Expat Money Transfer News
Latest 10 news items tagged Money Transfer
13 Dec at 6 PM 2018
It seems Brexit isn’t bad news for everyone, as expat professionals in the UAE are repatriating cash at great rates.
As the pound sterling continues its path downwards, expatriates working in the UAE are laughing all the way to their UK banks as they remit currency at the best rates seen since the 2008 financial crash. Even so, they’re now in a dilemma – whether to wait until the pound crashes still further or send money
home using today’s attractive exchange rates. One insurance broker is holding off as he’s convinced...
27 Sep at 6 PM 2018
British pensioner Steve Beard was forced to sleep rough in a Russian airport after falling foul of Russian immigration on his way to London.
Ten years ago, Steve met his Russian future wife online on a dating website, fell in love and abandoned his home country for a village in the wild wastes of Siberia. He married his schoolteacher turned business owner sweetheart and they now have an eight-year old son. His problems began when he decided to fly back to the UK to attempt to get his UK state pension sent to his Irkutsk region...
1 Aug at 6 PM 2018
Expat professionals as well as Saudi businesses are now holding back on money transfers overseas.
Due to a government crackdown on corruption earlier in the year, any attempt to send more than $30,000 outside the emirate is now being blocked by the government. According to local banks, many expats and their families are now afraid to send money
home in case the government is monitoring their activities. The crackdown resulted in some 300 top business owners and wealthy investors being detained for weeks in Riyadh’s luxury...
26 Jul at 6 PM 2018
The 21st century is set to be the century of the expat, with more and more millennials opting to leave their home countries in order to further their international careers.
As the number of expats working overseas at all levels grows, so do the amounts transferred between currencies and countries. The amount of money being sent across national borders is growing year by year as more and more people realise the world really is their oyster. Until recently, cross-border banking was a chore as well as a necessity, but traditional banks...
20 Jul at 6 PM 2018
Foreigners wishing to buy an apartment in Beijing or other major Chinese cities are being warned the process is anything but straightforward.
For expats who’ve arrived in Beijing, found a job or started a business and are now thinking of buying an apartment, the process is tricky, complicated and takes a very long time, even although previous regulations regarding a stay of a year before an application will be considered are now removed. It seems the bureaucracy involved is putting off the vast majority of long-stay expats from...
13 Jul at 6 PM 2018
Expats living and working in the UAE are being warned by bank officials over transferring money to people not known to them.
Armenian expat Donara Sanamyan faced serious difficulties after she’d attempted to help a friend from her home country who’d come for a visit. The friend needed to transfer money back home in a hurry, so Donara agreed to do the transfer for her through her regular transfer agency MoneyGram. The transaction was refused, with no reason given. A few days later, Donara tried to send her regular transfer to her...
4 Apr at 6 PM 2018
Kuwaiti lawmakers in committee have passed the controversial expat remittance tax.
In spite of warnings about its effect on the economy by the emirate’s central bank, a committee of lawmakers has approved the controversial expat tax on remittances outside the country. According to local media, the bill is expected to encourage expats to spend more money within Kuwait rather than sending it to their families in their home countries.
The vote, taken by the emirate’s financial and economic committee, was four to one in favour of...
2 Apr at 6 PM 2018
Expats and travellers are being warned about yet another Airbnb property rental scam focusing on Spain.
Non-existent properties purporting to be on rental booking site Airbnb are being used to con expats looking online for Spanish accommodation. One luxurious central Estepona property discovered on popular e-commerce website Milanuncios during a media-led investigation seemed too good to be true for the price offered, and proved to be so as a result of the investigation.
When contacted, the scammer asked for two months’ payment...
27 Feb at 6 PM 2018
Britons looking to invest in a buy-to-let property in Spain should take note of the nightmare caused by a Benidorm tenant from hell and his family.
Burnley-born Kelly Louise Metcalf, now living with her husband in Valencia, was happy when her Benidorm letting agent informed her of a British tenant and his wife who were interested in renting her villa for at least a year. However, it didn’t take long for her to realise the couple were more of a curse than a blessing in disguise. John Anthony Parkin, his wife and their children moved...
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...