If you tell your local retail (high street) bank to send the money overseas, they generally absorb 2% to 2.5% of your money in this transaction by giving you a lower exchange rate than they obtain. Some also charge additional “commissions” and “fees”. They do not wait for the rates to peak before sending your money, and this means you receive a lot less when the money arrives, rather than waiting a short time for a peak rate before transfer.
By using the money brokerage system, you can maximise the money in your overseas account in a more effective way than simply using a retail (high street) bank. Relocation Unit and Immigration Unit help you make suitable arrangements with a good money broker, setting a suitable timeframe within which to move the money. The brokers will advise on any anticipated market influences that are likely to increase or decrease the exchange rate in the agreed timeframe. You then agree a rate, and when the rates peak to your agreed rate, they will arrange for a merchant bank to buy in your currency. You then pay the merchant bank the agreed amount and they then send on the currency to your pre-arranged bank account in Australia. The merchant bank will deduct the agreed broker’s commission of 0.5% (with no other “commissions” or “fees”). Overall, you will get between 2% and 10% more money in your overseas account. That is £2,000 to £10,000 more per £100,000 transferred. It is simple, safe and very profitable for you.