Currency exchange makes "huge difference" to cost of moving abroad

Transfer of currencies can make a "huge difference" to the cost of moving abroad, the director of HiFX has advised.

Mark Bodega advised people looking to move abroad that the currency exchange rate of sterling can have a major effect on the overall move.

Speaking specifically about the Brazilian market, Mr Bodega said: "Brazilian real exchange rates change constantly and ten per cent fluctuations in a relatively short space of time are not uncommon.

"This could effectively increase, by ten per cent or more, the sterling amount that you will have to pay."

He added that using a foreign exchange specialist, such as HiFX, could save customers money in their move.

This is because such companies "monitor exchange rates on the clients' behalf in order to achieve the best possible rate of exchange".

At 13:00GMT today (February 1st) one pound bought around three Brazilian real.

Click here to make an International Money transfer (www.hifx.co.uk/online)

Posted by Sarah Pitton