Why it’s important to consider the currency exchange when distributing funds abroad.
Where a beneficiary is located abroad, it is likely that they will receive their inheritance into their bank account in their local currency.
In order to act in the best interests of the estate and preserve as much of the inheritance funds as possible, it is strongly advised to consult a recommended currency broker before sending funds to an overseas beneficiary overseas. There are a number of potential pitfalls when sending funds abroad which can result in the estate / beneficiary loosing significant amounts.
A currency broker can convert the currency to the beneficiary's local currency and arrange the transfer at a favourable exchange rate. The services of a currency broker are free and easy to use but can save the beneficiary hundreds if not thousands depending in the amount being distributed.
Its not just avoid the commission fees but the main saving is in getting a better exchange rate which can make a huge difference to the amount received, especially when transferring large sums. In the case of EU countries there are also increased costs of currency exchange due to Brexit which can be avoided through a currency broker.
Awareness of the benefits of currency exchange brokers is increasing in the public as people become more and more likely to have international or cross-border links. It’s therefore best to be proactive and discuss the options with the executor and/or beneficiary, especially if you are a solicitor or other professional dealing with the estate, rather than face criticism after transferring the funds at significant (unnecessary) costs without properly considering the options.
If you are dealing with an estate where funds need to be distributed abroad (or indeed if there are assets abroad that need to be sent to be collected into a UK account) we will be happy to recommend a currency broker or provide more information about how they can assist. Please just contact us on 01244 478 201 or email info@internationalbankruptcysearches.com and we will be happy to provide any further information that you need.
or contact us on 01244 478 201