Expat Currency News

Latest 10 news items tagged Currency

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...
14 Nov at 6 PM 2017

Teaching your expat kids to become money wise

Expats on assignments with their families are in the perfect position to teach their young ones the importance of becoming familiar with the need to save and manage money. Expatriates working in countries where high salaries and affluent lifestyles are the norm should first teach their children not to take large amounts of ready cash for granted. Early lessons can be based on the link between earning and spending simply by asking your kids to de a simple job before handing out the week’s pocket money. Tasks around the home, such as...
13 Nov at 6 PM 2017

Kuwait residents and expats evacuate as strong Iraq earthquake shakes buildings

Last night, a 7.3 magnitude earthquake struck Iraq, with tremors in Kuwait forcing panicking residents and expats onto the streets. The huge earthquake hit large areas of Iraq, including Baghdad, and was centred around Halabja on the country’s border with Iran. Shocks were felt in Kuwait, sending frightened residents onto the streets as building swayed and the ground shook. Aftershocks were expected, although at present little damage appears to have been done to buildings in the emirate and no injuries or fatalities have been...
7 Nov at 6 PM 2017

Is Cyprus the best destination for UK retirees

For several decades, Cyprus has been a favourite holiday destination for sunshine and hospitality, but is it the best option for UK retirees? Once under British possession and now divided into two halves with the north under Turkish rule and the south now the Republic of Cyprus, this stunning Mediterranean island has been a favourite for British holidaymakers since cheap flights became a reality. Many visitors returned home dreaming of a sun-baked retirement, but is Cyprus the best place for disenchanted Brits? Once a bargain...
11 Sep at 6 PM 2017

Gulf State slowdowns affecting real estate sales

Dubai as a must-have for expat professionals might now be more affordable as its property market stalls. As economies in the Gulf States slow down, house prices and rentals are becoming more affordable for expats. Dubai’s developers are hoping to encourage incomers to invest in pre-sales in order to offset the fall in oil prices and currency problems. Standard and Poor’s earlier projection that Dubai rents and real estate priced would continue to fall over the whole of 2017 seems to have been accurate, giving expats the chance to...