Repatriation of Funds
Around a third of our currency transactions are made by individuals repatriating funds. Repatriating your funds with TorFX is not only more convenient than using your bank, it’s far more cost-effective and registering with us is easy, fast and free.
Repatriation involves selling overseas assets, like investment properties or holiday homes, and moving the money back to your country of origin. If done in the right way it is possible to make a substantial profit through repatriation.
However, repatriating your funds isn’t a simple matter of ringing up your bank and transferring the money back home. A whole range of different issues are involved in the process.
For starters, some countries don’t allow you to repatriate your funds freely. Although within the EU transferring money from one country to another comes with few, if any, restrictions, this is not the case globally.
In some markets there are restrictions not only on the method of getting your money out of the country but also on the amount of money you are able to transfer.
In terms of proving that the funds have come from a legitimate source, requirements are getting more stringent and may continue to do so for the next few years.
Before repatriating your money it is essential to consider the exchange rate. It’s constantly fluctuating, and you shouldn’t underestimate the amount that can be gained by converting money at the right time, or lost by converting at the wrong time.
As a result of poor rates and unexpected charges, using a foreign bank to make your currency exchange could be expensive. In some instances banks have charged up to 1% of the value of the transfer.
If you are planning to move funds back to the UK you could make a substantial profit from the exchange rate by using a trusted foreign currency exchange broker like TorFX.
TorFX can offer you:
- Unbeatable exchange rates with no commission or charges - over 3% better than the high street banks.
- The ability to fix your exchange rate up to one year ahead
- Fast, free international money transfers
- Regular market updates by email
- Expert advice and guidance
- Direct access to your own currency account manager
- Online account opening in just two minutes
- Regular Overseas Payments Service
If you repatriate your funds with TorFX our expert guidance and highly competitive exchange rates guarantee you more for your money.