Currency exchange brokers 'recommended'

Currency exchange brokers, including HiFX, have been recommended as a way of saving money when moving abroad.

Writing for CityWire, Lorna Bourke said that "foreign exchange firms like HiFX … generally have lower charges [than banks] for transferring funds".

She suggested that people could make use of the currency exchange firms when moving income from the UK to their new country of residence.

One source of funds suggested by the writer was to let out a UK property.

This has the added bonus of keeping some security in the UK, which could prove useful as a "high proportion" of people moving abroad return to the UK "within five years".

Ms Bourke also noted that those who are retiring abroad need to be aware that not all countries will deliver annual increases in state pensions, meaning that some expatriates could find themselves struggling in later years.

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Posted by Sarah Pitton