If you're planning to move to Australia after selling your home overseas, you'll likely need to transfer a significant amount of money to your new country. While using your bank may seem like the easiest option, there are several reasons why you might consider using a money transfer service instead.
Lower fees: Banks often charge high fees for international money transfers, which can eat into the profits from the sale of your home and make it harder to budget in your new location. With a money transfer service, you can often save money on fees, especially if you're transferring a large amount of money.
Better exchange rates: Currency exchange rates can fluctuate significantly, and banks often offer less favourable rates than money transfer services. By using a service like ours, you can get a more favourable exchange rate which can be up to almost 5% on currency conversions, which can help you stretch your budget further in your new country.
Example : You sell your home in the UK and have £200,000 to transfer that money to Australia.
Bank: £200,000 @ 1.72 = $344,000 AUD (Australian Dollar)
Transfer Service: £200,000 @ 1.78 - $356,000 AUD
I’m sure $12,000 AUD is better in your pocket in your new country than the banks!
Convenience: Money transfer services are often faster and more convenient than using a bank. You can often make transfers online or through a mobile app, and you can track the status of your transfer in real-time. This can be especially helpful when you're in the process of moving and adjusting to a new location.
Relationship: When having the ability to deal with one person for the whole process you can expect a consistent level of service. You won't have to worry about dealing with multiple people who may have different styles or approaches, which can be frustrating and confusing. They can provide familiarity, accountability, trust and efficiency to ensure a successful and professional result for your transaction.
Overall, using a money transfer service instead of your bank can be a smart way to save money and manage risk when sending money overseas after you've sold a house in the UK and moved to Australia. With lower fees, better exchange rates, convenient online options, and a level of personalised service a money transfer service can help you make the most of your financial resources in your new home.