Foreign Currency – Pensioners Abroad
If you’re retiring abroad you need to get clued up on foreign currency exchange rates and how they may impact on your pension.
With one million Brits now owning a property abroad, foreign currency exchange rates are becoming a priority for many who want to make the most of their money abroad. A large percentage of the one million expats are pensioners who have sensibly decided to swap the grey skies and rain for sun, sand and sea. But it's thought that millions of Britons claiming a state pension but living abroad are wasting over £300m in bank charges and fluctuating foreign currency exchange rates, according to a recent report in The Telegraph.
Wasting Money on Foreign Currency Exchange
If you're a pensioner, even one who has a home abroad, it's always important to watch the pennies. Losing not just a few quid here and there but £300m is quite staggering. There are thought to be 1.04m pensioners living abroad, and the figure is continually increasing as the trend to retire to sunny locations doesn't look like it is set to wane.
Foreign Currency Bank Charges
It's thought that foreign bank charges for receiving the pensions from the UK, alongside foreign currency fluctuating exchange rates can cost a pensioner living abroad between £10 and £30 a month. Over the year, this averages to around £300.
One solution would be for pensioners living abroad to use a specialist foreign currency exchange broker, who could lock into an exchange rate using a regular payment service. There is the gamble that you could be locking into a lower exchange rate than that on the open market, but for many pensioners a fixed foreign currency exchange rate can give peace of mind. A good foreign currency exchange broker will be able to advise you on how to lock into an exchange rate.
Where are all the pensioners going?
According to recent statistics, UK pensioners choose Australia as a top destination. The lifestyle and property is cheaper than in the UK and it's possible to make the most of foreign currency exchange rates in the Land of Oz – especially as the pound is so strong against the Australian dollar. Canada is the next popular place – which again is good news considering you can get around $2 for a £1. But if you're considering retiring abroad, it is worth checking out a foreign currency exchange brokerage company that can help you make the most of your pension.
Foreign Currency Exchange Ltd is a commercial currency brokerage based in the UK. We help thousands of clients move hundreds of million pounds across the globe every day. From large businesses to private individuals who wish to send regular payments abroad, you can save money with us by getting better currency exchange rates than with your bank. The Foreign Currency Exchange buys currency at wholesale rates and can help you save money with our fast secure service. For more information contact us now, telephone +44 (0) 20 7989 0000 or email info@fcexchange.co.uk