Expat Currency News

Latest 10 news items tagged Currency

18 Apr at 6 PM 2014

When is a third country QROPS the best expat choice

Since 2006, expats planning to emigrate and those already living abroad can transfer their pension pot in to a QROPS, with pension savers allowed to base their investment outside the UK. As long as the product provider has complied with HM Revenue and Customs’ regulations, savers can base their QROPS in a choice of worldwide financial jurisdictions. Once the transfer has been made, and the member has resided overseas for five years, the fund follows its base country’s legislation, rather than the UK’s. As a result, QROPS...
17 Apr at 6 PM 2014

Strong pound boosts expat spending power in South Africa, Turkey and Thailand

As the pound strengthens along with the recovery in the UK, a newly-introduced online currency index will help travellers and expats to select the countries with the most favourable rates. Fluctuating currency rates are an endless worry for most expats on UK pensions or with investments paying interest in sterling. Over the last year, the winners have been those living in South Africa, Turkey and Thailand, with the strong pound and weakness of local currencies granting them between 20 and 30 per cent more spending power. In...
8 Apr at 6 PM 2014

Fight for unfrozen expat pensions attracts international support

Following David Cameron’s somewhat half-hearted and decidedly unofficial support for unfreezing 5,600,000 British state pensions paid to expats overseas, the word seems to finally be spreading. Leading overseas pension provider Pryce Warner International has thrown its hat into the fray, stating that the British pension system is flawed in its bias towards over half a million retirees living in 120 countries without UK reciprocal arrangements. The firm’s director of operations, David Retikin, believes that retirees are being...
2 Apr at 6 PM 2014

UK Budget may cause problems for expat savers and QROPS industry

The rewriting of many pension rules unveiled in the UK’s recent budget could result in troubled times for QROPS providers as well as expat savers. Experts are stating that the Budget pension reforms may well threaten the future of the profitable QROPS industry, with reduced tax restrictions likely to dilute the appeal of the product. QROPS have been seen as especially useful for expats wishing to transfer their pensions to their new countries of residence. Interestingly, a little-noted new restriction announced by the chancellor...
1 Apr at 6 PM 2014

Singapore to stay expensive for expats but acceptable for citizens

Singapore’s strong currency is likely to continue putting pressure on expats living in the city, but inflation is expected to be manageable for its citizens. A study by the Asia Competitiveness Institute research centre has revealed that expat workers in the country are likely to find the cost of living a serious drain on their finances. However, average Singaporeans are expected to be able to manage price increases as long as the government monitors costs such as education, housing and healthcare. In 2012, Singapore was rated as...
27 Mar at 6 PM 2014

Singapore now the world’s most expensive city

Due to the high cost of cars, rents, property prices and the state’s strong currency, Singapore is now the most expensive city on the planet. The annual Worldwide Coast of Living Report released by the Economist Intelligence Unit named Singapore at the top of its latest list of pricey cities. Tokyo, long an unwilling winner in the upscale contest, has now dropped to sixth place along with Geneva, Melbourne and Caracas. Paris came out as the second most expensive city, followed by Oslo in third place and Zurich in fourth....
14 Mar at 6 PM 2014

Plunging currencies encourage Brits to purchase overseas

Strengthened sterling as a result of confidence in the UK economy’s recovery and falling currencies in troubled regions of the world have sent would-be UK expats on a bargain-hunting buying frenzy. Spain and France are at the top of most wish-lists, with the lower end of the Spanish property market still falling and entire abandoned villages on the market for less than a London garage. France’s real estate sector is still underperforming, and Greek property prices fell a further nine per cent last year. Surprise entries to the...
7 Mar at 6 PM 2014

Bitcoins in turmoil after further hacking losses

The arrival of Bitcoins as a unique, online currency seemed to be a boon for expats struggling with exchange rates, with many also using the currency as an investment and watching its value soar. As with many other good things which come to bad ends, it now looks as though the Bitcoin boom is well and truly over, due to the discovery of yet another hacked loss of £362,000-worth of the virtual coins. The Flexicoin Bitcoin exchange has closed down following the discovery of 896 ‘coins’ missing from an electronic vault. On...
25 Feb at 6 PM 2014

Surging sterling gives dilemmas over expat incomes

The surge in the £ sterling over the last few months has seen the currency bounce upwards by more than 10 per cent, in contrast to a good number of other currencies seen to have moved in the opposite direction. The gloomy outlook at the beginning of 2013 has slammed into reverse, with the pound faring better by far than the dollar and the euro. Reasons include an overall expectation that rates will rise in the near future, the booming housing market and improving retail sales figures. On the negative side, employment data is...
14 Jan at 6 PM 2014

New take on currency exchange with person to person online service

A new internet start-up, launches three months ago, is bringing person-to-person currency exchange to expat travellers as well as their business counterparts. WeSwap is the brainchild of ex-corporate financial advisor Simon Sacerdoti and former currency trader Jared Jesner. It’s the world’s first person-to-person currency exchange service and charges just a one per cent flat fee. Cutting out traditional forms of currency exchange such as banks and bureaux de change outlets, the website allows matching of outbound and inbound...