National Bank Customers Can Now Make International Transfers by Mastercard and Interac + MORE Jun 8th

The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
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On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic. 
The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a higher credit score to qualify for CMHC insurance, and will require a homebuyer to use their own, and not borrowed, funds for their down payment.
COVID-19 “has exposed long-standing vulnerabilities in our financial markets, and we must act now to protect the economic futures of Canadians,” said Evan Siddall, CMHC’s President and CEO. 
CMHC provides insurance that protects lenders if homeowners default on their mortgage. If a buyer has a down payment of less than 20% of the purchase price, mortgage default insurance is required, and is paid by the homeowner. Some properties, including those with a purchase price of $1 million or more, are not eligible for CMHC insurance. 
Siddall says the new rule changes will stabilize housing markets by reducing demand and putting a damper on “unsustainable housing price growth…

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National Bank Customers Can Now Make International Transfers by Mastercard and Interac
National Bank, one of Canada’s largest and oldest financial institutions, is offering its users a more natural way to send money abroad, thanks to the new feature announced by the bank in May. The new International Transfer by Mastercard and Interac is a joint, cross-border solution for Canadians to send money to bank accounts located outside of the country.
Until now, in most circumstances, sending money to friends or family outside of Canada was a complicated process that involved wire transfers and surcharges. The International Transfer by Mastercard and Interac feature allows Canadian customers to quickly send money to friends and family in 19 destination countries, with more being added to that list regularly.
This new and rare transfer capability is excellent for Canadians needing to send money overseas to friends or family travelling abroad or to pay for goods or services internationally.
How International Transfer by Mastercard and Interac works
To send an international payment, you must be an existing National Bank customer and have an account with a sufficient balance to cover the amount you wish to transfer…

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June 8 Update: A new card has been crowned as the best Mastercard to use at Costco & Cogeco users may not have got our newsletter last weekLast week saw the devaluation of the Rogers World Elite Mastercard take place (read more about changes here) which means we needed to update our feature Top 5 Mastercard Cards to use at Costco as the Rogers card is no longer the best card to use at Costco in terms of rewards earned.If you subscribe to our weekly newsletter and have your email address with Cogeco it looks like you didn’t get our newsletter from this past Friday. For some unknown reason Cogeco bounced 70+ of your emails back to us. You can read that last issue online here. Hopefully that issue will be fixed for this week’s newsletter. If this issue happens again this week we’ll reach out to Cogeco to see why we may be on their blacklist….Airline Schedule UpdatesThis will now be a standard feature for the foreseeable future in our daily update posts as we summarize Canadian operations based on data from RoutesOnline and other sources. Remember that many of these route plans are subject to change and right now they are changing frequently!No route news for today…

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