Economy - Expat Magazine

Many expats move abroad not only to have a new experience in a different culture but to save money. However, life as an expatriate might mean having a lot of expenses, especially for those coming from Southern countries where the currency is devalued compared to the Dollar, Euro and Pound, for instance. 

Getting a bank account in Malta can be difficult. Maltese banks have a notoriously long waiting period to approve a bank account, and employers prefer a Maltese IBAN when it comes to paying out salaries. For many expats, the answer is often to take their salary in cash. Fortunately, iPaymix now makes getting a Maltese IBAN much easier.

World Bank Bilateral Remittances Matrix has continuously placed the UK as the fourth largest remittance sender in the world. The latter source lists India, Nigeria, and Pakistan as the main destinations of remittances from the UK. In addition, according to a report from the United Nations' education agency, migrant workers in the UK, many in low-paid jobs, are sending £8bn a year to support families in their home countries, a transfer known as a remittance. 

The US is one of the countries with more immigrants in the world. It is actually on the list of the top 10 Countries with the highest number of immigrants — 50.6 million. And Americans are also expats, according to the Association of American Residents Overseas, 8.7 million Americans (excluding military) live in 160-plus countries. Every migrant chooses to leave home for different reasons, but many do to contribute to their families and communities in their country of origin by sending money home, a transfer known as a remittance.

A change in the exchange rate can instantly change an expat's life, especially if they earn in one currency but spend in another. Exchange rates are directly linked to expats' budgets. Currency convertibility works in a similar way to stocks and shares. The more attractive the currency is, the more it is in demand, and the greater the value will be. Likewise, the opposite is also true, which leads to the currency being devalued.

Does the UK leaving Europe mean you have to give up your plans to live, work, retire or invest in Spain? Absolutely not! But financial planning has become just as important as sun cream, after the UK left Europe. So, here is what you need to know about how to manage your finances in Spain right now.

Today, international money transfers are a common thing. While some expats regularly transfer money to their families abroad to support them, others are trying to materialise their dreams. But regardless of your reasons for transferring money abroad, here are some key points to consider.

As expats, we often tend to ignore the fact that the national budget of the country we live in does have an impact on our lives too. In fact, many decisions and new measures can affect our daily life in various ways.

As an expat in Argentina, it is essential for you to be aware of the exchange rate of the American dollar to Argentine pesos. Here is what Jerry Nelson, our guest blogger, has to say about it.

When investing globally, you may face challenges such as costly currency conversions or the hassle of moving your money across banks. Discover why international banking is an expatriate's must-have for investing and how you can manage your wealth holistically. 

Most expats move to Europe for better career prospects and higher living standards. However, it's not always easy to find a job and a salary that meets your expectations. Rent, cost of living, etc., are some of the factors to take into account. So if you wish to thrive and enjoy a better quality of life, which cities should you consider?

Job: Check. Accommodation: Check. Visa: Check. How about your finance? Carefully considering your banking options before moving abroad could save you money and time. Depending on your reason for moving abroad and the duration of your stay, you could be tempted to use the bank account from your home country or open a local bank account in your home country. But have you thought of an international bank account? Here is why you should consider it and what you should look out for.

For many expats, moving abroad means having a better quality of life, with different cultural and social exposure, but also higher living standards with higher wages. But does earning more mean that you have to spend more? Whether you're an international student, a professional or a retiree, budgeting will be crucial for maintaining a proper lifestyle. We tell you about the common mistakes expats make with their money.

Whether to be able to receive money in times of emergency, or to send money to loved ones back home, it is important to consider money transfer options as an expat. Especially in the early stages of your expatriation.

One of the most important things to consider when moving abroad, is how to manage your finances. Should you consider an international bank account?