Uncomplicating Expat Finances

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Uncomplicating Expat Finances

According to a recent survey conducted by a major international building society, 62% of expats find that their finances become more complicated once they move abroad.

And what with the language barriers, multiple currencies and exchange rate fluctuations people living and working abroad have to deal with, that really isn’t surprising.

Furthermore, Almost 50% of the more than 5,000 expats surveyed felt that having to juggle financial commitments in their home and host nations was the main cause of their finances becoming more complex – putting that reason way out in front of the others listed, such as having more money, having more investment opportunities and having to adjust to a different tax system.

But organising your finances doesn’t have to be complicated.

Whether you have a one off or regular foreign currency exchange to make consider using a reputable currency broker, and see how simple things can be.

While many people assume that using their bank will be the easiest way of making a transfer, it isn’t actually as convenient or cost effective as using a currency broker.

Banks generally charge anywhere from £10- £30 per transaction, as well as commission, and the exchange rate they secure for you is rarely the best available.

Leading currency brokers, on the other hand, can offer you excellent exchange rates, 0% commission and absolutely no currency transfer fees, as well as fast and secure international transfers on a huge range of currencies.

And if you go with a currency broker like TorFX you’ll also benefit from having a personal account manager, a dedicated individual who can sweep away the confusion and ensure you receive expert guidance and individually tailored foreign exchange services.

If you’ve got a large foreign currency exchange to make (like the kind involved in a home purchase) you can save thousands by using a currency broker. As buying an overseas property can be a lengthy process, and the foreign exchange market fluctuates so rapidly, the exchange rate can alter significantly in the time which passes between you having your offer excepted and actually exchanging contracts.

This means your dream home could end up costing you a lot more than you’d expected! But currency brokers like TorFX allow you to fix a favourable rate for up to a year, protecting you from adverse market movements and letting you know exactly what you’ll be paying for your property from the start.

And after relocating overseas you may find that you need to transfer money back home on a regular basis to meet mortgage/rental payments/school fees, or to make pension/wage transfers.

Whilst these transfers can prove costly and time consuming when done through a bank, some currency brokers offer their clients a Regular Overseas Payment Service which makes everything simple. No transfer fees or commission make it the most cost-effective option, and payments made automatically on a date of your choosing make it a stress free option too.

So whether you need to make a one of transfer or have to organise making regular overseas payments, make your life less complicated and see how a currency broker could save you time and money.

Richard Martin
This post was written by
After working in business development for a major UK currency brokers for several years, Richard left Britain to help set up the company’s Australian office and now lives and works in Queensland; making the most of his new Down-Under lifestyle.