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Currency transfer specialists make costs of emigration easier

Attracted by sunshine, more jobs and a higher standard of living, thousands of Irish people are starting a new life overseas

Mon Aug 25 2014 - 15:34

But relocating is a big task and planning your budget before you depart is a must. That’s where the Irish Times International Money Transfer Service can help. Our team of experienced professionals will help with the process of transferring your money to wherever you need it to be.

Whether relocating or retiring, as people pack their bags to move, it’s important that they have their finances all sorted. With the cost of setting up a new home and seeking employment, it can be an expensive business emigrating, so many find themselves in the position of needing to transfer large sums of money to their new location.

The Australian government estimate that a couple with young children face a weekly household bill of $1,484 (€1038) including their mortgage, entertainment and health care, while those with older children can expect to spend $1,670 (€1168). So getting on top on your finances before you go, should be high on the to-do list.

Here are our tips in getting your finances sorted:

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  • Do your homework; there is plenty of information available online and even figures released by the Australian government to help you figure out your budget for the first couple of months until you find your feet. Rents vary from location to location so make sure you do some research before you go.
  • 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.  Currency specialists tend to beat the banks by a margin of around 3 percent on the exchange rate and provide a more personalised service than a bank.
  • The sooner you set up an account with a specialist, the more flexibility you have to pick the right time to swap euros into the local currency.  You can fix the exchange rate when it's in your favour for future transfers with a "forward contract" or target a rate you hope to achieve with a "limit order".

The Irish Times International Money Transfer Service, provided by exchange experts Moneycorp, will give you a dedicated contact to guide you through your options and explain any of the jargon. We provide a personalised service along with exceptional rates.