Moving Abroad – St George Foreign Exchange Limited

Moving Abroad

Emigrating Overseas:
Secure an Exchange Rate

Moving to another country can seem daunting and it requires planning but you’ll also need to consider your finances. Moving your finances abroad comes with risk but you need to make sure you mitigate those risks by making informed decisions, which you can do by using a foreign exchange expert like St. George Foreign Exchange.

Foreign exchange rates are a huge consideration when moving overseas and, in a few weeks, exchange rates can change either way by a significant amount. So, you want to make sure you benefit when the market is in your favour, and minimise any risk when it is not. As a result, utilising a foreign exchange expert will ensure that you obtain a competitive exchange rate and the best service possible.

Through an understanding of market news and behaviours, we can ensure that your money works hard for you. This might include taking advantage of market orders, rate alerts, and other tools ensuring you secure market leading exchange rates, at the right time.

Emigrating Overseas:
Transfer Money

Speak to a specialist at St. George Foreign Exchange who can help you transfer your money when moving overseas

Once your account is setup you will have access to our online platform, our live exchange rates and ability to complete your transactions

Speak to a specialist

Discuss with us your plan for emigrating, when you need to transfer money, what you need the funds for and your short- and long-term plan.

Strategy

We will work with you to formulate a strategy to transfer your money, at market leading exchange rates, when you need it.

Emigrating Overseas:
Considerations

Make Sure You Budget Well

Once you arrive in your new country you are going to find that you have to meet several expenses. They can range from buying a property, nursery fees and general costs of living. Yet, being short of cash is not something you want to experience from the start and so, you need to budget well. To be able to do this, you can secure your exchange rate using various products, such as forward contracts for example, that enable you to secure a rate, yet settle at a date in the future that suits you.

Secure Your Income

Whether your money is coming from pensions, investments or somewhere else, you need to think about how you’ll be moving your finances abroad on an ongoing basis. St. George Foreign Exchange work with FCA regulated providers to ensure that all currency exchange and money transfers are safe, secure and regulated. You’ll also have access to specialist support should you need it.

Buying A Property

You might opt to rent but many choose to buy as it makes their new home feel like home. Yet, purchasing a property is a big move, especially if you are using the proceeds from your previous home to cover the costs, meaning that a large amount of money will need transferring. This is where you need to make good decisions because getting the exchange rate and timing wrong could mean that you pay more, but getting it right might mean that you pay a lot less. Through the use of risk management tools such as spot contracts, forward contracts and market orders, St. George Foreign Exchange have the ability to let you know when it is time to pull the trigger and secure a competitive exchange rate.

Reduce Expenses

Payments between countries can cost a lot in fees, especially if you use your bank, which, unfortunately, many do for convenience. But these fees can soon add up but that doesn’t have to be the case. St. George Foreign Exchange will offer rates that are more competitive than high street banks, and not charge any payment fees, ensuring that you get more for your money and avoid large expenses at the same time.

Case Study:
Emigrating Abroad

Emigrating Abroad Case Study

Moving abroad comes with many challenges. This case study looks at how Mr. and Mrs. Richards had to consider the foreign exchange and international payments market when they decided to emigrate to America.

Mr and Mrs Richards chose to emigrate to Florida. They had already been to visit many times and decided to rent a house while they decided how and when to transfer their savings to their new home. First, they spoke with their bank who suggested they send their money to their new bank account in America in one lump sum. They also advised the costs for making the transfer which included a high spread on the exchange rate, and a payment fee.

Through a mutual friend, the Richards contacted Newbridge Foreign Exchange. We discussed all their requirements in-depth, and helped them to create a plan to transfer their funds to America when they needed them, and when the rates were favourable. This included sending funds immediately to cover living expenses. Securing a forward contract to secure the exchange rate for the property they planned to buy in 6 months’ time. And setting up a regular payment to transfer their pension on a monthly basis. All transfers were fee-free and arranged at the best possible exchange rate.

The Richards had benefited from the knowledge and experience of the team at Newbridge Foreign Exchange. We had the scope to find them a better rate than the bank could offer, and fix it in place in readiness for when they were ready, all at no cost, so the Richards transferred all their money to their new home.

FAQ:
Buying a property

Can I receive exchange rate updates before I transfer money?

Yes, if you are not in a hurry to transfer the funds to the country you have emigrated to, then you can set an exchange rate alert and we will notify you when your specified exchange rate is available to book.

Can I use a spot contract when emigrating overseas?

Yes, a spot contract is there for you to send money when you need it. We will give you a spot rate, and you can decide whether to proceed with the transaction. If you book the transaction you will need to send us your funds within two working days. Once received, the payment will settle into your nominated account.

Can I use a forward contract when emigrating overseas?

Yes, once you’ve emigrated overseas, if you did not need to send all your funds immediately, a forward contract is useful to secure an exchange rate, and settle the deal at a future date. Once you’ve emigrated you may need to buy a property, but you may decide to rent first before buying, this is when a forward contract could become suitable for you.

Can I use a limit order / market order when emigrating overseas?

Yes, like the forward contract FAQ, you may not need to send all your funds straight away. You may also want to wait to transfer your funds overseas until a specific exchange rate is available. In this case, a market order allows you to secure an exchange rate you want to achieve. If the market moves and reaches the level you want to achieve we will secure the rate for you and book the transaction. At this stage, you will transfer the sold currency to our account, and we will settle the payment to your account overseas. Unlike an exchange rate alert, if the rate is available in the market then we will immediately book the transaction for you.

Can you tell me the best approach to transferring money when emigrating overseas?

Yes, we provide tailored solutions to suit your requirements. Once you have decided to emigrate overseas we can work together to decide on the best approach to transferring your money. This will depend on when you need funds available, what you are sending funds for, and the exchange rate available to you at the time.

How long does it take to transfer a large sum when emigrating overseas?

When emigrating overseas, you may have a large sum to transfer. There are many products available to you, and once we have booked the transaction we can send the funds immediately. The value of the transaction does not impact the time it takes to settle, and there are no limits to how much you can send. Once the payment settles the funds can arrive in your nominated account the same day.

Products:
Manage Risk

St. George Foreign Exchange offers a specialist service in the deliverable foreign exchange market, promoting a range of products and services, available online or over the phone. Our products have been designed to meet the needs of our clients when sending money overseas, and are ways for businesses, and individuals, to manage and mitigate currency risk.

Benefits:
St. George Foreign Exchange

Tailored Currency Solutions

Customized strategies to meet unique business and individual needs, ensuring efficient and personalized service.

Competitive Rates

Access to favorable exchange rates helps optimize costs, benefiting your cash flow and profitability.

Risk Management

Tools like Forward Contracts, Spot Contracts, and Market Orders reduce exposure to currency fluctuations, providing stability in financial planning.

Efficient Global Payments

Seamless international transactions for paying overseas staff, suppliers, and other foreign exchanges, simplifying global operations.

Market-Leading Online Platform

A secure, user-friendly platform to manage foreign exchange transactions in real-time, offering convenience and control.

Proactive Support

Dedicated, customer-led support helps clients make informed currency decisions, ensuring optimal timing and pricing for transactions.