Mediaboss Marketing

Use a currency broker, and moving money abroad should be cheap and easy.

There are more than five million British expatriates scattered across the four corners of the world.

Many continue to earn their income in the UK or are retired but have pensions paid in sterling into UK accounts. Some may need to move money to meet mortgage payments in other countries.

These expats need to move their money regularly to their place of residence speedily and safely. The big currency brokers offer deals for regular payments and moving money in instalments can be cheap and easy. The advantage of opting for a broker to make regular payments is that it can be cheaper than a bank.

And particularly for the 1.2 million British pensioners living abroad, it is essential to get the most they can when moving their UK pension payments overseas.

Mark Bodega, marketing director of HiFX , explains: In just the last few years, retired British couples all over the world have seen their monthly pension incomes hit by sterlings depreciation.

Worst-hit are pensioners in South Africa, New Zealand and Australia, who have seen the domestic value of their state pension in their new countries of residence slashed by market volatility.

He has calculated that based on the typical monthly state pension of 628, a British pensioner in Australia now gets an income of A$968 a month but four years ago he would have received A$1,700.

Mr Bodega said: With further sterling volatility predicted, any British pensioners who are on a tight budget and who cannot afford to see the value of sterling decrease any further should consider one of the many regular payment schemes offered by a currency specialist in the UK such as HiFX.

HiFX says that by using a direct debit scheme, UK pensioners wanting to move their pensions to their new home every month would save around 300 on fees on the costs charged by the high-street banks.

Go here to read the rest:
Expats need to make most of best currency deals

They may be happier than they were in the UK, but research shows that nearly half of workers on expat assignments think their employers should have given them more support when they moved abroad.

A survey of over 400 Britons on foreign assignments found that more than a fifth did not get any help from their employers when they were sent overseas.

Although nearly two-thirds said they enjoyed life abroad more than in the UK, 46 per cent admitted that they would have settled in easier if their company had offered them a helping hand with matters such as language learning and housing costs.

Workers were particularly left in the dark as regards their finances, with only 21 per cent being given financial advice when they relocated. Over half (52 per cent) said they felt they would have benefited from planning their finances more carefully before their move.

The traditional nature of expat postings has changed drastically in recent years, with the typical hardship packages offered to lure workers to far-flung destinations becoming less and less common.

Whereas before the economic crisis, international assignees could expect to enjoy such perks as a moving allowance, free flights home and school fees for their children, only half of those interviewed for the survey said they were given a moving allowance, while 42 per cent were offered flights back home and 41 per cent subsidised housing.

So-called trailing spouses, who follow their partners abroad on work assignments, seemed to get an especially raw deal. Only 13 per cent were offered free flights and over half said they received no support from their partners company at all.

A spokesman for Lloyds TSB International Global Mobility Banking , which commissioned the survey, said: Many companies are currently under pressure to reduce costs and were well aware how expensive overseas assignments can be for employers. But were also aware that most employees really value any help their companies can give to guide them through the logistics of moving overseas.

Shn Norman, a regional director of global mobility services at moving company Crown (Other OTC: CWLDF.PK - news) Relocations, said not helping employees adjust to their new homes could easily backfire on companies.

The ultimate goal for businesses relocating their employees is for them to remain focused on their work-related duties and regain full productivity as quickly as possible. Companies who offer services that help the assignee and their partner to adjust to their new location, like intercultural training, see a really high satisfaction rating," she said.

Read this article:
Expats struggle with ‘lack of employer support’

(BRUSSELS) - Austria and Luxembourg on Tuesday frustrated European Union plans to claw back unpaid tax on earnings lying in offshore banking havens, prompting an angry rebuke from Brussels.

"Tackling tax evasion is a growth-friendly way of boosting national budgets. How can any member state possibly justify blocking progress in this area," said tax commissioner Algirdas Semeta after talks between finance ministers broke down at EU headquarters.

Citing "extreme frustration" on a bid to open negotiations to reclaim lost taxes from accounts in Switzerland and other territories, Semeta said "the positions Austria and Luxembourg adopted are unfair."

A row centred on whether EU governments would have to automatically share information on deposits.

"I leave it to [the two governments] to explain to citizens across Europe why they can support tax hikes and spending cuts for ordinary people, but won't allow us to step up our fight against tax evaders," Semeta said.

He said the countries, known for secretive banking traditions, had shown an "unjustified resistance to merely opening discussions."

The Danish chairwoman of the finance ministers' meeting must report back to EU leaders ahead of a summit at the end of June before the next steps can be decided.

Text and Picture Copyright 2012 AFP. All other Copyright 2012 EUbusiness Ltd. All rights reserved. This material is intended solely for personal use. Any other reproduction, publication or redistribution of this material without the written agreement of the copyright owner is strictly forbidden and any breach of copyright will be considered actionable.

