Relocating abroad?
If you're thinking of emigrating abroad, it's never too early to discuss the movements of your assets with a foreign currency specialist.
Your personal account manager is on-hand to help you plan your move and ensure emigrating abroad gets off to the best possible start for you and your family.
We are experienced in handling client funds for the purpose of emigration together with related transactions which can also mean money coming back to the UK from the destination country. We work with our clients to gain a full understanding of their emigration process including timescales and value of funds to be exchanged and transferred.
Emigration can lead to the exchange of large sums of money. Life savings and proceeds of property sales and investments are very often involved meaning it is vitally important to get the correct guidance. We will liaise with the client to ensure they are not exposed to the potential of adverse exchange rate fluctuation and to help maximize the proceeds of their currency exchange.
It is never too early to speak with us to discuss what is one of the most important parts of the emigration process. If currency exchange is left to the last minute, you may be risking thousands of pounds if the exchange rate moves against you. As soon as you are 100% sure you are moving, you should be thinking about currency exchange and its implications. Engaging with us as early as possible in this process allows us to work with you from the outset to eliminate any risks, allowing you to concentrate on the many other aspects of your move in the knowledge that your financial well-being is being monitored by a specialist.
Example of exchange rate fluctuation:
A family has sold their house and plan to transfer the proceeds along with additional savings to Australia.
| Exchange rate on 23/5/2012 | Exchange rate on 7/8/2012 | |
|---|---|---|
| Transfer amount in GBP (£) | £150,000 | £150,000 |
| £-aud exchange rate | 1.6180 | 1.4710 |
| Transaction Charge | £0 | £0 |
| Total proceeds in A$ | A$242,700 | A$220,650 |
By not seeking advice and planning the transfer of your assets, you could have lost as much as A$22,050 (or almost £15,000) in just over 2 months.
Example of exchange rate fluctuation:
Following retirement and emigration to New Zealand, a parent now needs to send money back to the UK to cover their daughter’s school fees totalling £28,000.
| Exchange rate on 15/2/2012 | Exchange rate on 23/5/2012 | |
|---|---|---|
| School fees in GBP | £28,000 | £28,000 |
| Nzd-£ exchange rate | 1.8640 | 2.1040 |
| Transaction Charge | £0 | £0 |
| Cost in NZS | NZ$52,192 | NZ$58,912 |
By not seeking advice on the implications of exchange rate volatility on the cost of school fees, you could have lost as much as NZ$6,720 (or nearly £3,200) in a little over 3 months.
No1 Currency is a foreign currency specialist. We offer a range of services to help protect you from currency fluctuation and get your new life off to the best possible start when emigrating abroad. The following case studies help explain the whole process in detail and illustrate the benefits gained from using a foreign currency specialist:
Registering with No1 Currency is the next step. This is a simple and quick process and allows us to start to understand how we can help!
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