Expat Money Transfer News
Latest 10 news items tagged Money Transfer
3 May at 6 PM 2016
A recent announcement by the Kuwaiti government suggests that expats may be forced to pay tax on their international money transfers.
Kuwaiti MP Faisal Mohamed al-Kandari has suggested that a tax be imposed on expatriate money transfers. The emirate is home to around three million expat workers, with a total of KD 19 billion having been sent out of the country over the past five years.According to al-Kandari, the amount transferred is the equivalent of the country’s 2015 national budget, and imposing a tax on the transfers would be a...
24 Oct at 6 PM 2014
One of the most trying aspects of living overseas is currency transfer
between your home country or offshore bank account and your account in your host country.
Whether you’re retiring overseas, working for a company which pays salaries from the UK, freelancing, or just touring around the places you’ve always wanted to see before you make a decision about permanent residence, the stress and expense of currency transactions is often a negative experience. However, new technologies and several innovative start-ups are about to...
9 Sep at 6 PM 2014
The liquidators of a sector of the Isle of Man-based Louis Group have revealed that millions of pounds sterling are missing from the accounts of the disgraced financial firm.
In yet another disastrous indication that the casino culture is alive and well in expat financial jurisdictions, the collapse of the company has resulted in losses to investors of at least £60 million. Just £10 million is left to be shared amongst the 700 people duped, many of whom are UK expats.
Most investors put in between 10 and 30 thousand pounds...
7 Jul at 6 PM 2014
Western long-term retirees and expats legally married to Thais are fearing repercussions to their visa statuses following the recent military takeover.
The recent panicky departure of over 200,000 Cambodian workers back across the border has increased expat fears that immigration crackdowns may be expanded to include those on marriage and retirement visas. One English language newspaper recently published a plea on its postbag page from a concerned expat with a Thai wife and family.
The writer asked why contributions to the Thai...
25 Jun at 6 PM 2014
Every year, around 150,000 UK citizens move overseas to live and work, with most still keeping financial and familial links with the home country.
Transferring money is a necessary evil for a majority of expats, whether it’s pension payments, mortgages on property at home or abroad or interest payments on UK or offshore investments. Between the relatively high costs of transfer and the threat of negative currency fluctuations, it’s one of the least favourite of all the practicalities of living overseas.
30 Sep at 6 PM 2013
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
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
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
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
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...