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It looked so easy; sell everything, move to a new country, new climate, new job and new you. It was all going swimmingly while it was just a fanciful notion in your head but when the decision was made to actually make it happen, the nitty gritty of visas, taxation, money movements, local laws and regulations probably made your head spin. So, whilst part of the fun of moving lock stock and barrel is to meet new people and make new friends, you probably found that it was essential to make some new friends well before the actual move. Finding someone who could manage your visa to make sure you didn’t mess it up and delay the whole thing, someone to manage your investments transfer so you didn’t overpay on tax, someone to handle the local conveyancing of the property  you wanted to buy, someone to physically move everything you chose not to leave behind.

Despite all this detailed investigation, the fact remains that many migrants overlook the importance of managing their foreign exchange in the same meticulous fashion. Many will leave the currency transfer to the last minute and allow their bank to action the transfer without even checking the competitiveness of the exchange rate at which their funds will be converted. 

The problem is that exchange rates vary from bank to bank and from broker to broker and the exchange rate that they base their prices on (the so called interbank market rate) is on the move every second of the day and every day of the week. The foreign exchange market is a kind of 60-60-24-7 global trading floor and the very best exchange rate might only be seen for a moment or two within a 24 hour period. Consequently, taking advantage of this market as an ‘outsider’ would involve lengthy periods of staring at computer screens and a great deal of time away from your friends and family who would probably wonder if you had lost your mind.

Far better to enlist the help of someone who can not only do the watching for you but also provide insight into the market movements and the best methods open to you to get the best rate of exchange for your funds.

Allow me to introduce you to your newest and one of your most valuable new friends; the foreign exchange specialists (your humble writer being one as well). 

A currency specialist will bring a whole new perspective to the ways you can manage the transfer of your funds to your new country. Not only will your currency trader be able to show you the best way to take advantage of the volatile market and how to trade at the right time to ensure you arrive at your destination as wealthy as possible, but a good dealer will be able to demystify the market and explain why it moves so that you are not trading blind.
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This is a major issue when you are dealing with your entire worldly wealth. A three or four cents on your holiday cash is an inconvenience and something to either ignore or to moan about over a cocktail but the same variation on hundreds of thousands of could buy a car, furnish a house or cover a fantastic house warming party. The essence of managing your currency well is to plan well in advance. You may not have all the funds in cash form; most peoples funds are tied up in property or investments, but you can still plan the exchange rate for the days when those funds will be available.  The most important factor is to make sure you book the exchange rate when the market is at its most advantageous rather than leaving it until the cash is at hand. This can be done with forward contracts, automated market orders and many other strategies.

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The most appropriate strategy for you will depend entirely on your circumstances and everybody’s personal and financial situation is unique. However, your new friend, the currency dealer, will help you to decide what is best for you.

But whilst it might not feel like it at the moment, there is a light at the end of the migration tunnel. Having made your move and transferred your funds, all you will have to do is settle in and enjoy your new life and all the exciting new experiences it brings. It is your currency dealer’s job to make sure you have as much money in the bank as the market will allow when you do so.
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Sophie Stride is a foreign exchange consultant with Halo Financial Ltd helping both private and corporate clients to simplify their currency dealings and to achieve improved exchange rates through market insight. For further information please contact +44 (0)20 7350 5474 or visit the website www.halofinancial.com

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