• Emigrating Brits waste up to £850 million a year in unfavourable high street exchange rates • Émigrés at risk of currency fluctuation during time it takes to emigrate

The prospect of escaping to foreign climes and starting a new life abroad still holds real appeal for many people in the current economic climate but as the pound continues to be battered in the foreign currency markets, HiFX warn that British émigrés could be risking losing as much as £850 million a year when transferring their assets abroad.

In a recent survey, 24 per cent of Britons said they were “seriously considering” leaving the country to avoid the economic slowdown* and according to the latest figures from the Office of National Statistics around 85,000 families decided to quit the UK** for a new life abroad last year. However, currency specialists HiFX urge anyone starting a new life abroad to make sure they do so with as much money as possible by avoiding rip off high street bank exchange rates and transfers fees and seeking advice on the timing of currency exchange.

Don't let the banks cash in! On average, a UK family emigrates abroad with assets of £250,000*** from the sale of a house, cars and savings. While they carefully plan their new lives in minute detail, what many overlook is the potential cost of leaving their currency exchange in the wrong hands. By transferring their savings to their new country via a high street bank, the average family risk losing up to a staggering £10,000 of their assets, equating to £850 million**** in total for all Brits emigrating. According to research from HiFX, banks typically charge 4% more than currency specialists in unfavourable exchange rates*****.

Mark Bodega, Director of currency specialists HiFX, who help over 30,000 people emigrate and buy property aboard each year explains, “With the UK economy in turmoil, the housing market plummeting and the hope of better job opportunities abroad, more and more Brits are considering emigrating. However, with current economic uncertainty, it's never been more important for people thinking of making a move abroad to do their homework and find out if the grass really is greener on the other side.

“Making the decision to move to a new country is a big undertaking, both emotionally and financially. The last thing that any family taking the leap would want to do is unnecessarily lose as much as £10,000 in the process, particularly when most people are feeling financially stretched. Unfortunately though, this is exactly the case for the many people who entrust the transfer of their assets to their new country via a regular high street bank. This huge loss could be avoided simply by people being aware of the alternatives and making sure they get the best rate for their money, early on in the process.”

Beware of additional charges Using a high street bank also means being subject to a number of additional bank charges which include commission fees (up to another 2 per cent of the amount transferred and transfer charges (usually £25 for each and every transfer)) and finally, depending on where the money is being sent, up to another half a percent bank receiving fees. Currency specialists like HiFX will transfer money abroad completely free of charge.

Currency fluctuation As well as falling victim to inflated charges on exchange rates, émigrés are also at the mercy of currency fluctuation as they are rarely able to transfer all their assets in one go. Exchange rate fluctuations can have a huge impact on a person's future wealth because at various points during the process they will have to convert some or all of their assets into the local currency of the new country.

“In the last few months, for example, would be émigrés have seen GBP/AUD fall from around 2.70 to 2.36. This means the average family emigrating with assets of £250,000 will be starting their new life in Australia with AUD 85,000 less as a result of exchange rate fluctuations,” states Bodega.

Mark Bodega added: “The earlier you begin thinking about your currency requirements, the more likely you will be able to start your new life with as much money as possible. The majority of people emigrating from the UK are not millionaires jetting off to a luxury island, but everyday people who are likely to be most affected by banks charging over the odds for currency exchange and losses through currency fluctuation when transferring their worldly goods overseas.”

Please call 01753 751 776 or visit www.hifx.co.uk

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Notes to editors: * http://www.timesonline.co.uk/tol/news/uk/article4882573.ece

**http://www.statistics.gov.uk/pdfdir/tim1108.pdf According to ONS in 2007 340,000 UK inhabitants emigrated (Out migrated) from the UK assuming an average family size is four, that is 85,000 families. (340,000 ÷ 4 = 85,000) *** According to HiFX internal statistics the average family transfers a total of £250,000 in a number of transactions

**** 85,000 families x £10,000 wasted = £850 million

***** High street banks take on average 4% more commission on currency transfers than currency specialists. Therefore families are losing 4% of their assets on higher exchange rates offered by banks (£250,000 x 0.04 = £10,000)

For further information please contact: Mark Bodega Marketing Director, HiFX 01753 751776 Mark.bodega@hifx.co.uk

Press:

Caroline Macleod-Smith / Lauren Hunt-Morgan Lansons Communications 0207 566 9702 /0207 566 9729 carolinems@lansons.com/ laurenhm@lansons.com

HIFX HiFX is the UK's premier provider of foreign exchange and cash deposit services. Established in 1998, every year the company helps over 30,000 people private individuals buy and sell currency for a variety of reasons including overseas property acquisition, emigration and regular international money transfers (mortgage payments, pension transfers etc.) In addition, HiFX Is trusted by 2000 corporate clients and last year the group was responsible for managing over £20 billion in foreign exchange receipts. HiFX helps individuals buying property abroad, migrating to a new country or buying a high value asset abroad to manage fluctuating exchange rates affecting the price they pay for goods abroad. HiFX also works with people regularly transferring money to or from the UK; for example overseas mortgage payments or receiving pensions abroad. As the UK's leading foreign exchange specialists, HiFX's primary aim is to make the currency aspect of any transaction, as simple, cost effective and stress free as possible. In addition to promising that customers will not have to pay commission fees or transfer charges, HiFX guarantees that no client will be charged a receipt fee by a foreign bank with their new 'zero charges pledge'. HiFX was featured in the 2006 Sunday Times Best Small Companies to Work For, for the second consecutive year. HiFX are Founder Members of the Association of International Property Professionals (AIPP) which has been set up to guide and to regulate the international property industry. It gives the buyer of international property confidence in choosing where to spend their money. HiFX have been subject to the membership criteria and have signed up to follow the Code of Conduct established to help the consumer, in buying property overseas with confidence.