Archived posts for March 2010

New figures from a debt charity have suggested that the poor sterling exchange rate could be forcing some expatriates to return to the UK.

The Consumer Credit Counselling Service (CCCS) revealed that, compared to 2009, the charity received a 33 per cent rise in calls from expatriates looking for debt advice in the first quarter of this year.

It has attributed this rise to the declining value of the UK's currency, which, it claims, is preventing people from paying off their debts in the UK and putting a strain on daily living.

Additionally, some people living abroad, such as pensioners, will be receiving their income in sterling.

For these people, the cost of living will have rocketed recently due to the pound's poor currency exchange rate, adding to their financial stress.

Laura Carver, CCCS helpline manager, commented: "The decreasing value of the pound is the main reason that those living abroad are struggling to repay their debts.

"We have had people whose income had allowed them to live comfortably abroad, and although that income hasn't changed, they have been left struggling to make ends meet by the decreasing value of the pound."

"Many are considering moving back to the UK," she added.

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Posted by Thomas Smith

The euro has steadied itself on the currency exchange markets, due in part to the bond deal made by Greece's government.

Against the dollar, the euro has slowed its decline and at 09:30 GMT on March 31st, the currency was trading at $1.34.

Luxury property prices have fallen around the world, according to the Wealth Report from Knight Frank.

The report revealed that people who are considering making an international money transfer in order to buy a property abroad may not need to move as much money.

Some favourite relocation areas, including the Italian Lakes and Provence, fell by as much as ten per cent over the course of last year.

Liam Bailey, head of residential research at Knight Frank, commented: "Current price falls will be viewed by many as a buying opportunity, but as the data from our Prime International Residential Index shows, these windows of opportunity do not always remain open for long."

However, not all countries fell. Cities in the emerging markets, such as Hong Kong and Shanghai, grew by over 40 per cent.

While some investors have suggested that this could be a blip, a recent report from Batterymarch Financial Management has suggested that the emerging markets are unlikely to experience a growth bubble as over the past few years they have demonstrated "excellent staying power".

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Making an international money transfer to Argentina could prove to be a good move for Britons looking for an affordable retirement abroad.

Expatriate advice website Shelter Offshore has recommended the country for its "excellent" food and drink, particularly the "stunning" red wines available.

The Philippines were also suggested as a hotspot for people keen to retire abroad without breaking the bank.

According to the website, the island nation offers a retired person's incentive program to encourage older expatriates to relocate.

Belize offers a similar incentive program which includes tax benefits for retired people.

When making an international money transfer in order to move abroad and take advantage of such incentives, retirees could save money by using a foreign exchange broker.

This will avoid the four per cent currency exchange fee usually charged by banks and will usually facilitate a better rate of exchange.

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Posted by Eleanor Ward

Sterling has risen against the US dollar and the euro on the currency exchange markets this morning (March 29th).

The currency was trading against the dollar at $1.49 at 09:30 GMT, thought to be buoyed by a slightly more definite opinion poll ahead of the general election.

People living in the UK could be enjoying life abroad for as little as £1,000 a month, an article has suggested.

The expatriate website Shelter Offshore has advised Brits who are bored with the UK not to let finances be a barrier to moving overseas.

Mark Bodega, director of HiFX, has suggested that tourists might want to avoid taking holidays in Europe due to the poor foreign exchange rate.

Mr Bodega said that "while a week pound might be good for the overall economy" it will only increase costs to tourists "hoping to catch some sun on the continent".

Sterling has fallen on the foreign exchange markets following the chancellor's 2010 Budget.

Against the dollar, the currency reached a low of $1.49 yesterday (March 24th) at around 18:00 GMT.

Britons may have been making international money transfers to Barbados in order to benefit from a new development.

Candelisa Resorts released the first stage of the homes earlier this week and received a great deal of interest from people in the UK.

Sterling's performance on the foreign exchange markets is likely to be affected by the Budget for 2010.

Chancellor Alistair Darling will deliver the Budget at midday today (March 24th).

The Daily Telegraph has recommended that people who are considering moving abroad make use of foreign exchange specialists.

According to the newspaper, organisations such as HiFX will save people thousands on their move abroad.

Sterling's value on the foreign exchange markets has continued to fall following further political and economic pressures.

The UK currency fell to $1.49 at 10:00 GMT this morning (Monday, March 22nd) ahead of this week's Budget announcement.

