Expats often have to engage in foreign money transfer and to help them save money, it can pay off to seek out the most competitive money transfer services.
Individuals who move to Hong Kong, whether for work or other reasons, may be particularly keen to source the best deals. Research conducted by Savills revealed that costs in the region are high, meaning the incentive for its residents to save cash may be especially strong.
The firm found that residential prices for executive housing rose by 7.4 per cent in the first half of this year. This placed Hong Kong above Moscow, Sydney and London in terms of rises, with these cities seeing increases of 5.5 per cent, 3.7 per cent and 2.8 per cent respectively.
In contrast, economic problems in France contributed to a 3.4 per cent fall in prices for executive housing during the six-month period.
Meanwhile, the number of workers needing to engage in foreign money transfer may be rising. The Daily Telegraph recently reported that during a conference of medical insurers in London, the increasing number of British firms dispatching employees abroad was discussed.
Teresa Rogers, international business lead at insurer Aviva, said: “Companies are showing a determination not be reliant on home markets.”
The proportion of firms seeking to send more staff abroad had risen slightly in four years from 20 per cent to 21 per cent.
It was also noted that a rising number of assignments are to places that expats may struggle to settle in.
Life in Brazil, Russia, India and China, as well as Hong Kong and Singapore, can be tough for families and this can cause assignments to fail. Ms Rogers added: “These are challenging times for the expat and the length of assignment will vary dramatically according to the destination.”
By taking advantage of effective money transfer services, individuals and companies may be able to make their lives easier.