If you’re planning to start a new life overseas, you must plan your budget before you depart. The Irish Times has partnered with exchange experts Moneycorp to provide an International Money Transfer Service to help you get your money to where you need it.
If you’re heading off to the continent, there is no issue with visas or work permits as long as your new destination is in the EU. The sunny climes of France and Spain are popular with retirees, while the UK is a popular destination for those seeking work abroad. Many workers, however, head for English-speaking countries further afield, such as Australia, Canada and the USA. This kind of move requires a lot more paperwork.
The Australian government helpfully provides a wealth of information, including a list of skilled workers it will consider for a visa and details on living costs. They estimate that a couple with young children face a weekly household bill of $1,484 AUD (€1,038 according to rates in November 2013), including mortgage, entertainment and health care. Those with older children can expect to spend $1,670 AUD (€1,168).
So whether you’re moving abroad to work or retire, you’ll need to have your finances in order. It’s an expensive business emigrating and you may need to transfer large sums of money to set yourself up in your new home.
Don’t leave it until the last minute to think about exchanging money into a new currency. You don’t have to use your bank’s facilities. If you use The Irish Times International Money Transfer Service, provided by exchange specialists Moneycorp, you can get an exchange rate as much as 2 per cent better.
The sooner you set up an account with The Irish Times International Money Transfer, the more flexibility you’ll have to pick the right time on the market to swap euros into the local currency.
You can fix the exchange rate when it’s in your favour in advance with a ‘forward contract’, or target a rate you hope to achieve that isn't currently available on the market with a ‘market order’.