Moving Back to the UK and Transferring Your Currency Back to Pounds

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Along with the many UK residents who are deciding to up sticks and move abroad, there are also thousands of people who have spent some time residing abroad and are considerign moving back to the UK. There are many circumstances for this (and the weather is definitely not one of them), such as returning to be closer to your family, earning a better living here, returning from studying abroad or even to start a family.

Moving all of your finances around can be a troublesome part of relocating for anybody, but it doesn't have to be! First of all, remember to set up a bank account back here if you closed it when you left. Those of you that kept one open will save some time at the early stages! Keeping an international bank card and using it in the UK will cost you serious transaction fees!

The next thing you need to do is work out how much it is going to cost you to transfer all of your money from one bank to another. Remember that when changing currencies, it's not as simple as it sounds! There are all sorts of charges and fees that you can be hit with so you need to know what your options are and what will be the best (and easiest) option for you. Using your bank usually seems like the best option but in many cases, it actually isn't! Banks typically have very harsh exchange rates and varying service charges and handling fees depending on the amounts and time scales for the amount you are transferring. Quite often with your bank, the money will be debited from the sending account immediately, but sometimes it can be lost in 'cyberspace' for some time. This is sometimes done on purpose for the sake of keeping the money in the banking system for longer, but you also have to remember that amounts needed for all of the separate parts of the transfer process, so if you have left it a little late, using a bank may not be your best choice.

We recommend using a foreign exchange broker, and many of them have many different perks for customers so by all means shop around, but RationalFX seems to serve us extremely well as a way of transferring money internationally. They don't make their money directly from you, more from the actual transaction taking place. This is because they bulk buy their currency at an elevated exchange rate, so they offer a free service. They have no handling charges, and don't take a commission so there are many benefits aimed towards the customer. RationalFX also provide a way of transferring regular amounts of money, if you are planning to gradually send the money over in installments, rather than as a lump sum.

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Moving Back to the UK and Transferring Your Currency Back to Pounds

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