£1.6bn or £16bn? The Amazing Truth About The UK’s Overseas Money Transfer Industry

It may seem astonishing, especially in a world increasingly viewed through a prism of facts, figures and stats, that the UK does not officially measure remittance flows or international money transfers into or out of the country.

But it is true: according to the University of Oxford’s Migration Observatory, which provides “impartial, independent, authoritative, evidence-based analysis of data on migration and migrants in the UK”, estimates concerning the amount of money that is transferred annually between Britain and the rest of the world vary from approximately £1.5bn, to over £16.5bn – a substantial difference, by any measure! Read more

Can Cryptocurrencies Like Bitcoin & Ripple Become The Future of International Money Transfer?

Recently, 2 Money Transfer giants; Western Union, and MoneyGram, began working with the cryptocurrency Ripple.  Ripple is a blockchain based solution that could have been purpose built for the money transfer industry. It is part real-time-gross-settlement (RTGS) operation; a genuine SWIFT payments rival; and part currency exchange mechanism, capable of using its distributed ledger technology to move money across all of the world’s remittance corridors on behalf of businesses, or individuals. Read more

South America Dominates List of Favourite Retirement Destinations, With Costa Rica Taking Top Spot

From time to time, we all catch ourselves daydreaming about our ideal overseas retirement destination.

Of course, many of us take things a step further and end up living that dream. There’s no doubt that the advantages a warmer climate, better healthcare, or a place where your money goes a little further demand serious consideration, and with the world getting “smaller” everyday, it’s never been easier to turn a dream of the perfect retirement lifestyle into a reality. Read more

Moving Abroad. Is It Better To Rent Or Buy?

If you are reading this post then it is probably safe to assume that you have decided to move overseas, or are at least considering it.

Of course, this is a big decision in anybody’s life and it is rarely taken lightly. The worst part is that making the decision to move abroad is just the first step in a process that may take years before you feel properly “at home” somewhere again! Read more

When It Comes To Overseas Money Transfer Deals, Millennial Men Are The Ultimate Bargain Hunters

When it comes to hunting the best overseas money transfer deals, it seems that millennial men, amongst all the demographics, are desperate to stay ahead of the game.

Data from The Money Cloud reveals that a surprising 63% of all site visitors are male; accounting for nearly two thirds of all traffic; and that just over 40% of all visitors are aged between 25-34; meaning millennial men really do aspire to be society’s hunter-gatherers when it comes to scouting money transfer deals. Read more

3 Ways To Transfer Money Overseas That Won’t Hurt Your Bank Balance (Plus 3 That Will!)

From overseas weddings, to purchasing property abroad, to sending money to contacts or family members living in a different country, international money transfer is a reality that most of us will face at some point in our lives, and for many of us, it’s a regular occurrence.

So it’s a good idea to get to grips with the basics of sending money overseas. In today’s tech savvy world it is easier than ever to arrange an overseas money transfer, but finding the best deals can be a little trickier. Read more

Entrepreneurs & Digital Nomad’s Are More Than Welcome In Perfect Paris’ Coworking Cafés

Edmund Ingham, The Money Cloud’s PR and Content Manager, spends a week in Paris exploring the city from the Digital Nomad’s perspective

Ooh la la! Let’s start with a cliché, because the cliché I had hoped to explore, that Paris is at its most remarkable in springtime, will have to be postponed until after the twin furies of the Beast from the East and Storm Emma have stopped battering the towns and cities of Europe.

Yes, Paris last week was just as cold as London, if not quite as dramatic in terms of snowfall or stranded commuters. Paris, it turns out, holds up remarkably well whatever the weather. Read more

UK Sends More Money To Nigeria Than To Any Other Country, Says Data From World Bank

The World bank studies the global remittance industry closely and its data is often revealing, especially because it is not always easy to track the real amounts of money sent overseas from one country to another – there are many different ways it can be done, and many different reasons for doing so.

Finder.com recently used World bank data to reveal that Nigeria is the most popular destination for outward remittances from the UK. The country accounts for almost 15% of all money sent abroad from the UK, followed by India (14.1%), France (6.7%), Pakistan (6.7%), and Germany (4.9%). Read more

Government Credit Controls Are Preventing Chinese Firms From Investing In Tech Startups

The Chinese government is determined to prevent its entrepreneurs from moving large sums of money out of the country, to try to encourage them to reinvest their profits back into the domestic economy.

The strategy, however, is proving tough to enforce, and doesn’t always succeed in promoting Chinese interests abroad, it seems. Read more

5 Blockchain Apps That Offer Money Transfer Services For Crypto & Fiat Currencies

Many people consider the blockchain, and the crypto economy, to be the future of the financial industry. The ability to log transactions in a decentralised manner, i.e. without the requirement for a third party regulator, with transactions verified by a network of “miners”, has unleashed a new wave of financial services products built on the blockchain. Read more

Sainsbury’s Bank Partners With MoneyCorp, Reveals Reasons Why Brits Send Money Overseas

Last year, Sainsbury’s bank moved into the money transfer space, announcing a partnership with MoneyCorp that will allow their customers to transfer up to £100,000 overseas, either online or over the telephone.

In the process of setting up the partnership, Sainsbury’s uncovered some interesting facts about why Brits might want to make international payments. Read more