Expat Money Transfer News
Latest 10 news items tagged Money Transfer
9 Jan at 6 PM 2018
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...
25 Aug at 6 PM 2017
Overseas pensions are more about investment quality than volumes of cash moving overseas, with problems down to dodgy advisors rather than the schemes themselves.
Following the UK government’s published concerns on rogue financial advisors targeting expats overseas as well as retirees in the UK, critics of QROPs are inferring a reduction of the numbers of jurisdictions implies a fall of interest in the schemes. Relevant articles by respectable providers on financial websites, however, seem to be confusing the issue as regards the...
10 Aug at 6 PM 2017
EU member states and Spain in particular are still on the retirement agenda for UK would-be expats.
Britons coming up on retirement are still favouring European destinations in spite of the uncertainty surrounding the final outcome of the Brexit negotiations. A recent survey has revealed one in every 10 UK citizens over 50 years of age is still considering retiring abroad, with Spain topping the favourites list again. As usual, reasons for leaving include the British weather, a more relaxed lifestyle and cheaper costs of living....
8 Aug at 6 PM 2017
Wherever you’re working as an expat and however much you’re earning, you might need to transfer money back home.
If you’re working overseas and supporting your family back in the home country, you’ll need to be able to make regular transfers without their costing you a fortune. The same goes for mortgage payments and savings accounts in your own currency. Currency transfer
is very big business for international banks, with transfers from overseas to the UK totalling around a massive four billion sterling in 2015, much of which...
18 Jul at 6 PM 2017
Kuwait’s anti-expat parliamentarian hits out again at foreigners working in the emirate.
Expats living and working in Kuwait could have been forgiven for hoping MP Safa al Hashem would find another cause to sensationalise after her initial anti-expat rants in the country’s parliament. Unfortunately, foreign professionals and other expat workers are in her sights again, as she’s now demanding a 10-year cap on expats’ stays in the emirate as well as a ban on dependent visas with the exception of parents and a doubling of charges...
9 Jun at 6 PM 2017
A recent study has revealed only one in every 10 British expats living overseas has any serious intention of returning to the home country.
The survey’s results showed the majority of expatriate Britons had made the decision to leave due to relocation by their company or the desire to start a business overseas. No mention was made of the hundreds of thousands of retirees who left for a better quality of life in a warmer country, very few of whom, it would seem, have any intention of returning to a post-Brexit world.
18 May at 6 PM 2017
With so much uncertainty as regards the Brexit effect on freedom to live and work in the EU, a shift of expat focus to the financial consequences of a hard deal can at least help with contingency plans.
Basically, the major effect on expat finances is certain to be the fate of sterling once Brexit becomes an uncomfortable reality. If you’re planning to return to the UK, exchange rates will make no difference to your monthly state pension, but if you’re determined to stick it out in Europe by whatever means necessary or are...
17 May at 6 PM 2017
Once the favoured exotic destination for expat professionals, Hong Kong is losing ground to India and Japan due to its shrinking benefit packages.
Expat pay packages and benefits in Hong Kong, once a favourite of expat professionals looking to get the best deal, are at their lowest point since 2012. The once generous terms of employment have dropped by 5 per cent and are now eclipsed by job offerings on the Chinese mainland, in Japan and in India. The average package of salary and inclusive benefits for middle managers is now at...
17 Mar at 6 PM 2017
Just as most UK expats had managed to forget the zany side of their home country, the UAE British Embassy's social media pages are using a cartoon superheroine to advise that keeping passports in freezers is not the best idea.
The www,gov.uk/overseas webpage is a must-visit for expats bemoaning the good old days when Britishers were known worldwide for their eccentricity. It features a new, female superhero cartoon character, Consular Carol, whose only job in life is to help protect British passports, wherever on the planet they may...
26 Dec at 6 PM 2016
In an unequivocal Christmas Day message, the International Monetary Fund has warned about Gulf State plans to tax money transfers made by expatriate workers across the region.
According to the Arab Times, the IMF report states 90 per cent of private sector employees are workers from overseas, with implementing remittance taxes guaranteed to produce negative effects on the region’s economy. As the proposed five per cent tax represents only 0.3 of the Gulf region’s total income, economic benefits from the tax will be sparse,...