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12 | Money management
savings and enjoy the flexibility to enable
them to work in the best way possible for you,
wherever you are. It is also essential to
consider the currencies that are important to It is essential to consider the
you and those that you will need to fulfil your
financial commitments both at home and
abroad. In addition, having the ability to currencies that are important to
change money into different currencies,
whenever and wherever, is a must.
you and those that you will need to
Money Management Abroad
When planning your move abroad, you should
take a look at how you manage your money in fulfil your financial commitments
the UK and assess whether you will have the
same needs abroad, or if you will require
something different. Choosing the right both at home and abroad. In
product is essential to help you make the most
of your money.
France and Spain, for example, are the most addition, having the ability to
popular European destinations for British
people to move to. Anyone who is considering
buying a property in either location should change money into different
think very carefully about what steps they
need to take to protect themselves against
fluctuating exchange rates. Sterling has never currencies, whenever and
been so weak against the Euro, but by opening
a Sterling and Euro account, you would be
able to convert your money as and when the wherever, is a must
rate was most beneficial for you.
Similarly, if you are retiring and buying a
property in Spain - the most popular
European destination for British pensioners -
but all your savings and pensions are in less time consuming than the alternative.
Sterling, it would be advisable to open a Frankly, do you really want to turn up at your
Sterling and Euro account so that you can local bank in person and fill in numerous
convert the money when the best Euro forms so that they can make the international
conversion rate was available. This would payments on your behalf?
ensure that you make the most of your hard
earned savings, whilst also enabling you to Choosing an account that is right
earn additional interest on these funds. for you
It may be that you are going to work abroad When choosing an account that is right for
and will be receiving your salary in US you consider such factors as how your salary
Dollars, but are still faced with paying your or pension gets paid in to your account, your
mortgage in the UK. Your local bank in the lifestyle, financial commitments, the
UK may agree to convert your Dollar salary to currencies they are in and general financial
Sterling when it receives the funds, but this management. There are some accounts that
may not be at the best conversion rate will charge you after a certain number of
possible. A Dollar and Sterling account will transactions, so if you regularly make trips
help make the transition easier and will enable abroad it may be most suitable to hold a
you to convert the money at a rate that is right savings account that offers unlimited
for you, ensuring you stay in control. withdrawals and transfers in and out without
As well as considering what account will penalties or hidden costs.
enable you to get you the best exchange rates, The Halifax International Variable Web
you might also want to think carefully about Saver offers an offshore account with a highly
how you intend to conduct your transactions competitive rate of interest and is available in
when away from the UK. Sterling (up to 1.40%), Euros (up to 1.45%),
The speed and convenience of internet Dollars (up to 0.90%.) The minimum balance
banking is highly appealing, especially for is £1,000, ?1,000 or US $1,000 and the
those who like to manage their money on the maximum balance is £1m, ?1m or $1m. These
go or arrange their banking in the comfort of accounts allow unlimited withdrawals and can
their own homes. Having an offshore account be opened as either a sole or joint account,
that allows you to be in control of your with up to two account holders, which means
money, regardless of the time of day or your that they are ideal for handling an expatriate's
location is far more convenient, effective and financial commitments.
May 2009 Investment International www.investmentinternational.com
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