Currency savvy Expatriates save Thousands

Recent research has shown that Brits upping sticks and emigrating for a better quality of life risk losing up to £10,000 of assets in the move

Considering that there are now as many as 500 Brits leaving the UK every day for countries like Australia, New Zealand and Canada in the search for a better quality of life in the sun, it is imperative that people contemplating such a big move have adequate financial strategies in place.

It all hinges on the exchange rates that can make or break your pot of money. Those planning to move abroad, whether this is in the next six months or the next two years, should seriously think about taking out a ‘forward contract’. This basically means Brits can lock into the excellent exchange rates of the moment, protecting themselves from future fluctuations.

The average family moving from the UK will do so with assets totalling around £250,000 from the sale of their home and car, as well as their savings.

When the amount of money in question is this high, changing it up via a high street bank is a huge no-no and will cost Brits around £10,000 due to extremely unfavourable exchange rates. The more competitive rates of currency specialists are up to 4 per cent lower, saving thousands.

Making the decision to move to a new country is a big undertaking, both emotionally and financially – the last thing that any family would want to do is unnecessarily lose as much as £10,000 in the process.
 

The earlier you begin thinking about your currency requirements, the more likely you will be able to start your new life with as much money as possible. The majority of people emigrating from the UK are not millionaires jetting off to a luxury island, but everyday people who are likely to be most affected by banks charging over the odds for currency exchange and losses through currency fluctuation when transferring their worldly goods overseas.

With this in mind, Candour Consultancy has researched the currency exchange houses available and, over the past 3 years we been working closely with Currency UK to provide the best exchange rates for our clients. For more information on Currency UK or to request an obligation free quotation, just click here to be taken to their website.