Brits advised to use best value foreign exchange options

Expatriates have been urged to make use of currency exchange options such as foreign exchange brokers.

The advice was issued by Living Abroad Magazine in an article which claimed that many Brits could be "losing out" by continuing to make international money transfers through their British bank accounts.

Writer Hannah Beecham suggested that making use of cheaper alternatives could save expats money on their foreign exchange needs.

Ms Beecham added that people could do well to make their money work for them in savings accounts.

She suggested a "one year bond could be just the ticket to see you through" while many people wait for interest rates to rise on savings accounts.

The publication has also recently advised people living abroad to be aware of the high bank charges they can expect on foreign accounts.

While Brits may be complaining about bank unfair bank charges on overdrafts, Ms Beecham notes that people moving abroad need to realise that they will be charged simple to keep an account open with their foreign bank.

Posted by Eleanor Ward

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