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There are lots of reasons for transferring money abroad and one of the most common is to invest in foreign property.

This is obviously an exciting phase in your life and you are no doubt aware of the risks and possible gains involved in it. While the physical aspect of transferring money abroad is now easier and cheaper than ever here are a couple of things to bear in mind.

Your Bank Account Abroad

You might end up having to move pretty sharply and sending money over at short notice. This means that it pays to set up your new account in the foreign country as soon as possible. The level of difficulty you have in doing this will probably depend upon the country you are planning to invest in and how familiar you are with the language and culture. It will be a lot easier in a place such as the Spanish Mediterranean coast, where bank processes are in place for incoming foreigners and where they are used to Brits transferring money abroad and bringing cash over.

A Power of Attorney

There is also the possibility that you need someone to sort out some paperwork on your behalf at some point. Even if this doesn’t look likely at the outset you should still bear in mind that it is possible. Is there someone you trust completely who is over there and can carry out transactions on your behalf when you can’t make it over?

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