Many people decide to emigrate in order to provide a better quality of life for themselves and their family – the thought of year-round sunshine, more time with loved ones, different leisure opportunities. But whatever your motivations, it is crucial you put yourself in the best financial position possible if you are to get off to a good start in your new country. And to do that, you need to give serious thought and planning to the issue of currency exchange.

OK, so it may not seem as fun as researching all about the sun, sea and sand you can look forward to enjoying. But getting a good currency exchange rate can make a huge difference to the success of your move. And if it helps maximise the budget you have to spend on your dream home abroad that has to be time well spent.

Getting the biggest bang for your buck

For some people, currency exchange may be a key factor in their choice of destination. For instance, countries in Asia, Africa and Eastern Europe with relatively weak currencies can offer great opportunities to make your savings go further.

Alternatively, among those soon-to-be-expats who have already picked their dream location, the issue will be more a matter of how to get the most from your money.

Take buying property abroad. For many expats it means exchanging your savings into the local currency of the country to where you are moving. Exchanging large amounts can be an expensive exercise though, and isn’t to be taken lightly. Therefore, many expats employ a foreign exchange broker to guide them through the process. Others simply bide their time, research the currency market, and exchange when the rate is particularly favourable.

Money matters

Foreign exchange rates are a huge factor when moving abroad – so make sure you address it as soon as possible in the decision making process.

The best advice is to do your research thoroughly. If you want help, consider using a foreign exchange broker. And if not, ensure you shop around to get the best exchange rate possible.

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Or, at least, so says a new study by consumer comparison service uSwitch.com[1].

Its research examined 16 quality of life factors – such as net income, food and fuel costs, life expectancy and working conditions – across 10 European countries to see how they stacked up.

France emerged with the best overall score, followed by Spain. The UK came ninth, with Ireland propping up the bottom of the table.

The reason for the UK’s poor score, said uSwitch, included its high living costs, below average government spending on health and education, shortage of holiday entitlements, high retirement age and lack of sunshine.

France, by contrast, was found to have the lowest retirement age, the longest life expectancy and the highest healthcare spend.

Meanwhile, Spain benefited from low living costs (especially for alcohol and cigarettes!), the highest number of holidays (at 43 days per year) and most sunshine hours.

The firm went on to note that three in ten people in the UK believe now is a good time to emigrate[2]. Given the low quality of life it seems they can expect to enjoy, is it any wonder?

The Full Picture

Yet before everyone starts packing their bags for France and Spain, it is important to remember that while such surveys make for attention-grabbing headlines, they don’t show the full picture.

For instance, the uSwitch report gives no consideration to the countries’ current or expected economic growth rates. Or what about the 20% unemployment rate afflicting Spain?

It gives no weighting either to the burdensome red tape that is so often cited as a feature of life in France and Italy.

The percentage of GDP spent on health is a blunt tool too by which to measure and compare the efficacy of countries’ systems. The United States, for one, spends a considerably higher percentage of its GDP on health, yet millions of its citizens remain without adequate, or indeed any, health cover.

The uSwitch survey also takes it as given that the greater the hours of sunshine the better. Yet the impressive sunshine quota seen in southern Europe – as well as places such as California and parts of Australia – bring with it high summer temperatures that frequently provoke raging forest fires, water shortages, pest infestations and crop failures.

In addition, the summer heat may force residents, especially the elderly, to spend weeks of the year trapped indoors, and can even lead to spiking death rates (as seen in Europe during the 2003 heatwave).

In short, these types of reports and surveys – a plethora of which are produced around the world each year – can give some helpful indication of the life you can expect to find when moving abroad. But to get a real picture, don’t forget to consider all the elements, the pros and the cons, and what they mean specifically to you.

[2] uSwitch.com Consumer Opinion Panel, May 2010, amongst a sample of 3,640 adults.

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But Spain’s allure is not limited to pensioners. Rather, it consistently ranks as the second most popular destination for British émigrés of all stripes. So here are 10 reasons why you might want to consider it too.

1)      Sunshine

Let’s face it, a plentiful supply of sunshine is always more appealing than endless days of rain (unless you’re an Australian farmer). And Spain, by and large, receives a bountiful supply of those golden rays throughout the year. Plus you won’t even have to leave home for your summer holidays anymore.

2)      Outdoor Activities

Sunshine and warmth – perfect ingredients for enjoying the Great Outdoors, whatever your interests: sailing, cycling, golf, painting, or simply paddling around at the beach. And in the winter there’s decent skiing in the Sierra Nevadas in the south, or the Pyrenees in the north.

3)      Natural Beauty

Unfortunately Spain has become synonymous with overdevelopment and tawdry beach resorts. But for those that want them there are still plenty of low-key towns and unspoilt stretches of coast to be found.

And once away from the Mediterranean there is a surprising diversity of landscapes: from the wilds of Galicia, to the lush forests of the Basque country, and the majestic Picos de Europa or Aigüestortes national parks.

4)      Cost of Living

Spain has become noticeably more expensive, especially since the euro came into effect. Nevertheless, prices for food, alcohol, petrol and property – to name just a few items – are still lower than in the UK.

5)      Food and Drink

Spain may not be a gourmet capital like France or Italy, but its cuisine is not restricted to paella and tortilla either. And if you doubt it, take a visit to the Basque region, where the food has a deservedly high reputation. As for the wine …!

6)      Pace of Life

While the pace may be picking up in big cities, Spain in general continues to adopt a more relaxed approach to the clock. Siestas remain commonplace too. Great if you have time to go with the flow!

7)      Health Care

Spain’s health care system was rated seventh in the world by the World Health Organization when it compiled a report on the subject back in 2000. And in my experience (having had two children here, one with severe allergies) its reputation is deserved: the staff are well-trained, and facilities are modern, well-equipped and clean.

      Family Life

Spanish families tend to be close knit, with plenty of contact across the generations. They are also children oriented, with kids the centre of attention for doting family members and strangers alike (which is great if you happen to have some yourself).

9)      Fiestas

Fiestas are a central feature of Spanish life. Famous ones like the bull-running in Pamplona (San Fermín) or Sevilla’s Semana Santa are well worth a visit if you can get there. But each village, town and city has its own catalogue of saints’ days and feast days too, which can be just as entertaining and intoxicating (in every sense).

10)  Cultural Riches

Spain’s glory days as a world force may be long gone, but it carries with it a wealth of history and culture: from the magnificent art galleries of Madrid and Barcelona to architectural jewels such as the Alhambra in Granada, the cathedral of Santiago de Compostela and Bilbão’s Guggenheim museum. Or you can simply soak up the atmosphere with a stroll around one of its many beautiful cities: Salamanca, Toledo, León, Girona, Sevilla …

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