Expats should have “a realistic financial plan,” says expert
April 23, 2008 by admin
Filed under News, News-Banking
Expatriates should ideally have a “realistic financial plan in place” and take into consideration the cost of the move before relocating, says expatriate and international lifestyle magazine Shelter Offshore.
Director Rhiannon Davies warns that the biggest reason that people “fail to make a go of a new life abroad” is due to financial problems.
A recent survey by NatWest found that the average wage for expatriates working abroad is currently £67,000 compared to the UK average of £47,000, with the United Arab Emirates ranking as the top location in terms of expat earnings.
“Getting financial advice before you go is a good idea,” commented Ms Davies, adding that people who are relocating abroad should seek financial advice since “certain expats can take good advantage of the wealth of offshore savings and investment schemes that there are available”.
Expat banking comes recommended
August 25, 2007 by admin
Filed under News, News-Banking
An expatriate lifestyle magazine has today mapped out some of the typical preferences regarding banking abroad for expats.
Rhiannon Williamson, director of ShelterOffshore.com, said that her clientele tended to gravitate towards established banking names because they were a “known institution”, and regarded banking using different currencies as a “bonus”.
Offshore savings accounts – favoured by expats – differ from conventional accounts in that they tend to calculate interest on a daily basis due to the account’s inherent increased flexibility, which tends to lead to lower interest rates.
“Expats seek flexibility and low charges when banking abroad,” Ms Williamson said.
She added: to have the ability to bank and transact – i.e. transfer money and pay bills – in various currencies is a bonuses and a benefit.
“In our experience at ShelterOffshore, those who do business internationally or who live, travel or work in more than one country have a strong requirement for bank accounts with a single bank in more than one currency.”
For more information, ShelterOffshore’s website offers a comprehensive overview of the positives and negatives of various different accounts suitable for expatriates.
