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An increasing number of expats who have worked in Asia are also deciding to retire here rather than move back to the UK. As a result, we have seen an upturn in clients wanting to draw down or convert their entire offshore pension into local currency. This is a relatively straightforward process, but the fees charged on currency conversion for any sum of money can be hefty.
However, there’s good news! There is a solution which can help you get much more competitive rates than you will get via traditional routes. We work closely with currency exchange specialists, Aston Currency Management – together we can save you money on all cross border transactions. For offshore conversion of larger sums it is an absolute no brainer to use this service.
The process is simple. First, you would discuss your situation with your financial adviser, and they will assist you in opening an account with which to transact your foreign currency transfers more cost effectively. Once you have agreed on an exchange rate, Infinity would then work with you to advise your pension trustee and request them to facilitate the transfer. The pension trustee will send the payment in the account currency directly to them and then after a safe receipt of the funds, Aston will transfer the agreed amount in the agreed currency to your nominated bank account.
The service is fast – transfers are usually made within three working days and there are no limits on the amount that can be transferred. More importantly, your money is 100% safe. Aston is an Authorised Payment Institution (via its parent company based in London) under the Payment Services Directive and fully authorised and regulated by the Financial Conduct Authority.
It’s not just too good to be true – this really is a 100% secure route for RMB transfers, or indeed any other global currency, with a full audit trail provided.
This is just another example of how a financial adviser can save you money and time in unexpected ways. If you are interested in finding out more, please contact us at email@example.com and we can look into saving you money on your offshore pension currency transfers immediately.
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