Moving Abroad
Moving abroad – we can help you find the best foreign exchange rates
Moving abroad or retiring overseas can be a big step, and if it’s one you’re about to take you’ve probably got a lot on your mind, from finding the perfect home in your new country to saying goodbye to family and friends.
Securing the best exchange rates on overseas money transfers probably isn’t at the top of your to-do list, but it could help you bring down the cost of your move and leave you with more cash to start your new expatriate life.
Compare Money Transfer can help you find the best foreign exchange deals when sending money abroad. We are the first foreign exchange comparison site to hit the internet and we only list FSA registered brokers.
Our comparison tables provide all the information you need to transfer your funds into your new home currency, or send money back to the UK once you’re living abroad, in the quickest and most cost effective way.
With more and more people leaving the UK to enjoy a better standard of living on foreign soil, the options for transferring money abroad are numerous. At Compare Money Transfer, we can help you choose the right one.
Sending money to and from the UK
If you’re moving abroad, you’ll either be looking to buy a property or rent one in which to live. Either way, you’ll need to carry out a personal money transfer from the UK to cover the costs.
Maybe you also have life savings or a pension income that you want to send to your new home country, so that you have a financial nest egg to help you get set up, possibly in the form of a one-off transaction.
Once you’re living the expatriate lifestyle, you may also need to send money home to cover costs in the UK. Maybe you need to pay bills on a property you’ve kept on, or perhaps you have children still attending university at home.
If you’re making regular money transfers from your overseas bank account back to the UK, then it’s important that you find the best foreign exchange rates possible and avoid paying over the odds each time.
Of course not everyone moves abroad to enjoy their retirement or to swap their hectic lives at home for a more relaxed pace in the sun. Some people choose to move overseas to set up a business.
If you’re one of them, international money transfers will be a major consideration when you’re starting out and could be needed regularly once your business is up and running.
When you move abroad, there are numerous reasons why you may need to transfer money from one country to another. If you can avoid excessive fees and find the best rates, you could save yourself thousands of pounds.
How to transfer money
There are several options when it comes to transferring money before and after a move abroad. The method you choose will depend on the amount of money you need to transfer, the regularity with which you need to send it and how quickly you need the transaction to take place.
Expatriate money transfer services are available through most banks and building societies, but the rates charged are usually much higher than those available through specialist foreign exchange brokers and money transfer companies.
If you need your funds to arrive quickly, then a money transfer operator may be the best option. Money can be sent either through an agent or online and funds can be collected from a branch agency overseas using an ID or reference number. However, fees can be higher than those charged by brokers.
An internet money transfer can be a handy alternative for smaller sums, as fees are often quite low. However, it can take time for funds to appear at the other end, so online services may only be suitable for non-urgent transactions.
Another option, and perhaps the best choice when buying property abroad, moving substantial savings pots or setting up a business, is a foreign exchange broker. Most do not charge fees, and because they sell large amounts of currency, they’re able to offer highly competitive exchange rates.
They also allow you to fix rates up to two years in advance of your transfer, so if you’re planning to move abroad in the next 24 months and you see that exchange rates look favourable now, you can fix them to avoid fluctuations later on.
Compare Money Transfer can help you
At Compare Money Transfer, we offer a transparent comparison service that can help you track down the best deals for your needs, whether you require lightning fast transactions or the best exchange rates on the market.
Our tables list everything from exchange rates and transfer fees to customer perks and benefits to help you make an informed decision. What’s more, because we only list FSA registered money transfer services, you can be confident that your money is safe, whichever company you choose.
If you’re moving abroad and you’re waiting for exchange rates to improve before you take the first step, you can sign up to our Rate Watch service. Simply set your target rate and we’ll let you know when it’s available.
To find out more about our expatriate money transfer comparison service and how it can help you save money on your overseas move, complete our online form and we’ll call you back.