Bank accounts "all black" for British expats

At a time when record numbers of Brits are emigrating to Australia to escape the UK's gloomy weather, and even gloomier economic climate, new research by Foreign Currency Direct reveals that Poms living "Down Under" are enjoying a far lower cost of living than Brits who have settled in the other top 10 expat hot spots.

The research by Foreign Currency Direct, a specialist foreign currency broker, compares the cost of essential and non-essential purchases common to a British person living overseas. New Zealand is revealed as the cheapest of Britons' top ten choices for emigration, with a cost of living 33 per cent lower than in the UK. Australia is not far behind, offering a cost of living 22 per cent lower than in the UK.

Cheap Deals Down Under:

Sheila's Wheels at a Snip: A Ford Focus costs the equivalent of £9,338 in Australia and £9,401 in New Zealand. The same car in the UK would set you back an average of £12,866.

Six Eggs for the Price of Three: Six large free range eggs will set an expat back 84p in Australia and 70p in New Zealand, around half the price of a similar carton of eggs in the UK (£1.61). Overall, a bag of groceries, including eggs, bread, milk and potatoes costs 34 per cent less in New Zealand and 23 per cent less in Australia than in the UK.

Cut-price Cappuccino: A medium Starbucks cappuccino costs the equivalent of £1.38 in New Zealand and £1.10 in Australia, compared with £2.12 in the UK.

A Cheap Pint at Every Bar: A pint of lager, such as Budweiser, will set you back £1.79 in New Zealand and £2.39 in Australia.

A Fair Price for Brits: British favourites such as bacon and eggs, ketchup, Branston pickle and baked beans cost a similar amount in New Zealand and Australia as they do in the UK (1% cheaper in New Zealand and 2% cheaper in Australia than in the UK).

Priced Out of the Eurozone:

Falling Pound Creates Price Hike in Europe: Despite the Southern hemisphere offering a saving haven for British expats, the devaluation of the Pound against the Euro may price many British expats out of living in close proximity to the British Isles. At the current rate of exchange of 1.12 Euros to the Pound, Britons are paying an additional 10 per cent on the cost of purchases in Euros compared with September 2008 (this figure rose to 22 per cent in January when the Pound reached an all time low of 1.0195 against the Euro).

Cost of Living in Europe: At current rates of exchange, the cost of living in Greece, Spain, Portugal and France is higher than the UK, with France revealed as the most expensive destination of choice for British expatriates (34% more expensive than the UK). Italy and Cyprus remain cheaper destinations closer to home, offering a cost of living that is 14 per cent and eight per cent lower than the UK respectively.

Peter S. Ellis, Chief Executive of Foreign Currency Direct commented on the findings, "Relative to the Euro, exchange rates between the Pound and the New Zealand and Australian Dollar have remained surprisingly stable over the last six months. Coupled with an overall lower cost of living, and the promise of sun, sea and scenery, Australia and New Zealand are becoming increasingly attractive destinations for British expats.

"When considering a move abroad, Britons should not only consider the quality of life and cost of property overseas, they should also be aware of significant variations in the cost of living. If your main source of income is in Sterling, the cost of items overseas can vary significantly with exchange rates. Foreign Currency Direct can help you to move your money overseas ensuing that you get the best possible exchange rate, giving you one less thing to worry about when making a move abroad."

Foreign Currency Direct Australian Bush Fire Appeal

Foreign Currency Direct shall be donating 10 per cent of all profits made on any Australian Dollar currency transactions until 30th April 2009 to the Australian Bush Fire Appeal. To find out more, visit currencies.co.uk