Planning to Work Abroad?

13 July 2010 - Which Way To Pay


Planning to Work Abroad?



According to news reports this week, young graduates are choosing to look abroad for job opportunities more than ever.  As job offers in the UK seem increasingly scarce, new locations including China are becoming more attractive…


With new companies appearing on a regular basis in places like China, and with European countries like Holland and Poland offering new chances for university graduates, many are using the chance.


If you plan to live or work abroad for any reason, make sure you have set up local money matters.  Even for people who are sent overseas by their British company and are still being paid in British pounds, it is sensible to ensure that unnecessary amount of money are not wasted through the exchange.


Before going ahead, always find out what the local currency customs, bank systems and usage is like.  Does the country have plenty of global banks?  Will it be easy to find ATM machines up and down the country?  What is the acceptance of credit cards like?


In many places it may seem easiest to open a local bank account.  However, there are other options for people who are paid in pounds:


-          Offshore bank accounts

-          Regular payments via an expert currency broker


Offshore bank accounts are handy way to manage money.  Available in multiple currencies, they allow expats to control and manage their capital with relative ease.


You can also arrange to have regular payments via a specialist currency broker.  In general, this is best if the transfers are a minimum of around £3,000 per transfer (to avoid the flat fee for transfers below that approximate amount).


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