When moving back to the UK after living abroad it is advised that you avoid high-street banks. These places tend to offer poor exchange rates and often add eye-watering fees and commission on top. If you have sold a property abroad and plan to move the proceeds back to the UK, these additional costs could quickly run into tens of thousands of pounds.
Use a specialist service when moving back to the UK
Foreign exchange specialists are completely focussed on international markets and can react quickly to currency movements. This means their rates are typically far more competitive than high-street banks, which are more focussed on their core offerings like savings accounts and mortgages.
The Telegraph has partnered with currency experts moneycorp to offer readers international money transfers at great rates, with no transfer fees or commission. To make the process completely hassle-free, you are allocated a personal account manager to provide expert market guidance and assist with your transfers.
Look for online access
Moving back to the UK can be a busy and stressful time, particularly when you are relocating to a different country. Make sure you use a currency exchange service that offers online transfers that you can access anytime. This will be particularly helpful if you are moving across time zones.
Consider a forward contract when moving back to the UK
A forward contract, which may require a deposit, is a tool that allows you to secure an exchange rate for up to two years. This is crucial if there is a strong exchange rate around the time of the sale and you want to protect yourself from unfavourable rate movements.
Property transactions can be drawn out and are frequently hit with unforeseen delays, so the ability to lock in a good rate while the sale completes can save you a small fortune. It also makes it easier to budget for a new property in the UK, because you will know exactly how much money you will have to spend in pounds sterling.
In today’s volatile political and economic environment where currency rates can drastically swing unexpectedly, it is more important than ever to take care when moving money across borders to make sure you are getting the best deal possible.
Get great exchange rates when selling up and returning home with The Telegraph International Money Transfers
moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.
The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. For more information on Telegraph Financial Solutions click here
Information correct at date of publication.