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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

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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

About the author:

Jacques Duquesne is Allo' Expat General Manager.

Allo' Expat is the one stop information and service center for

expatriates living in or moving to Malaysia. For further

information, please log on to www.malaysia.alloexpat.com