How to Transfer Money When Moving Abroad (2026)

The Financial Side of Moving Abroad

Most people spend weeks planning their visa, shipping, and housing when moving abroad — but give little thought to how they will actually move their money. This is often the single largest financial transaction of the entire relocation process.

Whether you are moving £10,000 or £100,000, the method you use to convert and transfer your money determines how much you actually arrive with in your new country.

Before You Move: Financial Planning Checklist

1. Understand Your Currency Exposure

When you move from the UK to, say, Portugal or Australia, you are converting from GBP to EUR or AUD. This involves:

• Large initial transfer — Moving savings, property proceeds, or emergency funds
• Ongoing transfers — Sending money back and forth for mortgage payments, family support, or pension income
• Regular income — If you keep earning in GBP but spending in EUR, you are exposed to exchange rate fluctuations continuously

2. Open a Bank Account at Your Destination

This should happen as early as possible:

• Some countries allow remote account opening for incoming residents (Australia, some EU countries)
• Others require physical presence and proof of local address (Japan, UAE)
• You will need a local account to receive salary, pay rent, and handle daily expenses

Until your local account is open, a multi-currency account can bridge the gap — letting you hold your destination currency and pay bills locally from day one.

3. Plan Your Transfer Strategy

Do not move all your money at once. Consider:

• Moving enough for immediate needs (first 3 months of expenses) before departure
• Converting larger sums in stages over weeks or months to average out exchange rate fluctuations
• Keeping a reserve in your home currency for ongoing obligations (mortgage, insurance, subscriptions)

Transfer Methods for Relocators

Bank International Transfer

• Typical cost: £25–40 per transfer + 2–5% exchange rate markup
• Speed: 2–5 business days
• Pros: Familiar, established trust with your bank
• Cons: Poor exchange rates on large amounts; hidden markup is the biggest cost
• Best for: People who prefer simplicity and have a small amount to transfer

Multi-Currency Account

• Typical cost: Low transparent fees, mid-market exchange rate or close to it
• Speed: Often same-day or next business day
• Pros: Hold multiple currencies; convert when the rate suits you; use as a local bank account in some cases
• Cons: May have transfer limits for very large amounts
• Best for: Ongoing transfers, building a destination currency balance over time

Wise is one option in this category — it offers a multi-currency account where you can hold 40+ currencies and convert at the mid-market rate. Many people relocating use it as a bridge account before their local bank account is set up, since you can receive and send money in your destination currency from day one.

Foreign Exchange Broker

• Typical cost: Negotiable margin (typically 0.2–1%) on large amounts
• Speed: 1–3 business days
• Pros: Best rates for very large transfers (£50,000+); can lock in forward rates
• Cons: Less convenient for small or regular transfers; relationship-based
• Best for: One-off large transfers like property proceeds

Managing Large Transfers

Lump Sum vs. Staged Transfers

If you are moving £50,000 in savings:

Lump sum approach:

• Convert everything at once
• Simple and done
• Risk: If the rate moves against you the next week, you cannot recover the loss

Staged approach:

• Convert £10,000–15,000 per week over 3–5 weeks
• Averages out rate fluctuations (similar to pound-cost averaging in investments)
• Slightly more effort to manage
• Recommended for amounts over £10,000 unless you have a strong view on rate direction

Forward Contracts

Some brokers and services offer forward contracts — you lock in today's exchange rate for a transfer that will happen in the future (e.g., 30, 60, or 90 days from now). This is particularly useful when:

• You are waiting for a property sale to complete
• You know you will need a specific amount in a foreign currency by a certain date
• You want certainty on the GBP amount you will receive

Country-Specific Considerations

Moving to an EU Country (Eurozone)

• Post-Brexit, UK-to-EU transfers are no longer SEPA (free intra-EU), so fees apply
• Open a EUR account before moving if possible
• Tax treaties between the UK and most EU countries prevent double taxation, but you still need to declare income in both countries during the transition year

Moving to Australia or Canada

• Large incoming transfers may trigger Anti-Money Laundering (AML) reporting
• Open your Australian or Canadian bank account as early as possible
• Consider the tax implications of converting large pension or savings balances

Moving to the UAE

• The AED is pegged to the USD, so GBP/AED fluctuations mirror GBP/USD
• No income tax in the UAE, but check your home country's exit tax rules
• Banking in the UAE requires an Emirates ID, which takes time to obtain

Tax Considerations

Moving money internationally does not trigger tax by itself, but:

• Capital gains: If you sell investments or property before transferring the proceeds, capital gains tax may apply in your home country
• Exit taxes: Some countries tax residents who leave (e.g., deemed disposition rules in Canada)
• Transfer pricing: Very large transfers may be questioned by tax authorities in either country — keep clear records of the source and purpose
• Double taxation treaties: Most countries have agreements to prevent you being taxed twice on the same income — check the relevant treaty

Checklist: Before Your First International Transfer

1. 1Open your destination country bank account (or a multi-currency account as a bridge)
2. 2Compare at least 3 transfer providers on the total cost for your specific amount and currencies
3. 3Decide on lump sum vs. staged transfers based on the amount and your risk tolerance
4. 4Set up rate alerts for your currency pair
5. 5Keep copies of all transfer confirmations and receipts for tax records
6. 6Inform your existing bank about upcoming large international transfers to avoid fraud blocks
7. 7Check transfer limits on your chosen provider before initiating a large transfer