The Truth About Credit Cards! We Pay $163 Billion In Fees Every Year!

They may be marketed as convenient, flash, and “rewarding”, but in reality, the credit card trap is one you don’t want to fall into unless you can pay back everything you owe, every month, on time, and without bringing other accounts overdrawn. Which of us, hand on heart, can promise this, especially when there are temptations everywhere, from fashion to food, travel, gadgets, and a million and one subscription based services? Read more “The Truth About Credit Cards! We Pay $163 Billion In Fees Every Year!”

What Hidden Fees Do Banks Include When Sending Money Abroad?

If you are a follower of the financial news media, you are probably aware that how people are sending money abroad is changing.

The most common ways to send money abroad at the turn of the decade would have been to either use a money transfer agency like Western Union or Ria, or to visit your high-street bank and send your money through them.

High Fees

Read more “What Hidden Fees Do Banks Include When Sending Money Abroad?”

US Might Tax Growing Caribbean & Latin American Remittance Market To Build Mexican Wall

In what seems a bizarre, unprecedented and surely unpopular move, Alabama congressman Mike Rogers announced on April 21st the introduction of a bill that will impose a 2% fee on all remittances made from the US to Latin American and Caribbean countries, in order to pay for the Mexico / US border wall promised by President Donald Trump.

The Border Wall Funding Act, or HR 1813, to give it its official title, has now been referred to the Subcommittee on Crime, Terrorism, and Homeland Security. Read more “US Might Tax Growing Caribbean & Latin American Remittance Market To Build Mexican Wall”

Prudential Will Partner With Ria Money Transfer In Ghana

Ria is the third largest provider of Money Transfer services worldwide, with more than 300,000 locations worldwide, whilst Prudential bank has a strong footprint in Ghana, so the deal makes sense.

The announcement was made last week and a launch ceremony held in Accra, Ghana’s capital. Read more “Prudential Will Partner With Ria Money Transfer In Ghana”

London & Hong Kong Financial Bodies Join Forces To Support Global Fintech Innovation

The UK’s Financial Conduct Authority (FCA) and its Hong Kong equivalent, the Securities and Futures Commission (SFC) have signed a co-operation agreement that will promote information sharing between the two regions, and introduce a referral system that will make it easier for approved, UK based fintech startups to set up operations in Hong Kong, and vice versa. Read more “London & Hong Kong Financial Bodies Join Forces To Support Global Fintech Innovation”

How To Use The Money Cloud To Transfer Money To Malaysia

At some stage of our careers, we all dream about what it would be like to work from a different location. Could it really be possible to swap the grey skies of London for South East Asia, for example?

The answer, of course it is yes, it’s more than possible, and it’s a great way to broaden your horizons and learn all about a new culture, plus relocating abroad could also be a boon for your business or career, too!

If the opportunity does cross your path at the right time, a spell abroad could be a highly desirable move.

But there may be all kinds of other reasons why you might want to send money abroad to Malaysia. You may be a Malaysian living overseas who wants to send their money back home to relatives. You may be a business paying a Malaysian supplier, or setting up an office there. You may be paying for a holiday in advance. You may be paying for tuition. You may be buying a property there.

Well, we can’t find you a flat in downtown Kuala Lumpur, but we can help you on the currency side – by showing you how easy is it can be to transfer money overseas.

Worked Example

Let’s say you need to transfer some money to Malaysia and complete a worked example. Read more “How To Use The Money Cloud To Transfer Money To Malaysia”

Can Airwallex, with $13m Investment Led by Tencent, Become the Transferwise Of International B2B Money Transfer?

A new Melbourne, Australia based Fintech startup that has echoes of peer-to-peer money transfer service Transferwise but with more focus on the B2B market, has completed a USD$13 million Series A investment from Tencent, the company that owns China’s most popular social networking and now payments app, WeChat. Read more “Can Airwallex, with $13m Investment Led by Tencent, Become the Transferwise Of International B2B Money Transfer?”

Can I Really Manage My Finances From A Smartphone App?

This guide is brought to you by The Money Cloud, where you compare the best rates for sending money overseas offered by top authorised brokers and money transfer agencies.

Remember when all you would hear during the ad breaks for your favourite television programme would be “there’s an app for that”.

This was a few years ago now, when apps were brand new and the likes of Apple, Google and Samsung wanted you to learn all about these mysterious new widgets that could solve your everyday problems at a cinch.

If we were initially sceptical, we certainly took to them in the end, but the trouble was, for every Tinder, Citymapper, or Uber, there were too many apps, rushed out by companies desperate not to miss out on the next big thing, or designed by Silicon Valley geek squads, that simply didn’t cut the mustard.

They were either too niche, too complex, too badly built, or simply released to act like Trojan horses, sneaking their way onto your phones and accessing your personal data to sell on to advertising companies.

It may have taken financial services institutions longer than most to come to the app party, but in fact, we should be thankful for that.

Banking and personal finance apps can now make a genuine difference to our lives, for the better. Here’s how. Read more “Can I Really Manage My Finances From A Smartphone App?”

The World Bank Releases Latest Guide To Remittances Prices Worldwide

Remittance Prices Worldwide (RPW), a subsidiary of the World Bank, has released its quarterly report on the costs of sending money across major remittance “corridors”.

Since September 2008, RPW has been monitoring the costs of international transfers, partly as a means to measure the progress of different regions towards global cost reduction objectives and targets, such as the G20 Commitment, which seeks to bring the average global cost of sending money abroad to less that 5% of the total sent. Read more “The World Bank Releases Latest Guide To Remittances Prices Worldwide”

Sending Money Abroad – Top 5 Things To Check Before You Click Send

There are all sorts of reasons to send money overseas, but whether it’s for business reasons; paying the wages of an overseas employee, for example; personal, buying a property or sending money to a new country before relocating there; or family, paying for a son’s or daughter’s education perhaps; the same rules apply when searching for the right service.

Let’s take a look at the 5 things to look out for before making a transfer. It pays, literally, to plan in advance, take your time, and consider all the options available to you. You might be surprised how many there are. Read more “Sending Money Abroad – Top 5 Things To Check Before You Click Send”

Is The Future of “Passporting” Brexit’s Biggest Problem?

Goldman Sachs have announced this week that they will begin to move some staff from London to mainland Europe as part of its “contingency plans” to help prepare the investment bank for life after Brexit.

When a major institution like Goldman’s makes such a move, it is hardly surprising, in the current climate that the markets will pay close attention to the reasons behind it. Read more “Is The Future of “Passporting” Brexit’s Biggest Problem?”

PwC Report Reveals Banks Fears About Losing Revenues To Fintech Firms

88% percent of banks globally are becoming increasingly concerned about losing business revenues to Fintech challenger firms, whilst 82% would like to partner more with them over the next three to five years, reveals a new report, Global Fintech Report 2017, released by PriceWaterhouseCoopers. Read more “PwC Report Reveals Banks Fears About Losing Revenues To Fintech Firms”