Moving abroad?
Lock the exchange rate
that funds your move.
Most emigrants spend months on the visa, the home sale and the removals — and minutes on the FX. The currency call is the one that quietly compounds. Lock today’s rate, save thousands compared with a high street bank, and structure transfers around your move with a dedicated specialist over the phone.
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Moving abroad means converting sterling savings, home equity and pensions into a foreign currency — usually in stages spanning months either side of the move date.A specialist currency broker reduces the conversion cost by around 3% versus a high street bank and offers tools to lock the rate, time the conversion or set up ongoing transfers. Cambridge Currencies handles emigration transfers from £25,000 upwards, with every transaction managed by a dedicated specialist over the phone.
Why does currency matter when emigrating from the UK?
Emigration involves converting a life’s worth of sterling — UK home equity, pensions, savings, investments — into a foreign currency. The exchange rate on the day you convert sets the standard of living you can afford in your new country.
The challenge: your UK assets liquidate over weeks or months, but the rate moves daily. A 4% adverse move on £400,000 of emigration capital is around £16,000 — enough to change which area you can live in, or how long the funds last. Sterling has moved more than 10% in a six-month window in each of the last five years, according to Bank of England exchange rate data.
Common emigration corridors carry their own dynamics: GBP/EUR for Spain, France, Portugal, Italy, Cyprus and Malta; GBP/USD for the United States; GBP/AUD for Australia; GBP/CAD for Canada; GBP/AED for the UAE.
The emigration FX cost has two components: the market move between liquidating UK assets and converting them (uncontrollable unless the rate is locked), and the margin charged on the conversion — the spread between the rate the bank or broker buys the currency at and the rate they sell it at to you. Both can be managed. Both compound on a six- or seven-figure move.
For tax-residency context, see GOV.UK guidance on moving or retiring abroad and HMRC’s guidance on tax when leaving the UK. Cambridge Currencies does not provide tax guidance — speak to a qualified UK tax adviser before completing your move.
What’s the best way to transfer money when moving abroad?
A 3% bank margin on £400,000 of emigration capital is around £12,000 lost on the conversion. The same transfer through a specialist broker, at a 0.4% margin, costs around £1,600 — a difference of more than £10,000 before any market movement is taken into account.
| Provider | Typical margin | Forward contracts | Dedicated specialist | Best for |
|---|---|---|---|---|
| High street bank | 3–4% | Limited | No | Convenience only — costly on emigration-sized transfers |
| Money transfer app | 0.5–1% | No | No | Smaller, time-flexible transfers and ongoing top-ups |
| Specialist currency broker | Under 0.5% | ✓ Up to 24 months | ✓ Yes | Emigration moves, lump sums and ongoing pension transfers |
Which currency tools work best for emigrants?
Forward contract
Lock today’s rate for transfers up to 24 months in the future. Pay a 5–10% deposit, with the balance settled when the funds are ready. The cornerstone tool for emigrants — it fixes the foreign-currency value of UK home equity, a pension lump sum or savings well before the move date.
Spot transfer
Convert at today’s rate, with funds settled in 1–2 working days. Suitable for deposits, removals, and the first phase of relocation costs once you’re committed to the move.
Limit order
Set a target rate that executes automatically when the market reaches it. Useful for non-urgent capital where the current rate is acceptable but not ideal — for example, while the UK home is on the market.
For ongoing transfers after the move — UK pension paid in sterling, UK rental income, periodic top-ups — your specialist can structure regular conversions on a recurring schedule, with rate management active or passive based on your preference.
Emigration is the one time when getting the FX wrong has a permanent effect on lifestyle. Most people focus on the visa, the schools and the removals; the currency is the bit that quietly costs them tens of thousands.— Anthony Bull, CEO, Cambridge Currencies
A recent client move: family of four, UK to Sydney
In April, a UK family accepted an offer of £620,000 on their home and committed to relocating to Sydney that summer. With GBP/AUD trading at 1.95 at the time of the accepted offer, the family took a forward contract to lock the Australian-dollar value of their home equity ahead of completion.
By their move date in August, GBP/AUD had drifted to around 1.92. Settling at the locked rate, they received approximately AU$1,209,000 on completion. The equivalent at the prevailing rate would have been around AU$18,600 less — about £9,700 in their pocket on the move-in day.
Anonymised; figures rounded. Reflective of typical outcomes when forward contracts are taken at the point of accepted UK home sale in a falling-sterling environment.
Emigrating to Australia with £400,000
Move date in 4 months. Mid-market rate today: 1.95 GBP/AUD. Two practical choices — and the difference between them on the day the family arrives.
AU$744,960
- Mid-market at move date (sterling -1.5%)1.92
- Bank margin of 3%, effective rate1.86
- Australian dollars receivedAU$744,960
AU$776,880
- Locked rate today, less 0.4% margin1.942
- Market exposure post-contractA$0
- Australian dollars receivedAU$776,880
Figures are illustrative; actual rates depend on market conditions, transfer size, and contract terms.
