How foreign exchange can reduce your pension
When thinking about your pension fund, the impact that foreign exchange can have on its value isn’t something that comes up very often. However, if you elect to retire abroad, the payments from your pension can be hit by poor exchange rates, bank charges, or other overheads when the money travels from one currency and country to another. These charges might seem negligible on initial payment, but they will soon add up as repeated transactions are made and put a significant dent in the value of your pension.
That’s without mentioning the potential for fluctuating exchange rates drastically changing your income month-to-month. Currency markets have been particularly volatile due to various geopolitical tensions in recent years, resulting in some expat’s pension payments fluctuating wildly in turn. This lack of certainty can be very stressful for expats, affecting their financial certainty and security.
Thankfully, Currency UK has a range of solutions. Your options include setting up a recurring payment at a fixed exchange rate, providing the certainty you need to effectively manage your finances. Whatever your needs, Currency UK can help you make the most of your pension.
Most UK pensioner expats move to the EU, but now that Brexit is officially signed off and the advantages of moving to the EU are less pronounced, many expats are looking further afield for their dream retirement lifestyle. Here are some of the most popular places outside of Europe for British expats to move to.
The former prison colony tops the list of places for British expats to emigrate, even beating out places in Europe like Spain and Ireland. Their points-based immigration can make it more difficult to successfully emigrate, but the good weather, English-speaking locals, and other cultural similarities make this a popular destination for expats.
We have a lot in common with our friends across the pond. We share a language, have extensive cultural exchange through the film and music industries, and
The variety is the real appeal of the US, not many countries can boast the deserts of Nevada, the Bayeux of New Orleans, the tundra of Alaska and the concrete jungle of New York all within their borders. It may be a trek to get there, but it’s actually the closest country on our list, closely tied with…
A country that shares our monarch and our language, Canada also shares many aspects of UK life such as universal healthcare. Canada may not have the variety of climates that America boasts, but it offers similar weather to the UK and a variety of lifestyle options from the bustling cities of Vancouver and Toronto to quiet and quaint idyllic towns found in Nova Scotia and Alberta. If you’re looking for community and friendliness, Canada may be the ideal destination for you.
For those desperately seeking warm weather, you could do a lot worse than South Africa. The country has been climbing the popularity rankings for British expats in recent years and it’s not hard to see why. The landscapes are truly breathtaking and the wildlife is world-renowned, and there’s even more of it just a short drive or flight away. The cost of living is also substantially lower than many of the countries on this list, so your pension will be able to go a lot further, provided you take advantage of Currency UK’s foreign exchange services of course.