|Once you have emigrated to a new life abroad, you will still need to buy and transfer currency. In fact. a recent survey undertaken by HIFX of our customers has shown that Expats and owners of overseas properties continued to exchange an average of £10,000 per annum for a whole range of reasons including:
- pension transferral from the UK
- managing an overseas mortgage
- further overseas investments
- projects such as building a swimming pool etc.
Naturally most turn to their high street bank to organise their regular payments accepting the bank's charges which usually include a commission of up to 2% and monthly transfer fees of hundreds of £'s each year.
If however they used an independent foreign exchange specialist such as HIFX to help minimise the uncertainty of fluctuating exchange rates not only would they have saved money (HIFX charges no commission or transfer fees), but they would also never miss a payment for total peace of mind.
If you pay an overseas mortgage the Sterling cost will vary over time due to exchange rates fluctuation. To help minimise this uncertainty, HIFX has developed a currency service for clients sending regular funds abroad. If you use HIFX to fix a rate for 12 or 24 months you will know exactly how much money is being debited from your UK account.
Lets assume that your overseas mortgage is Euro 1,200 every month. To fix an exchange rate we will add up all your 12 payments and give you one exchange rate for the year (in this example 1.43).
This way the same exchange rate applies to each month and the Sterling cost will be constant.
The whole process is fully automated with a direct debit from your UK bank so that you don't even need to think about it until we call you in 2 years to fix another exchange rate. In most countries you cannot miss an overseas mortgage payment so don't leave it to chance.
If you retire to overseas it can often be difficult to instruct your bank to send funds overseas when you are not in the UK, and they may well require written authority. By using HIFX clients can again fix the exchange rate for up to 2 years and guarantee themselves a fixed amount of income in the local currency every month during that period making budgeting easier. You can relax safe in the
knowledge that you won't have to talk to your UK bank and, like the mortgage payments, you only have to re-establish the facility every 2 years.
For priority service and to learn more about how you could benefit from the HIFX Regular Payment Service call either Alistair or Kevin on +44 (0)1753 859159, Alternatively visit: