The first such fee is what's known as a transfer fee, which can cost $15 to $100 per transfer of money to the foreign location of your choice. If there are regular transfers on a monthly basis, those fees will rapidly add up.
But the biggest expense factor is the exchange rate itself, said Michael Ward, CEO of currency exchange service USForex.
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According to Ward, currency specialists offer additional tools to structure and protect nest eggs against currency exposure. "We see significant savings we can pass on to retirees, compared to the financial institutions many are dealing with," he said.
Once retirees have checked transfer fees and exchange rates off their fix-it lists, they can start thinking about immersing themselves not only in their new surroundings and the local culture but also the financial markets in their new country as well.
The dream to retire abroad can become reality—if done right.