Expat Money Transfer News

Latest 10 news items tagged Money Transfer

30 Sep at 6 PM 2013

UAE expats may be hit by proposed remittance tax

A proposal at present under consideration by the Dubai government is expected to hit expats working in the emirate and sending money home. Chamber of Commerce and Industry president Hamad Buamim has confirmed that the proposal is under serious consideration, although the government has yet to receive feedback from the emirate’s financial institutions and banks. If brought into law, all expat workers who send money back to their home country can expect each remittance to be taxed. Details as to the amount of tax levied and those...
25 Sep at 6 PM 2013

Recovery of sterling gives good news for expats

After a good while spent lurking at the back end of the currency pack, the pound sterling is racing back to life against major currencies, spurred on by positive economic news. The summer slump in sterling exchange rates may have pleased exporters but it did nothing for holidaymakers and expats who saw their regular pension transfers dwindling monthly. More promising economic indices over the last several weeks have seen the British pound regain its position as the top-performing major currency over a period of six months....
20 Sep at 6 PM 2013

Financial tips to help expats make the most of their move

After the initial buzz of finally making the decision to emigrate has subsided, reality sets in as the list of things to do gets ever longer and more confusing. Relocating all your worldly possessions, often including children and much-loved pets, can become a nightmare in a very short time, causing migrants to forget less urgent tasks in favour of just getting on that plane in one piece. Putting financial tasks, however burdensome, on the back burner is one sure way to increase your stress levels once you arrive in your new home....
28 Aug at 6 PM 2013

World Bank expat remittances report causes negative Saudi expat reaction

Immigrant workers across a wide spectrum in Saudi Arabia have reacted in annoyance over the government’s condemnation of amounts remitted by foreigners to their home countries. The recent World Bank report noted that almost 15 million expat workers in the Gulf Cooperation Council states had remitted around $75 billion in total to their families in their home countries. Saudi Arabia and the UAE accounted for over 60 per cent of the remittances, and the two governments have been commenting negatively about the amount of money leaving...
15 May at 6 PM 2013

UAE working expats remit billions of dollars to home countries

Expatriate workers living in the United Arab Emirates send home just under a quarter of all overseas remittances made in the six nations of the Gulf Cooperation Council (GCC). The amounts sent out of the country by its Asian and other overseas expat workers made the United Emirates a huge source of foreign currency for the labour-exporting countries. According to the Deputy Premier and minister of presidential affairs, Sheikh Mansour bin Zayed al Nahyan, the GCC with its one- third of the world’s oil wealth is home to over 15 million...
10 May at 6 PM 2013

Lloyds snubs expat customers with sale of Spanish banking network

A new blow to British expats living in Spain came with the news that Lloyds Bank is preparing to sell its 28 Spanish branches to Banco Salvadel, Spain’s fourth largest bank. Concern is rife in the Spanish expat community, as the branches mostly served around 50,000 expat mortgage clients. Formerly under the Halifax banner or as Lloyds branches, the 28 banks will be sold for a £250 million loss due to the drastic fall in the Spanish property market. Expats whose mortgages are held by Lloyds are worried that a bureaucratic...
26 Dec at 6 PM 2012

High street banks making mint from expat currency transfers

International banks with UK high street branches are forcing expats and their home country families to pay through the nose for bank-to-overseas branch money transfers. International banks with branches in the UK make much advertising capital from their overseas branches and so-called advantages for expat customers, but are making a fortune from bank-to-bank transfers. One of the worst offenders is HSBC, calling itself the ‘world’s local bank’, which charges up to £30 to send a payment from an HSBC account in the UK to one of...