If you’re thinking about moving abroad you may already be in that stage where you are beginning to cost everything up. You’d be forgiven for finding it a rather more expensive proposition than you were originally expecting, especially if you are working across two different currencies. There are often large sums of money involved in an international move that need to be exchanged into foreign currency, whether you’re transferring personal or business accounts or even buying property. This is why it’s important to get the best possible exchange rate for your money, and here are some tips on how to do just that.
Assessing the Options
Many people go straight to the high street currency exchange services. However despite their relative convenience you will find they typically offer very poor rates which lead to punitive losses if you are exchanging significant sums. It’s a good idea to always check the prevailing exchange rates using tools like those online at Currencies Direct so you can have a rough idea where the current rate stands. Banks can offer a good alternative with more favourable rates, however they often charge high administration fees, and you may have to wait longer for them to order the money into the local branch. You could instead bypass these and find a foreign exchange broker, or a financial advisor who specialises in the practice of money exchange. Expats often look to these specialists as they offer better exchange rates and take a smaller personal cut out of your money. They are also clearer about the costs involved including their own margins, offering a more personal service and specialised advice. If you’re moving to a particularly challenging country like Russia or China where the rules, not to mention the language, are very different then their expertise will come in especially useful.
Where to Find Advice
With so many different foreign exchange brokers on the market, it’s worth speaking to a range of different specialists before opting to work with one of them. Check their credentials such as Financial Service Authority membership as well as whether they are registered with the Authorised Payment Institution, which will give your money more security if the broker suffers financially. Visiting them in person is always a good decision too. Ultimately you have to do your homework thoroughly and shop around before deciding on a currency exchange method, so that you can keep more of your hard-earned money and make the most of your move.
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