When you’re moving to a new country getting the best possible exchange rates for your currency is a priority.
It’s all about timing, and your money will go further if you transfer your savings, salary or both at the right time. Whether that’s before or after you arrive at your new destination, use our tips below to get the best exchange rates for your money and save on fees and other costs.
How to get the best exchange rates when you move
Here are our top tips for getting the best exchange rates for your currency when you move internationally.
Start your planning early
One of the most important factors in getting the best exchange rates for your money is timing. As soon as you have confirmed your move, start tracking your currency pair – the currency you hold right now and the one you need. The wider the window of time you have to exchange, the better chance you have of getting a great rate.
Stay on top of current events
National and international events can have sudden and dramatic effects on currency rates. Make sure you’re aware of upcoming elections, announcements and other changes that might impact currency values. If you’re feeling overwhelmed or confused by the idea of tracking the market yourself, working with a currency specialist such as Halo Financial means that’s handled by an expert with 24/7 access to currency market information.
Be prepared for volatility
As we mentioned above, exchange rates can change quickly and without warning. Be prepared for the fact that the rate you are offered one day may not be available the next and plan accordingly. There are a range of FX options available from FX Currency Specialists to help you alleviate currency movement and risk.
Watch out for fees
When deciding who to use to transfer your currency, watch out for hidden fees and charges. For example, banks will charge a fee for incoming international bank transfers either as a percentage of the transfer or a fixed fee. Consider these costs when you’re calculating which offer is best.
When can I get the best exchange rates?
There’s no particular time, day or month when you can secure the best exchange rates for your currency. Instead, giving yourself the widest window of opportunity by starting your research early is the best way to achieve the most value from your money.
Where can I get the best exchange rates?
When it comes to transferring currency, you have two main options as a consumer – using a bank or a foreign exchange (FX) specialist. While you’re likely more familiar with your bank, they aren’t always the best option for maximising the value of your currency.
Banks don’t offer the best exchange rates on the market, relying on consumer loyalty and brand recognition rather than direct competition, and typically also charge fees on each transaction. These can quickly add up if you make regular transfers, eating into your savings. Always compare rates, as small amounts can soon add up, especially on higher-value transfers.
An FX specialist, on the other hand, can offer the best exchange rates on the market and a range of FX solutions and options to help you achieve great rates. We recommend the award-winning Halo Financial to our clients for this reason and all the reasons we’ve listed above. Working with an FX specialist gives you the advantages of access to 24/7 market data and years of experience with fluctuations in rates, without you having to spend hours researching and comparing.
Halo Financial also don’t charge any fees for transferring money, and their experienced and friendly team are ready to answer any questions you have about your transfer and help you choose the optimal moment to get the best exchange rates.
Want to learn more? Visit halofinancial.com/pleaseconnectme, contact geraldine.collett@halofinancial.com or let your Please Connect Me advisor know you’re interested. As well as handling your utility set-up, our team will be happy to help connect you to Halo for currency exchange services, as well as any other financial advice you need for your move.
Read more about moving to the UK:
