Some of the most common reasons to move to the UK include greater job opportunities, higher salaries, life-style and the prospect of living in one of the richest countries in Europe. In many cases the move happens very quickly and during the rush to move, including all their savings and wealth, they can make costly mistakes.
One of the most expensive common mistakes made is to transfer large sums of money (e.g. proceeds from the sale of a house or savings) through a high street bank rather than an international payment specialist. Aside from saving thousands by getting better exchange rates, your funds will be transferred quicker and with reduced fees when using a specialist organisation.
If you want to guarantee that the sum you have to transfer doesn’t depreciate in value – say, between now and next month when you’ll move the funds – you can reserve a set exchange rate today knowing the exact amount you’ll get in a month’s time.
For example, Mr and Mrs Jones decided to immigrate to the UK from the United States to help their daughter raise their first grandson. The Jones’s loved their life in America yet they yearned to be with their family and didn’t want baby Alex to grow up without close contact from grandma and grandad. They sold their main American property to make enough money for a home in England. After the sale of the property, they made a nice profit to move to England and live comfortably.
Armed with a total amount to be transferred, the Jones decided to weigh up their options to transfer the funds to the UK. When comparing the end amount that would be depositing in their UK Sterling account between their US Bank and an International Payment Specialist they discovered a substantial difference.
Their choice of methods to move their funds was simple; by using a specialist they gained over GBP7,000 more than they would if they used their bank.
The Jones’s, however, had a problem. They could only move the funds in two months time. After a discussion, to their relief the Jones’s discovered that they could reserve today’s excellent rate and still move the money in 2 months time.
Immigration is an involved process and there are hundreds of things to consider. When it comes to moving money internationally – especially large lump sums – it pays to enlist the help of a specialist. Not only can they help to get excellent exchange rates, they have systems that allow for quick and efficient transfers – in most cases funds can be in the UK within 24 hours of instructing the transfer to take place.
Charles Purdy is a Director at Smart Currency Exchange Limited, international payment specialists. To move money to and from the UK visit the link above, or ask Charles his advice on our Ask the Expert channel.
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