Brits abroad are struggling as a result of the weakening pound, a global survey from leading foreign exchange provider, Moneycorp, reveals.
Brits living in Spain are suffering the most financially as a result of the property downturn. More than four in five (85%) Spanish expats say the value of sterling has impacted them financially, with three quarters (79%) saying that their spending power has decreased as a result.
Brits living in Germany and Italy are also being significantly impacted by the fall in sterling as 67% and 66% of expats respectively are feeling the pinch – with 71% and 65% respectively experiencing a fall in their spending power.
Similarly in France, expats are also concerned about their financial situation as nearly half (46%) are being impacted by the fall in sterling and over half (51%) say their spending power has decreased as a result.
David Kerns, Head of Private Clients at Moneycorp, comments:
“Our research shows that British expats have had a tough time and the findings reveal that no country has escaped unharmed from the economic downturn.
Brits living in Europe are particularly feeling the effects of the weak pound as they are more likely to be reliant on income from their British property, UK pension and other regular sources of funds.
During challenging times, there is certainly more that expats can be doing to manage their money and make sure that they are making the most of their income. By monitoring the currency markets and seeking expert guidance they can avoid nasty surprises in exchange rates and determine the best time to transfer money to and from the UK.”
Using a foreign exchange and international payments specialist like Moneycorp to take care of all your money transfers to and from Spain can help overcome the impact of the weak pound. Their experts will monitor the currency markets on your behalf – achieving the best possible rates of exchange. They also make the process quick, easy and highly cost-effective. Their dealers monitor the currency markets to ensure you trade at the right time, at the right rate.
As well as gaining market expertise from foreign exchange brokers, there are also different types of contract designed to help you save money and suit your needs. Whether you are making a large one-off payment now or in one year’s time; or you need to make smaller, more regular payments, they will make sure you get the best exchange rate. This includes the ability to fix exchange rates for a set time period, helping protect you from adverse currency movements.
Some positive signs ahead
After suffering for months as the world's currency scapegoat sterling has been given a reprieve by Greece. Whatever fiscal problems Britain is suffering, Greece has in spades. The economic issues faced by Greece - and Portugal and Spain - have traditionally been swept under the euro's carpet but they are now in the open. There is even talk (probably misguided) that Greece could be forced to secede from the single currency. The situation opened the way for a sterling rally in January that has taken it as far as technical congestion near €1.15 and could conceivably allow it to rise even further.
Written by: Moneycorp
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For more information about how Moneycorp can save you money when sending money abroad, please visit the dedicated Eye on Spain/ Moneycorp website.
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