Moving abroad – Where does foreign exchange fit in?
Deciding to move abroad is a significant undertaking for anyone at any stage of their life. The sheer volume of administrative tasks that need to be undertaken can be overwhelming without taking into account their complexity, especially in the wake of Brexit.
One area of particular complexity is moving money abroad. This could be a one-time transfer, such as moving money from an initial sale in your home country to the destination country to make a purchase, or more regular payments such as paying bills, collecting salary, or receiving pension payments. In either scenario, if you are not properly set up with an effective payments solution you may find yourself incurring losses over time due to fluctuating exchange rates and lack of risk mitigation. Both kinds of payments can also be hit by bank charges or other overheads, putting significant dents in the value of your money.
Currency UK has multiple ways of ensuring the value of your money is maintained across borders. By making use of our foreign exchange experts, you can dynamically manage your assets and transfer them to different currencies depending on your needs. You can make use of features such as market orders, through which you can automate currency exchanges when the market hits certain exchange rates, and rate alerts, which will alert you when the market hits a certain rate, but still gives you the final decision on when to trade.
If you need to make a transfer at a later date, it’s worth considering a forward contract. Forward contracts are when a particular exchange rate is agreed between parties for a currency exchange that will occur on a given date, or series of dates, for example, the day of the month a salary is paid. This means you will receive the same amount every month, even if the rate moves against you. This provides some much-needed certainty for your personal finances, as well as mitigating the risk of poor exchange rates if you were to make the transfers without due consideration.
For a larger payment, you can take advantage of our favourable exchange rates and the expertise of our foreign exchange team, who can facilitate your international payments for you using our financial products and innovative technology. The team is always on hand to answer any queries and advise you on any transfer or arrangement you may need to make.
To find out more about saving money on international transactions and ensuring you make the proper arrangements when moving abroad, speak to a member of our team by calling +44 (0) 20 7738 0777 or learn more about private client services here.