Expat Money Transfer News

Latest 10 news items tagged Money Transfer

20 Jul at 6 PM 2018

Real estate purchase rules in China discouraging expat investors

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

Dubai expat blocked from remittance due to suspected fraud

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

Kuwait lawmakers pass expat remittance tax

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 in Spain warned about Airbnb rental apartment scam

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

British owned Spanish rental property trashed by tenants from hell

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 banks now offering free online remittances

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

QROPS not to blame for pension transfer problems

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

Stay or Go is UK retiree dilemma

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

Expat international money transfers made easy

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

Kuwaiti female MP takes aim at expats again

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...