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Posted September 14th, 2011 by Charles Purdy

Protecting your money when you move abroad

When it comes to buying or moving abroad, one of the precautions often overlooked is how to protect your money; you’ll use a recommended agent, hire a reputable lawyer, rely on an accredited removals company and make sure you’re fully insured. So what can you do ensure you get the best value for money for any funds you send abroad.

The first answer many people give is “go to their bank, I’ve been with them years and trust them”. While high street banks in the UK can send your money abroad, you can be sure they’ll charge you commission and the exchange rate they give you will be strongly stacked in their favour.

There is an alternative though – currency transfer specialists. When it comes to transferring funds between bank accounts in different countries, whether it be life savings, regular mortgage payments or paying a deposit on a foreign home, a currency exchange specialist will save you money compared with a bank, as well as offering a better service.

One example is Smart Currency Exchange whose exchange rates typically beat the high street banks by up to 4%. This might not sound like a lot but if you are selling your home and moving the proceeds abroad, this small percentage amplified over a transaction worth tens or hundreds of thousands of pounds of euros or pounds amounts to a lot of money! For example, this could be up to £4,000 on a transaction worth €120,000. Also, currency specialists charge no, or a minimal commission (depending on the value of a transaction), saving you more money.

When you open an account with a currency specialist you are assigned a personal account manager who will process currency transfers for you and should be available any time. They can offer advice on the best time to buy your currency, as well as offer several different contract plans to suit your money needs. It is important that you talk through your plans with your Smart trader as it may be that you need the money sooner rather than later. On the other hand you may be at the beginning of the moving abroad journey, in which case you may not need the money for six months or so – whatever your circumstances, Smart can help you get the best out of your foreign currency exchange.

If you haven’t yet collected your FREE report from Smart on "Why Overseas Property Buyers Lose Money… and how YOU can avoid it" get it here

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