If you're moving your business or family, or maybe both from South Africa to the Isle of Man, one thing you'll need to manage closely is the exchange of your ZAR to GBP.
You'll be selling your assets in ZAR, but will need GBP in the Isle of Man. Here's what you'll need to consider,
- Exchange Rate: - sounds obvious, but watch it closely and shop around for the best rate. Also, keep an eye on the transaction fees.
- Take control: - make sure you have the control of when the exchange is done, don't hand that control to an agent or a bank.
- Find a reliable FX provider: - you don't have to the exchange with your high street bank, there are specialist FX companies that will be more competitive than your bank.
- Plan ahead: - don't leave it until the last minute - make sure you have opened your account in advance - this will enable you to keep your provider options open.
About MFX:
MFX are located in the isle of Man, with lots of experience in exchanging ZAR. We are partnered with moneycorp, one of the UK's leading FX houses.
Get in touch for more information on how we can support your move from SA to IOM.