Expat Money Newsletter - July 2016

Expat Money After Brexit

Welcome to the Expat Money Newsletter for July. 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 the possible changes to expats’ financial position in the aftermath of Brexit. Of course, there is still great uncertainty, but we consider what we already know in the areas of the economy and currencies.

We also have a focus on insurance for expats, especially the need for international medical cover while you are overseas.

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 Director
Expat Network
iain@expatnetwork.com

Exits And Expats: How Brexit Affects You

Expats all over the world - and not just in the UK and Europe - will be puzzling over how the UK’s decision to leave the EU will affect them. In the long term – but certainly not immediately - it might make it more difficult for Britons to work in Europe. Savers, investors and European property owners will be affected too.

Brexit: The Bank Of England View

The Bank of England has quickly responded to financial questions raised by the UK’s referendum result on leaving the EU. It notes that the economy will need to adjust to whatever new trading relationships are put in place in the future. These decisions will influence the UK’s long-term economic prospects.

The Brexit Effect On Currencies

The UK has woken up to the news that the country had voted to leave the European Union. After seemingly buying into the belief that the Remain camp would ultimately emerge victorious, currency markets, particularly the pound, quickly reversed course as the tide of votes showed that a Brexit was an inevitability.

Insurance For Expats 1: Make Sure You Are Covered

Expats without access to good standards of healthcare on overseas assignment should consider taking out an international medical expenses insurance policy. This means they will have access to good medical facilities, even if it means being flown to the best place for care.

Insurance For Expats 2: 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.

Heading For A Foreign City? It May Be Expensive

Hong Kong tops the list of most expensive cities for expats, pushing Luanda, Angola to second position. Zurich and Singapore remain in third and fourth positions, respectively, whereas Tokyo is in fifth, up six places from last year. It might just pay you to find out how expensive your prospective destination might be.

Best Savings Rates In Expat Banking

The best 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.

The only way to beat these rates is to lock your money away for longer. If you can leave at least £5,000 untouched for two years then 1.50% annual interest is on offer from NatWest International.

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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