Expat Exchange Rates News

Latest 10 news items tagged Exchange Rates

1 Jul at 6 PM 2014

Expats in Cyprus win settlement in mortgage misselling scandal

The ongoing scandal concerning mis-sold mortgages on expat homes in Cyprus has affected thousands of property owners on the island, but now looks as if it’s coming to an end. Rather than risk a UK High Court judgment against them, the Cypriot Alpha Bank and a consortium of 20 property developers have settled all claims. The good news came just a day before the court hearing was due to begin, leaving the thousands of expats terrified of losing their homes hoping the nightmare is over. According to lawyers, part of the settlement...
27 Jun at 6 PM 2014

Expats urged not to lose sight of QROPS benefits

However confusingly expat IFAs describe QROPS, the original intent in 2006 was simple – to comply with EU rulings giving expat pensioners living permanently overseas easier access to their cash. No mystery there, but many pension savers seem to have lost touch with this basic truth. QROPS have nothing to do with tax avoidance, early access to funds or any other convoluted reason IFAs in expat destinations may dream up. QROPS also benefit overseas workers nearing retirement who have worked in the UK over time, thus building up...
25 Jun at 6 PM 2014

Expat cross border money transfers made easier

Every year, around 150,000 UK citizens move overseas to live and work, with most still keeping financial and familial links with the home country. Transferring money is a necessary evil for a majority of expats, whether it’s pension payments, mortgages on property at home or abroad or interest payments on UK or offshore investments. Between the relatively high costs of transfer and the threat of negative currency fluctuations, it’s one of the least favourite of all the practicalities of living overseas. Banks, alternative...
12 May at 6 PM 2014

A dozen reasons why choosing a QROPS investment is best for expat retirees

Surveys show that many expats working abroad, as well as those intending to retire overseas, are not considering all options as regards investing their pension pot. Now that annuities have been exposed as a poor deal and there’s no restriction on taking out your savings, moving your pension offshore via a QROPS is an important part of today’s retirement strategy. Standard UK pensions are restrictive as regards choice of investments, with QROPS offering far more funds, commodities and markets in more varied currencies than exist in...
29 Apr at 6 PM 2014

Returnees form Spain face bleak futures due to house price crash

Tens of thousands of UK expats in Spain returning home after losing money on their retirement villa sales are telling tales of etirement dreams turned into nightmares. The 2008 financial crash was the beginning of an undreamed of nightmare scenario for UK expats across the world as their investments failed and their pensions were affected. Thousands in Spain, however, are living in even more misery as the country’s economic chaos and property price crash has wrecked the value of their dream homes. One such retired couple, the...
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...
10 Apr at 6 PM 2014

Wealthy Brits overseas rushing to buy into booming UK housing market

International buyers, including wealthy UK expats living in the UAE, France and Switzerland are rushing to take advantage of Britain’s booming real estate market and weak sterling exchange rates. A survey by a British bank has revealed that the boom in house prices in London and the Home Counties combined with a weak pound has attracted attention from an increasing number of overseas buyers as well as high-earning expats. Over a third of those surveyed were planning to purchase UK buy-to-let properties during the next two years....
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...
6 Dec at 6 PM 2013

Singapore now the 30th most expensive country for expats

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...