Financial Advices For Expatriates
By Jacques Duquesne, Thu Dec 8th
A key concern for expatriates living abroad is the subject ofmoney - where to put it and how to manage it. Previously, theexpatriate had to entrust someone back in his home country totake care of his money for him (a scary thought in this day andage) due to a draconian banking system which did not allow forhim to access his finances from abroad. Fortunately, international banking companies, parallel to howworld economy has developed, have re-structured and globalizedthemselves. This phenomenon has been amplified by an ubiquitousInternet which has considerably reduced the distance between aman and his money; it is now possible to access accounts andmanage assets in real time via the Net, regardless of location. This 'new' proximity between customers and their bank can befound in both traditional and non-traditional offerings. Anexample of the latter would be insurance. The more traditionalofferings encompass product ranges that include deposits, bankcards, placements and loans. These offerings also includeservices such as transfers, counsel, online or telephone access,all of which also help in bridging continental divides.
The bank account question is an essential priority for anexpatriate. Having an account that is flexible and versatile isideal so he can easily access and manage his money under thebest conditions. As a result, most expatriates use two bankaccounts, sometimes three: An account in Malaysia where most of their salary is depositedand which is also used as an everyday account. This account isusually in Ringgit An account in the expatriate's homeland which is provisioned bythe other part of the salary
and which enables him to pay theexpenses in his homeland. This account is in his homelandcurrency. A third option for expatriates is to set up an off-shore bankaccount, which can be arranged in different currencies. From there, an expatriate has different opportunities to handle,save and improve his financial portfolio: Financial advisor: A licensed professional who can helpwith a variety of issues such as retirement planning, investingand, if qualified to do so, insurance. Financial planner: A professional who analyzes personalfinancial circumstances and prepares a program to meet financialneeds and objectives. Portfolio Management advisor: A professional who helpsyou combine your assets into a portfolio that fits theinvestor's preferences (level of risk) and needs (regulardividends and coupon payments). Offshore analyst: A professional who can providetax-efficient solutions to complement and simplify the futureadministration of a family's assets, or an individual'sinvestment portfolio.
The question being who to entrust with your lifesavings, yourinvestments and your future? First and foremost is to check thevalidity of the company within Malaysia via an OffshoreInsurance Brokers Licence issued by Labuan Offshore FinancialServices Authority (LOFSA); And from there, to seek a referralof recommendation from somebody you know who is using one ofthese approved companies. For further information, please log on towww.malaysia.alloexpat.com About the author:Jacques Duquesne is Allo' Expat General Manager. Allo' Expat is the one stop information and service center forexpatriates living in or moving to Malaysia. For furtherinformation, please log on to www.malaysia.alloexpat.com |
