Expats 'stung' by poor exchange rates

Many British expatriates are not getting as much as they could when exchanging currency, according to industry experts.

FairFX.com stated that retirees in particular are getting "stung" by less than favourable exchange rates when they are planning a move overseas.

Speaking to the Daily Mail, chief executive Stephen Heath said people could reduce the likelihood of this happening to them by researching the market.

This, he stated, would help people identify which providers are offering the best value for money.

Mr Heath commented: "People who need to stretch their retirement pots as far as possible must shop around for the best rates."

He added that many couples in the UK are currently dreaming of spending their post-working lives overseas.

Research by NatWest recently revealed that many people believe that moving abroad has improved their quality of life.

According to the study, 91 per cent of expats from the UK say they are much happier living overseas.