Navigating the intricacies of receiving inheritance money from abroad can be challenging. This involves understanding various processes, from deciphering international laws to managing currency exchange. If you're based in the UK and expecting an inheritance from overseas, it may seem like you're venturing into uncharted territory. This blog post will help to demystify this process, highlighting why an FX (foreign exchange) expert from Equals Money could be your most valuable ally.
Receiving inheritance money from abroad involves understanding a combination of processes. The process may require proof of entitlement, often involving legal documentation such as a will or court documentation. Furthermore, the laws of the country where the assets originate will usually apply and these laws can be vastly different from those in the UK.
A key consideration is the process of transferring the assets to the UK, especially if they are held in a foreign currency. Exchange rates can fluctuate, potentially affecting the value of your inheritance by the time it reaches you. This is a key aspect where an FX (foreign exchange) expert can assist you, helping to maximise the value of your inheritance.
Navigating the international financial landscape can be a daunting task, particularly when dealing with the sensitive matter of inheritance. Matthew Goacher, one of Equals Money's in-house experts sheds some light on how professional guidance can simplify and streamline the process for executors handling overseas beneficiaries.
"Transferring funds to the beneficiary of a will is typically the last step of an often complex probate process. Add in the potential complication of a beneficiary that is based overseas and many executors find themselves in an unfamiliar situation with obligations to fulfil. With the experience and guidance of our FX experts, executors are able to make the payments with ease and ensure that the beneficiary receives as much of the inheritance granted to them by their loved one as possible.
One common aspect is the need for the funds from a will to be sent to multiple individuals. By locking in the exchange rate for the total amount and then splitting the transfer into the respective portion due to the recipients, we are able to secure a more competitive exchange rate for all.1
This is also often relevant for the sale of an inherited overseas property. At Equals Money, we will work with the beneficiaries throughout the whole process to help convert the funds at a favourable time. We monitor the market movements, provide regular updates and can implement tools to target desired rates. When the funds are available, we'll arrange for the funds to credit the bank account as quickly as possible, often the same working day or the next working day."
By engaging the services of Equals Money, beneficiaries and executors alike can make significant savings on international transfers. Our FX experts diligently monitor market trends, aim for the most favourable exchange rates, and ensure a smooth and efficient transfer process. Moreover, they can manage complex situations like dividing the inheritance among multiple recipients while still maintaining competitive rates.
When you're dealing with an inheritance that crosses international borders, stakes can often be high. Currency value fluctuations can significantly impact the total inheritance value, and without expert guidance, you might find your inheritance shrinks before it even reaches you.
Our FX experts at Equals Money closely monitor global market trends, delivering timely updates and insights. These informed perspectives can be crucial in deciding the right time to initiate the transfer, thus ensuring you receive a favourable exchange rate.
What sets Equals Money apart is our focus on offering personalised solutions. Whether your inheritance involves overseas property sales or needs to be divided among multiple beneficiaries, our team provides bespoke strategies tailored to your unique situation. We strive to secure the most competitive exchange rates and work to make the funds available as quickly as possible.
In a world where financial regulations and market dynamics constantly evolve, Equals Money remains your reliable ally. We continually adapt our strategies to the changing market conditions and regulatory landscape, ensuring you benefit from every opportunity.
Trust Equals Money to be your reliable partner in this journey, helping you secure the best value from your international inheritance. With our dedication to expert analysis, personalised service, and robust risk management strategies, Equals Money can help transform the challenging process of receiving an international inheritance into a smooth, stress-free experience.
1Funds will be converted at the rate agreed regardless of how it moves after the fact. However at Equals Money, our FX experts closely monitor market trends and deliver timely insights and updates. This allows you to make informed decisions when converting funds.