Expatriates who have bought a property in Spain could get some help in tackling the country's tricky property laws.

Rosie Winterton, local government minister, has been in meetings with Spanish officials in a bid to assist Brits who have bought a property in Spain or who are considerig doing so.

New guidelines have been issued to help British firms to extend their businesses overseas.

With UK exports already running high due to a weak sterling, this latest announcement could really give the export industry a boost.

The guidelines were issued by the Department for Business, Innovation and Skills (BIS) and they explain how firms can take advantage of trade opportunities on offer.

Expatriates have been advised to look at their insurance cover when moving abroad.

Shelter Offshore, a publication which looks at life abroad, has advised people that health insurance is the one form of cover which they cannot do without.

Sterling has recently made gains on the foreign exchange markets following the release of positive economic data.

Figures from the Office for National Statistics (ONS) revealed that unemployment in the UK fell by 0.1 per cent in the three months to January 2010.

Experts have claimed that Australia's property market can offer "exceptional opportunities" for investors.

However, Britons may lose out due to poor foreign exchange rates between the Australian dollar and sterling.

Martin Hession of Australian Unity Investments claimed that a recovering economic climate and increased interest from overseas were combining to boost the Australian property market.

But Marc Da-Silva, a property journalist, highlighted in a recent interview that Britons were unlikely to benefit from the growing market.

"The pound has fallen quite a lot against the Australian dollar," said Mr Da-Silva, adding that this would lead to high costs for Brits looking to invest in the country.

RP Data-Rismark revealed that house prices in Australia grew by 2.4 per cent in the fourth quarter of 2009, confirming the growth trend.

Britons who are determined to move 'down under' could keep their costs low by using a foreign exchange broker to make an international money transfer.

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Posted by Eleanor ward

Around half a million Britons who have retired abroad are facing serious shortfalls in their state pensions.

Brits who have retired to certain countries outside of the European Economic Area could be living off just £6 a week because current laws mean that the UK government does not need to make all pensions inflation-proof.

Unfortunately, efforts to change these laws were knocked back today (March 17th) as the European Court of Human Rights rejected an appeal to bring all pensions into line with inflation.

Poor currency exchange values on sterling have added to the decline in the worth of the payouts for people living in countries including Australia and Canada.

Michelle Mitchell, Age Concern and Help the Aged charity director, commented: "This ruling is bad news for half a million pensioners whose only fault is to retire to the 'wrong' country in the international postcode lottery of pensions up-rating.

"It's hugely unfair that people who have made their National Insurance contributions all their lives in the UK are being penalised for retiring abroad."

She added that an increase in-line with inflation would have eased things for those "hit by the recession and a weak pound".

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A website has suggested that people looking to buy overseas property could finance their move abroad by saving money on the sale of their UK home.

Expatriate advice website Shelter Offshore suggested that people considering moving abroad could save thousands by selling their UK home themselves.

The results of a recent property survey suggest that international money transfers to France are on the rise.

According to the report from Jones Lang LaSalle, the last quarter of 2009 saw foreign investment in the French property market almost double against figures from the third quarter.

Analysts have predicted that sterling will continue to see a low rate of currency exchange.

Kornelius Purps, fixed income director at Unicredit, told the Daily Telegraph that sterling will continue to face difficulties as the UK struggles to recover from the recession.

Currency exchange rates have proved a problem for Portugal's industry.

Following the effects of the global recession, business in the European country is still struggling to get off the ground.

China's foreign currency exchange policy has come under scrutiny by the US.

US president Barack Obama has suggested that the Asian country should adopt a "market-orientated" exchange rate policy.

Foreign exchange fluctuations are key to the property markets aboard, according to one expert.

Marc Da-Silva, editor of Homesoverseas.co.uk, has said that fluctuations in the foreign currencies can have an "absolutely massive" impact on Britons who are considering moving abroad.

Sterling is continuing to put up a poor performance on the foreign exchange markets.

Analysts have suggested that unexpectedly low manufacturing data could be to blame for the currency's meagre show.

British expatriates could be largely unprepared for the financial stresses involved in moving abroad.

Research from the Foreign and Commonwealth Office has found that 43 per cent of over 55s believe that a holiday in a foreign country would provide a "fair indication" of what it would be like to live there.

Prices of property in Florida may be low, but the foreign currency exchange rates mean that Brits will need to fork out extra in order to buy a home in the US state.

