Leaving your entire life behind and emigrating to a new country for a better life can be intimidating as is. Whether you’re moving for work or retirement, you honestly don’t want to add the burden of how to exchange foreign currency and access your money in a foreign land.
In fact, that should be the last thing on your mind since anyway you’ll have to deal with other more important decisions. This is when having a concrete plan in place will help when you want to move your financial assets to your new home.
You don’t have to spend a considerable amount of money in currency exchange fees just to transfer it to your new home. There are a number of currency exchange sites like moneytransfer.org.uk that let you compare the different transfer fees and then decide which best suits you.
Transferring Money When Emigrating
There are many ways in which you can transfer funds overseas or access your money abroad. However, there are certain options that can seem quite lucrative at the time, but will end up being much more expensive in the long run.
For instance, if you’re considering withdrawing your cash from foreign ATMs, then it’s not a very cost effective plan, especially in the long run. Using your bank can cost you hundreds in currency exchange fees.
If you want to maximise both your small as well as big foreign currency exchanges, you should consider approaching a currency broker. And not just any one, only the ones that are credible and can be trusted with your hard-earned money!
You should know that these brokers are experts in their field. Contrary to popular belief, they don’t complicate things further. In fact, they simplify it as much as possible and help you save a significant amount of money.
How to Identify Reputed Currency Exchange Brokers?
The first thing that you should look out for is how easy and straightforward it is to sign up with them. A reputable broker will not charge you anything for signing up. If you’re asked to pay a sign-up fee, then you should stay away from them.
The second thing that most good brokers offer you is free consultation with no obligation. They should help you understand the process and figure out the most cost effective solution for you to transfer your funds abroad, even if you don’t guarantee that you’ll use their services.
For instance, if you’re emigrating to Australia and need the money for accommodation and day-to-day expenses, a good foreign currency broker should be able to transfer your money at a competitive rate. In fact, their rates should be lesser than that of a bank’s currency exchange fees that can go up to 3%.
Additionally, the brokers also end up offering specialist services that can prove to be very beneficial. An example of this service is something that lets you transfer a big amount at a favorable exchange rate.
Essentially, what the brokers are able to do is let you ‘fix’ a good rate as much as two years in advance of transferring the funds. Then all you need to do is wait until the exchange rate that you were interested in moves in your favour. At this point, you can ask your broker to fix it for you. Once the broker fixes the exchange rate, you can then transfer your money abroad without worrying about any negative shifts in the forex market. You’ll not end up losing due to that!
Since you’ll be emigrating, this form of ‘fixing’ the rate will be very useful. This way, you’ll know the exact amount that you’ll get for your currency exchange. It will also help you budget and plan your move accordingly.
Setting Up Regular Overseas Payments Account
Foreign currency brokers also enable you to set up something called as a Regular Overseas Payments account. This account is very useful if you’re moving abroad, but need to transfer funds from there on a regular basis. Maybe you need to manage your mortgage payments, move pension payments or pay international school fees, for instance.
This specialist service lets you transfer money on a quarterly or monthly basis. Of course, exchange rates will apply, but with this service you can get a competitive rate, without the additional cost of commission or transfer fees.
For transferring funds abroad, banks usually levy charges ranging from £10-£40 per transaction. Hence, with a Regular Overseas Payments account in place, you can potentially save hundreds over the course of a year in transfer fees alone.
Shopping Around for the Best Foreign Currency Exchange Rates
Comparing the various currency brokers and their reviews will help you get to know them better. This will also help you get the best exchange rate possible. Plus you can learn about the various services that they are known for and choose a broker accordingly.
Some are able to offer a same-day global transfer service, while some can customise a solution and plan that best suits your situation. Some forex brokers let you request a quote from them, while some provide a dedicated point of contact.
So, based on what you’re comfortable with, you pick a forex broker accordingly while emigrating.
Are there any other options?
Yes, there are. You can get in touch with your bank and find out what they have to offer. But more often than not their exchange rates as well as the fees will be comparatively higher than a foreign currency broker can offer. This is why many people pick a broker over their own banks.
No matter what you decide and where you emigrate to, you need to take the time to look around, compare the various options and then decide the best method to move your money abroad. After all, emigrating costs a lot and if you can save money while transferring your funds through a cost-effective plan, then why not?
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