Expat Money Transfer News

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...