There are 4.9 million Brits living abroad and this means that it is becoming increasingly likely that you may be in receipt of an inheritance from overseas. Whether you have been bequeathed a gift from a relative overseas, or you are living abroad and are due funds from the UK, the timing and the foreign exchange provider are the two most important factors to consider. Between them, they could make a big difference to your final bequest, perhaps even bigger than the impact of inheritance tax on some estates.
Although timing is important, it is not the only factor; choosing the right provider can also make a significant difference. A specialist can offer additional services, including expert guidance on the timing of the transfer and management of the entire process from the currency exchange to the payment overseas. moneycorp also offers email and SMS alerts for customers who wish to be kept informed of the movements in the market or to track a particular target rate.
You may not be able to control the currency exchange market, but as a foreign exchange specialist, moneycorp offers great rates, which can make a significant difference to the overall total. You also have the option to lock in a prevailing exchange rate by using what is commonly called a ‘forward contract.’ (A forward contract may require a deposit.) Rates can be locked in for up to two years, and given that the average overseas probate process takes between 12 and 24 months, you will be able to set up a forward contract, ready for when the funds are released.
The exchange rates are also not the only way in which an overseas inheritance can be devalued; transfer fees can also have an impact. moneycorp fees start at £5 for an online transfer and up to £15 over the telephone. If there are numerous beneficiaries, these fees can soon add up and these costs will be subtracted from the total received.
As more and more people move abroad, the likelihood of a legacy from overseas will become increasingly likely. Using the right provider can ensure that, wherever your loved ones are in the world, you can respect their wishes and make the most of their generosity.
moneycorp is a trading name of TTT Moneycorp Ltd which is authorised and regulated by the Financial Conduct Authority for the provision of payment services. All customer funds are safeguarded in segregated client bank accounts.