Expat Finances Megathread

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Expat Finances Megathread

Ani: Jun 15, 2001; illum non populi fasces, non purpura regum / flexit et infidos agitans discordia fratres

I'm an American expat who spent two years in Melbourne, and I've just moved to London.

I get paid in USD to a US bank account so a lot of the money transfer questions that people are asking don't apply to me - instead, I have the reverse problem of how I can move my US money into a foreign country. I've found a completely fee-free way to do this, but it's quite ridiculous - I withdraw cash in the foreign country from an ATM (ideally one that my US bank has a relationship with so I don't pay an ATM fee), and then deposit the cash into my local country bank account. Nothing else I've looked into - wires, transfer websites, even FX trading - seems to be as easy or as cheap.

# ¿ Jun 16, 2014 13:37

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# ¿ May 16, 2024 13:19

Ani: Jun 15, 2001; illum non populi fasces, non purpura regum / flexit et infidos agitans discordia fratres

zmcnulty posted:

Be careful with that since your bank is likely charging a markup on the currency conversion. I think Visa has a standardized rate. In my experience it's usually 2-3% over market. Not a big deal for something temporary but if it's your only way to ever get cash, definitely look at the fine print. Certainly convenient though!

My bank definitely charges the market rate - I've verified it. My credit card does too. I think US banks and credit cards are not allowed to disguise their foreign transaction fees, and if they are charging something extra, they're required to mark it as a separate fee. I know that's how one of my cards does it.

# ¿ Jun 16, 2014 15:45

Ani: Jun 15, 2001; illum non populi fasces, non purpura regum / flexit et infidos agitans discordia fratres

quote:

I'd recommend using HSBC if you expect to be moving around as an expat for a while.
I have a Premier account with them and I believe they have a better footprint across the world than any of the American banks.

My American bank is Citi, and while they don't have a particularly great global footprint (not as good as HSBC certainly), it's good enough / they have relationships with enough foreign banks, at least everywhere I've been.

shrike82 posted:

For the poster upstream who's earning USD and living in London for a while, shouldn't you be thinking about hedging your exposure to GBPUSD?

How would you recommend doing this? The exchange rate doesn't seem that volatile on a short-term basis, and over the long-term I don't have an opinion as to how it will move.

quote:

I also find this hard to believe, and I suspect in the majority of cases, there is a feee of some sort involved. I know both my American credit cards(visa / mastercard / discover) charge fees and do not use a favorable exchange rate. My ATM card does the same. I'd definitely verify exactly what you are being charged if you try going this route, as no fees and a good exchange rate are definitely not typcial.

The only fees I get charged for withdrawing cash are ATM fees, if I withdraw from an ATM that charges Citi cardholders a fee. Many ATMs will quote you a an exchange rate (that usually builds in a fee of 2-3%), but you can decline to convert at that exchange rate and instead have your bank do the conversion. It's very easy to verify what you've been charged, though, especially with an ATM withdrawal; you can just check your online statement the next day and see the amount of USD debited, and if there were any other fees charged.

# ¿ Jun 17, 2014 10:36

Ani: Jun 15, 2001; illum non populi fasces, non purpura regum / flexit et infidos agitans discordia fratres

Pissingintowind posted:

3. Just wanted to see if anyone is in my situation, since it seems that most of the people have gone down the teach abroad route and not Big Corporate. I'm an American expat living in Europe working for a Fortune 500 company. My taxes are done by a Big 4 accounting firm, and I have all sorts of complicated expat benefits in terms of reimbursements, allowances, etc. So far, it has been an unmitigated disaster working with the Big 4 firm and with the relocation services provider to get my benefits set up. Are any of these relocation services companies actually good at what they do?

I'm pretty much in your situation - I work for a US law firm, and I'm currently (just moved) based in London. I have a Big 4 firm do my taxes (they're terrible). My expat bonuses are fairly straightforward though - they get paid in USD along with my salary, so that's not a problem. My benefits are through some kind of global health plan and I haven't quite figured them out yet.

# ¿ Jun 18, 2014 10:32

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Expat Finances Megathread