People who are considering moving abroad in order to reduce their expenditure might want to consider Cyprus as a destination. If you are looking to move to Cyprus you will need to consider how you will send your money to Cyprus and find a cheap way to do so. RationalFX enables you to send your money cheaply as we offer competitive Euro exchange rates, and conveniently as transfers are made via Xendpay, which is our online payments service.
Retirees moving to the island often only have to pay income tax at five per cent on their pension.
However, those who don't research their decision to live abroad may find that they are losing out on their savings when it comes to making regular transfers to Cyprus as their pensions are paid.
This is because using a bank-to-bank transfer to send money to Cyprus is unnecessarily expensive.
High street banks tend to charge per-transfer fees, which soon mount up.
Furthermore, the currency exchange rates on offer are rarely the best rates available.
Foreign exchange brokers, however, are much more likely to help retired expatriates get the most from their pension.
Regulated services such as RationalFX offer some of the most competitive rates of currency exchange around.