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.
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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, central bank announcements and other changes that might impact currency values. If tracking the market yourself feels overwhelming, a currency specialist can monitor it on your behalf and flag the moments that matter.
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 often offer more competitive rates than a high street bank, along with a range of options to help you manage currency risk. Working with one gives you access to market data and years of experience with rate fluctuations, without you having to spend hours researching and comparing.
Many FX specialists charge no transfer fee, earning their margin on the exchange rate itself instead. Before you commit, ask for the all-in rate you will actually receive rather than the headline rate, so you can compare providers on a like-for-like basis.
Whoever you choose, check they are authorised or registered by the Financial Conduct Authority before you send any money. You can verify any firm free of charge on the FCA Register. It is also worth knowing that money held by a payment firm is protected by safeguarding rules rather than the Financial Services Compensation Scheme, so the two are not the same thing.
