by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Expat Investor : September 2008
NEWS FPI launches Optus in UAE FRIENDS Provident International (FPI) has launched the Optus Group Savings Scheme, which has been developed specifically for employers who want to provide additional occupational benefits for their employees. Optus is available initially to companies based in the United Arab Emirates, and will be supported by FPI’s Dubai operation. In due course, Optus will be rolled out to other territories confirms FPI. FPI says that Optus has been based on its award-winning New Generation Pension (NGP) platform. The Scheme puts the employer “firmly in control”. Secure online access enables an employer to update scheme member details, prepare illustrations for prospective members, allocate contributions to members’ accounts with upload of data from payroll, switch funds, and redirect future contributions. Optus can be denominated in UAE dirham, US dollars, euro and sterling and boasts a range of more than 120 funds – including several Sharia’h compliant funds. The fund range has been developed to complement any investment philosophy and each fund is managed by leading asset managers such as Aberdeen, BlackRock, DWS, Fidelity, Morgan Stanley and Thames River. In addition, a three-, five- or ten- year Lifestyle Investment Option can be included. This is designed to progressively move units to less volatile funds as scheme members approach their maturity age, to help protect their savings from a dramatic fall in value. Paul Tunnicliffe, Director of International Operations at FPI, says, “The Middle East is one of FPI’s key target markets. Optus has been designed to make doing business with us as simple as possible, and perfectly complements the range of protection, savings and investment products currently available in the region through our Dubai operation.” Fast Facts 77120 Euro and dollar cash machines at M&S stores M&S Money has made it even easier for expats on a return visit home to obtain their foreign exchange with the launch of cash machines dispensing both euros and US dollars in 40 UK M&S stores. M&S says, these new cash machines offer the same “competitive exchange rates, commission-free, as at 112 M&S bureaux de change and the telephone and internet ordering services. “This gives customers more choice and convenience when buying their currency – with some standalone cash machines in M&S Simply Food stores, and others complementing the bureau service in larger stores.” The cash machines accept all debit cards and MasterCard credit cards, and M&S Money confirms it does not make any charge for withdrawing euro or dollars. “Most card issuers will not charge a fee for withdrawals or cash advances but customers are advised to check before using as some may,” advises M&S Money. M&S credit card customers are not charged cash advance fees for withdrawing foreign currency – nor for buying travel money at M&S bureaux, by phone or internet. What’s more, credit card customers have up to 55 days’ interest-free credit if they pay their balance off in full at the end of the month. Customers can withdraw up to their card issuer’s daily withdrawal limit up to a maximum of £500 worth of euros or dollars. M&S Money offers the same exchange rates across all services including telephone and online ordering. The bureaux also offer a commission-free buy back service with a wide range of currencies available. Commenting, Fraser Millar, Head of Travel Services, says, “Our new foreign currency cash machines will make life even easier for travellers getting their travel money. Buying before you travel is always recommended as it avoids paying over the odds at the airport.” To find your nearest bureaux or purchase online customers can log on at www.marksandspencer. com/travelmoney Ivobank’s online launch NAVIGATING your way through the online banking world could become easier with Ivobank,a new online banking service specialising in online payments and money transfer services. With more businesses and people choosing to bank online, make payments for goods and services, and transfer money on the internet (for example, paying bills abroad), it makes sense to use a bank set up specifically for such needs, says Managing Director Timothy Sawyer. “Our new company offers more than just online banking.We offer a service where businesses and customers who make payments online can do so knowing that their money is secure, earning interest and easy to manage. It also allows customers to move money instantly from their account to friends’ and families’ accounts with Ivobank, making it very attractive for international money transfers.” Ivobank has been launched across the UK, Ireland, Spain and Canada, offering easy-to-use payment services to friends and family. Customers also have access to a virtual debit card - the Ivobank Virtual Card - which can be used to make purchases online anywhere that MasterCard is accepted. Ivobank believes it represents an alternative to the current payment providers by combining the services offered by online payment companies with the benefits, peace of mind, and security of a UK-licensed bank. The Bank is authorised and regulated by the UK’s Financial Services Authority (FSA). Fast Facts 77121 6.65% * AER Offshore savings rate One great Two great online savings options eSaverOffshoreNotice 50 and Whether for income, growth or easy access our eSaver Offshore savings range offers great rates, online application and secure access to your account online. View our online accounts click www.alil.co.im/ads/expat *Accounts must be opened with money that is not already deposited with the bank. Full terms and conditions available on our website. Accounts must be applied for and operated online. No cash or cheques. Email address is compulsory. Minimum balance £25,000. Maximum balance is £1,000,000. Withdrawals may be made free to a UK, Channel Islands or Isle of Man bank account by BACS payment (up to 5 working days). Charges apply for other types of withdrawal. Rates correct at time of going to press 12 August 2008. eSaver Offshore Notice 50 (Issue 1) 6.65% Gross pa/AER variable on balances above £25,000. Withdrawals on 50 days notice. Interest paid annually on 31 December. eSaver Offshore Flexible Income (Issue 1) 6.65% AER Variable on balances above £25,000, (Monthly interest 6.46% gross p.a., Quarterly interest 6.49% gross p.a.). Interest paid monthly or quarterly, switch your income preference online. Withdraw up to £5,000 once per month without notice. All other withdrawals available on 60 days notice. Minimum withdrawal £5,000. Gross is before any deductions. AER - Annual Equivalent Rate illustrates the interest rate if interest was paid and compounded each year. Interest may be paid free from tax offshore depending on your country of residence for tax purposes. EU Savings Tax Directive rules apply to EU resident customers. Deposits made with an Isle of Man office of Alliance & Leicester International Limited are covered by the Isle of Man Depositors’ Compensation Scheme contained in the Banking Business (Compensation of Depositors) Regulations 1991. Alliance & Leicester is the registered trade mark of Alliance & Leicester plc. Alliance & Leicester International Limited, PO Box 226, 19/21 Prospect Hill, Douglas, Isle of Man, IM99 1RY, British Isles. Incorporated in the Isle of Man (No. 81918C). Licensed by the Isle of Man Financial Supervision Commission for banking business. EXPAT INV SEPT 2008 Fast Facts 77001 September 2008 ? EXPAT INVESTOR 3 eSaverOffshore Flexible Income * Apply online today!
July August 2008