Financial Advices for Expatriates

A key concern for expatriates living abroad is the subject of money - where to put it and how to manage it. Previously, the expatriate had to entrust someone back in his home country to take care of his money for him (a scary thought in this day and age) due to a draconian banking system which did not allow for him to access his finances from abroad. Fortunately, international banking companies, parallel to how world economy has developed, have re-structured and globalized themselves. This phenomenon has been amplified by an ubiquitous Internet which has considerably reduced the distance between a man and his money; it is now possible to access accounts and manage assets in real time via the Net, regardless of location. This 'new' proximity between customers and their bank can be found in both traditional and non-traditional offerings. An example of the latter would be insurance. The more traditional offerings encompass product ranges that include deposits, bank cards, placements and loans. These offerings also include services 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 an expatriate. Having an account that is flexible and versatile is ideal so he can easily access and manage his money under the best conditions. As a result, most expatriates use two bank accounts, sometimes three: An account in Malaysia where most of their salary is deposited and which is also used as an everyday account. This account is usually in Ringgit An account in the expatriate's homeland which is provisioned by the other part of the salary and which enables him to pay the expenses in his homeland. This account is in his homeland currency. A third option for expatriates is to set up an off-shore bank account, 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 help with a variety of issues such as retirement planning, investing and, if qualified to do so, insurance. Financial planner: A professional who analyzes personal financial circumstances and prepares a program to meet financial needs and objectives. Portfolio Management advisor: A professional who helps you combine your assets into a portfolio that fits the investor's preferences (level of risk) and needs (regular dividends and coupon payments). Offshore analyst: A professional who can provide tax-efficient solutions to complement and simplify the future administration of a family's assets, or an individual's investment portfolio. The question being who to entrust with your lifesavings, your investments and your future? First and foremost is to check the validity of the company within Malaysia via an Offshore Insurance Brokers Licence issued by Labuan Offshore Financial Services Authority (LOFSA); And from there, to seek a referral of recommendation from somebody you know who is using one of these approved companies. For further information, please log on to www.malaysia.alloexpat.com