Ways you can manage your wealth
People working overseas and earning in another currency might need to meet financial commitments back home for the foreseeable future. If you’re paying school fees or a mortgage, say, in a different currency to the currency in which you receive your income, an unexpected foreign exchange fluctuation could be problematic.
While currency fluctuations make it more complicated to manage your finances, there is a range of solutions available to reduce the risk of losing money if exchange rates go against you.
You can hold different currencies at any one time, for example with an offshore bank account or multi-currency savings accounts. These can help you spread your wealth across currencies, reducing your risk of being caught out if one currency falls in value. Even so, remember that this might not be enough to prevent you losing money if exchange rates go against you.
There are also a number of different tools and services available to help manage this uncertainty. You can keep a close eye on exchange rates through email alerts, FX tools and other online tools. You can track currency pairs in real time. You might also want to consider setting up the account so as to move money from one currency to another if exchange rates hit certain trigger points, for example.