Expat Money Transfer News

Latest 10 news items tagged Money Transfer

10 Jul at 6 PM 2019

Wealthy would-be expats can go it alone for residency and citizenship

As the world becomes more politically and economically unstable, more and more wealthy would-be expatriates are getting caught by smart salesmen. The trend of internationalising is the latest way for wealthy nationals to ensure their capital, investments and even businesses are safely stored against economic disaster whilst they continue their lives in another country. For high net worth individuals, becoming a global citizen is the way to go, but taking wealth out of the country of origin requires dealing with key issues. The...
21 May at 6 PM 2019

UK expat retirees hit hard by sterling volatility

British expat retirees in Europe have lost 14 per cent of their pensions’ purchasing power since the Brexit referendum. A report from a technology service handling more than 6,000 regular monthly payments to UK pensioners living in EU member states has revealed British expat retirees’ costs of living have risen by 14 per cent due to currency volatility. In comparison, the rate of inflation in the UK over the same time period is seven per cent. In addition to sterling’s Brexit-induced instability, the USA’s trade war with China...
13 Dec at 6 PM 2018

Expats in UAE taking advantage of sterling falls

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 expat living in Siberia forced to sleep rough in Russian airport

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 remittances on hold as Saudi corruption crackdown bites

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

Saving money on international transfers by shunning the banks

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

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...