UK expats losing their Barclaycards. Plus tax hassles! – reblog from ExpatsBlog.com with our take on it.

Image of Barclaycard Platinum Visa card
Keep Calm and Kiss This Card Goodbye

Reblogging this financial bad news from ExpatsBlog.com, for the benefit of our many readers who are from the United Kingdom. Uruguay’s largest contingent of English-speaking expats most likely are from USA, but UK is right up there near the top. Usually the bad financial news, in terms of home-country-induced major inconvenience, is hitting the US folks. FATCA, FBAR, and being fired as a customer from every bank in Uruguay except for BROU. Along with some reports of US-based banks closing accounts for US citizens who moved here. (Fortunately has not happened to us, but we do have a US address too.)

This time it’s you Brits who are suffering. Well, along with the Scots, at least till the referendum, the Welsh, and the Irish in Northern Ireland, who have moved here or elsewhere. Barclays is closing your credit cards: Continue reading UK expats losing their Barclaycards. Plus tax hassles! – reblog from ExpatsBlog.com with our take on it.

Why Is My US Brokerage Firm Closing My Account? – ExpatFocus.com

Initial thoughts

on this column, which I just got via my email subscription to the Expat Focus – Argentina group on Facebook. As a Uruguay resident-in-processing, I do try to keep up with what goes on next door in our “big sister”, Argentina, so I subscribe to it.

ExpatFocus.com logoWell whether you are in Uruguay, Argentrina, Switzerland, Thailand, or Namibia, you may have yet another unpleasant surprise courtesy of Uncle Sam, if you are a “US Person” (a US citizen, or a US legal permanent resident):

Why Is My US Brokerage Firm Closing My Account? – Financial – Articles | ExpatFocus.com.

(Uruguay Expat Life does not have an opinion on the services provided by the author of the linked article, which, while giving good information, is also soliciting customers of that author’s tax services. Caveat lector.)

Just freaking lovely. Continue reading Why Is My US Brokerage Firm Closing My Account? – ExpatFocus.com

Uruguay raises reserve requirement to fight inflation

Uruguay central bank ups reserve requirements to combat inflation | Reuters.

This report broke on my Google News Uruguay filter, just as I was making some notes for an upcoming Cost of Living post. That’s probably a few days away, but yes, we are having some inflation problems. This move by the central bank, BCU, to raise the fractional reserve requirements is a big one, and it does make a lot of sense. I don’t know if it will help the inflation problem, but it does help keep our banking and monetary system a lot less likely to crash than, for example, the USA.

Photo of several denominations of Uruguayan currency
Not worth quite as much as when we arrived, but isn’t it pretty?
Photo credit mercopress.com

Relatively short explanation of the “reserve” requirement concept. For a filmed version, re-watch “It’s a Wonderful Life” for Jimmy Stewart’s explanation of why the money on deposit isn’t in the bank. Except nowadays it’s more like Mr. Potter’s bank, not the good old Building and Loan!

Simply put, when you deposit money into the bank, it creates new money. Continue reading Uruguay raises reserve requirement to fight inflation

You Can Do It – there is support and inspiration!

If you are reading our blog, following our Facebook Page (you are, right? www.facebook.com/UruguayExpatLife) or our Google+ Page, you probably are thinking about picking up and moving.

Be honest, you are. Maybe not to Uruguay. Maybe not to settle in a new place, but to regularly explore the world. Maybe I shouldn’t say “thinking” but rather “dreaming”, “imagining”, “wishing” or similar non-action words. That’s ok, that is in fact great, the imagining, wishing, longing, hoping, is the start of what you need to find where your next adventure lies.

But it is daunting, especially when you next start to think (and overthink) all the things you must do and the things that you feel will hold you back. Soon you feel you cannot consider it, it is “unrealistic”, it is for “someday”.

Bah-humbug! I can’t tell you if the time is now for your particular life, but I can tell you that if you truly do want it, you can and will find a way.

Forest sun through trees labeled "There's Nothing Stopping You But Yourself"

In part, because there is help out there, here in the virtual world – a vast network of help. Some of it free, some of it paid, at various rates, much of it “pay it forward”. On our blogroll we have a number of great sites like Sabine Panneau’s Anywhere in the World, Tim Anderson’s Marginal Boundaries, Natalie Sisson’s The Suitcase Entrepreneur.

Today I want to introduce you to another one I just discovered from Natalie’s site, Amy Scott’s Nomadtopia. Continue reading You Can Do It – there is support and inspiration!

US Dollar up vs Peso – good for expats, uruguayos not so much

21.40 Uruguay pesos to one US dollar today. Excellent news. Best exchange rate in over a year in terms of people in Uruguay geting paid in US dollars – like me and Lisa Marie Mercer.

The linked article from Subrayado TV News (en español) mentions it is in part due to investor worries about the Euro, so the Dollar is strengthening worldwide. It also points out downsides, in that it could feed inflation in Uruguay, which is already is a problem. But for us estadosunidenses (the correct term for “Americans”, literally USA-ians) in Uruguay, this means more pesos to pay the bills for the same amount of dollars income – for now.

There are downsides beyond just inflation. Continue reading US Dollar up vs Peso – good for expats, uruguayos not so much