Expat currency exchange lottery causes major losses

Published:  31 Oct at 6 PM
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A recent survey has revealed that poorly-timed currency exchange transactions are costing expats a small fortune due to fluctuating exchange rates and high bank charges.

The survey, carried out by ExpatForum.com through Barclays International, involved 10,000 expats, of whom 84 per cent had lost between £500 and £1,000 due to badly-timed currency conversions. Worryingly, a further nine per cent were short by over £1,000 and only seven per cent had lost less than £500.

In most cases, the overall cost of currency conversion can be mitigated or even cancelled out by careful online monitoring of exchange rates and swift action when they turn favourable. Online Forex companies offer helpful advice and various schemes which make this easier for the novice, especially if transfers such as pensions are made on a regular basis.

Mobile apps are another source of information, with iAlerts monitoring chosen exchange rates and sending examples of historical rates indicative of fluctuating trends as well as current rates. Market predictions, tricks and tips and Forex tutorials are also offered.

A brief study of online and mobile app tools will give expats the means to control the timing of their transfers, allowing them to insulate their funds against currency losses and make informed financial decisions. Even for those to whom, at present, the concept really is rocket science, Forex tools give the ability to recognise the right time to make the right decision, and choosing the right online or smart phone Forex provider can save in exorbitant bank fees as well as giving a better exchange rate.
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