Foreign exchange specialists 'recommended'

The Daily Telegraph has recommended that people who are considering moving abroad make use of foreign exchange specialists.

According to the newspaper, organisations such as HiFX will save people thousands on their move abroad.

Making a transfer through a bank, on the other hand, can rack up extra expense on the already costly process.

Saving money on foreign exchange moves is particularly important as research from HiFX revealed that the average family moves abroad with assets of around £250,000.

By transferring this money through a bank, the four per cent currency exchange rate would mean a loss of around £10,000.

As an extra money saving tip, the paper suggested setting the level of your currency exchange rate ahead of your moving date if you want to, so you are not at the mercy of currency fluctuations".

Taking a move to Australia as an example, a family moving £250,000 in 2008 would have received around A$676,750.

However, due to the poor performance by sterling recently, that same move today would only see a return on A$413,750.

This means that the average family could have saved more than A$260,000 by choosing to make an international money transfer at 2008 levels, even if they had then decided to wait before making the move.

Click here to make an International Money transfer

Posted by Eleanor Ward