Gloomy economy getting you down?

Over 16 million of us would readily jump ship and emigrate to dodge the sticky situation currently being experienced within the UK’s financial markets, with Australia coming top of the list.

Twelve months of rising mortgage costs and a month of pressure brought about by the credit crunch has pushed homeowners to their limits, and four out of ten would move overseas if it meant that they could buy a home outright and live mortgage free.

However HiFX has warned Brits considering such a move not to forget that currency fluctuations can have a huge impact on future wealth.

Mark Bodega, director at HiFX advised: “The results of our research paint a stark picture of UK consumer confidence at the moment. While moving overseas has long been a tradition for those seeking sunnier climes, a different career path or a peaceful retirement, it would now seems that more and more people are no longer considering emigration as a luxury but a necessity.

“With the current uncertainly in the global economy people need to do their homework when considering a move abroad and work out if the grass really is greener on the other side of the fence.”

The average family emigrates abroad with assets of £250,000 from the sale of a house, car and some savings. While they carefully plan their new lives in minute detail, what many overlook is the potential cost of leaving their currency exchange in the wrong hands.

By transferring their worldly goods to the new country of residence via a high street bank, the average family risks losing up to a staggering £10,000 of their assets as banks typically charge 4 per cent more than currency specialists in times of unfavourable exchange rates.

“The last thing that any family taking the leap would want to do is unnecessarily lose as much as £10,000 in the process – especially if one of their aims of moving is to lighten their financial burdens,” continued Bodega. “Unfortunately though, this is exactly the case for the many people who entrust the transfer of their assets from old to new country to their regular high street bank. This huge loss could be avoided simply by people being aware of the alternatives and making sure they get the best rate for their money, early on in the process.”