It took a while for the markets to regain confidence in the risky Australian dollar and New Zealand dollar last week, but the pair managed to strengthen towards the end of the week. Weakness in the US dollar helped push AUD and NZD higher.
It pays to be prepared however, so before you pack your bags and book that one-way ticket, here are three of the most important things to make sure you consider.
Relocating to a new country is not nearly such a simple process as going there on holiday, with long-term residence often requiring you to obtain the right visa. Sorting out a visa can be a very daunting task, especially as countries like Australia and Canada have dozens of different visas to choose from. The requirements for a residency visa can also vary between countries, depending on factors such as age and financial status, so be sure to find out whether you can satisfy the necessary criteria before setting your heart on a specific destination for your retirement.
While UK citizens have long benefitted from freedom of movement within the EU, the situation may be set to change. As the Brexit negotiation process continues it may be worth keeping an eye out for any developments related to free movement.
Access to free healthcare is far from a guarantee once you leave the UK, which means you might have to deal with some rather large bills down the road if you find yourself in need of medical attention. It can be a bit of a shock to the system for those of us who have been able to rely on NHS treatment to find yourself in a country where you have to pay for your healthcare. When you’re calculating your budget for life in a new country always be sure to factor in the cost of private health insurance.
However, as the UK does hold reciprocal healthcare agreements with some countries you may find that you’re entitled to a certain level of access to local facilities even without insurance. Do your research ahead of time so you know exactly what to expect.
Moving Your Money
Organising your finances is an integral part of planning a move abroad, but there might be more to consider than initially appears. If you’re making a long term move overseas, setting up a bank account in your new country as soon as possible is advisable, although you may want to leave at least one UK account open as well as this could save hassle when it comes to managing things like pension payments.
If you’ve never had to deal with currency exchange before, the thought of moving your money from one country to another can be a little daunting, particularly as exchange rates have a tendency to move suddenly and dramatically – but it really doesn’t have to be complicated.
With the help of a reputable currency broker you can avoid the transfer fees charged by most banks, secure a competitive exchange rate and benefit from the expert insight of currency specialists. You’ll also gain access to a range of useful services, like the option of fixing a favourable exchange rate for up to a year or automating your regular overseas payments.
Moving to a new country can be the start of a whole new adventure, but a little forethought and planning is essential if you want to get that adventure off to the best possible start.
We’ve taken a brief look at some of the things you should think about before embarking on your overseas retirement, but there are plenty of other things you should bear in mind, so get researching!
Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.