Original post:
Austria, Luxembourg frustrate EU plans to fight tax evasion

Wealth management firms the world over are declining to open offshore accounts for Americans.

In a piece for Bloomberg, reporter Sanat Vallikappen begins, Go away, American millionaires. Valliikappen then goes on to explain that wealth management firms the world over are declining to open offshore accounts for Americans.

This is the institutional blog of the Ludwig von Mises Institute and many of its affiliated writers and scholars commenting on economic affairs of the day.

I dont open U.S. accounts, period, said Su Shan Tan, head of private banking at Singapore-based DBS, Southeast Asias largest lender, who described regulatory attitudes toward U.S. clients as Draconian.

It hadnt been easy for Americans doing financial business overseas, but since the 2010 passage of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts, opening a foreign bank account has become mission impossible.

Valliikappen writes,

The 2010 law, to be phased in starting Jan. 1, 2013, requires financial institutions based outside the U.S. to obtain and report information about income and interest payments accrued to the accounts of American clients. It means additional compliance costs for banks and fewer investment options and advisers for all U.S. citizens living abroad, which could affect their ability to generate returns.

The Institute of International Bankers and the European Banking Federation said in an April 30 letter to the IRS, that the 400 pages of rules and regulations issued by the American tax authority create Unnecessary burdens and costs.

Massachusetts Democrat Richard Neal says the government needs to crack down on offshore tax dodgers. Mr. Neal wants tax money and doesnt care much about privacy and all that.

People should know, and the IRS should know, what money is being held offshore and for what purpose, Neal said. I dont think theres anything unreasonable about that.

See original here:
Offshore bank accounts: no Americans allowed

By Corrie Driebusch and Drew FitzGerald

Among the companies with shares expected to actively trade in Mondays session are Chesapeake Energy Corp. (CHK), Avon Products Inc. (AVP) and Yahoo Inc. (YHOO).

Chesapeake Energy is expecting activist investor Carl Icahn to disclose soon that he has taken a significant stake in the embattled natural-gas company, The Wall Street Journal reported, citing people familiar with the matter. Shares of the energy company jumped 5.3% to $15.59 in recent premarket trading.

Avon Products said Sunday it will respond to Coty Inc.s latest offer within a week, more time than Cotys Monday deadline to decide whether to hold talks on a possible deal. Fragrance maker Coty on Wednesday offered to acquire the struggling door-to-door beauty seller for $10.7 billion, or $24.75 a share, sweetening an earlier offer by 6.5% and revealing that Warren Buffetts Berkshire Hathaway Inc. (BRKA, BRKB) was a backer of its bid. Shares of Avon Products traded up 5.2% to $21.24 premarket.

Yahoo ended the brief tenure of its latest chief executive after a flap over a flawed biography of him in a regulatory filing spiraled into a major embarrassment for the ailing Internet company and a big victory for an activist investor. Separately, The Wall Street Journal reported that Thompson had disclosed to the board of directors that he had been diagnosed with thyroid cancer. Shares rose 2.2% to $15.52 premarket as the Internet company also announced a deal to end a proxy fight with Third Point LLC, which is a large shareholder of the company.

InterOil Corp. (IOC) said it has received a letter from the Department of Petroleum and Energy in Papua New Guinea that the government intends to cancel a planned liquefied natural gas project agreement between Papua New Guinea and a joint venture led by InterOil. InterOil, in response to the letter, issued a statement Monday saying the move would trigger a six-month consultation. Shares still tumbled 11% to $51 premarket.

Francescas Holdings Corp. (FRAN) raised its fiscal first-quarter per-share earnings guidance by 3 cents, to 17 cents to 18 cents a share, based on higher-than-expected same-store sales. Separately, the company said it has fired Chief Financial Officer Gene Morphis after an investigation found that he improperly communicated company information through social media. Shares of the retailer climbed 4.3% to $25 premarket.

Petroleum Development Corp. (PETD) has agreed to pay roughly $331 million to acquire assets in Colorados Wattenberg oil and gas field from an undisclosed seller, boosting its holdings there by nearly 50%. Shares slipped 4.3% to $30.44 premarket.

American Capital Mortgage Investment Corp. (MTGE) said it plans to offer 10 million shares of its stock, as the real estate investment trust looks to plow more proceeds from public offerings into its investments. Shares were off 2.2% at $23.42 premarket.

American Airlines parent AMR Corp. (AAMRQ) opened the door to a possible merger or sale, saying Friday it reached an agreement with creditors to jointly develop potential consolidation scenarios.

Read the rest here:
Stocks to Watch: Chesapeake, Avon, Yahoo and More