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International finance | 9
Moving abroad doesn’t
have to be taxing
A leading foreign exchange specialist
explains how substantial savings can be
made when transferring funds overseas
by Rupert Lee-Browne,
CEO, Caxton FX
E
very year, thousands of people Banks, the first port of call for many, rarely
leave the UK in search of a better offer the best value for money or service when
life abroad. Better value proper- it comes to foreign currency exchange.
In focus
ty, sunshine and the cheaper cost Specialist currency houses not only give com-
of living are some of the many panies better exchange rates, they offer a more NatWest vs. Caxton FX
attractions – but it’s not always personalised and efficient service. In a deal
that simple. The legal and financial aspects can, worth £200,000, Caxton FX can save a client NatWest Caxton
and have, caught many people out. upwards of £830 (when using Lloyds TSB) and
Registration?
Exchanging currency and moving money is several thousand pounds less than Barclays,
You need to register Caxton will give you
the first thing to consider. Naturally many peo- HSBC and Natwest. Individuals can save thou-
and open an a quote over the
ple turn to their bank and find, in many cases, sands, compared to the costs of using their
account with telephone, without
their exchange rates are uncompetitive – espe- bank. When you add up the overall savings
NatWest before you having to open an
cially with the current financial crisis. across a two or three year period, you get a sig-
can receive a quote. account.
Individuals need to manage their currency nificant figure.
exposure. The financial meltdown has created
Charges?
movements in the value of currencies that are Cutting cost
Approx £30-50 No fees or
both extreme and rapid. In the past three But it isn’t just about the cost. The exchange
commission
months the UK has seen sterling fall over 20% process can appear complicated and a specialist
Exchange rates?
with no signs of abating - mostly on the back can reassure clients by explaining each step.
1.2875 (buying 1.3427 (buying
of disastrous news. All that is required for the Clients understandably want to know how it all
?200,000)* ?200,000)*
value of sterling to reach $1.40 is a further 12% works. As part of the service we make the
fall in value, a fall that has already happened in whole process very easy to understand.
Secure?
the past month. There is a very clear down- Whether you are exchanging £5,000 or
FSA regulated FSA regulated
wards trend and with any negative sentiment £5,000,000 you will receive the same benefits
relating to the UK it is certainly possible, if and service. Caxton FX moves millions on a
unattractive, that these levels are reached. daily basis and has thousands of clients who *Source: GSA Business Development,
Managing your currency exposure presents have trusted their funds to a company that survey conducted 14/02/08
an immediate cost saving route for individuals. offers value and service.
www.investmentinternational.com April 2009 Investment International
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