Loans for ex-pats

danger1978

Hi,

I recently moved to Malaysia & it seems no banks here are willing to lend to non-Malays but now since I am paid here in USD I am unable it seems to get a loan from the UK either.

Does anyone out there know a way around this? Also if somehow I manage to get a loan from UK am i right in thinking that I'll still get stung on the transaction fees and/or exchange rates when they transferred the loan to Malaysia?

Any help or feedback hugely appreciated!

talana

danger1978 wrote: »

Hi,
Also if somehow I manage to get a loan from UK am i right in thinking that I'll still get stung on the transaction fees and/or exchange rates when they transferred the loan to Malaysia?

Not only that, but don't forget you'd have to make repayments on the loan every month in GBP which would mean getting stung going back the other way too.
But that's irrelevant, as you won't get a UK loan in your circumstances. Sorry.

StuTheDon

Given that you are paid in USD, I am assuming that you are on some kind of expatriate contract. Many of the main Banks (HSBC, Bank of Scotland) cater for people in your position and can assist. When I lived in Dubai, and was paid in USD, I had a USD Account with HSBC and they offered a loan for a car based on employee letters with income shown.

Hope this helps.

paddyrg

You can get a currency account with most banks (money is what they do), some will offer accounts tailored to ex-pats, but a loan is very unlikely unless you have UK assets they can secure lending on. But isn't the whole point of being an ex-pat that you get an ex-pat salary higher than a UK one, so not need a loan?

poppasmurf_bewdley

danger1978 wrote: »

Hi,

I recently moved to Malaysia & it seems no banks here are willing to lend to non-Malays

That's very racist! Isn't it against the law, or are we the only country the bothers with 'human rights'. I'm sure if a Malayan came here, the banks wouldn't tell them that.

Bit off topic, I know, but it really pi**es me off. :mad::mad:

Gripe over ..... that feels better.

talana

poppasmurf_bewdley wrote: »

That's very racist! Isn't it against the law, or are we the only country the bothers with 'human rights'. I'm sure if a Malayan came here, the banks wouldn't tell them that.

They wouldn't put it quite like that. But surely a Malay or anyone else fairly newly arrived in this country would struggle big time to get a loan as well as they'd have zero UK credit history?

poppasmurf_bewdley

talana wrote: »

They wouldn't put it quite like that. But surely a Malay or anyone else fairly newly arrived in this country would struggle big time to get a loan as well as they'd have zero UK credit history?

Yes, but what the Poster said was:

"I recently moved to Malaysia & it seems no banks here are willing to lend to non-Malays"

No bank over here could get away with not lending to foreigners - could they?

talana

I guess I was replying more to the last sentence of yours:

I'm sure if a Malayan came here, the banks wouldn't tell them that.

The OP did say as you quote, that's true.
If that's what he actually meant then that's different I suppose.
Maybe though it was just loose, casual wording for "the banks here won't lend to me because I'm a recent arrival in the country" or some other reason.
Who knows, he'll have to clarify.

paddyrg

talana wrote: »

Maybe though it was just loose, casual wording for "the banks here won't lend to me because I'm a recent arrival in the country"

Quite possibly also because Islamic banks have different approaches to usury. Unlikely to be broken down on country-of-origin terms though, I suspect if you arrived in Malaysia from Sudan and wanted a loan you'd be greeted similarly.

jonesMUFCforever

poppasmurf_bewdley wrote: »

Yes, but what the Poster said was:

"I recently moved to Malaysia & it seems no banks here are willing to lend to non-Malays"

No bank over here could get away with not lending to foreigners - could they?

Foreigners coming into UK will find it very difficult to get credit here with banks until they have been here for a minimum of 3 years.
Is that racist or business prudent?

poppasmurf_bewdley

jonesMUFCforever wrote: »

Foreigners coming into UK will find it very difficult to get credit here with banks until they have been here for a minimum of 3 years.
Is that racist or business prudent?

This is what I have difficulty getting my head round.

When my company transferred me to Canada for 12 months, I walked into the local Toronto Dominion Bank with my bank statements from home, and had a car loan arranged and the car on my drive within 4 hours.

Things have evidently changed.