Expat Currency News
Latest 10 news items tagged Currency
7 Mar at 6 PM 2014
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.
25 Feb at 6 PM 2014
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
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...
18 Dec at 6 PM 2013
Whilst the bulldozers continue demolishing mis-sold expat homes in Spain, those unfortunates in a similar position in Cyprus have been given more time to launch legal proceedings.
Thousands of investors and retirees who emigrated to the popular island have now been given by the Cyprus government another 12 months in which to launch lawsuits against banks and corrupt property developers. The deadline will now extend until the end of December 2014.
The many Britons who chose Cyprus as their retirement destination as well as investors...
6 Dec at 6 PM 2013
Having moved in 2013 from 31st place last year to 30th, Singapore is still well down from the leader, Caracas, and price rises in the city state have slowed in recent months.
The results of ECA International’s latest Cost of Living survey also revealed that Singapore had slipped in the regional ranking from 8th to 9th, placing it behind Hong Kong for the first time in three years. ECA’s surveys are regarded as accurate due to the company’s position as providers of information and knowledge to businesses with employees on overseas...
4 Dec at 6 PM 2013
Much has been written about the desirability of transferring an expat retirement pension to a QROPS, but what if you’re living in a country which has no listed providers?
Around 180 countries are not represented in the global QROPS market place with its over 3,000 pension funds, giving rise to worries amongst retirement savers who wish to invest. The solution for many would appear to be a ‘third-party QROPS’, although the same care should be taken as regards checks and balances, small print and the legality of the FA who’s...
25 Nov at 6 PM 2013
Although QROPs are still regarded as a good way to avoid expat currency
exchange issues, there have been many changes since the 2012 clampdown by HMRC.
Experts in the field of QROPs are suggesting that the latest delisting of Malaysia and Bangladesh from the HMRC-approved countries list may be a hangover from the late 2012 policy shakedown. However, much has changed since then, although it’s not yet clear that investors have benefitted.
The 2012 new legislation put forward by HMRC saw pensions advisors given clear-cut product...
13 Nov at 6 PM 2013
According to a major investment bank, the traditional expat life for senior executives abroad is shrinking fast as assignment become shorter and perks are cut.
Investment experts at Coutts Asia and Middle East are having to deal with executive-level clients’ complicated tax planning as assignments diminish from decades to a few years and rewards are slashed. Shorter contracts are now the norm, with countries such as Singapore now preferring to employ domestic staff.
Expats working abroad are increasingly unable to commit to a...
12 Nov at 6 PM 2013
fluctuations since the 2008 financial crisis have hit British expats all over the world, but retirees in Canada have been the worst sufferers from the falling pound sterling.
Taking the UK state pension as it was in April 2007 as a benchmark, foreign exchange expert have calculated the losses to British pensioners in a number of worldwide destinations. At that point in time, sterling was strong against a range of currencies, and bought 2.29 Canadian dollars.
Six years later, the exchange rate has fallen to 1.65 CA$ to the...
1 Nov at 6 PM 2013
Expats living in financially-troubled Cyprus may be relieved to hear that the process of undoing the currency
controls imposed last spring in order to prevent the collapse of its banking system may soon be complete.
Whilst presenting the government’s budget statement for 2014, the Cypriot finance minister Harris Giorgiades had warned that the year to come would be extremely difficult for residents of the popular holiday island. Some months in, a number of the imposed currency
controls have been scrapped, and all the measures...