Aside from saving money on better exchange rates and reduced or eliminated fees, expats have a wide range of options when it comes to working with an International Payment Specialist. Rather than being forced to take the exchange rate on the day that the money needs to be transferred, there are alternatives.
The most common option that assists expats greatly is to buy a Forward Contract. A ‘Forward’ contract allows you to reserve a currency exchange rate today, yet not have to pay for it or send the money until an agreed date in the future.
If the budget of 2012 is approved by the President, there will be a number of VAT changes in Portugal in 2012. This should be approved by the 31st of December 2011 (everything points in that direction) and so here are some facts that will interfere financially with your daily life starting on the 1st of January.
In this article I want to cover repatriation. Occasionally, people decide to move back to the UK from Portugal. It doesn’t happen often; however, due to illness or family reasons, people sometimes do have to move back home.
Usually, a move back is not wanted and can be an uncomfortable process. During the move, things are done quickly and often in haste. One of the largest mistakes people make, however, is to simply send money back to the UK through a bank rather than using an international payment specialist. When doing this, it’s possible to lose a substantial amount of money in the transfer process.
Many British ex-pats in Portugal send or receive money to or from the UK and in the process they unintentionally lose money. In some cases, losses can be up to tens of thousands! This special 4-part series has been written to outline how the bank-to-bank international payment process works, the specific areas where ex-pats are losing money and definite actions that can be taken to mitigate losses.