Weak sterling hurting expatriate finances
09/03/09 18:00
The weakness of the pound is beginning to have an effect on the finances of many British expatriates and where they are able to live in the world.
According to the BuyAssociation, an international property web portal, a number of expatriates from the UK are seeing the value of their pension or investment fall when converted into euros.
However, Paul Collins, a property editor at the site, suggested that currency exchange rates are in a constant state of flux and will likely return to their previous levels in the short-to-medium-term.
He advised people wishing to relocate overseas to use a specialist currency broker so as to ensure that they do not pay "over the odds" on their money.
"Exchange rates always fluctuate, they always go up and down and they are linked very much to the fortunes of the economy, so one would imagine that this is a temporary thing," Mr Collins suggested.
According to a survey of international expatriate finances by HSBC, some 58 per cent of emigrants save and invest more money in their new country of residence than they did in their native country.
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