Whether you are in the early stages of your emigration plans or an established expat, foreign currency exchange is likely to play a part in your relocation.
Transferring savings, purchasing a foreign property, moving wages/a pension or meeting general living costs are all foreign exchange requirements you may have to deal with, but as the foreign exchange market is notoriously volatile it pays to do a little research.
Securing a competitive exchange rate can leave you considerably better off - particularly on larger transfers - so picking the right time and best manner of moving your money overseas is essential if you want to get the most for your money.
However, exchange rates can fluctuate in response to any number of factors (from political shifts to economic developments and environmental disasters) so knowing when to make your trade can be tricky.
To this end, leading currency brokers are able to offer specialist guidance and an invaluable insight into market movements and currency trends. As currency brokers work on smaller margins than most banks, they can also offer you an exchange rate over 3% better than banks are able to provide and give you access to services like 'fixing' a favourable exchange rate up to two years in advance of a trade.
Saving Money on your Foreign Currency Exchange: Case Study
In order to fund their emigration to France, Mr and Mrs Symons needed to transfer the funds accrued from their UK house sale into Euros.
As the couple wanted to get the best possible return on their transfer, they made enquiries with their bank and several currency brokers and found they could save a considerable amount.
TorFX secured them an exchange rate 3% better than their bank offered and conducted the transaction without adding fees or commission.
Here's how their transfer broke down.
- The Symons sold their UK house for £275,000
- Their bank offered 1.2513, meaning the Symons would have achieved €344,107
- TorFX offered 1.2900, so the Symons secured €354,750
- That's a saving of €10,643
If you've got an international money transfer coming up and want to get the best return, look into your options and find out how much money you could save.