It’s a big decision to move abroad, with a multitude of factors to consider, from the kind of property you are looking for, how much you want to spend, to navigating life in your new country, what you are going to do for fun in your new home country.
One important area that often gets forgotten about but is actually a key element in a successful emigration is currency exchange. Have you thought about how to make the most of transferring your money to your new country to pay for your new property and all that goes with it – and beyond, to living expenses? This is where Halo Financial can help – all you need to do is set up an account with your dedicated Currency Conversion Consultant and discuss your exact currency requirements and we’ll do the hard work for you. Your Currency Consultant will then monitor the markets for you and get in touch to discuss the different currency tools and techniques available to you as soon as there is a change in the markets that could affect your circumstances.
Why is currency so important when emigrating?
When you are emigrating you will usually send a significant amount of money overseas to purchase your new home, organising removals and transport, and all the different aspects of setting up your day to day life in your new country. So many people who are sending money overseas or moving abroad do not realise just how fast the exchange rates are moving. This can make a sizeable difference to the amount you end up with when making any international payments, depending on when you need to transfer your money and how the markets are behaving at the time.
Currency markets move constantly in response to what is happening economically and politically around the world. This means that the amount you need in New Zealand Dollars, when exchanging Pounds Sterling, for example, could be dramatically different from one day to the next – so it will potentially change between when you know you want to make an international payment and when that payment actually goes through. With lengthy timescales such as emigration or international property buying, the large amounts of money that need to be transferred highlight this difference even more. So, what can you do to protect your money when moving it overseas?
Halo Financial is a currency specialist and can do several things to help in this situation. They can watch currency markets for you, so you know the best time to make your international payments according to your situation and requirements. They can also work to get you the best available rate for your international money transfers by setting a rate in advance for planned future payments – called a forward trade – or work with you to decide on a rate you will be happy with and only make the currency transfer when the markets reach that rate. This is called an automated order. Whichever way suits you best will be decided by you and your dedicated currency consultant, who will create a tailored currency strategy just for you.
For over a decade Halo Financial has assisted thousands of people with their move overseas, meaning we have a thorough understanding of the process you are going through – and exactly how we can help you during your journey to begin your new life overseas. Having helped people emigrating to Spain, France, Italy, Portugal, Australia, New Zealand, USA and Canada we have a great deal of knowledge and expertise to assist you with your relocation.
We pride ourselves on our personal service. As soon as you set up your account you will automatically be allocated a dedicated Currency Consultant, who will be your point of contact throughout your relationship with Halo Financial. All you need to do is explain your currency needs and they will work with you to ensure you can make the most of your money, target a rate, select the right payment type for your needs and ensure they get in touch if there is a significant currency movement in your favour.
Currency tools and services
There are a number of different tools that Halo Financial can use to help you make the most of your funds when moving overseas. In addition to Spot trades – a one-off payment when you need the money now or very soon – we can also offer you the opportunity to set a rate now for a future currency trade with a Forward trade. This enables you to agree to buy your funds at the current exchange rate and pay for this transfer at any point over the next year. By fixing your rate, you will be protected from all currency fluctuations between the time you agree to make the payment and the time you actually pay for it – ideal in times when the market is volatile.
A Forward trade also allows you to know exactly how much you will be spending in advance, which is never usually guaranteed with this market! For example, you could find a house you wish to buy, call up and assess how much the price in your destination currency would cost you in Sterling, buy the funds at this price and know that the price of your property will not change before completion despite the continually fluctuating market.
You will be able to either make your payment in full or in multiple payments, meaning you could at first pay your deposit and then pay for the rest of your property at completion and any other amounts in between.
Regular currency trades service is also beneficial if you will be regularly transferring money to your new country to pay, for example, a mortgage, bills, salary or pension payments, or simply covering the everyday finance your new life overseas. You can set up a regular currencies trade to trade money you need every month, or at regular intervals to suit you – into your bank account in your new country. You have the option here to fix the amount of the new currency you receive every month, to fix the amount of Sterling you transfer every month, or to fix both currencies, using a similar tool to the Forward trade.
There is no limit to the amount of money that you can send regularly, whether it be monthly, bi-monthly, or quarterly, and the service is automated, so as soon as you have set it up, you don’t need to worry about it, as the money will be in your account or the beneficiary’s account when it is needed.
A helping hand throughout your emigration
In addition to our currency expertise, we also work with a number of trusted partners who specialise in emigration – from visa specialists, to pet removals companies. This enables us to offer a well-rounded service to help you with your emigration – with a number of specialist resources such as newsletters, information, updates and additional support. Contact us to find out more.
Working alongside our trusted network of partners, we’re here to help you every step of the way. Here are our top tips for ensuring the success of your emigration.
1. Consider all the financials
Of course, the currency is incredibly important in any emigration, but you will also need to plan your overall budget for both the actual emigration and the costs of living in your new country. This will include everything from the cost of your visa (for a long-haul move) the cost of your property, the cost of relocating all your goods to the new property and the cost of living in the new country.
You will also need to consider any tax issues, both in the country you are leaving and your new home country. In many of the most popular emigration countries, there is a double taxation agreement set up between countries, which means that you do not need to pay tax on the same money in both countries. But it’s really important to make sure you look into this in advance to ensure you do not end up with any surprise bills (especially after a significant property purchase).
2. Do you need a visa?
You will need to assess whether you need a visa to live and work in your chosen new country. Currently, any British citizen moving to a country in the EU does not need to worry about this, especially if you are resident in the country by the date the UK leaves the EU – on 29th March 2019. It is not known what will happen after this date, although it does seem unlikely that either side will be looking to make this more difficult given the amount either side relies on income from this area.
For countries outside the EU, you will usually need a visa, depending on what your plan is when you reach your new country. Are you moving there to work, to retire, or join a family member? We recommend speaking to a visa and immigration specialist to ensure you carry out this process correctly as it can be quite convoluted. Get in touch for an introduction and more information.
3. Research, research, research…
If you are going to pack up your life and move to another country it’s important to make sure that you have put as much thought as possible into your decision, and researched everything that needs to be taken into account – from visas to property locations, to healthcare, job opportunities, schooling (if you have children), pet removals (if necessary) and much more. Take a trip to the country in advance to view properties and make sure that you get a real feel for the area and the amenities and services available.
4. Be realistic
It’s important that you are realistic about the scope of the emigration process. This is a significant step, and it may well take a long time for all your plans to come to fruition. Visa applications can take a very long time – it’s important not to be disheartened if it is all taking longer than you would have hoped.
5. Give yourself time to acclimatise
You should also be realistic about the time it will take for you to feel truly at home once you have arrived in the country. It’s very important to make sure that you give yourself time to build your new life overseas – and don’t give up too soon. You will need to actively work on achieving the lifestyle you want overseas – working at integration into the new culture, meeting new people and making friends – such as by joining expat groups or clubs. Getting to grips with a new pace of life overseas can also be an experience and again, takes time, so be patient with yourself and others as you adjust.
Get in touch with Halo Financial today to see how we can help.
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