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Expats to be aware of currency fluctuations

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Currency fluctuations could pose a challenge to people from the UK who live overseas, an expert has warned.

According to Richard Musty, private bank director at Lloyds TSB International, expats often need to transfer money between their country of residence and their home nation.

However, he noted that currency fluctuations can impact on the relative value of the two currencies being used by a person. This, he said, can in turn affect their spending power.

Mr Musty has therefore suggested that expats take steps to reduce their currency risk, such as move their money into the currency they are "most likely to need it in for the long-term".

"If you know your time overseas is limited and you will be moving back to the UK, then it may be best to leave a good portion of your savings in sterling," he commented.

Meanwhile, those who intend to stay in their new home on a permanent basis were advised to consider moving most of their money into their new local currency, as long as they have paid off all of their liabilities in Britain.

Mr Musty described moving to another country as the beginning of an "exciting new chapter" in a person's life.

However, he said that it is just like any other big change in a person's individual circumstances in that it brings with it lots of financial implications.

Mr Musty added that it is particularly important for expats to be flexible when it comes to managing their finances.

This, he said, means it can be a particularly good idea for them to set up an international bank account, as it can be held in more than one currency.

"[It] is useful for expats if they have ongoing financial commitments back home, as well as in their new country," Mr Musty commented.

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