Expat Money Newsletter - September 2016

Expat Money: Fair Exchange On Currencies

Welcome to the Expat Money Newsletter for September. We are once again focusing on the personal financial issues that matter to you as an expat, or would-be expat.

In this month’s edition we focus on foreign exchange: how you can do currency transfers as cheaply as possible, and how Brexit is affecting exchange rates.

We also examine a proposal for the Saudi authorities to tax expats on money sent home and how expats’ rental costs are changing across the world.

I hope you enjoy this newsletter. I welcome your thoughts on other topics you would like us to cover. Or do you have your own tale to tell or question to ask about expat money? Let me know.

Feel free to forward this newsletter to anyone who you think may benefit from reading it. Just click on Forward to a friend or colleague below.

Iain Yule

Editorial & Publishing Director
Expat Network
iain@expatnetwork.com

Foreign Exchange 1: No Such Thing As A Free Transfer

When making a transfer most people focus solely on getting the best exchange rate. However, hidden extras and commission fees make it hard to know whether that means you have got the best deal.

Foreign Exchange 2: The Brexit Effect On Currencies

The vote for the UK to leave the European Union has produced profound shocks through the economy, with the uncertainty that followed having a particularly destabilising effect on currencies. Find out how Brexit affects your pounds, dollars or euros…

US Taxes: Better Late Than Never

When moving abroad, there are many logistics to consider – one of which is your US tax obligation. Occasionally, though, US expats haven’t filed a tax return. Luckily, there are ways to catch up on late expat taxes – here’s what you should know.

SPONSORED: Serious Savings On Overseas Property Transactions

Economic and political events can have a dramatic effect on currencies. If you are sending money abroad to pay for a property, or transferring the proceeds from a property sale, that volatility could make it a precarious business with an uncertain outcome. A currency contract with Smart Currency Exchange puts you back in control of your most important assets. Experts in overseas property and a partner of Rightmove Overseas and A Place in the Sun, Smart Currency Exchange will guide you through the whole process, saving you money and worry.

For more information, get a free quote from Smart today, or call +44 20 8108 5391.

Saudi Arabia To Tax Money Expats Send Home

The Saudi authorities are considering a tax on remittances by expats. By tightening the rules on employees sending money abroad the Saudi government aims to raise revenue. It is considering plans to impose a tax of up to 6 per cent on money sent out of the country by expats.

Expat Rents Stable, But Falling In Oil States

The subdued global economic growth of the past year has had a significant impact on rental rates around the world. The majority of locations have witnessed very static rental trends, with minimal movements in the last year. But there are regional variations.

Expats Are Lax On Health Cover

Nearly 60 per cent of Britons moving abroad do not secure medical insurance cover before they go, a survey has found. Over four-fifths of respondents feel concerned about accessing quality healthcare while abroad. Yet three-fifths do nothing about it. Nearly a fifth think they can cover healthcare costs just with travel insurance.

Short-Term Health Cover For Contractors

Policies from international insurance broker Bellwood Prestbury now offer contractors the option of taking out health cover for periods of three, six, nine or 12 months, rather than always having to take out annually-renewable policies. All International Contractors Plan policies are renewable and may be extended without re-underwriting, subject to there being no break in cover.

Best Savings Rates In Expat Banking

The best current offering for sterling offshore savers is Standard Bank’s 1.4%, if you have £10,000 and can give 196 days’ notice of withdrawals. For dollars, Standard Bank pays 1% for $10,000 or more, with 196 days’ notice. Nationwide International is best for euros, paying 0.65% for €25,000 or more, with instant access.

If you want a monthly income from your offshore savings, the best offer currently comes from Skipton International. If you can give 200 days’ notice of withdrawals on a minimum deposit of £10,000, then an annual equivalent rate of 1.3% is paid monthly.

Doing Business Effectively Around The World

An online service aims to make it easier for you to conduct business effectively as an expat in different parts of the world. GlobeSmart is a resource to assist you to fit into unfamiliar business environments.

Read Your Free Expat Living Magazine

The Summer edition of Expat Living magazine is now available to read completely free of charge. You can learn about life in Saudi Arabia and Portugal, property purchase in Italy, whether to buy or rent a home, and what to consider doing with your pension.

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