TorFX - What to Consider When Moving Abroad

Emigration focus: moving money when moving abroad

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When it comes to making a fresh start in a new country, knowing where to start planning the move can be a bit daunting. The best way to approach the mammoth list of tasks, including money transfers, is to take them one at a time.

By preparing for every eventuality, you can make the process more manageable and increase the odds of being able to deal with problems should they arise. Below, TorFX takes a look at some of the key steps you can take in the area of currency exchange in order to reduce some of the hassles of moving abroad — and make your money go further.

Shop Around for the& Right Currency Transfer Provider

Whether you need to transfer money abroad to buy a foreign property or make regular currency transfers (to make mortgage payments or send wages or a pension overseas), the type of provider you use to manage your international money transfers can make a massive difference to how much you receive.

While the most popular options are banks and specialist currency brokers, people are becoming increasing clued up about the benefits of using the latter over the former.

One of the biggest advantages of using a currency broker over a bank is that it can typically offer you more competitive exchange rates. As even a small discrepancy in the exchange rate can mean the difference of thousands on larger currency transfers, securing the best exchange rate possible is key.

Additionally, some currency brokers will assign you a personal account manager. These currency experts can answer all your questions, offer invaluable guidance regarding the best money transfer options for your needs, and act as a constant point of contact whenever you need support or information. 

Some currency brokers even work on a fee-free basis, meaning you’ll see immediate savings.

Currency broker

Save Money on Your Foreign Property Purchase

One of the biggest considerations when it comes to moving abroad is finding somewhere to live, whether you happen to be buying a house or finding somewhere affordable to rent.

Regardless of which path you decide to take, you may need to exchange your funds for the currency of the country you’re moving to in order to meet the purchase or rental costs, and this is where currency brokers can be a great help.

As well as being able to keep you informed of the latest currency market movements, and thereby help you transfer money abroad when the exchange rate is more favourable, currency brokers offer a range of specialist services which can be tailored to suit your particular needs.

For example, if you aren’t looking to buy a house immediately or are still searching for the perfect property, you can take out a Forward Contract with a currency broker, which locks in a favourable exchange rate for up to two years. This means that even if the exchange rate worsens, you’ll still be guaranteed a good rate when you manage to track down the home of your dreams.

Save Money on Your Foreign Property Purchase

Make your Regular Currency Transfers go Further

Once you’ve emigrated, you might find that you need to transfer money abroad on a regular basis to pay mortgage payments or transfer wages or a pension.

Organising such transfers with a bank can be time consuming, and as many banks apply charges to every transaction, they could also prove to be very costly over the course of the year.

But with the Regular Overseas Payments (ROPs) service offered by some currency brokers, you can arrange for your transfers to be conducted automatically on a day of your choosing.

You won’t be charged transfer fees and you can rest easy in the knowledge that your money is being moved at a competitive exchange rate.

Stay Informed and Achieve Better Exchange Rates

Getting more for your currency transfer requires securing a competitive exchange rate. While the provider you use to manage your transfer can impact the exchange rate you achieve, timing is also crucial as exchange rates can move dramatically within days.

For example, the UK’s decision to vote to leave the EU in mid-2016 had a profound impact on the pound sterling, with the GBP EUR exchange rate plummeting from 1.31 in late June to 1.16 by mid-July. This would mean the difference of €15,000 on a £100,000 currency transfer.

Picking the right time to transfer money abroad can seem tricky, but the process becomes far simpler if you follow the latest currency news. Some currency brokers will send you regular market updates outlining the latest exchange rate shifts and detailing currency trends you should be aware of. You can also opt to sign up for Rate Alerts, so you’re informed as soon as an exchange rate hits a certain level.

TorFX - Exchange rates

Preparing to move abroad can be stressful, but getting your currency transfers organised shouldn’t be. Consider these factors when planning your move and see how much money you can save.

 

TorFX / Expatica

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