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How to buy currency for your emigration

A key factor with regard to moving overseas is how you go about getting your money over there.  If you are moving to New Zealand then you are going to want to transfer your sterling into the New Zealand Dollar or if you are moving to France then you will be requiring Euros.  No matter what currency it is you are looking to buy, it is of utmost importance that you weigh up the many options you have to you.

Too many people rely on their banks when sending money overseas when they could be using much cheaper options.  A bank might take ten thousand pounds from you on a £200,000 transfer and you need not spend this hefty sum to get your savings over to your new home.

There are also many bureaus on the high street that will be very happy to assist you in these matters – again though, you will find the vast majority of them to be very expensive and there are cheaper alternatives.

Although currency exchange is not a complicated topic, many people do not understand it.  Basically, a facilitator will purchase, say a Swiss Franc at one price and sell on for another.  How much more they sell it to the customer at is entirely up to them and some companies charge way more than others.  As we said banks and high street bureaus tend to charge the widest spread (the difference between the two prices- while brokers like Currencies Direct are usually the most competitive.

When emigrating the savings that can be had can be enormous due to the large sums of money people transfer.  If you are one of these people then your best bet is to literally spend a day calling around different brokers and banks to see what they are offering.  A day is a long time but if you can save yourself ten thousand pounds then that isn’t really a bad hourly rate!

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