Get the best deal when moving money
March 17, 2015
Transferring thousands of pounds into another currency is an essential part of moving to a new country. How can you get the most out of your money?
Getting the right exchange rate can save you a fortune when transferring funds. As you prepare to emigrate, it’s important to find the best way to move your money.
Exchange rates fluctuate constantly. The slightest shift in the economy can create big swings in currency values. Be wise when transferring to avoid leaving a hole in your wallet.
Many don’t consider the effect that currency fluctuations can have on their money. The impact can be eye-watering. For example, exchanging £200,000 to a Eurozone country at the February (GBP/EUR) rate of 1.35 would work out at approximately €270,000. Whereas, transferring that amount when the (GBP/EUR) rate was 1.25 would have left you with €250,000 – that’s a big difference.
Following continued economic uncertainty surrounding Greece, the sterling-euro exchange rate hit a seven year high in February 2015. The euro was worth €1.35 to the pound, compared to €1.25 six months earlier in July 2014.
Whether you’re relocating abroad to work or retire, you’ll need to have your finances in order. Emigrating can be expensive, so saving money by escaping bank charges and poor exchanges rates is key.
You don’t have to use your bank’s facilities. Foreign exchange experts such as moneycorp typically beat banks by up to 4% on exchange rates and offer transfer fees from as low as £4. A number of banks typically charge £20 to £40 in fees every time you transfer money overseas.
Crown Relocations works with our trusted foreign exchange specialists moneycorp – if you would like further information on how you could save money by using them when sending money overseas, please email: CrownRelocations@moneycorp.com
Alternatively you can call moneycorp on +44 (0)207 589 3000 – just mention Crown Relocations when contacting them.