Dan Johnson, a director at TheMoveChannel.com, said that Florida property "has not been good from a currency perspective", following drops in the value of sterling.

However, the low prices of property in the state may allow some Brits to still find a bargain.

"The market has fallen considerably in most of Florida and the reduction is symptomatic of the fact that there is still quite a lot of stock and there are still quite a lot of people wanting to sell and that represents a buying opportunity," the property expert commented.

His comments follow reports from ZipRealty, an online real estate brokerage, which found that property sellers in Miami, Fort Lauderdale and Palm Beach reduced their asking prices by an average of almost 15 per cent between January and February 2010.

The British currency is currently worth around $1.49. However, around three months ago, one pound sterling could have bought as much as $1.65.

It is thought that continuing political uncertainty is to blame for the drops in sterling's worth.

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Posted by Sarah Pitton

China's currency may be allowed to fluctuate with the foreign exchange markets following the release of new data.

The country's government had previously held exchange rates at an artificial low against the US dollar in a bid to ease pressures on China's exporters.

An investment expert has suggested that it is "inevitable" that sterling will become the main focus of foreign exchange markets in the run up to the general election.

Stuart Frost, co-fund manager of Threadneedle's Absolute Return Bond Fund, explained that the political pressure on the pound was likely to push it into the limelight.

Foreign exchange rates between the US dollar and sterling, two of the biggest world currencies, have remained relatively stagnant this week.

Analysts have noted a small drop in the US dollar as employment data did little to beat expectations.

A growing number of people are showing interest in moving abroad, a new survey has revealed.

Conducted by the Foreign and Commonwealth Office (FCO), the research revealed that around 42 per cent of Britons over the age of 55 were considering moving abroad.

Oil prices have been affected by the dollar's currency exchange rate, according to analysts.

A weak dollar, most likely brought about by the latest jobs data, has pushed the price of crude oil up to around $82.

The current low rate of currency exchange for sterling is having a positive effect on the British manufacturing industry, according to one Japanese businessman.

Masahiro Sakane, chairman of the world's second-largest manufacturer of heavy construction equipment, Komatsu, told the Daily Telegraph that a weak sterling is proving beneficial to industry.

The Australian dollar is performing well in currency exchange markets, according to the Australian Associated Press (AAP).

Europe's poor economic performance played its part in offering good deals between the dollar and the euro and sterling.

A price comparison website has put together a short guide to raise awareness of how Britons can save money abroad.

Moneysupermarket.com said that the falling value of sterling will affect expatriates and holidaymakers heading overseas.

"The value of sterling has sunk this week, as investors get jittery about the possibility there will be no clear winner in the next general election," the website explained.

Economic problems in Greece will not affect the value of the euro in the long run, it has been claimed.

The Mediterranean country is in the midst of a debt crisis which has affected the single currency, bringing it to a ten-month low against the US dollar earlier this week.

An increasing number of teachers are showing an interest in working abroad, according to an expatriate advice publication.

Shelter Offshore has conducted a survey which revealed the many benefits of teaching abroad.

Teachers from Britain, who had worked abroad, highlighted the "serious educational opportunities" which are available around the world.

The likelihood of a hung parliament has once again pushed currency exchange into the centre of debate.

Both the Daily Telegraph and the Financial Times have commented on sterling's value today (March 3rd) as the polls show a hung parliament is looking 'probable'.

Expatriates have been urged to make use of currency exchange options such as foreign exchange brokers.

The advice was issued by Living Abroad Magazine in an article which claimed that many Brits could be "losing out" by continuing to make international money transfers through their British bank accounts.

The euro has dropped to its lowest level against the dollar, thanks largely to ongoing uncertainty over the state of the Greek economy, the latest foreign currency exchange rates show.

Coming soon after the largest public sector workers' union in Greece hinted that it may be going ahead with plans for a nationwide strike, the latest data published by Reuters shows that the euro fell as low as $1.3435.

The International Monetary Fund (IMF) has stated its belief that the Chinese renminbi continues to be 'undervalued' on the global currency stage.

In a new report released by the international organisation at the latest meeting of G20 ministers in Seoul, it has been noted that the Chinese currency is particularly undervalued against the US dollar at the moment.

Sterling has dropped at its sharpest rate in nearly a year, according to foreign currency exchange rates.

The currency dropped against the dollar this morning (Monday March 1st), to reach $1.49.