Leaving the UK?
Can we come with you?
Joking aside, making money transfers (for property, moving savings, etc) from the
UK to another bank overseas isn’t rocket science. There are, however,
many ways to do it ineffectively and lose quite a bit of money in the process.
The standard manner to send money to or from the UK is to visit a bank, request
that a certain amount of sterling or euros are converted and then instruct the bank
on where to send them. During this process there are three main areas where
people that are emigrating go wrong. They include: getting poor exchange rates,
paying unnecessary fees and finally failing to order currency at a good rate now
for purchase in the future. Let’s look at each one of these individually.
Getting Bad Exchange Rates
Similar to buying produce in a tourist location overseas rather than a village shop,
buying currency from a bank is more expensive than buying it from a currency specialist
like Smart Currency. A bad exchange rate is simply paying more for the currency
than you can get it elsewhere. You wouldn’t buy vegetables in one shop
if you knew that you could save £5 by getting them elsewhere! The issue
with currency is that you won't simply save £5 – you could save £000’s
by shopping around. For example, some currency organisations save clients
up to 4% over using the bank. This means that an instant savings of £4,000
can be made when moving a large sum of £100,000 by using a specialist rather
than a bank.
Paying Unnecessary Fees
Everyone knows that the banks like to charge fees – with overseas banks you
might get charged for withdrawing money or writing a cheque. Many banks even
charge when you deposit money. Again, by using a specialist currency organisation,
fees can be eliminated or reduced. Specialists know how the systems work and
they know the most cost-effective way to move money. Many expats move their
pensions from the UK abroad every month or quarterly. Fees in the UK can amount
to £25 for each transfer and that fee can certainly add up over the course
of a year! Why pay that fee if you don’t have to?
Order Currency Now for Use Later
This one product – called a Forward Contract – can assist people in
a massive way that are leaving the UK . Imagine knowing that you want to eventually
move the proceeds of your UK house sale overseas. Then imagine that while the sale
is going through, the value of the £ versus your destination currency is not
going in your favour. Situations like this happen often and people watch the value
of their funds decrease day after day.
What about receiving your pension or a regular payment from the UK to your overseas
location every month and then imagine that every month the value of it decreases
due to sterling weakening against the destination currency.
Both situations are totally avoidable.
Smart Currency Exchange can help you to reserve an exchange rate today and purchase
it in the future – this means that if you get the value of £1,500 from
your UK pension in month one, you can continue to get that same amount for the course
of the year! Those that didn’t purchase Forward Contracts during 2008/2009
sadly watched their pension values decrease by over 20%.
Transferring money internationally when emigrating is not a difficult process, however
it’s easy to get lost and sidetracked by figures and doing things the ‘traditional’
way. There are choices available and substantial amounts of money can be saved
by enquiring about alternatives to the bank. Currency specialists are regulated
by Customs & Excise and the FSA, must be registered as a legal company and are
backed by a bank or banks. Due to the fact that specialists buy large quantities
of currency, they pass savings on to clients that the Banks fail to pass to their
own clients. By using a specialist like Smart Currency Exchange, you’re
still using the regulated banking system, but by using a third party you instigate
a better services and, often, substantial savings.
Leaving the UK can be exciting;
however it is full of *unknowns*. In
order to ensure that you know how to save money and to reduce your risks when dealing
with currency exchange and transfer services, give us a call on our free phone number
0808 163 0102 (free phone) Apply
"The Smart Team provided my wife and myself with excellent assistance and service
whilst purchasing overseas. A truly professional approach combined with personable
and clearly well trained staff who are efficiently responsive to clients needs.
By using - and continuing to use - Smart Currency Exchange services we have saved
a considerable sum compared to using a bank. Even for transferring relatively modest
sums Smart will always be cheaper (and more efficient) than using the high street.
I have recommended Smart to a number of my friends. Allan Williamson" more testimonials
How will Smart help you to save money during your emigration process?
Please take the time to understand
the benefits of using our specialist Foreign Currency Exchange and Transfer service:
- Providing better-than-bank exchange rates
- Reducing the risk of your funds from decreasing in value
- Offering a service with no fees*, no commission, no hidden charges (*no fees on
transfers over £3,000)
- Giving you direct access to your dedicated Smart Trader. Unlike most UK international
payment specialists, Smart Traders are not paid on commission, thus your trader
will be working for you - not their pay-packet
- Making the whole process fast and effortless - leaving more time for you to spend
focusing on your plans to leave the UK!
Apply online now and get access to your Smart Trader to discuss just how much
Smart can save you! Let us help you to ensure the money side of your move
back to the UK is cost-effective, easy and fast.