Trade in the Pound was mixed yesterday, after data showed that UK inflation soared to a new 40-year high in July.
Moving to a non-European country can be both daunting and exciting; it can also be difficult to know where to start.
A few of the factors you may want to take into consideration before moving to a non-European country include: safety, politics, climate, and financial aspects.
From a financial perspective, some non-European countries offer a lower cost of living, enabling your savings to go further than in a European country.
Here is a list of Non-European countries with the lowest cost of living –
BangladeshSituated in Asia, Bangladesh has one of the lowest costs of living in the world, with a score of only 33.13 on Numbeo’s cost of living index. For comparison, the UK has a score of 69.65.
The price of consumer goods is on average 61.5% lower than in the UK, and country-wide, rent is 85.81% cheaper.
Mymensingh, a city located on the bank of Brahmaputra River and a financial and educational staple of north-central Bangladesh, is one of the cheapest places to rent.
In comparison to the UK, where the average for a three-bedroom property to rent is close to £1255 per month, Mymensingh is 95.95% cheaper.
Similarly, Faridpur and Bhairab Bazar are 93.64% and 93.39% cheaper, respectively.
The fourth cheapest city in Bangladesh is Bogra, where rent is 93.04% lower.
Situated in the north, Bogra – officially titled Bogura – is a commercial hub with the Bogra Bridge connecting the Rajshahi Division and Rangpur Division.
Bogra also offers a variety of tourist attractions, such as archaeologist sites, Mahasthangarh and Behular Bashor Ghor.
Sri LankaSri Lanka, located in the Indian Ocean and home to diverse cultures, has a cost of living index score of 31.29.
On average consumer items are 53.38% cheaper in Sri Lanka compared with the UK, with rent 74.36% lower.
The cheapest city is Batticaloa. Renowned for Kallady Beach and Batticaloa Fort, rent in the city is 91.96% lower than in the UK.
The capital of Sri Lanka, Dehiwala-Mount Lavinia, also offers a low cost of living. The largest suburb of Colombo and home to Mount Latvia Beach and the Sri Lanka Air Force Museum, rent in the city is 88.91% lower.
Not far away, situated in the Colombo District, is Homagama. A town where you can find National School of Business Management and Sri Lanka Institute of Nanotechnology.
Consumer goods in Homagama are 55.47% lower than in the UK, with rent also being 89.73% cheaper.
In the Western District, Gampaha offers a variety of unique attractions, including: Guruge Nature Park, Henerathgoda Botanical Garden and the Lenawara Rajamaha Viharaya temple.
In Gampaha, rent is 65.9% lower than the UK, and consumer goods are on average 79.11% cheaper.
IndiaIndia has a cost of living index score of 24.43. As a country-to-country comparison, rent in India is 72.22% cheaper than the UK with average consumer prices 64.4% lower.
Bhopal is the cheapest city in India with rent roughly 89% lower than in the UK. It is also one of the greenest cities in India with two main lakes, known as the Upper and Lower lakes.
Along the Upper Lake bank, is Van Vihar National Park, home to various animals including tigers and lions. Also located within the city is one of Asia’s largest mosques, Taj-ul-Masjid.
The second cheapest city in India is Bhubaneswar. Consumer goods in Bhubaneswar are 66.15% lower than those in the UK, whilst rent is also 84.82% cheaper.
The ancient city is located in the Eastern State of Odisha and is rich in historical architecture, including the 11th century Hindu Lingaraja Temple.
Coimbatore, the city often referred to as the ‘backyard of Indian motorsports’, also offers a low cost of living. Rent Prices in Coimbatore are 84.82% lower than in Exeter, with 70.93% cheaper consumer prices.
Saving money on your currency transfersIf you are considering moving to a country with a lower cost of living, then you might also be interesting in learning how you could ensure you get the best returns on your international currency transfer.
Currencies Direct could help you to make considerable savings on your transfer when compared to a high street bank. Not only do we offer competitive exchange rates, we also don’t tact on any additional transfer fees, meaning you will see immediate savings.
In addition to this we offer a range of additional services which can help to protect your transfer from potential currency volatility
Make sure you explore your currency options to see how you can make potential savings on your international transfer so you can spend more of your money enjoying your new life abroad.
Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.