PERSONAL
Emigration
Emigrating can be a difficult and stressful time. NWME can take the hassle out of exchanging your money, ensuring you get the best rate of exchange and the most from your money!
Emigrating will be amongst the biggest decisions a person will ever make in their lifetime.
Money will feature highly and many questions will be raised, such as:
- How much do I need?
- Where and when should I change my money?
- How should I transfer my money?
This is where NWME can help.
We offer:
- Best exchange rate
- Fast money transfer
- Full variety of foreign exchange products
- No hidden charges
- Free consultation
- Direct access to the foreign exchange market
- Specialist foreign exchange traders with over 30 years experience in foreign exchange
There are various options available to you when changing your money to the local currency of your new home country involving differing levels of risk.
Scenario 1
You have all the funds available to you:
Firstly, you can enter into a spot contract meaning that you will change all your funds immediately and you will know exactly what you have in the local currency. These funds can then be transferred to your foreign bank account free of charge where it can earn interest for you. This course of action would be free of risk.
Alternatively, it may be likely that the local currency rate may rise and you may decide that the best thing to do is to inform our dealers to employ a ‘stop loss’ order. For example you are emigrating to the US and changing sterling into dollars. The dealer arranges a stop loss order whereby you are a guaranteed a specific rate but there is also the opportunity for the rate to improve. Thirdly, a ‘limit order’ can be employed where a target or desired price is stated. Our dealers watch the market and when this desired level is reached we automatically buy the currency at that rate. Finally, you can always buy the currency just before you go but this is very risky as the rate may not be as favourable as previously.
Scenario 2:
You don’t have all the funds available immediately:
Even if you do not have access to all your funds you still have options. You can choose to enter into a forward contract. This is like a ‘buy now, pay later’ option. You agree a rate with our dealer; you then pay a 10% deposit which secures this rate for you. The 90% deposit is paid on a future specified date. This eliminates risk from exchange rate fluctuations.
Contact us for more details… |
