Expat Exchange Rates News

Latest 10 news items tagged Exchange Rates

19 Jan at 6 PM 2017

Expats in sunny Spain wake up to big freeze

As the predicted big freeze finally reached Spain, UK expats in Andalucía and even the holiday island of Majorca woke up to snowy vistas reminiscent of the British winter. Although snow and sub-freezing temperatures had been predicted for a week, the heavy snowfalls across the south of Spain came as a shock to UK expats who’d relocated away from Britain’s chilly winter weather. Majorca, publicised as the ‘sunshine island’ for its January temperatures of around 18C, was hit hard with blankets of thick snow covering the...
19 Jan at 6 PM 2017

UK state pensioners in France terrified over more exchange rate falls

With the pound sterling forecast to sink even lower as the triggering of Article 50 draws nearer, Brit expats in France are fearing the worst. Theresa May’s long-awaited Brexit speech on Tuesday did nothing to allay the fears of British expats living in France on their UK state pensions. The PM’s continuing emphasis on a hard Brexit is expected to do even more damage to the already threatened currency and those who rely on it. Both EU and French politicians had been hoping for meat on the bones of ‘Brexit means Brexit’,...
19 Jan at 6 PM 2017

UK expats in Spain urge MP select committee to protect their rights

British nationals living in Spain and other EU member states have told British MPs a speedy gesture is needed to prevent their losing everything. Representatives from the Bremain in Spain group together with other campaigners for the right to remain spoke yesterday with members of a parliamentary select committee about their fears for their futures after Brexit takes effect. Their message was that the UK government must make the first move as regards the difficult question of rights for UK expats in Europe and EU expats in...
12 Jan at 6 PM 2017

UAE expats rush to relocate currency as pound falls again

Following yet another fall in the value of sterling on Wednesday, British expats working in the UAE rushed to transfer funds back to the UK. Sterling fell a further 0.7 per cent against the US dollar, the local currency to which the dollar is pegged, starting a rush by UK expats to send even more money back home and causing remittance transactions to rise above the norm by 25 per cent. Expats from neighbouring European states also took the advantage to increase their savings simply by relocating them to their home countries. The...
9 Jan at 6 PM 2017

Expats and retirees paid in sterling feel exchange rate pinch

The shocking decline in the value of the pound sterling against major currencies is hitting UK expat pensioners as well as expats working overseas and being paid in sterling. The majority of UK expats are either retirees drawing pensions originating in the UK or professionals working on overseas contracts including sterling payments. Both groups are now being hard hit by the pound’s spectacular fall against a basket of major currencies. Overall, the currency has dropped 11 per cent over the last two years, but its fall post-Brexit...
2 Jan at 6 PM 2017

Brit expats in Europe rush for UK temp jobs as carers

Thousands of UK expats on hard times due to the sterling crash are flying home to take two-week job as carers in British care homes. According to an investigation by the Telegraph, cash-strapped Brits are being taken on part-time and left in charge of elderly people suffering from dementia, learning difficulties and other illnesses common in old age. The report noted many recruits have no relevant qualifications and are being left to manage the best they can with just a few days’ training, a reference booklet and a telephone. The...
21 Dec at 6 PM 2016

Expats overseas queuing to purchase UK buy to let properties

In spite of the UK government’s recent change in its tax policy for buy-to-let purchases, sales of British properties to overseas buyers have soared since Brexit. Since the sterling crash following the Brexit result, mortgage enquiries by non-British residents have soared by almost 50 percent, with the majority of the increase taking place in the fourth quarter of 2016. Opportunistic property investors living overseas are taking advantage of the discounts caused by the weaker exchange rate. UK property is now considerably...
16 Dec at 6 PM 2016

Falling yuan causes expat belt tightening

Expats working in China are tightening their belts against further depreciation in the value of the yuan. According to Chinese media reports, the yuan is now at its weakest point against the US dollar since the 2008 financial crash. Expats whose salaries were agreed as late as 2015 are feeling the pinch and are concerned about further falls resulting from the USA’s recent decision to raise its interest rates. For the last decade or so, China has been an increasingly favoured destination for millennials' sense of adventure, with...
9 Dec at 6 PM 2016

Hard Brexit forcing expats in UAE to change long-term financial plans

According to advisors in the UAE, the possibility of a hard Brexit is forcing UK expats to drastically re-evaluate their long-term investment plans. Daily rhetoric from UK government sources still suggests a hard Brexit is the preferred option even although the likely result is financial hardship and a drastic fall in the value of sterling on the world markets. For Brit expats working in the UAE, the continuing exchange rate turbulence has resulted in sterling’s 14.9 per cent drop against the Qatari riyal, affecting expats living on...
5 Dec at 6 PM 2016

Brexit effect devastates Spanish property market

Real estate agents in the Spanish Costas are reporting British demand for homes in the sun has fallen by 50 per cent since the Brexit vote. According to local estate agents, British demand for holiday and retirement homes in the popular Costa del Sol and Costa Blanca regions has fallen by 50 per cent since the Brexit vote and subsequent sterling crash. The slump wiped out strong gains in the market during 2015, during which 10,000 homes were purchased by Britons taking advantage of the strong pound. Traditionally, British buyers...