Moving Overseas Checklist
Things You Should Do:
As soon as you have a
Currency Transfer requirement you
should contact a Foreign Exchange Broker straight away. This will
ensure that the account manager will have plenty of time to
understand your full currency requirements and they can help you
achieve the best possible exchange rate within your time
scale.
Ask as many questions as possible. If you are uncertain of what
is being said, get them to explain it in plain English. This will
ensure that any currency transfers will go smoothly and that you
are aware of all
Foreign
Currency Options to get you the best rate of exchange.
Things You Should Know:
If you have never made any Currency Transfers before and your
funds are in a different country to you, check with your bank
that they will let you instruct an International Transfer (CHAPS)
over the phone. If not you will probably have to send them a
letter requesting that service. On small amounts 5,000 to 30,000
pounds you may be able to send Internet Transfers.
If you are transferring currency abroad, check if the receiving
bank will charge you a landing fee. If that is the case many
banks will reduce or stop any charges if you haggle with
them.
If you are happy with the account manager, what he is telling you
and he can offer a good
currency exchange service,
register with the company. This will allow the account manager to
work with you and keep you informed on rates, market data and the
best time to exchange your funds.
Ask about
Foreign Currency Options, These
are free tools at your disposal to achieve more favourable
rates.
