Expat Exchange Rates News
Latest 10 news items tagged Exchange Rates
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...
12 Nov at 6 PM 2013
Currency 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...
30 Oct at 6 PM 2013
Retiring overseas on a pension from the home country can be a daunting business due to the effect of currency fluctuations on a fixed monthly amount.
Most pensions need to be paid into bank accounts in retirees’ new countries of residence, leaving the recipients open to the vagaries of currency fluctuations as well as excessive inter-bank charges. Savings invested in home country accounts give little help as rates are at an all-time low and not expected to increase in the near future.
British expats living in Eurozone states...
8 Oct at 6 PM 2013
Cynical offshore building societies and banks, once seen by expat savers as a safe haven with fair returns, are now leaving their customers high and dry.
Expat savers, especially those living outside the EU, have already seen their currency exchange rates
fall and bank charges increase, and are now seeing their offshore savings rates drop to an all-time low. Many banks are simply closing savers’ offshore accounts with little notice, and others are paying interest at less than onshore rates.
The best, if that’s the word, rate...
25 Sep at 6 PM 2013
After a good while spent lurking at the back end of the currency pack, the pound sterling is racing back to life against major currencies, spurred on by positive economic news.
The summer slump in sterling exchange rates
may have pleased exporters but it did nothing for holidaymakers and expats who saw their regular pension transfers dwindling monthly. More promising economic indices over the last several weeks have seen the British pound regain its position as the top-performing major currency over a period of six months....
19 Aug at 6 PM 2013
Thousands of expats in Cyprus who purchased residential property or second homes on the island with mortgages hedged against the Swiss franc are faced with losing everything.
Between 20,000 and 30,000 homes valued at millions of pounds are involved in the scandal, which broke when island banks demanded that the full amount due on the mortgage loans be repaid. Expat owners of the properties were encouraged at the time of purchase to hedge the risk with Swiss franc loans, but the collapse of the euro against the rising Swiss currency now...
5 Aug at 6 PM 2013
Canadian immigration authorities are warning potential migrants not to be taken in by an increasing number of visa and job application scams.
According to a spokesman from Citizenship and Immigration Canada (CIC), if it sounds too good to be true, it is. No-one, he added, can guarantee either a visa or a job, with only immigration officers based at embassies, consulates and high commissions able to take the decision as to granting a visa.
Some scammers, he said, are stealing identities, spreading computer viruses and committing...
12 Jun at 6 PM 2013
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
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
14 Mar at 6 PM 2013
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...