Ex-pats risk losing up to £10,000
Mortgage Solutions, 16 November 2006
By Ben Marquand
British consumers who emigrate abroad could be losing as much as £900 million a year between them by relying on high street banks which offer unfavourable exchange rates, currency company HiFX has claimed.
The average UK family emigrates abroad with assets of £250,000, and HiFX suggests that in transferring these assets to a new country via a high street bank, the average family risks losing out on up to £10,000.
Mark Bodega, marketing director for HiFX commented: “This huge loss could be avoided simply by people being aware of the alternatives and making sure they get the best rate for their money, early on in the process.”