If you’re retiring overseas you will possibly not just be relying on a smaller income, but one that is fixed too. Even more concerning, if it’s being paid in a different currency it will change every minute with exchange rates, making budgeting difficult. Thankfully, it’s a problem we can help with…
Foreign exchange can be a daunting prospect, especially for those only used to exchanging holiday cash. Moreover, with rapidly moving exchange rates there are pitfalls for the unwary. Here we run through some of the important decisions you will be making, and how Smart Currency can help keep your money safe.
Overseas property deposits
When purchasing property abroad, you will need to deposit the local currency. We can help you understand the process, budget accurately for your property purchase and save you money on bank fees. Moreover, you can lock in a rate that enables you to fulfill your plans for up to two years in advance with a forward contract, protecting you from market fluctuations.
Transfer of wealth
Transferring your savings to retire abroad can be a complex process if not done carefully. Smart Currency Exchange can guide you through the process, ensuring you get the best rates and save on transfer fees. In addition, we can help you set up regular, automated payments for any ongoing financial commitments you may have in your home country.
Getting your pension overseas
You can receive your state pension directly in your overseas account. Read more on Gov UK. Receiving a private pension overseas, however, means it will be subject to fluctuating exchange rates. At Smart Currency Exchange we will set up a regular payment plan for your pension, which, if used with a forward contract, will eliminate the risk of currency fluctuation. This means you’ll know exactly how much you’ll receive each month, making budgeting easier. We will also ensure that your pension is transferred quickly and securely to your overseas account.
Other transfers
Moving abroad you may have other transfers of money, from receiving rental income perhaps, or sending money home for university fees. Whatever your needs, we can help you manage these payments efficiently and cost-effectively. Moreover, we can set up regular or one-off payments, saving you time and money on international transfer fees.
Smart Currency Exchange is a specialist in overseas property purchases and has helped thousands of buyers secure their dream homes abroad. Simply give us a call today to get started and we’ll help you put together a personalised currency plan.
