Transfer money when moving overseas

Moving abroad often involves long gaps. Things like listing or selling your property to completing on the sale, applying for visas or residency etc.

During this time, exchange rates are moving by the second. To reduce the risk of your costs increasing, you can use a Forward Contract. This allows you to lock in a favorable exchange rate for up to two years, providing “budget certainty” so you know exactly how much you will get in your destination currency once your move happens.

While banks are familiar, they often charge higher fees and offer less competitive exchange rates, which can cost you thousands on large transfers. A specialist like Smart Currency Exchange offers bank-beating rates and, more importantly, a dedicated Account Manager who understands the nuances of emigration – such as the timing of property completions – and can guide you in the best way to match your requirements.

Remember: Your UK bank may also restrict or even close your account when you become a non-UK resident. Your Smart Currency account would remain active no matter where you choose to live.

Yes. Many emigrants rely on a UK pension or rental income from a property they’ve kept. You can set up a Regular Payment Plan to automate these transfers. This ensures your money arrives on a set date each month at a competitive rate, with lower fees than a regular standing order, helping you manage your new cost of living more effectively.

To comply with international anti-money laundering (AML) regulations, you will typically need to provide proof of identity (passport/driving license) and proof of address. For large emigration transfers (like house sale proceeds), you may also be asked for a “Source of Funds” document, such as a completion statement from your solicitor or a bank statement showing the funds.

We aim to transfer your money onward the same day it is received. There is often then a short “clearing” process with the banks involved which means your money will appear in the recipient’s account within 24 hours, or 1-2 working days.