When people emigrate to the US, there are many issues they must bear in mind. To help them, the Daily Telegraph has published some advice. Writing in the publication, Alison Steed noted that such individuals need to be careful when it comes to foreign currency exchange.
She suggested that if people fail to get the best exchange rates, they could lose out on a substantial sum of money. According to the commentator, the average UK family heads across the Atlantic with assets of around £250,000 after selling their homes, cars and bearing in mind any savings they may have.
Ms Steed went on to cite figures that suggest if consumers are not wise with their foreign currency exchange, they stand to lose as much as £10,000. For example, high street banks typically charge four per cent more than currency specialists.
She also noted that in order to achieve the very best exchange rates, it can help to enter into deals that involve setting the level of the currency exchange before people need to move. This means individuals are not at the mercy of currency fluctuations.
Meanwhile, the article pointed out that the total number of Britons emigrating in 2009 was down on the previous year. During the 12-month period, 368,000 people made such a move, while in 2008 the figure was 427,000.However, nearly 30,000 individuals made their way over to the US in 2009, making it one of the most popular countries for UK consumers to move to.
Ms Steed advised people to sort out their banking arrangements before they jet off. She said: “One of the most difficult things to do when you go to a new country is open a bank account, as you have no credit history in that country. If you open an account before you leave the UK, then you can circumvent this problem.”