Mediaboss Marketing

Use a currency broker, and moving money abroad should be cheap and easy.

There are more than five million British expatriates scattered across the four corners of the world.

Many continue to earn their income in the UK or are retired but have pensions paid in sterling into UK accounts. Some may need to move money to meet mortgage payments in other countries.

These expats need to move their money regularly to their place of residence speedily and safely. The big currency brokers offer deals for regular payments and moving money in instalments can be cheap and easy. The advantage of opting for a broker to make regular payments is that it can be cheaper than a bank.

And particularly for the 1.2 million British pensioners living abroad, it is essential to get the most they can when moving their UK pension payments overseas.

Mark Bodega, marketing director of HiFX , explains: In just the last few years, retired British couples all over the world have seen their monthly pension incomes hit by sterlings depreciation.

Worst-hit are pensioners in South Africa, New Zealand and Australia, who have seen the domestic value of their state pension in their new countries of residence slashed by market volatility.

He has calculated that based on the typical monthly state pension of 628, a British pensioner in Australia now gets an income of A$968 a month but four years ago he would have received A$1,700.

Mr Bodega said: With further sterling volatility predicted, any British pensioners who are on a tight budget and who cannot afford to see the value of sterling decrease any further should consider one of the many regular payment schemes offered by a currency specialist in the UK such as HiFX.

HiFX says that by using a direct debit scheme, UK pensioners wanting to move their pensions to their new home every month would save around 300 on fees on the costs charged by the high-street banks.

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Expats need to make most of best currency deals