Money Exchange - Emigration Overview

If you are planning to move overseas or moving to the UK, InterchangeFX can help you start your new life with more money in your pocket by giving you a much better exchange rate when transferring your money abroad.

By using Interchange foreign exchange services when emigrating abroad or to the UK you will benefit from:

A better exchange rate than the high street bank:

We offer much better foreign currency exchange rates than the high street banks. Interchange can save you up to 4% on every money transfer you make.

Protection against negative currency exchange rate movements:

Unlike your local bank, we allow you to fix a favourable exchange rate for up to a year in advance.

No hidden charges:

Interchange doesn’t charge any charges for transfers over £5,000 and only £10 for money transfers under this amount – Guaranteed! If you are emigrating abroad or moving to the UK using Interchange will save you money.

A simple to use currency exchange service:

Our friendly team is on hand to deal with your every need. If you are emigrating abroad you probably are doing this for the first time and need no nonsense advice that will save you time and more importantly money. Interchange provides each new client with their own account manager whom you can call at anytime for advice and help. He or she will keep you updated on market movements and advise you on getting the best exchange rate possible. We don’t have lengthy call centers; you can call your account manager and be put straight through to them.

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Peace of mind:

Each year Interchange helps thousands of businesses and private clients with their foreign exchange needs. Why? Because we make sure your money is transferred on time, every time. Our system is fast, efficient and secure.

Setting-up your account, Step 1:

We need to register you as a client in order to open a trading account, enabling you to instruct a dealer to purchase or sell currency over the telephone.

Step 2:

Your personal account manager will provide you with up-to-date views on market trends, and suggest strategies to meet your objectives and optimise your potential savings. The strategy you agree will depend on the time frame and your currency risk profile. For example this may involve trying to achieve a target exchange rate (market order) if the market is favourable. If your time frame is short you may require to exchange your money at the current market rate.

It is important that you understand that the currency markets can be volatile. If, for example the market improves, you cannot amend the agreed contract. The final decision to proceed is yours alone. Interchange can only act upon your specific instructions. We will give you the best advice possible.

Step 3:

Buying and transferring your currency:

Having discussed your requirements your personal account manager he or she will offer you an exchange rate. If you are happy with the rate offered, you should instruct your account manager to proceed with the transaction.

We may record your conversation to ensure your verbal instructions have been accurately executed.

Emigration Currency Options:

Each client we deal with has different circumstances. It is important we minimise the risks of the currency markets moving against you and decreasing the value of your capital. Interchange makes sure you have the right information and tools on hand for emigration protecting you against fluctuating exchange rates.

Your currency options depend on whether you have access to some or all of the funds you wish to transfer.

Let’s assume you are emigrating to Australia as an example.

I have access to all of the funds – what are my options?

The risk free solution would be to sell all of your Sterling now, thus fixing the amount of Australian Dollars you will own at the outset. This is called buying currency for spot. You can then deposit the bought currency to your bank account and let it earn interest and use it as and when you require. Interchange can send it to your Australian bank account if you require us to do so.

The high risk strategy would be to buy the currency at the last minute, just before you leave the UK, leaving you no option but to buy at the prevailing exchange rate. If the rate is going against you this then you will have less money and may make your budget tighter if you have commitments on property or other financial payments when you reach your new country.

I do not have access to all of the funds – what are my options?

If you do not have access to all of the funds at the outset you can still play it safe. The smart solution is to buy one or more forward currency rate contracts.

A forward contract means that you can buy the currency now, and pay for it later. You will be required to pay a 10% deposit now and the 90% balance upon the maturity of the contract. For example, if you wish to buy £100,000 worth of Australian Dollars but do not need to send them for 6 months, you can agree the exchange rate now, place a £10,000 deposit, and pay the remaining £90,000 balance in 6 months.

If the exchange rate moves at all in that 6-month period this will not affect you at all, as you have bought currency at the originally agreed rate. You may actually fix a rate on all your currency requirements up to 12 months forward.

Many customers choose this option as is it very safe and they benefit from knowing exactly what they are going to get when exchanging their currency. It helps them work out their budget knowing in advance how much they have in their kitty.

I have strong views about future exchange rates – what are my options?

Many customers have strong views on future currency rates. If this is the case you may wish to wait to buy your chosen currency. You are though exposing yourself to currency risk. If you really do believe that the rate will improve you could spread your risk by buying some of your requirement now (using a spot or forward contract) and then set what is known as a “market order” with your account manager for the remainder of the amount you wish to exchange.

A market order enables you to specify the exchange rate you want to achieve. When (and if) the market reaches your target we will automatically buy your required currency on your behalf.

Your account manager will explain in more detail the risks involved and advise you accordingly depending on your circumstances and currency exchange needs.

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