Top 5 Reasons Why You Should Stop Using Your Bank for Transferring Money Abroad

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

How To Move Money Out Of Russia

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

The World Bank Releases Latest Guide To Remittances Prices Worldwide

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

How To Use The Money Cloud To Transfer Money To Malaysia

At some stage of our careers, we all dream about what it would be like to work from a different location. Could it really be possible to swap the grey skies of London for South East Asia, for example?

The answer, of course it is yes, it’s more than possible, and it’s a great way to broaden your horizons and learn all about a new culture, plus relocating abroad could also be a boon for your business or career, too!

If the opportunity does cross your path at the right time, a spell abroad could be a highly desirable move.

But there may be all kinds of other reasons why you might want to send money abroad 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. You may be paying for a holiday in advance. You may be paying for 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 is it can be to transfer money overseas.

Worked Example

Let’s say you need to transfer some money to Malaysia and complete a worked example. Read more

Paying Employees Abroad – A Guide To PAYE & Social Security Considerations

If your business is considering making an overseas hire – congratulations! In business, expanding internationally can be extremely rewarding, both financially; in terms of driving the growth of the business and discovering new markets to sell your product into; and culturally – seeing how things get done in contrasting business environments can only help give a business owner a better understanding of their enterprise.

But from an administrative and tax perspective, hiring overseas is complex and to get it right involves a little bit of extra work – we have produced the following notes to try to help all business owners understand what needs to be done before you can start to make payments to overseas staff.
Read more

London & Hong Kong Financial Bodies Join Forces To Support Global Fintech Innovation

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

How To Pick The Best FX Broker For Your Overseas Money Transfers

Given that foreign exchange trading tends to exceed $4 trillion in average traded value, every day, you would be right to think that choosing the right broker to make your overseas money transfer is not an easy decision to make.

Fortunately, The Money Cloud exists precisely to make the process as simple and hassle free as possible. Both of our co-founders Emmanuel and Huw spent years researching the process of sending money overseas, working alongside governments across different continents, and even setting up a site to help migrant workers send money back to their families. Read more

How To Compare Money Transfer Providers

If you’re reading this then you have come to the right place, because we are the experts in overseas money transfer. We have, after all, been at it for more than 10 years. Together, or co-founders Emmanuel and Huw launched the first ever money transfer comparison site all the way back in 2004.

Since then, we have seen serious change come to the industry, and that’s mainly due to the rise and rise of financial technology, which we now call Fintech.

Taking on (and outperforming) the big banks’ services

Read more

25% Levy On Overseas Pension Transfers Has Tax Advisors Scrambling To Find Loopholes

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

US Might Tax Growing Caribbean & Latin American Remittance Market To Build Mexican Wall

In what seems a bizarre, unprecedented and surely unpopular move, Alabama congressman Mike Rogers announced on April 21st the introduction of a bill that will impose a 2% fee on all remittances made from the US to Latin American and Caribbean countries, in order to pay for the Mexico / US border wall promised by President Donald Trump.

The Border Wall Funding Act, or HR 1813, to give it its official title, has now been referred to the Subcommittee on Crime, Terrorism, and Homeland Security. Read more

The Financial Services Compensation Scheme Explained

Back in August 2007, the UK experienced its first run on a bank in more than 140 years. TV crews rushed to film long queues of deposit holders outside branches of Northern Rock, at the time the 7th largest ranked bank in the UK in terms of assets, as fears grew that the bank and mortgage lender had run out of cash, and would allocate pay-outs to their customers on a first-come first-served based.

The Financial Services Compensation Scheme (FSCS) was designed precisely to ward off such an event, which could all too easily have a domino effect – sentiment is a very powerful force within the financial markets – and when people lose faith, big banks can topple in the face of hysterical demand, Mary Poppins style. Read more

Everything To Know About International Money Transfers – Infographic

When did the humble infographic become the marketer’s weapon of choice?

Well, we can’t answer that but we do know that, joking aside, infographics are an extremely handy way to swot up on a subject and impress your peers, or in this case, make business or personal finance decisions with all the facts at your fingertips.

So, in that spirit, we present our comprehensive infographic, International Money Transfers Explained”, a definitive guide to your money transfer options. Read more

Emigrating for Work? How To Make Your Money Go Further

With promises of warmer weather, fantastic opportunities, and exciting cultures to explore, it’s no wonder that more than 300,000 people in the UK opt to emigrate to other countries each year. Australia and Canada are two of the top choices for Brits, especially those moving for work purposes, so what are some the best ways to ensure your move goes as smoothly and as enjoyably as possible? Read more