Currency exchange encouraging budgeting

Low currency exchange rates between the pound and the major world currencies have lead to a number of financial difficulties for expatriates.

British people living abroad, who still rely on sterling for income, have been forced to tighten their purse strings due to the declining currency.

But Shelter Offshore, a website offering advice to people living abroad, has offered a variety of ways to save money while still maintaining an enjoyable lifestyle.

The website suggested that by embracing community spirit in their new country, expatriates would be able to share workloads and swap unwanted items in order to save time and money.

Buying local produce at markets instead of a supermarket was also recommended as a way to save cash.

However, for people maintaining financial ties to the UK, making international money transfers through a foreign exchange broker could be one way to make some significant savings.

A four per cent foreign exchange fee is generally added to bank transfers, but by making a money transfer through a broker, expatriates can avoid this fee and enjoy a more competitive rate of exchange.

Click here to see how much you can save with HiFX's Foreign Exchange services

Posted by Sarah Pitton