Expats Suffering Due To The Weak Pound

Published on 16/03/2010 in Expat Life

Brits abroad are struggling as a result of the weakening pound, a global survey from leading foreign exchange provider, Moneycorp, reveals.

Debt problemsThe survey uncovered that job security, the declining value of overseas property prices and the weakening pound were top of the list of worries for Brits living in Europe.

David Kerns, Head of Personal Clients at Moneycorp, comments:

“In light of recent economic conditions, Brits living abroad should take steps to obtain a clear overview of where their financial risks lie. If relying on income from the UK, they should consult a currency specialist to understand how to guard their finances against adverse rate movements. Of course, if British expats are coming home, they should be wary of the effects that the weak pound will have on them and should seek guidance from a currency expert to make the most of the money they take back to the UK.”
A foreign exchange specialist like Moneycorp can help you get the best exchange rates when transferring funds overseas and ensure you make the most of your money.  If you are thinking of repatriating your funds back to the UK, whether you own a holiday home, investment property or other assets in Spain you can benefit from favourable foreign exchange rates offered by Moneycorp. Plus, Moneycorp have negotiated special repatriation services with local banks to help you get more pounds for your euros when sending funds back to the UK.

The survey also revealed that the weak pound has hit pensioners hard and that one in five (20%) expats claim a sterling pension. Over a quarter of Brits living in Spain (28%) and over a third of British expats in Germany (33%) rely on this as a core source of income. Yet, our research reveals that nearly a quarter (22%) do not monitor the currency markets to avoid losing money when making overseas payments. 
David Kerns, Head of Personal Clients at Moneycorp, continues:

“Our research findings are not surprising, as a high number of Brits living overseas rely on their pension as a key source of income, as well as sterling income from house lettings in the UK and their savings.

Given the current weakness of sterling, currency specialists can offer important savings on transfers to and from the UK. Consolidating payments into larger lump sums can help them avoid transfer fees. Alternatively, for people with pensions or other regular income from the UK, a Regular Payment Plan will also allow Brits living abroad to plan ahead and lock into favourable rates – to make sure they get the most out of their hard-earned cash.”

Written by: Moneycorp

About the author:

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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