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
An international money transfer is a service that allows you to send money overseas for whatever reason; this can be carried out using your normal retail bank account, international money transfer operators (such as Western Union), FX brokers and peer-to-peer companies. Here at The Money Cloud, we can help you transfer your money internationally, but what are the most common reasons where you would need to use an international money transfer service? Read more
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
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
According to a survey by Tranio.com, the second most popular foreign commercial property type in 2015, after flats, was hotels. However, the hotel business is complex. In addition to finding a suitable property, the most complicated issue an investor usually faces is managing this property. Tranio.com explains how hotel property management is executed, with the profit divided between the owner and the operator. In short, the owner can either manage the hotel independently or hire a management company.
The Spanish banking giant BBVA has completed the first successful trial of a new Distributed Ledger Technology (DLT) known as Ripple. Read more
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
Here at The Money Cloud, we were shocked to see research carried out by the Bank of International Settlements, that 85% of retail transfers are made through banks globally. There are many reasons why you shouldn’t use you bank for transferring money abroad and in this post, we have put together what we think are the 5 top reasons you should stop using your bank for international money transfers in comparison to the services The Money Cloud promote; Read more
There is a growing trend amongst US tech billionaires that the rest of the world is increasingly taking note of.
It all began with the news that Peter Thiel, the billionaire Paypal founder and early Facebook investor has earned New Zealand citizenship, which has allowed him to purchase a $13,5 million dollar estate near Wanaka, a resort town on New Zealand’s South Island, through his holding company Second Star Limited. Read more
Parents in England are paying several hundreds of thousands of pounds extra for their homes in order to get their children a place at top state schools. Read more
When QROPS – that’s Qualified, Recognised, Overseas Pension Transfers to you and me, were first introduced in 2006, it proved to be an unexpectedly popular piece of legislation.
In the last, “last” Spring Budget, Chancellor Philip Hammond acted swiftly and decisively to introduce a 25% charge on UK pensions being transferred overseas, which came into effect the very next day. 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”.
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
As of 2013, the Russian Government introduced fines to Russian nationals on any transaction where money was sent to overseas bank accounts. The fines could range from 75% – 100% of any transfer to a foreign account if the transfer did not go through a Russian bank account. Those most affected were people renting flats in foreign cities or those that received payments for freelance work from non-Russian firms. The thought process behind these fines, was that it would help the government in their quest to stop capital flight and fight corruption. Read more
Call it bad timing, but no sooner had the European Union delivered the first Payment Service Directive (PSD), to provide a legal foundation for the introduction of SEPA, that’s the Single Euro Payments Area, which effectively created a single market for payments across the European Union, covering credit transfers, direct debits and cards, when the payments industry entered possibly its most “disruptive” period ever. Read more
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
The largest amounts of currencies transferred overseas have been researched by the Currency Index and some of the results have been very surprising, these large amounts of foreign currency are mainly from investors, but also those buying properties overseas.
It’s hump-day, and budget day, so perhaps it’s time for a welcome bit of escapism.
With the end of the first quarter of 2017 rapidly approaching, if you haven’t started planning where to spend your major holiday for this year, here are 5 luxury destinations you might want to consider.
It’s well worth downing tools for five minutes and indulging yourself, if only for the smile it will put on the faces of your children, wife, husband, partner, and you!
Playa Paraiso, Cuba Read more