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If you’re retiring abroad, you’re probably looking forward to relaxing in the sun or exploring new places. However, moving abroad is not as simple as moving your money from one country to another.

The truth is, you’ve worked hard all of your life and so, you want to make sure that your money works hard for you. Whether you are purchasing a property now or you have a property ready to move into, you are still going to need to make sure that you mitigate currency risk by using a service in the deliverable foreign exchange market. You’ll have access to a range of services but also their expertise, ensuring you take advantage of moving money and ensuring you reduce fees and losses.

Currency Exchange

Moving overseas come with many things to consider but one important factor you will need to consider are exchange rates. You won’t take the same approach with this as you would if you were going on holiday because it requires a more detailed understanding of how the market works. This is where a specialist will become extremely useful as they will enable you to make the most of your money.

The truth is, the currency markets are forever moving and every second the rate changes, proving how volatile it can be. As a result, it’s not uncommon to see a move of 1% or more throughout the course of the day. So, if you’re moving to Europe as part of your retirement plans and are looking to finalise the purchase of a property then that sort of movement on a €200,000 property could cost you around €1700. Therefore, expert advice from a reliable foreign exchange service will enable you to avoid market volatility and also make use of rate alerts and the latest market news.

For any financial commitment, you might want to think about using contracts to secure rates into the future, avoiding volatility while you can also secure rates that aren’t even available yet.

Ideally, retiring abroad will require you to do several exchanges but specialist advice and guidance can help to reduce these exchanges, ensuring you can save on fees and make your money go further. Many people choose to take care of this process themselves but this comes with many pitfalls and even the banks will end up charging more money.

Retiring abroad requires transparency and insight, much of which you won’t get if you don’t opt for a professional service. Moving money and keeping up with exchange rates is time-consuming and risky but that doesn’t have to be the case.

Once you’ve made the move, you’ll also need to consider pensions and all other forms of income. Again, these will be susceptible to volatility, exchange rate fluctuations and risk. A bank may charge you a transaction fee on every payment you make which can add up over time if you are making monthly payments overseas, however using a specialist foreign exchange service, such as NewbridgeFX, means there are no transaction fees to pay, and you can secure a more favourable exchange rate. Don’t let worrying about exchange rates take over your new life and retirement. Implement the correct support and professional advice and you’ll make the move with ease and with your finances still intact.

NewbridgeFX can help you with your retirement plans 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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