How does working overseas impact lifestyle?

Save Share article Log in or Subscribe * Copy link * X Icon twitter * Facebook Icon facebook * WhatsApp Icon whatsapp * email WHY ARE PEOPLE CHOOSING TO WORK OVERSEAS? For millennials

choosing to work overseas, currency movements can have an impact on lifestyle. Much has been written about the plight of millennials and the financial gap between them and other generations.

Recently the thinktank, Resolution Foundation, proposed a citizen’s inheritance of £10,000 as a way to plug the wealth gap that has plagued the UK and seen younger people unable to get a

firm footing on the housing ladder. This wealth gap, combined with the more flexible working arrangements of modern labour, have seen many younger people move overseas to seek out a better

way of life. THE FREELANCE LIFE Working abroad means the variable of exchange rates have an influence on an individual’s lifestyle. Imagine a freelancer is living and working in US, yet

because of a client base of UK client happens to earn most of their income pound’s. This individual’s living costs will be subject to currency movements between sterling and the US dollar,

which can have a serious impact on how far an income goes At its lowest point in 2017, the pound was worth just $1.20, whereas at its peak it was worth $1.36. When you consider the reality

of what that means, it reflects a rise in income as the pound strengthened throughout the year. Yet, as the vote for Brexit in 2016 taught us, sterling can also weaken in no time at all and

this scenario represented a significant pay cut to many working abroad earning in sterling. Open an account now | Telegraph International Money Transfers GREAT EXCHANGE RATES We have teamed

up with foreign exchange specialists moneycorp to bring readers Telegraph Media Group International Money Transfers. Transfers fee free, with great exchange rates, our readers know they are

getting a good deal. Readers can also access guidance on currency market ups and downs and find out how to protect earnings against the possibility of adverse rate movements such as those

mentioned above. One example might be a currency forward contract which enables an individual to fix a prevailing exchange rate even if they don’t need to make a transfer until down the line

(note: may require a deposit). For those working abroad, such tools help them to budget ahead and ensure that rate movements don’t decrease income or increase the cost of living. * _OPEN AN

ACCOUNT TODAY TO ENJOY QUICK AND EASY TRANSFERS WITH TELEGRAPH MEDIA GROUP INTERNATIONAL MONEY TRANSFERS._ READ MORE: * What will happen to the pound after Brexit? * The best way to

transfer money from the UK to the USA * How to transfer euros to a UK bank account? * How to get the best exchange rate? _moneycorp is a trading name of TTT Moneycorp Limited is authorised

by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services._ _The above article was created for Telegraph

Media Group Financial Solutions, a member of The Telegraph Media Group. For more information please click here._ *Information correct at date of publication