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Payment Reasons > Emigration

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 Online.

Client Feedback

"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.

Are you interested in saving money the Smart way?

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  • Read our Free Report - Find out how much you can save by being Smart!

Suggested ways to transfer money:

Buy currency at today's rate for a payment soon Exchange and transfer money today at a rate far more competitive than the high street banks
Learn more

Reserve today's currency rate for a payment later
This option is fantastic for property buyers that have staged payments and want to insure against an unexpected change in the price of your currency
Learn more
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