Are You Moving Abroad? Here Are Some of the Potential Cost Implications

12-12-2016 | Ramona |

In the wake of the EU referendum, the topic of immigration has become a social conundrum that has polarized opinions nationwide.

The primary reason for this is the fact that a significantly higher number of people enter the country than leave, with figures from June confirming that the net migration to the UK was 335,000.

Despite this, a relatively high number of people continue to emigrate outside of the UK, with fellow EU nations particularly popular destination for ex-pats.

Wherever you are headed, however, moving abroad is an extremely challenging and time-consuming pastime that can prove to be deceptively expensive.

3 of the Primary Cost Implications of Emigration

With this in mind, here are three of the potential costs that can quickly accumulate when you are looking to move abroad: –

The Real Cost of Moving

Much of the actual cost of moving revolves around logistics and shipping your furnishings overseas, and it is always tempting to minimise these wherever possible.

While this makes perfect, theoretical sense, however, attempting to reduce costs by assuming the sole burden of relocating can increase the length of the project which leads to increased expenditure over time.

So, while hiring a specialist removal firm to help manage the logistics of moving may require an initial, up-front cost, this enables you to focus on alternative aspects of everyday life (including work and managing the emotional implications of relocation).

From a work perspective, this negates you from losing money while it also ensures that your move is completed as quickly as possible.

Securing Your Currency

Be honest, how many of you exchange your currency at the last minute before heading abroad?

While this is something that often appears unimportant and is easy to overlook, however, planning your currency exchange in advance and timing it carefully can ultimately help you to send huge sums of money.

The same principle applies when relocating abroad, as you are likely to exchange a large sum of money prior to the move.

In the current climate, you must therefore monitor real-time exchange rates and trends before completing your transaction, while it is also worth accessing reduced costs by utilising resources such as Foreign Exchange to transfer funds overseas.

Consider Future and Near-term Costs

While it is important to focus on immediate and literal costs such as physical relocation and currency transfers, you must also think strategically and consider those that relate to your first few months oversees.

You must have enough money to support yourself and your family during the initial transition, even if you have a job and are relocating for the purpose of work.

The reason for this is that you may not receive your first monthly wage until four to six weeks after you arrive in your new home, so it is imperative that you have funds to maintain a comfortable existence.

It may also be worth creating a contingency plan for this time, to account for any unexpected or unforeseen events.

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