The AU$31,920 difference (around £16,600 at 1.92) splits roughly between the margin saving (about £10,000 on this size) and protection against the market move (about £6,600). On an emigration move, both compound — and most clients use the same approach for subsequent transfers in the year that follows.
What mistakes should I avoid when moving money abroad?
Converting all your sterling on move day
The day you fly is the worst day to make currency calls — because every other admin task is competing for attention. Decide the strategy weeks in advance.
Using your UK or new-country bank
Both the UK bank and the receiving overseas bank typically take 3–4% margins on emigration-sized transfers. The cost is rarely visible until you compare the rate received against the mid-market rate that day.
Forgetting to think about pensions
UK pensions paid in sterling need ongoing conversion to local currency. Set up regular transfers via a specialist broker rather than a high-fee monthly bank wire.
Underestimating UK tax rules
UK tax residency depends on HMRC’s Statutory Residence Test, not just on your move date. See GOV.UK on state pension if you retire abroad and consult a qualified tax adviser — Cambridge Currencies does not provide tax guidance.
Ignoring the visa-to-completion gap
Most visas take 3–9 months. That’s a meaningful FX exposure window. A forward contract closes it.
Converting it all at once when the rate is poor
If sterling is weak on the day, splitting the conversion or using limit orders at target rates can capture better outcomes over the months that follow.
Which countries do we serve for UK emigrants?
Cambridge Currencies handles emigration transfers across all major destinations for UK movers. The most active corridors are listed here. Markets not listed are typically available on request.
Will Stead, who works with emigration clients across Cambridge Currencies’ major corridors, notes that the move structure varies materially by destination: a Spanish retirement move can complete inside three months once the visa is in place; an Australian skilled-migrant route can run twelve to eighteen months from visa application to physical move. The right contract length and transfer phasing depends on the visa route and asset liquidation timeline, not a generic average.
How do I set up a currency broker for an emigration move?
From quote to funds at destination — typically two to four working days for the first transfer. Our how it works page covers the full client journey.
Talk through your move
Call us with the destination country, expected move date, source of funds (UK home sale, pension lump sum, savings) and approximate sterling amount. We quote rates and structure — no obligation to proceed.
Open an account
Cambridge Currencies operates with FCA-authorised partners (Currencycloud and ScioPay). Compliance can be verified on the FCA Register. The account check is paperwork-light and typically completes within 24–48 hours.
Lock the rate (if using a forward)
For the lump sum portion of the move, a forward contract locks today’s rate for up to 24 months. Pay a 5–10% deposit; the balance settles when the funds are ready (typically when the UK home sale completes or the pension lump sum lands).
Stage the transfers around your move
A typical move involves: a deposit on overseas property or rental ahead of the move; the bulk of UK assets at or just after the move date; ongoing transfers for UK pension or rental income afterwards. Each stage can use the most appropriate tool — spot, forward or limit order.
Send funds to the destination
Funds convert at the agreed rate and arrive in your nominated foreign currency account, typically within 1–2 working days for major currencies (EUR, USD, AUD, NZD, CAD).
Set up ongoing transfers (optional)
If you have UK pension, rental or business income paid in sterling, your specialist can set up regular transfers to convert and send to your overseas account on a recurring schedule.
Why use a specialist broker for emigration?
Size
Emigration moves are large. A 3% margin saving in absolute terms is typically £10,000–£25,000 on a typical relocation budget.
Phasing
Emigration involves multiple transfers across months. A specialist co-ordinates the lump sum, the ongoing pension or income, and any property purchase in one place.
Continuity
Once you’ve emigrated, you still need ongoing GBP-to-local conversions for UK income. Same account, same specialist, no setup again.
Cambridge Currencies allocates a dedicated specialist to each emigration move. The reason: an emigration plan involves judgement calls — when to lock, what proportion to lock, what to do if the move date slips, how to phase transfers around the visa timeline. Those calls are easier on the phone, with a specialist who knows the file.
For market context, see our latest currency forecasts for sterling, the euro, the dollar and the Australian dollar, or our weekly currency forecast for shorter-term commentary. Live rates for any pair are available via our currency converter.
Frequently asked questions
What’s the best way to transfer money when moving abroad from the UK?
Can I lock in an exchange rate before I move abroad?
How much can I save versus my bank when moving money abroad to emigrate?
Will I pay UK tax when converting money to emigrate?
Should I transfer all my money before leaving the UK or after?
Can Cambridge Currencies handle ongoing UK pension transfers after I’ve emigrated?
How long does an emigration money transfer take?
Is Cambridge Currencies regulated to handle emigration transfers?
Speak to an emigration currency specialist
Whether you’re heading to Spain for retirement, Sydney with the family, Dubai for a career, or anywhere else, our specialist desk will quote, structure and execute the transfers. Every transaction is handled by a dedicated specialist allocated for the duration of your move — and afterwards, for ongoing transfers from the UK.