Expat Money News
Latest 10 news items tagged Money
17 Apr at 6 PM 2014
Expat savers frustrated by the literal lack of interest in their fixed term savings accounts may see a light at the end of the tunnel by the second quarter of 2015.
Although, earlier this month, the Bank Of England’s Monetary Policy Committee failed to upgrade its legendarily low interest rate of 0.5 per cent, analysts predict that easing will come in early 2015. Expat savers have been cutting living costs to the bone since 2009 saw the introduction of the rate.
Bets are on that rates will rise before next May’s General...
15 Apr at 6 PM 2014
Given that Singapore is now the most expensive world city for expat living, a few useful pointers can ensure financial survival as well as having a great time.
Most expats arrive in the booming city aiming to stay several years at most, and rush out to rent an apartment rather than buying straight away. Experienced expats consider renting is a waste of money
and buying is sensible, as most arrivals love the Singapore lifestyle and stay far longer than they first intended as a result.
Early application for permanent residency is...
7 Apr at 6 PM 2014
The UK Financial Conduct Agency’s latest review into financial advice firms found that failings are widespread across the sector.
The review concentrated on advice given by FAs to their clients, and found that 58 per cent of those questioned were not providing clear, upfront information as to their charges. A majority of 58 per cent failed to explain the full extent of charges and the fact that they may fluctuate over the duration of the investment.
Only half the advisory firms were specific about the cost of advice to...
2 Apr at 6 PM 2014
The news of a cut in passport renewal costs is good for UAE expats, but those living elsewhere may not be overjoyed.
The 33 per cent cut in UK passport renewal costs is supposedly due to savings to be made on the cost of processing overseas. In future, all expat passport renewals will be dealt with in the UK.
For UAE-based expats, it’s all good news, with many surprised that government fees are actually going down. Renewals are required every 10 years and, for most expats across the world, the renewal process is still...
24 Mar at 6 PM 2014
As an adjunct to Chancellor George Osborne’s budget announcement, HMRC has set out now rules as regards pensions which will be included in this year’s Finance Bill.
The main focus of the rules is to lower the risk of pension fraud by allowing HRMC to refuse registration of a pension scheme if it considers the administrator is not a ‘fit and proper person’ or the fund itself is not set up to offer pension benefits. HMRC’s investigative powers will also be widened, allowing it to ask for extra information on schemes requesting...
21 Mar at 6 PM 2014
Following the surprise budget announcement that, from April 2015, converting a defined contribution pension to an annuity will no longer be compulsory, retirees who signed up over the last 30 days are rushing to cancel.
Experts estimate that up to 250,000 savers are stampeding to cancel their poor value pensions before the door slams shut 30 days after the signing of contracts. Annuity providers have been swamped with calls over the last two days, many thousands of which were from savers at home and abroad who'd been considering an...
20 Mar at 6 PM 2014
Counsellors at Lifeline Shanghai, China’s only English-speaking helpline, are reporting that worry over financial security is now a major cause of stress in the expat community.
Launched in 2004, the unique charity’s majority of calls at that time concerned lonely housewives distressed by their cheating husbands. Ten years later, Shanghai’s many female expats are more concerned about money
Programme manager Allan McDean says that husbands starting relationships with Chinese women were the top of the tree for...
19 Mar at 6 PM 2014
A recent survey has revealed a similarity between teenagers in their first jobs and expat pensioners on a spending spree during their first few years of freedom from the daily grind.
Whether expats or pensioners still resident in the UK, the story’s the same, with up to £33,000 wasted during the first five years since employees finally finished work.The survey, by a leading financial firm, revealed that most of the money
was spent on luxuries such as travel, eating out in fine dining restaurants, cars, the latest in tech gadgets,...
18 Mar at 6 PM 2014
As the sad tales of losses due to bad advice soar, a survey has revealed that droves of expats as well as UK-based investors are turning to low-risk options.
Two thirds of investors approached during a recent survey have switched their preference to no- or low-risk products, with only one third willing to consider higher risk portfolios. Of this third, just half are willing to risk their savings by gambling on high-reward, high-risk investments.
Younger investors with families and those nearing retirement are the least likely to...
17 Mar at 6 PM 2014
The recent news about a Brit expat in Spain's loss of almost all his investment through an FA’s recommendation of a sub-standard fund has persuaded the UK financial watchdog to employ digital specialists to protect investors.
The unfortunate Briton managed with the help of ‘This is Money’ to get most of his savings back from deVere, the financial intermediary working with the fraudulent FA, although the company did not admit any responsibility. However, particularly since the LM disaster, a large number of expats across the world...