Economy - Expat Magazine
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Spain is one of the preferred destinations among expats who want to spend extended periods of time in another country and improve their quality of life. But living and working in a place that is not your homeland is not as easy as it may seem. Even opening a bank account can be a cumbersome and tedious process if you don't know how to go about it. Here, we'll show you the documentation you need and introduce you to CaixaBank, one of Spain's leading financial institutions, which offers you HolaBank, a value proposition tailored to expats, making your life easier than ever.
There is a popular misconception that foreign professionals have an advantage over other their local counterparts, that they earn more and benefit from better working conditions. Behind these misconceptions lies a still highly idealized vision of expat life. The truth, however, is less idyllic than what it looks like.
Since the "Covid shock" and the reopening of borders, there has been talk of this "rediscovered freedom" that gives wings to millions of new potential expatriates. The desire for freedom seems even stronger among young people. However, at the same time, soaring inflation and the economic crisis are cutting the wings of millions of others or at least delaying their living abroad plans. How challenging is it to conciliate living abroad, finances, and youth?
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In October 2022, the world feared that the dollar's rise would fuel a new inflationary spiral. It was then referred to as the "unstoppable force of the dollar," powerful enough to shake the currencies of major economies like Japan, the Eurozone, and the United Kingdom. However, in December, the tone changed: the dollar experienced a slight decline but remained strong, continuing to be the safe haven of 2023. On the other hand, other major currencies continued to weaken. Nonetheless, some countries resisted, mainly in emerging economies. What are the consequences for expats' finances?
As an expatriate, using your credit card for daily transactions is an essential part of your daily life. But what if your host country lacks a secure banking system? In this case, you will need to make sure you are aware of the potential risks associated with credit card use.
When planning a move abroad, you need to start working on your budget. Besides the necessary plane tickets, how much money do you need for the different steps of your move? Here's a list of the main expenses you should consider, so you can be well-prepared.
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A Xapo Bank account is an easy way to protect and grow your wealth with high annual interest that's paid out daily. Enjoy access to fast and efficient payment networks, and manage your finances, crypto, and global payments from one app, anywhere, anytime, securely.
When choosing to leave your native country to move or work abroad, streamlining your professional commitments will rank highly on your housekeeping to-do list, in particular if you're a business owner. You may choose to do this by appointing an interim director or promoting your second in command to first in line. Alternatively, continuing in your role may be an option, albeit from a different location, and managing your company finances remotely, which can be facilitated if you have the right systems in place.
According to a recent survey by HSBC, 45% of people planning to relocate to a new country feel lost about managing their finances after the move. This is an understandable concern: banking, paying taxes and transferring money between countries can be complicated. Below, we will look into the details of the HSBC survey and suggest an effective action plan for managing finances when moving abroad.
Have you always dreamed of building wealth when living overseas? COVID, the economic crisis and inflation having made our lives miserable over the past two years, more and more of us are considering new ways of having a better life, especially in terms of finances. So how do you become a rich expat.
British expats in countries without social security agreements with the UK receive “frozen pensions.” This means that their pension is locked at the level it was when they first relocated abroad. Many feel it is unfair because they had contributed to the National Insurance only to get back low amounts. This reduced pension amount makes some struggle financially amidst rampant global inflation.
Economic uncertainties are driving more and more expats to invest abroad. How to manage your money? Which bank to choose? What are the best investments for expats?
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.
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