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Emigrating Brits are wasting nearly £1 billion a year because of steep high street bank charges for converting their money, a report revealed today. A study, conducted by currency specialists HiFX found that the average family moving abroad could throw away £10,000 as they change the pounds made from selling their house and car, as well as savings, into the currency of their new country.
Many are losing even more, with some potentially wasting £70,000 because of poor exchange rates. The research found that high street banks charge on average four percent more than dedicated currency companies, meaning that the average family with £250,000 to convert, could lose out on £10,000 during their move. With 90,000 families leaving the shores of the UK each year, it means around £900 million could be lost every 12 months.
Fluctuations in exchange rates can have a huge impact on investments, biting into profit margins and set-up costs. Many companies offer forward contracts, which fix the rates and eliminate the currency guessing game. HiFX advise those planning a move to think ahead and take out such a contract as early as possible to avoid getting caught out in the exchange rate gamble.
