Living Abroad Magazine has published advice for British people looking to make the most of the exchange rate and the money they have sitting in British
current accounts.
There are several options open to people who want to get the best possible
foreign exchange rate for their pound sterling, whether they are moving abroad or simply going on holiday. In this time of volatile swings in the value of sterling as the British election approaches, particular attention ought to be paid to both the timing of
currency exchanges and the commission rates paid.
Hannah Beecham, writing for the magazine, said that using UK
bank accounts is not always the most lucrative way to exchange money and that many expats could be losing out through taking this route. People could benefit from the use of a
foreign exchange broker for their
currency exchange needs, claims the magazine.
Beecham wrote, that people living abroad should consider putting their money in a one-year bond while they wait for
savings account interest rates to increase.
She also pointed out that people moving abroad should be aware that many foreign
bank accounts charge simply for the bank’s services. Although many Brits complain about overdraft charges and the like, many people around the world have to pay a monthly or annual charge just to keep their
bank account open.
Financial News
