There are all sorts of reasons for sending money abroad. But whether it’s for business purposes; 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.
Overseas money transfer between two countries to be made easier thanks to Seven Bank International Money Transfer App.
Mobile banking is growing in influence globally. A recent report from the World Bank suggests it is the cheapest way to transfer money overseas.
Last week, BDO Unibank, owned by retail and banking magnate Henry Sy, became the latest to launch a service. Read more
R3’s fundraising largest ever for a blockchain / distributed ledger technology provider – yet people are talking about banks that didn’t invest.
The blockchain is what made Distributed Ledger Technology (DLT) famous, but now imitation platforms and services are springing up everywhere
The latest major force is R3, an independent group developing innovative DLT for finance services, such as trading, or international money transfers. Read more
Ria Money Transfer offering Indian customers chance to win 100 grams of gold.
The country of India is the world’s largest market for receiving migrant remittances. It’s no surprise therefore, that Ria Money Transfer is making a concerted effort to increase market share in the region.
Ria will provide its new Gold Standard service using a network of 3 leading local agents. Weizmann Forex Limited, Paul Merchants Limited and Transcorp International Limited have all agreed to become partners. Read more
There may be all kinds of reasons why you might want to transfer money 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. Perhaps you want to pay for a holiday in advance, or pay ahead for some 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 it can be to transfer money overseas. Read more
The Japanese government are set to make it easier for the country’s fintech startups to trial new services and technology. Their financial authorities are introducing a pro-innovation sandbox that will offer firms the opportunity to conduct regulator-free trials.
A government agency will review proposals from developers and startup fintech firms. If granted approval, the developers will be given a limited time to run experiments within the sandbox. Read more
The battle to be the best overseas money transfer service is hotting up.
Revolut, has announced that it is scrapping its 0.5% fee on all international money transfers under £5,000 pounds sterling.
The 2-year-old fintech startup has raised more than $15m from well-known London VCs such as Index Ventures and Balderton Capital. Read more
London based money transfer service WorldRemit will join forces with Moroccan financial services company Wafacash to allow customers to send remittances for collection at Wafacash’ 1,620 stores in Morocco.
There are more than 8 million Moroccans currently living overseas, and 7% of Morocco’s GDP is made up of remittance payments, according to the World Bank. Read more
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. Read more
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
Borderless bank accounts for sole-traders, SMEs and freelancers will reduce cost of sending money to different countries.
TransferWise have taken the ground-breaking, but entirely logical step of introducing “borderless” bank accounts for freelancers, businesses and sole traders who need to frequently conduct cross border trades and payments. Read more
Earlier this year, bitcoin backers were celebrating because the crypto currency burst through the psychologically important $1,000 dollar mark. What must they be thinking now?
Bitcoin stormed past the $2,000 mark this week on news that the Japanese and Chinese governments are making plans for the long-term integration of digital currencies into their banking systems, and because of the significantly enhanced reputation of digital currencies as a whole. Read more
Fintech giant is rapidly becoming a global force.
Ant Financial is the wholly owned subsidiary of Alibaba Group Holding Ltd; the fintech arm of the Chinese ecommerce giant that raised a staggering $4.5 billion in Series B funding back in April 2016, in a round led by the China Construction Bank, China Investment Corporation and China Development Industrial Bank. Read more
1. Beware Phishing Scams – Don’t Open Attachments Without Thoroughly Vetting The Sender;
Phishing scams; emails that purport to be from a known and trusted source but are actually sent by hackers trying to persuade you to open an attachment, are commonplace today.
Email is a favoured means of attack for hackers because it is so universal, and we tend to open emails and attachments without thinking twice. In the past year, phishing scams have sent highly convincing fake Apple iTunes purchase statements and HMRC notifications, and then there are emails from friends’ accounts which have been hacked, inviting you to open attachments which contain viruses. Read more
Last week, as we all know by now, the world was rocked by one of the largest ‘hacks’ in history. Known as WannaCry, the ransomware was released by a hacking group known as the Shadow Brokers.
The hack came to the world’s attention when up to 36 hospitals in the UK were locked out of their computer systems, with a ransom demanded – to be paid in bitcoins – or, the virus warned, the data, which included patient records, would be wiped altogether. Read more
It may have been a long time coming, given that Apple Pay has been available for more than two years, and Android Pay for more than 1 year, but Samsung Pay has finally arrived in the UK.
Samsung have been experimenting with different ways to convince its users that it is more than just a mobile device provider, in order to generate additional revenue streams, and Samsung Pay could be the solution. Read more
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”. Read more
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, and 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?