Relocating from South Africa to the Isle of Man: Making the most of your Rand-to-Sterling currency transfers
For anyone considering emigrating from South Africa to the Isle of Man or currently in the process of doing so, there’s no getting round the fact that it will require a period of upheaval.
This is entirely understandable. Uprooting one’s family and/or business and starting all over again in a foreign land on the other side of the world – albeit where English is the common language – is a major undertaking.
Financially, much will be at stake. Moving lock, stock and barrel from South Africa will almost inevitably involve the sale of a property or properties and the liquidation of other assets or savings.
Having arrived on the Isle of Man, after a settling-in period of maybe renting, one of the first priorities is likely to be the buying of a home. To make the purchase, this will require transferring funds out of rand and into sterling.
Given property prices on the Isle of Man, this could necessitate a currency transaction running into hundreds of thousands of pounds.
Understanding the Rand:
Making international currency transactions can be a risky business, especially involving large ticket items, such as overseas property purchases. When large sums of cash are at stake, it’s vitally important, therefore, to make sound financial decisions.
The markets act without emotion and take no prisoners. That’s why it’s essential to have expert FX knowledge on hand, to guide you through the entire process, ensuring that you benefit from the most advantageous currency rates and minimal charges.
If you want to squeeze everything you can out of the Rand at your disposal, it certainly pays to have a seasoned FX specialist on hand, one that can operate alongside your banking provider.
Is the timing of the transaction going to work in your favour? Would it make sense to switch everything from rand into sterling in one go, or to stagger the transfers? It’s important you are involved in such decisions and keep control of what’s happening - something that would be unlikely to occur if you used a property agent or bank.
Even if you are familiar with FX and have arrangements in place to make transfers, it can still be sensible to shop around and look at other options.
Offering “Home Advantage” for Commercial Clients:
For commercial clients looking to bring a business to the Isle of Man from South Africa, or who are already established working on the Island, this can provide a whole new area of complexity in terms of currency transfers.
Again, having an Island based FX specialist with in-depth knowledge of the rand, provides foreign nationals with “home advantage”.
Moving thousands of miles across hemispheres, to a place where you may never have previously travelled, can be leap in the dark. But, for reassurance, the Isle of Man is well-placed to welcome South African nationals coming to its shores.
Indeed, it’s no coincidence that over the years, thousands of South Africans have successfully made the permanent move to our “Jewel in the Irish Sea.”
World class Isle of Man-based FX assistance:
Before you travel or even after you have arrived, you’ll discover that MFX is a long-established and dedicated foreign exchange brokerage - right here on the Isle of Man.
Being able to call on world class, Island-based expert FX assistance – before, during and after your arrival from South Africa – should be of great comfort.
We act on behalf of businesses operating across multiple industry sectors, as well as private clients, especially those involved in relocation and the purchase of property on the Island, which require the transfer of rand into sterling.
Above all, we appreciate the importance of being able to facilitate speedy, cost-effective cross-border money transfers. For your peace of mind, we are partnered with moneycorp, globally renowned exponents in the field of international payments, who regularly work with over 100 currencies worldwide.
If you are unfamiliar with FX, particularly when it involves undertaking large scale international payments, we can help you. Even if it’s simply to provide a second opinion, offering an alternative option to your current foreign exchange arrangements.
For all South Africans, we’re confident that our expertise and outstanding personal service will be of tremendous help to you, as you embark on your new life in the Isle of Man.
For a non-obligatory chat, call MFX on 01624 694731 email us at enquiries@mfx.im and we will get straight back to you.
MFX Ltd is a wholly owned subsidiary of the AIM-listed Manx Financial Group. Bank and a sister company of Conister Bank.