Last updated: 22 October 2026
When you emigrate, moving your money can cost more than shipping your furniture. Selling a house, transferring savings or moving a lump sum from the UK to Australia, Canada, New Zealand, the USA or Europe can lose you thousands if you simply use a high-street bank’s standard rate. This guide explains the options so you can make an informed choice.
This article is general information, not financial advice. For pensions, tax and investments, speak to a regulated adviser.
Banks often add a margin of several percent to the mid-market exchange rate, plus a transfer fee. On a £200,000 house sale, a 3% margin is £6,000. Even a small improvement in the rate can pay for your entire removal.
| Option | How it works | Pros | Cons |
|---|---|---|---|
| High-street bank | Standard international transfer | Familiar, simple | Often wide margins and fees |
| Specialist currency transfer provider | Firms focused on international payments | Usually better rates; dedicated dealers for large sums | Choose a firm authorised by the FCA |
| App-based money transfer services | Online or app transfers at close to mid-market rates | Transparent fees; fast | Limits on very large transfers can apply |
| Multi-currency accounts | Hold and convert money in several currencies | Flexible for ongoing payments | Check protection of balances |
Shipping, visas and set-up costs come next. See our guides to moving to Australia, moving to Canada und international removals from the UK.
Usually a specialist currency provider or app-based transfer service rather than a standard bank transfer. Compare the total amount received.
Use an FCA-authorised provider, confirm bank details by phone and check how your money is safeguarded.
An agreement to exchange money at a fixed rate on a future date, protecting you if the rate moves against you.
Sometimes, but transfers can have tax consequences and scam risks. Get regulated advice first.
Yes. Tell HMRC you are leaving, and take advice on tax residency.
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