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Money Transfer Abroad

July 27th, 2010 • No Comments

Currency Exchange – Foreign Money Transfers.

If you are buying property overseas, you will need to buy, and transfer, money. While currency is generally regarded as an afterthought, the fact remains you will need to consider how convert your existing currency to the one in the Country of your destination at the best rate available or you may lose out by thousands.

Almost a million Britons have chosen to emigrate to Spain alone. Most have chosen to emigrate for a better quality of life and to avoid the high taxes imposed on Britons who reside in the UK. However, quietly, there seems to be a reversal in the process at the same time. Expats, who have lived a broad for a few years, miss the family, prefer the healthcare at home, or just need a job more suited to their talents, all move back to the UK. Imagine this constant flow both leaving, and arriving, at the same time. All of these people have to convert their currency to and from the British Pound.

Changing your currency seems, to most people, an afterthought. It appears that most people just accept that the bank will take a commission. Because the currency exchange is done by quoting exchange rates, most people have no idea how much the bank has taken in profit. In some cases, the bank’s profit can run into thousands! Using a foreign exchange broker is often considerably cheaper.

When moving money, you will to need to open a foreign bank account to receive your funds. As a non resident, it is crucial to consider a banking facility, or banking provider, that will allow you easy access to your savings and investments. A number of UK high street banks have networks abroad like Barclays, Halifax and HSBC. This could be useful if you are planning on still keeping funds in the UK. This won’t leave you high and dry if you need funds transferred in a hurry.

An alternative option is to open an account with one of the growing number of online-only banks. With fewer overheads, these online providers can afford to be more competitive often offering higher returns on investments. As an online facility you can access your money or check your statements via the internet, from anywhere in the world.

If you want to transfer the money to the country of your chosen residence, you can simply ask the bank or currency broker you have chosen to do it on your behalf. A specialist foreign exchange dealer will inevitably charge less, as well as providing better rates on your money. If your savings are substantial, taking this route can reduce costs significantly.

Buying a property abroad, opening bank accounts, transferring savings and investments, as well as arranging your regular pension transfers and understanding your tax position is a complex procedure which is exactly why more people are turning to independent financial advisors for help and support. Before you consider emigrating, it will be worth having a consultation with your independant financial advisor, then talk to a currency exchange expert for the best foreign exchange quote.

Most receiving banks make an administration charge for receiving transfers. These charges will vary from bank to bank and country to country and are often negotiable depending on the arrangement the recipient has with the bank. It is important to check with your new banking provider especially if you anticipate moving large quantities of money for a property purchase or regular smaller payments for bills or mortgage repayments.

Foreign Currency Exchange brokers often operate using facilities provided by their principal banking providers whereby they can now send Euros to Spain without any charges or deductions being made by the receiving bank. It is commonly known that Spanish banks can charge up to 0.5% of the transaction value to receive Euros from a non resident account. This service could save around £500 on a standard sum of £100,000 in addition to the savings made by achieving commercial rates of exchange on any currency bought or sold.

Using a foreign currency exchange specialist can comfortably save the you many hundreds (possibly thousands) of euros when you get a comparative quote with your bank.
We are specialists in currency exchange. We don’t charge commissions, and our registered currency partners have a special arrangement with baks to avoid expensive receiving charges and offer they best exchange rates. With an annual turnover in the region of £450-500 Million, they have the power to set the exchange rates very low.

Call +44 (0)1480 458 400 and allow us to provide you with the best currency exchange rate today.