Emigrating for Work? How to Make Your Money Go Further
With promises of warmer weather, fantastic opportunities, and new and exciting cultures to explore, it’s no wonder that more than 300,000 people in the UK opt to emigrate to other countries each year. Australia and Canada are two of the top choices for Brits, especially those moving for work purposes, so what are some the best ways to ensure your move goes as smoothly and as enjoyably as possible?
Before heading off on the adventure of a lifetime, it’s essential to take a moment or two to think about your finances, and how you can make your salary go further while you’re living abroad. Whether you’ve already got a job lined up, or you're beginning the search once you’ve settled in, now is the time to start planning. You'll want to make sure you have enough left over each month to really enjoy all the perks of your new country, whether that’s the sunny shores of New South Wales, or the mountains of Alberta.
We know that moving can be stressful - it’s one of the most stressful things you’ll ever do - which is why The Money Cloud is committed to ensuring that money is one less thing you need to worry about.
Preparing for the Big Move
Whether you’re furnishing your new home or you’re sampling the local cuisine with your coworkers, having a little disposable cash available to you when you first move can really help you to settle in. A great way to build up your savings before you move is to consider selling some of your larger items that you’re not planning to take with you, such as your car and your furniture, for example. You can send money abroad to your international bank account so that it’s ready and waiting for your arrival, but don’t get caught out by high transfer fees and unfavourable currency exchange rates. The Money Cloud’s network of FX experts could save you up to 4 percent on your money transfers, giving you a great start.
Make the Most of the Best Rates
Even though you’ll be living and working abroad, you’ll probably still retain many connections to the UK. You may still be employed by a UK company and be receiving a UK salary, you may wish to send money abroad to family back home, or you might be paying a mortgage on your previous home that you decided to rent out during your time away. At The Money Cloud, we can help you to set up regular payments so you’ll never miss a birthday - or a bill - and we’ll make sure you always get the best rates.
With a forward contract from The Money Cloud, you can lock in a foreign exchange rate for up to 3 years, so there’s no need to worry about changes in the economy that could leave you out of pocket. This allows you to budget more accurately during your emigration, ensuring there are no nasty surprises.
We all know that getting the best currency exchange rate is important when sending money abroad, but checking the banks every day can be time consuming and frustrating, especially when you’re working hard to finalise the details of your big move.
That’s why we at The Money Cloud do all the hard work for you, continually monitoring the exchange rates to find you the best deal, and helping to make sure your emigration goes smoothly and gets off to a great start. Try out our online FX comparison tool to get started.
By Emmanuel Addy – Emmanuel has over 12 years’ experience of developing partnerships in the FX/digital payments sector. He has also worked alongside Huw Jenkins, in money transfer comparison since the sector began before consolidating his experience to co-found The Money Cloud.