International money transfers 'recommended'

International money transfers have been recommended to people who are considering emigrating from the UK.

Families who are thinking of moving to Spain could save thousands of pounds by moving money through an independent foreign exchange broker, the Daily Telegraph claimed.

This is due to the fact that a high street bank will often charge a fee for transferring funds to a foreign country, which can soon add up for people who are moving the hundreds of thousands of pounds often required to buy a home and set up a new life.

HiFX was recommended by the news source as one of the main foreign exchange companies.

International money transfers also allow people to choose the rate at which they wish to move their money, even if they do not actually make the transfer until months later.

For example, transferring £250,000 in October 2008 would have bought €324,750.

"To get that same amount in April, you would have had to pay £297,400. This was £47,400 more than it would have cost just six months before," the news source reported.

Posted by Sarah Pitton