bank transfer via ACH with a very minimal fee. And with AQWIRE’s partnership with SCI, one of Philippines’ first and largest cryptocurrency gateway, payments using major cryptos like bitcoin, ethereum, and litecoin will also be accepted once the platform is up.
We are firm that AQWIRE can solve the underlying issues in buying properties across countries using the latest technology. We want to give travelers the opportunity to acquire their very own home in the country they wish to stay in. We believe that going through a long and complex process just to get that desired comfort is unnecessary and has to be improved.
That is why we are very keen to build AQWIRE. We understand the pain foreigners have to go through when buying properties abroad. The illustrated scenario above was just one of many situations that actually happen to real buyers.
Through AQWIRE, these issues will no longer be issues.
Let’s talk about blockchain, real estate and AQWIRE!
Read our Whitepaper: https://aqwire.io/#whitepaper
See us on the following sites!
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Github: https://github.com/AQWIRE
