Advice from the senior move manager at Crown Relocations, Kimberley Millhouse, has emphasised the importance of researching international money transfers in advance of a business relocation.
According to Millhouse, “deciding how you will manage your money when abroad” is of paramount importance when considering the move of your business and money transfers are an important aspect of this.
Finances are the central part of any business and, therefore, form the main consideration when moving your business to another location.
UK residents have the option of closing their savings and investment accounts when relocating abroad or keeping them running – thus requiring them to consider international money transfers.
Millhouse warned that both businesses and individuals need to research the options available to them when preparing for a move, ensuring that they have “every bit of paperwork [...] in order [...] to avoid a last minute hitch.”
Of course, money transfers were not the only financial topic to be highlighted by Millhouse, and were listed in addition to a number of other important aspects.
The full list also included things such as insurance policies, wills and taxes. Other details, such as passports, school records and medical records were also highlighted as needing attention during a move.
The overall message from Millhouse was for businesses and individuals to “sort out [their] finances and insurance and explore overseas bank accounts” before moving, researching the options for international money transfers to help make the process as smooth as possible.
Transferring money worldwide
If you are looking to send money worldwide, think carefully about how you will be transferring the money. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.
So if you wondering how to send money abroad – which you will inevitably have to do if you are looking to make a property investment - be sure to compare the market before you buy your overseas currency.
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