In a recent article in Finextra, Lakshmi Narayanan at Travelex discusses the contrasting approaches taken by the Pakistan and India governments to the problems inherent in their countries remittance industries.
India is the largest market for inbound remittance in the world, receiving more than $72bn of inbound money transfers from overseas, whilst Pakistan also has a large inbound remittance market worth around £19.3bn. Read more
Prince William told The Times last week about how he recognises the importance of Britain’s SMEs trading overseas, and praised the Commonwealth, describing it as “the mother” of all business networks. Read more
It’s been an eventful week in the world of international money transfer. Whilst Trump launches trade wars with Europe, China, Canada, and Mexico (to name a few), which is guaranteed to lead to tricky exchange rate calculations for many businesses (don’t forget to check the latest rates and save up to 80% on fees using The Money Cloud), there has plenty of activity in the consumer international payments market too.
Here’s how the big stories have broken down in the past week or so. Read more
Modern technology, and mobile tech especially, is making a multitude of lifestyle services easier to deal with; provided you are up to speed with the latest tap, swipe, scan and track technology, many things, including sending money overseas, can be done faster, easier, and cheaper using apps. Read more
Britain may be on the verge of leaving the EU, but figures from the Office of National Statistics show that Brits made more trips abroad in 2016 than ever before; more than 70.8 million; whilst Britain itself attracted more tourism; 37.6m visits; from overseas, with total tourist spending also at a record high; over £22.5 billion. Read more
London, May 15th
Medifinance, the Intelligent Financial Lender for Healthcare Professionals, and The Money Cloud, an award-winning provider of international money transfer price comparison, are delighted to have agreed a partnership to supply medical professionals with a real-time, sophisticated and reliable overseas money transfer solution. Read more
There is nothing unremarkable about a shipment of soybeans from Argentina to Malaysia; nor is it surprising when a transaction of this nature is financed using a letter of credit, issued by one bank, on behalf of the buyer, to another. Read more
Although Europeans make up only 10% of the global population, the region is home to 20% of the world’s migrant workers; around 50 million people; who between them send over $110 billion per annum back home to families and loved ones, according to research from the International Fund for Agricultural Development. Read more
In another sign that fintech firms are increasingly beginning to rival major banks for the provision of core mainstream personal finance services, money transfer startup TransferWise announced in April that it has been accepted to join Britain’s Faster Payments Scheme. Read more
The big news in London fintech circles this week is a reported $250 million fundraising round which has gone to Revolut, the digital banking app that offers a range of money-related products, but is probably best known for its payments technology, and international money transfer service. Read more
The European market still holds sway over Asia and America when it comes to British companies doing business overseas, according to a new survey from the Institute of Directors. Read more
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
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 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
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
In late February, Edmund Ingham, The Money Cloud’s PR and Content Manager, spent 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
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
President Trump’s tax reforms have paved the way for some of America’s biggest companies to start moving the enormous piles of cash they have been storing overseas back into the country.
Firms like Cisco, which announced last week that it plans to repatriate around $67 billion in foreign profits during 2018, and Apple, which intends to bring back hundreds of billions of dollars, are taking advantage of Trump’s tax reforms, which have slashed the cost of paying tax on accumulated foreign income to just 15.5% for cash, payable over 8 years. Read more
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
Bitcoin may be seen in some quarters as the answer to too much bureaucracy, red tape, and creaking, antiquated, legacy banking systems, but it can’t escape being regulated, according to IMF chief Christine Lagarde, who gave an interview to CNN Money last week. Read more