Expat Exchange Rates News

12 Jun at 6 PM 2013

Ibiza real estate benefits from Balearics booming economy

Whilst potential expat property purchasers are growing nervous about the effect of Spain’s new license laws, investors are transferring their attention to booming Ibiza. The Balearics holiday island’s recovery began last year and is surging ahead of its mainland resort competitors since Ryanair’s bargain flights began again in March. According to leading real estate firms, there are already around 24,000 British expats living in Ibiza, Mallorca, Majorca and Formentera and there’s plenty of room for more. At present, even...

21 Mar at 6 PM 2013

Expat financial scams hit the headlines again

Over the past year, reports of financial scams perpetrated on expats have become big news in the online forums of many favourite expat havens. Spain is the latest country to hit the headlines, with its expat forums buzzing with gossip about unprincipled financial advisors preying on new arrivals with offers which seem to good to be true. Expats are persuaded by smooth-taking salesmen in smart suits that high-risk or insurance-based funds and bonds will solve the problems caused by the falling sterling exchange rate. Unfortunately,...

14 Mar at 6 PM 2013

Fluctuations in sterling affecting expat pensions and investment returns

As inflation rises in most countries favoured as expat destinations, sterling fluctuations are affecting the amount of local currency in expat pockets. Sterling is now weaker than at any time in the past year, with the threat of a triple-dip recession in the UK, economic uncertainty across the EU and the recent downgrading of the country’s credit rating all hitting hard on those transferring monthly pensions or investment income. Those transferring larger sums for medical expenses or their children’s private education could be...

26 Feb at 6 PM 2013

Expat currency trading is high risk for the inexperienced

With offshore and onshore banks cutting their interest rates seemingly on a weekly basis, many expats and offshore savers are giving up on chasing the best rates. Tracking currency movements via offshore banks offering accounts in US dollars, sterling and Euros with the option of switching currencies may seem to be the upcoming way to make money from savings. However, experts in currency trading are warning that it’s not for the faint-hearted or the inexperienced. It sounds simple – for example, if your savings are in Euros at...

26 Dec at 6 PM 2012

High street banks making mint from expat currency transfers

International banks with UK high street branches are forcing expats and their home country families to pay through the nose for bank-to-overseas branch money transfers. International banks with branches in the UK make much advertising capital from their overseas branches and so-called advantages for expat customers, but are making a fortune from bank-to-bank transfers. One of the worst offenders is HSBC, calling itself the ‘world’s local bank’, which charges up to £30 to send a payment from an HSBC account in the UK to one of...

31 Oct at 6 PM 2012

Expat currency exchange lottery causes major losses

A recent survey has revealed that poorly-timed currency exchange transactions are costing expats a small fortune due to fluctuating exchange rates and high bank charges. The survey, carried out by ExpatForum.com through Barclays International, involved 10,000 expats, of whom 84 per cent had lost between £500 and £1,000 due to badly-timed currency conversions. Worryingly, a further nine per cent were short by over £1,000 and only seven per cent had lost less than £500. In most cases, the overall cost of currency conversion can...

30 Oct at 6 PM 2012

UK students now economic expats in search for cheaper degrees

An expat brain drain of Britain’s brightest and best looks on the cards as many thousands of students look abroad for their university in order to find an affordable degree course. As a result of last year’s massive increase in UK university fees, Britain is now the fourth most expensive country in which to gain a degree, with Australia the most expensive, followed by Canada and the US. According to am HSBC Bank study, German universities are the cheapest per year, with a full year’s study in the UK costing almost four times...

25 Aug at 9 AM 2012

Money transfer company hopes to help expats save on bank fees

A new company set up by one of the founders of Skype is looking to help British expats save money when transferring their pensions abroad. TransferWise has called the fees charged by banks for monthly international pension transfers “little short of criminal”, and claims they can undercut high street institutions and give expat Brits substantial savings. According to research carried out by the company, UK banks are currently earning around £419 million every month from the 1.1 million British retirees who transfer their pensions...

26 Jul at 6 PM 2012

Number of Brits heading for OZ drops sharply

For decades, Australia was the favourite migration destination for Britons, but the top spot is now taken by migrants from India. A recent report has revealed that 20 per cent fewer Brits are leaving for a new life in Australia than five years ago. India and China now take first and second place, with the UK coming in a poor third and dropping from its second place last year. Although a surge in migrants from India and China has been noted, there has also been a decline in the number of Brits being granted visas. 2011/2012’s...

9 Jun at 6 PM 2012

Euro worries help EU expats

European expats in the United Arab Emirates are among the limited winners benefitting from the crisis affecting their homelands. Expats who are sending funds back to the eurozone have seen their spending power from the dirhams they receive boosted by the weakening of the euro. Gonzolo Gaspar, a Spanish expat in the UAE, is among thousands of people benefiting from the single currency’s 3% slump against the dollar ever since the beginning of 2012. The dirham is connected to the dollar via a fixed exchange rate. Mr Gaspar had...