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Currency Exchange Critical to Moving Abroad Success

January 25, 2011 in Moving Abroad Tips by Paul Allen | No comments

So you’ve decided to take the plunge and emigrate. Congratulations! Your next question should be how are you going to make your move a success?

Many people decide to emigrate in order to provide a better quality of life for themselves and their family – the thought of year-round sunshine, more time with loved ones, different leisure opportunities. But whatever your motivations, it is crucial you put yourself in the best financial position possible if you are to get off to a good start in your new country. And to do that, you need to give serious thought and planning to the issue of currency exchange.

OK, so it may not seem as fun as researching all about the sun, sea and sand you can look forward to enjoying. But getting a good currency exchange rate can make a huge difference to the success of your move. And if it helps maximise the budget you have to spend on your dream home abroad that has to be time well spent.

Getting the biggest bang for your buck

For some people, currency exchange may be a key factor in their choice of destination. For instance, countries in Asia, Africa and Eastern Europe with relatively weak currencies can offer great opportunities to make your savings go further.

Alternatively, among those soon-to-be-expats who have already picked their dream location, the issue will be more a matter of how to get the most from your money.

Take buying property abroad. For many expats it means exchanging your savings into the local currency of the country to where you are moving. Exchanging large amounts can be an expensive exercise though, and isn’t to be taken lightly. Therefore, many expats employ a foreign exchange broker to guide them through the process. Others simply bide their time, research the currency market, and exchange when the rate is particularly favourable.

Money matters

Foreign exchange rates are a huge factor when moving abroad – so make sure you address it as soon as possible in the decision making process.

The best advice is to do your research thoroughly. If you want help, consider using a foreign exchange broker. And if not, ensure you shop around to get the best exchange rate possible.

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Relocating Tips: The Advantages of Self Storage

December 21, 2010 in Moving Abroad Tips by Paul Allen | 1 comment

It is exactly a year now since we repatriated from Spain to the UK. It was lovely to return in time to have Christmas with family, but looking back I wouldn’t do it the same way again. For rather than enjoying those magical weeks in the run up to Christmas, we had to spend them up to our ears in boxes, sorting and packing belongings.

Having moved several times before, we knew how much work was involved. Still, it’s amazing to discover how much “stuff” we had managed to accumulate, and how long it takes to sort.

The question then is always what do you do with it?

Which are the essential items you absolutely must take with you when relocating? Which bits can be given or thrown away? And the biggest quandary, what do you do with the rest? You know, the stuff you want to keep, or that you think might come in useful “some day.”

Unless a friend or family member is happy to give up their garage or attic indefinitely so you can jam it full of your belongings, the only real solution is to use a self storage facility. They come with several advantages:

1)      It’s cost effective 

For one, it is inexpensive these days to rent storage space. In addition, there are no long term contracts. That means that as you settle into your new place you have the flexibility to collect your boxes when you are ready for them.

2)      It’s safe and secure 

Any self storage facility worth its salt will have effective security measures in place to protect your property. Look for 24hr CCTV and individual alarms on the storage rooms.

3)      It’s convenient 

Self storage has become more and more popular in recent years. As a result, there is probably a self storage facility[1] close by.

Where possible it is best to look for facilities near both your old and new homes. That way you always have the option of keeping any overflow you’re not sure if you want or have space for safe.

4)      It’s flexible

Unless you’re relocating to a place where the weather is pretty much the same all year round, you may also want to think about storing all that stuff you only use at certain times of the year – for example, skis or scuba gear. That way you won’t have it cluttering up the house the whole time. And that can do wonders for your state of mind!

[1] For example, Big Yellow Self Storage has over 70 sites across Britain. You can see their facilities and locations at http://www.bigyellow.co.uk/.

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Buying Property Abroad

September 24, 2010 in Living in Spain, Moving Abroad Tips by Paul Allen | No comments

Buying a property in your home country can be a time-consuming, expensive and stressful experience. So think what it’s like trying to do it in another country.

Abroad you may face unfamiliar market conditions, uncertainty around how to arrange a mortgage or how they are calculated, what legal processes are necessary and the fees you will have to pay. To complicate matters further you may not even speak the language.

Those are the sorts of obstacles my wife and I had to navigate when buying our house in Spain. It is not an experience I am eager to repeat.

Much better, I now realise, to get an expert who knows the market intimately to take the strain.

Professional Help

So I was intrigued when I heard recently about a Spanish-based company called Shortcuts Property Search (www.shortcutspropertysearch.com).

Their service is tailored to make both the searching for a property, and the actual buying process through to the signing of the escritura de compra/venta, as easy as possible. This is especially useful for people who don’t speak Spanish, and/or don’t have the time or money to make various trips to Spain before making up their minds.

Crucially, the service comes at no cost to the client either, as normally Shortcuts finds properties through agents who then pay it part of their commission. In situations where Shortcuts finds a property from a private seller the firm charges a 2% commission.

For the moment, Shortcuts Property Search only operates in Spain. But if you are buying property elsewhere in the world I would advise looking for a company that can provide a similar sort of service.

It will make the purchase process much easier and more enjoyable, saving you the stress and bitter aftertaste that can otherwise result. In the long run it will probably save you cash too, by helping you avoid all those ill-suited places, and instead finding you the best deal for your money.

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Global Recession and Its Impact on Your Moving Abroad Plans

January 14, 2009 in Expat Locations by Paul Allen | No comments

For many people Spain epitomizes the moving abroad dream: a country that offers the prospect of year-round sunshine, lower living costs and a more relaxed pace of life.

Not surprising then that year after year Spain has proven to be one of the most popular destinations for expatriates from around the world, with 10% of its 45 million population now made up of foreign nationals.

Yet the beneath the alluring sheen of the Mediterranean sun all is not well.

Read the rest of this entry »

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Financial Pages in Spain

December 9, 2008 in Living in Spain by Paul Allen | No comments

I received an email last week from a guy called David Jennings, a financial services expert who offers the benefits of his years of experience to expatriates in Spain. Given the benefits that sound financial management can bring to your expat experience (especially given the current squeeze!) I thought I’d pass on his details, in the hope it may be of use to some of you …

 

Financial Pages in Spain – David Jennings http://financialpagesinspain.blogspot.com/

 

I was involved in UK financial services for over 30 years, with experience in banking, insurance and pension planning. When I first bought a property in Spain 10 years ago I was astonished at the sheer bureaucracy of home ownership here. I am resourceful and I use Google extensively, but yet again I found frustration as I researched all things Spanish. Everything I ‘Googled’ was effectively an advertisement.

 

Ten years later, more grey hairs and full of personal experience, it’s my time to fight back.

 

My blog contains financial information, but does not give personal financial advice and does NOT include a single financial services advertisement. I guarantee that I will never advertise those financial institutions who wrap up information in biased adverts. Please check me out. Just like Paul Allen, if you bring forward a subject I can post, I will make my blog available to you. I am also pleased to answer your questions. Happy blogging.

 

 

Biography

 

I am David Jennings and generally known as DJ. I have been battling with Spanish bureaucracy for 10 years. Fortunately, I have over 30 years experience of banking, insurance and pensions in the UK and was not going to let them stand in my way. I still hear ‘urban myths’ from British people in Spain. So I want to bring together, without advertising, my experiences that I can pass to others. I am 59 years old and my financial services experiences are available to you all.

 

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