Expats should find best currency deals

Published:  18 May at 6 PM
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As reported by The Telegraph, there are over five million UK expats scattered around the globe, with many earning their salaries in Britain or retiring but receive pensions in UK bank accounts paid in sterling.

Many of these expats need to transfer money to make mortgage payments in foreign countries, requiring them to move their cash regularly in a speedy and safe way.

The major currency brokers have deals for regular payments as well as for moving money via instalments, which can be easy and cheap. The benefit of choosing a broker to make payments is that it is often cheaper than using a bank.

Especially for the 1.2 million UK pensioners living overseas, it is important to get the best rate they can when transferring their British pension payments to foreign lands.

Mark Bodega, who is marketing director at HiFX, says that in just the past few years, retired UK couples have watched their monthly pensions hit by the pound’s depreciation.

The worst-hit are expats in Australia, New Zealand, and South Africa, where they see the local value of their state pensions slashed by market volatility.

Bodega has calculated that, derived from the average monthly government pension of £628, a UK pensioner in Australia is receiving an income of A$968 per month, while four years ago he could have received A$1,700.
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