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Moving to a new country can seem daunting and it requires planning but you’ll also need to consider your finances. Moving money overseas comes with risk but you need to make sure you mitigate those risks by making informed decisions while benefiting from foreign exchange experts.

Consider The Timing

Foreign exchange rates are a huge consideration when moving overseas and in just a few weeks, exchange rates can change either way by a significant amount. Therefore, you want to make sure you benefit when the market is in your favour, and minimise any risk when it is not. As a result, utilising foreign exchange experts will ensure that you get the best rate and service possible.

Through an understanding of market news and behaviours, experts can ensure that your money works hard for you. This might include taking advantage of market orders and rate alerts, ensuring you achieve the right rate.

Make Sure You Budget Well

Once you arrive in your new country you are going to find that you have to meet several expenses that can range from nursery fees and even general costs of living. However, being short of cash is not something you want to experience from the start and so, you need to budget well. To be able to do this, you can benefit from locking in your exchange rate using forward contracts that enable you to settle at a later date but at a rate that works for you.

Secure Your Income

Whether your money is coming from pensions, investments or somewhere else, you need to make sure that you secure the transfer of your income if is coming from your previous country of residence. Foreign exchange experts will ensure that all currency exchange and money transfers are safe, secure and regulated. You’ll also have access to specialist advice should you need it.

Purchasing A Property

You might opt to rent but many choose to buy as it makes their new home feel like home. However, purchasing a property is a big move, especially if you are using the proceeds from your previous home to cover the costs, meaning that a large amount of money will need to be transferred. You’ll need to make a smart move here because getting the exchange rate and timing wrong could mean that you pay more, but getting it right might mean that you pay considerably less. Through rate alerts and market monitoring, experts will have the ability to let you know when it is time to pull the trigger and secure the best exchange rate.

Reduce Expenses

Payments between countries can cost a lot in fees, especially if you use your bank, which, unfortunately, many do for convenience. However, these fees can soon add up but that doesn’t have to be the case. Typically, foreign exchange experts will offer rates that are more competitive than high street banks, and not charge any transfer fees, ensuring that you get more for your money and avoid large expenses at the same time.

NewbridgeFX can help you with your plans to emigrate overseas by offering a fee free, fast, efficient and secure service. For further information on how NewbridgeFX can help please contact us

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