Working overseas? Make your salary go further

Around 314,000 people emigrated from the UK in 2013, according to the latest official figures from the Office of National Statistics and nearly two thirds of people who move overseas go abroad to work.

The number of people leaving the UK for work has increased in the past year, with 186,000 people emigrating for this reason in the year to December 2013. Of those heading overseas, 111,000 already had a job to go to, with a further 75,000 intending to look for work in their new home abroad.

Moving overseas for any reason is a major step and there are many things to plan before you go. For example, you need to consider what you want to take overseas with you, and what you intend to leave behind. Big items such as cars, furniture and property may need to be sold before you go.

This could generate a large amount of money to help your move go smoothly. However, making the most of that money to give you the best start in your new home is essential. And you should look to increase the amount you have in your pocket by getting the best exchange rate possible.

This is where the CityAM International Payments service can help. The service is provided by exchange experts Moneycorp and offers exchange rates that are usually 3-4% better than a bank.

Let’s say you have £100,000 to transfer to your new country after selling your belongings in the UK. Getting 4% more on your exchange rate means you can take an extra £4,000 with you. For example, if you're heading to Australia (the most popular destination for British expats) at the exchange rate at the time of writing of £1 = A$1.77, £100,000 could get you around A$177,000 and saving £4,000 would add A$7,080 to that pot.

As well as offering these competitive rates, the expert help from CityAM International Payments service can remove the hassle of repatriating the money you earn while you are working abroad.

Every customer is assigned a personal account manager who can help maximise the value of money transfers with guidance on the fastpaced foreign exchange market, making it easier for you to get the best possible rates.

They can help you target better rates and even fix favourable exchange rates for your future transfers. If you discuss your requirements with your account manager, they will be able to help you decide on the best course of action based on the behaviour of the currency market.

You will also benefit from low fees – a bank would typically charge you between £20 and £40 per transfer, while your transfers are free through Moneycorp’s online service. So if you are regularly transferring money back that's hundreds of pounds a year you can save.

If you are sending money every month you could consider a Regular Payment Plan, which allows you to send fixed payments at schedule you set. You can even lock an exchange rate these payments for a period of up to 24 months.

If you open an account you will have 24/7 online access to make and manage international money transfers. You can make payments and hold funds in 34 different currencies, making it very simple to send and exchange currency when it's convenient for you.