International money transfer 'could help expats'

An expert on expatriate lifestyles has suggested that the poor currency exchange rate for sterling is having an "ever-increasing" impact on the lives of Britons abroad.

However, Rhiannon Davies, co-founder of Shelter Offshore, said that international money transfers through independent currency brokers could save expatriates money.

She added: "If you move money regularly you can even opt to transfer at a given rate for a fixed period of time, so perhaps you can fix against further future devaluations of the pound if you fixed at today's exchange rate for all your transfers for a year maybe."

Ms Davies' comments are likely to ring true with a growing number of expats as a recent survey from the Consumer Credit Counselling Service revealed a 33 per cent year-on-year increase in the number of expatriates seeking debt help.

The pound's currency exchange rate has been held largely responsible for this, though rates are unlikely to show much improvement until after the general election.

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Posted by Eleanor Ward