Tracking currency fluctuations has been recommended to ensure that expats can consistently turn foreign exchange rates to their advantage.
A new study of 10,000 expats conducted by ExpatForum.com in conjunction with Barclays International has recently shown that not enough professionals moving overseas are studying current financial conditions before making exchange transactions.
The survey found that expats could be losing over £500 as a result of poorly-timed currency exchange transactions, largely down to many not considering when they are exchanging money.
These losses referred to any amount paid out during an unfavourable currency exchange transaction, which were found to disproportionally affect pensioners living overseas. However, expats buying property abroad and those transferring savings from sterling to pay for deposits were also found to be negligent in this matter.
Barclays argues that in most cases, currency conversion costs can be reduced.
The international bank claims that by monitoring foreign exchange rates, expats can take advantage of favourable conversions.
Savvy people in particular are also becoming more adept at tracking currency fluctuations using mobile technology, as they attempt to dodge unfavourable exchange rates.
Making a conversion at the wrong time could be an unnecessary cost, therefore it is advisable that one ear is kept on the ground.
Mobile apps such as iAlerts can help expats to follow currency activity as well, while also sending users information about current and past exchange rates.
Market predictions, tips and tricks are all available, as well as explanations as to how favourable rates. This includes extra information such as upward and downward trends.
This allows expats to make better and more informed financial decisions, most importantly at the right time, so as not to lose money through poorly-timed currency exchanges.
Cadogan Tate is an international moving company that assists professionals with moving their belongings overseas.