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Sterling Outlook - What's Influencing Forex Movements in the UK?
Sterling enjoyed a brief rally this summer, with a 2% rise against a basket of currencies of the UK’s major trading partners and rose around 9 cents to hover just below the USD $1.60 mark.Sterling has managed to perform relatively well because of the inherent weaknesses of other economies; the Euro was held back (the Greek economic crisis) and the US dollar has been suffering against every other major economy in the world as it struggles to shake itself out of the effects of recession.Now...Read More >
National Statistics Office Reports 10% Drop in Overseas Holidaymakers Spending
The UK has been fortunate in enjoying an increase in foreign tourist spending, fuelled in part by the relative weakness of sterling against many of the world’s currencies. The primary reason for the drop in overseas spending has been the very weak economic outlook at home, which is likely to become much worse as government spending cuts mean greater economic gloom and a tightening of domestic expenditures.One further reason for the drop in overseas spending was as a consequence of...Read More >
Foreign Exchange Services for UK Businesses Overseas
Overseas trade has been a significant buffer for UK companies as domestic markets have dried up or reversed in the recent recession; however, doing business overseas does present several unique challenges, not least being able to deal in overseas currencies and protect your business against the risk of adverse foreign exchange movements.Foreign Currency Bank AccountsPractically all the major high street banks offer foreign currency denominated bank accounts which you can use in the same way as...Read More >
Dealing with Foreign Exchange Risk
The UK has a long tradition of exporting goods and services overseas and many companies enjoy profitable trading relations, especially within the European Union and the United States.What is Foreign Exchange Risk? If you sell goods into the Euro Zone, you will have to manage two currencies – British sterling and Euros. Your cost of sales will be denominated in British pounds but your revenues will be denominated in Euros and to crystallize your profits you will...Read More >
UK Travel Money and Currency Exchange Options
British travelers have a wide range of options when they need to buy foreign currency for their trips abroad. The choice on offer holds some great bargains and some hidden traps, but there is no issue with convenience because of the very wide selection of foreign exchange outlets available.UK Foreign Exchange OptionsBureaux de change can be found in all of the major high street banks and building societies; however there are numerous other sources:• The Post office...Read More >
UK Taxation Issue for Forex Gains & Losses
Her Majesty’s Revenue & Customs has developed a practice note which provides an excellent overview of the tax situation. This article will summarise the salient points.The practice note is CFM61010 –Foreign Exchange.Pre-1993 RegimeThe pre-1993 tax regime for taxation treatment of foreign exchange gains and losses was determined by reference to the Case into which the gain or loss fell.Case I As part of the ordinary trading profit and loss account if the...Read More >
Repatriating Money to the UK
Repatriating money earned overseas is a major topic and one which we cannot extensively cover in this article. We will summarise the situation and provide excellent advice for the unwary expat who is looking to return home to the UK, and hopefully keep the taxman’s hands off their savings and capital.Many expats find that repatriating funds is not just a matter of meeting with their banker and arranging some paperwork. There are legal and tax issues to be dealt with and there...Read More >
Summary of UK Law on Foreign Exchange Currency Transactions
Whenever a foreign currency investment is contemplated- through working overseas and saving capital or investing in an overseas property, or repatriating any of the proceeds at some future date, then there is a degree of risk which needs to be managed.The risk is obviously from the fact that foreign currency rates fluctuate over time, however there is also the risk from failing to take into account the rules and regulations which govern foreign currency transfers, both into and out of the...Read More >
Foreign Payment Solutions for British Expats
Once you are overseas, you will have to trust the bill payment and money transfer systems you have put in place to make sure you meet your obligations when they fall due. For many British expats, they face a considerable amount of frustration and unnecessary cost when it comes to paying something as simple as a British utility bill! Even more infuriating is the fact that many expats rely on friends and family to handle their UK bill payment affairs; however, for the majority of...Read More >
Foreign Mortgage Options for UK Expats
UK property prices are expensive compared to many other destinations in the world where a substantial home can be bought for a fraction of the price for the equivalent home in the UK.There are several options to look at when you are buying overseas but cannot afford to buy the property outright and so need a mortgage.Unlock Equity in Your UK HomeYou can apply for a remortgage on your UK home and unlock equity to use to buy the overseas home outright. This has the advantage of maintaining...Read More >
Saving on Foreign Currency Exchange
This matter requires pretty high amount of expenses when not dealt well. However, there are other options that will help make expats and tourists save more when foreign currency exchange is involved.One less expensive option is using the most suitable card for your lifestyle and needs. Expatriates and travellers often will choose between a credit card and prepaid card. However make sure you get a card from trustworthy yet affordable financial institutions.The second cheaper option is through...Read More >
How to Transfer Money
Choose the best money transfer optionThere are several options in choosing the best means of transferring money. Among the list are cash, cheques, bank draft or money order. However electronic money transfer is often the most practical as it is usually faster and cheaper than using the services of money transfer shops. If you are transferring money to a different account within the same financial institution, usually the most efficient method is an intra-bank transfer. Whatever your choice, be...Read More >
Well-known Money Transfer Tips for Expatriates
Money transfer is a common matter among expatriates as these people usually transact cash transfers.People who are assigned out of the country must be aware of the several factors that affect the value of the money being sent or received. These factors include banking fees, transfer charges and conversion rates. Expats must be keen in finding ways to have the best value for money transfer by using all means. They must have thorough research involving better exchange rates in the...Read More >
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