How To Compare The Best Money Transfer Services

The way that we send money abroad has changed almost beyond recognition recently, with the emergence of money transfer apps, instant transfer platforms, and even wearable technologies, that can arrange transfers in a matter of a few swipes.

Although this tech disruption has made the money transfer industry a much better market for consumers, it can still be confusing to navigate through all the noise, and find the best deals. Read more

Silicon Valley’s Hash Cash  & Singapore’s United Overseas Bank Join Forces For Blockchain Based Remittance Service

Singapore and Silicon Valley are arguably the fintech industry’s two geographical titans. Both are renowned for the ability of their supremely well educated and entrepreneurial populations to become early adopters of new technologies and commercial trends, and successfully turn them into globally dominant enterprises.

In Silicon Valley’s case it tends to be technologically advanced and trendsetting media and social media companies that rule the roost, whilst in Singapore, financial acumen, international trade, notably shipping, and now, financial technology are the industries that have helped to make one in every twenty of the City state’s citizens a millionaire, if reports are to be believed. Read more

The Role Of Import, Export & Exchange Rates On BoE’s Interest Rate Decision, & What It Means For The Rest Of 2018

Bank of England Governor Mark Carney announced today that the BoE’s Monetary Policy Committee have voted unanimously to hold interest rates at 0.5%, before warning; don’t be surprised if we raise them twice before the year is out.

Carney and the BoE are battling rising inflation, which has fallen 0.1%, to 3% from November to December. It’s not enough, they say, and have now set a target of bringing the level down below 2% within 2 years, as opposed to the 3 year timeframe that had previously been indicated. Read more

World Bank Figures Reveals Falling Average Worldwide Cost Of Remittances

Remittance Prices Worldwide (RPW) is an organisation, affiliated to the World Bank, that monitors the costs incurred by those sending money abroad, across all of the world’s major remittance corridors.

Since 2009, when the average global cost of sending money anywhere in the world was calculated at a high of 9.67% of the total amount sent, the figure has been in steady decline, and the good news is that the latest figure, for Q4 2017, records another decrease in price, from 7.21% in Q3 ‘17, to 7.09%. Read more

MoneyCorp Completes Acquisition of First Rate FX To Tap Into Dubai Money Transfer Market

Only the United States ($56.3 billion), Saudi Arabia ($36.9bn) and Russia ($32.6bn) sends more money abroad than Dubai’s total of $19 billion, according to the World Bank, so it is no surprise that money transfer firms are scrambling to grab a slice of the action there.

MoneyCorp have stolen a march on their competitors by announcing last week the acquisition of First Rate FX, for an undisclosed fee. First Rate FX have an office in Dubai, which will be rebranded under the MoneyCorp name, and First Rate will also relocate from their Canary Wharf headquarters in London to MoneyCorp HQ in Victoria. Read more

No Fear. No Greed. No Entitlement. Paytm, India’s “Most Sincere” Bank, Lead’s India’s Fintech Charge

From mobile wallet, launched in 2014, to fully fledged bank in 2018, Paytm’s rise from fintech startup to 13,000 employees and 3 million plus offline merchants in India has been a phenomenal one; a case of right place, right time, right backers.

PayTM, which stands for Payment Through Mobile, was spun out of parent company One97 Communications Ltd back in 2010. The company was inspired by a visit founder Vijay Shekhar Sharma (pictured) took to China, where he discovered that market stall traders were using their mobiles to accept and make payments, and concluded the model could work in India, also. Read more

How Does Bitcoin Trading Work? A Quick Look At The Fundamentals

2018 is already being labelled the year when the “plumber and the hairdresser” started buying and selling the digital currency bitcoin.

There has certainly been an incredible uplift in the number of people learning about bitcoin – searches for the phrase “buy bitcoin with credit card”, for example, were reported by Google to have “skyrocketed” towards the end of December, when the digital currency was on its magnificent bull run.

The price of the cryptocurrency hit $10,000 in December, for the first time in its 8 years of existence, and went on to climb to above $16,000, in a little under a week. Read more

QROPS Pension Charge Ruling Leads To Petition By Aggrieved Expats

Qualified, Recognised, Overseas Pension Transfers, QROPS for short, made headlines last year when Chancellor Philip Hammond announced that a 25% charge would be levied on all UK pensions being transferred overseas, effective the very next day.

The decision has ultimately outraged sections of Britain’s expat community, who believe that the ruling blatantly discriminates against some – but not all –  of them. Read more

Transferwise Launches 28 Currency Borderless Bank Account, But Faces Stiff Competition From Rivals

This content is sourced and brought to you by The Money Cloud – comparing the best rates for sending money overseas offered by hand-picked, regulated brokers and money transfer agencies.

TransferWise is targeting “expats, second homeowners, freelancers and more” with a new bank account that allows users to make transactions in 28 different currencies. Read more

The Bitcoin Phenomenon; Is It A Myth That We Are All Buying The Digital Currency?

This content is sourced and brought to you by The Money Cloud – comparing the best rates for sending money overseas offered by hand-picked, regulated brokers and money transfer agencies.

Most of us have heard of it, but are we buying it? After a rocky first few years, when it was seen as little more than a vehicle for the ill-gotten gains of drug dealers, money launderers and terrorists, bitcoin, the concept, successfully overcame the doubters in 2017, leading to a stunning hike in the price of the digital currency, from less than $1,000 dollars in January, to above $19,500 by the end of December. Read more

Investigation Into Russian Interference In US Elections Switches To Money Transfers

This never-ending saga – one that has infuriated the POTUS, Donald Trump, who had received assurances this investigation would conclude before thanksgiving last year – rumbles on.

According to the New York Daily News, Special Counsel Robert Mueller has turned his attention to a number of suspicious financial transactions that took place at key moments before and after the US election of 2016. Read more

Bitcoin’s Exchange Issues; Crypto Speculators In UK Struggling To “Cash Out”

This content is sourced and brought to you by The Money Cloud – comparing the best rates for sending money overseas offered by hand-picked, regulated brokers and money transfer agencies.

Bitcoin speculators in the UK are facing high fees for transferring their digital crypto gains into fiat currency, because digital currency exchanges are struggling to build relationships with UK based banks, the FT revealed over the weekend.

UK banks are apparently “taking a lot more time to get comfortable” when it comes to dealing with bitcoin, or cryptocurrency exchanges, than their European and US counterparts, according to Obi Nwosu, chief executive of Coinfloor, the cryptocurrency exchange. Read more

MoneyGram Is Partnering With HD Bank In Vietnam For “Quick and Easy” International Money Transfer Services

HD Bank, one of the largest independent banking organisations in Vietnam, is introducing an international money transfer service, and announced last week that it has appointed US firm MoneyGram, to handle the transactions.

The company says its new “instant” money transfer service will allow its domestic customers to transfer money to 190 countries in just 10 minutes, at a reasonable cost. Read more

How Will PSD2 Affect The Fortunes Of The “Big Banks” In 2018?

This content is sourced and brought to you by The Money Cloud – comparing the best rates for sending money overseas offered by hand-picked, regulated brokers and money transfer agencies.

Before we begin to discuss PSD2, let’s remind ourselves why banks exist in the first place.

Banks look after our cash for us. Sometimes they charge a small fee for doing so, and sometimes they request permission to use our deposits for the sake of their own returns, promising to pay us interest for the right to do so.

So far so good. We can all agree that storing our money securely with a bank is preferable to storing it under the floorboards, if only for security reasons. From a bank’s perspective, it is also win-win. Even if we end up owing the bank money, we will incur charges carefully computed to ensure the bank still makes a profit from our business. Read more