Expat Currency News

Latest 10 news items tagged Currency

11 Apr at 6 PM 2018

Two Dubai expats face 500 year jail sentences for massive financial fraud

Following their arrest in 2016, the two traders were finally found guilty and sentenced to 500 years’ imprisonment for their involvement in a $200 million currency trading scam. Ryan Fernandez and Sydney Lemos, both currency traders, had defrauded clients through their Exential Group firm and were first arrested when an investor claimed promised returns had not been paid out. Following the complaint, the Dubai government’s Department of Economic Development ordered the business to cease trading. The pair had touted investments...
5 Apr at 6 PM 2018

Austrian bitcoin fraud investigation goes Europe wide

Austrian financial authorities investigating a suspected cryptocurrency pyramid scheme related to bitcoins are requesting Interpol join the search for those behind the fraud. Centred in Vienna, the investigation is now considering whether other European countries have also been targeted by a recently-discovered bitcoin-related scam. Interpol has been asked to join in the investigation amid fears the fraud has spread across Europe and involved more than the initial hundreds of victims in Austria. According to spokesperson for the...
15 Mar at 6 PM 2018

Cryptocurrencies win support from China and Russia

Expats pinning their financial hopes on digital currencies can take some encouragement from China and Russia’s begrudging acceptance of the online money. Expatriates eager to invest in cryptocurrencies in spite of their unregulated volatility may have been offered some slight reassurance by Russia and China’s take on the wildly fluctuating crypto-coins. China, the planet’s second largest economy, was the first to comment via its central bank, saying an eventual move to a true digital economy is inevitable although policy makers...
21 Feb at 6 PM 2018

Cryptobillionaire expats commit to rebuilding Puerto Rico

Hurricane Maria’s devastation wrecked the tropical paradise of Puerto Rico and is still in evidence across the main island, but its rescue may well come about via a very surprising development. The rise of the Puertopians is alive and kicking, with scores of crypto-wealthy Brits, Canadians and San Franciscans descending on the island after selling up everything they own and becoming expats. Some are arriving from the tax-free Cayman Islands, having given up their registrations in favour of Puerto Rico. Before the hurricane struck,...
22 Jan at 6 PM 2018

Normandy to offer a local currency from March

Normandy is planning to stimulate its economy via the introduction of its own currency. Expats living in five Normandy’s departments will soon have the option of using a dedicated new currency in addition to the euro. By the end of March, Calvados, Manche, Seine-Maritime, Eure and Orne will offer the as yet un-named currency as an alternative to the euro at local establishments and shops which join the scheme. According to the authorities, it’s not being introduced as replacement for the euro but should incentivise shoppers to...
9 Jan at 6 PM 2018

Dubai banks now offering free online remittances

Dubai’s forex service companies are feeling the heat as Dubai banks begin offering free online remittance services. Banks across the UAE are now offering free remittance services via online and mobile banking in order to claw customers away from the emirate’s currency exchange businesses. Forex company remittance charges are typically between Dh16 and Dh22 to send remittances back to expats’ home countries, and are now having a tough time as more banks run free services, promotions and other benefits. First Abu Dhabi Bank is...
26 Dec at 6 PM 2017

Kuwait Ministry of Finance refuses to recognise Bitcoin

In spite of reports of huge Kuwaiti interest in the cryptocurrency, the emirate’s Ministry of Finance has refused to recognise Bitcoin and has banned its trading. According to the Arab Times, an unnamed ministry source told reporters the Kuwaiti Central Bank is disallowing banks, financial institutions and affiliated companies from trading in the cryptocurrency. The reason given was the recent surge and fall in Bitcoin values. However, the source added neither the Ministry of Finance nor Kuwait’s Central Bank are able to...
25 Dec at 6 PM 2017

Brit pensioners in France hit hard by fallen pound

Expats’ lives in France have been severely impacted by the shrinking value of sterling since the 2016 Brexit referendum. The usual Christmas consumerfest is a fond memory for a good number of British expats in France now struggling to make ends meet due to the steep drop in the value of sterling. Over half a year into the negotiation process, there’s still no concrete indication as to UK expats’ rights after March 2019. However, the reality of the situation is that many British expats are now feeling the real effects of the...
18 Dec at 6 PM 2017

Saudi women drivers to lose over a million female chauffeurs their jobs

Over a million female foreign drivers are expected to lose their jobs and be forced to return home once Saudi women start driving. An estimated 1.3 million expat women working as private chauffeurs for wealthy Saudi families are expected to lose their jobs and leave the kingdom after Saudi women finally get their driving licenses. Some 82 per cent of all Saudi families are believed to have employed female expat drivers as their female family members are not allowed to be in a car with a non-family male. Private chauffeurs earn around...
29 Nov at 6 PM 2017

UK expats still taking advantage of sinking sterling to purchase UK property

Expats on assignments in the UAE are still taking advantage of the shrinking pound by investing in UK property. New research indicates both foreign nationals and UK expats working in the UAE are snapping up British real estate whilst sterling is at a low point. Outside London, its suburbs and its fashionable outer rim, property prices are falling due to low demand by British residents, leaving bargains to be had in the buy-to-let and second home markets. During 2017, the majority of buyers concentrated on properties in the...