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Those considering a move abroad have been alerted to the adverse effects that currency exchange rates can have on their finances.
Shelter Offshore reports that the issue has become particularly pronounced in recent months as currency markets have fluctuated wildly, causing concern for many expats who are paid in one currency and pay their bills using another.
However, the expat advice site did note that there are ways around the pain of unfavourable exchange rates, particularly for those who are transferring a large sum of money overseas.
By contacting a specialist foreign exchange broker, the site advised, expats may be able to avoid exorbitant commission fees and uncompetitive rates, typically resulting in savings of anywhere between one and five per cent against high-street rates.
The site added that a broker’s service is also about more than simple economic benefits.
"Clients often appreciate the personalised and hand-held style of approach adopted by currency specialists who really do guide you through every aspect of the process," it advised.
Researching the best expat medical insurance deals may also be an important part of preparing for a move abroad.
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