Advice on moving money abroad.

Shane_Poole

Hello everybody,

I am considering moving to the Czech Republic to work, and would like to know the best way to move around £30,000 in sterling to czech crowns. I want to use this money to buy property out there and need the best deal to move this much money with me and the best way to do it please.

If anyone can advise i would be very grateful.

Thanks in advance.

jonesMUFCforever

Before moving such a large sum have you considered the following?
1 Do the Czech have any exchange regulations that let you do this?
2 As a foreign national are you allowed to buy property freely?
3 Again as a foreign national can you have a normal bank account there or will you be restricted to a 'foreigner' account?

If you already have the answers to above have you spoken to your bank's foreign exchange people (not the ones sitting behind the counter!) who will advise and arrange an exchange rate for you should you wish, and may also help you find a correspondent bank who they do business with to get information about what bank accounts are available to you there.
Eric

Fatboy_NSS

The Czech Republic is an EU country, so a British citizen has the same rights there as a Czech (same as a Czech would have in this country). However the point is correct about bank accounts, as you may be restricted to a savings account until you have enough years residence history to qualify for a banking account.

It's hard to recommend a Forex service as it really boils down to who offers the best rate on the day. One which springs to mind is https://www.xe.com, though there are plenty of other brokerage services plus all the clearing banks will be able to offer this service so make sure you shop around.

jonesMUFCforever

Thank you Fatboy.
The bank that I work for will only open a basic account for any foreign national unless they have a salary of at least £13k or can deposit an initial credit of £13k or more.
The point I wanted to make was to do your homework before arranging to transfer. A savings account would be pretty useless to OP if he had to make regular payments by cheque (as they may not issue him with visa/mastercard)
Eric