Last month Indian authorities decided to make it mandatory for banks participating in the Liberalised Remittance System, by the terms of which Indian residents can send up to $250,000 overseas every year, to produce daily reporting of all transactions made under the scheme. Read more “Reserve Bank of India To Tighten Up Regulation Of Liberalised Remittance Scheme That Allows Citizens To Transfer $250,000 Abroad Each Year”
Despite initially indicating that it did not want to damage the autonomy of its overseas territories, the UK government now looks set to pass a bill that will force the likes of the British Virgin Islands, Bermuda, Gibraltar and the Cayman Islands to reveal and publish the names of the beneficial owners of the offshore companies registered there by 2020. Read more “British Overseas Territories Are Up In Arms Over Proposed Changes To Financial Transparency Laws”
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 “TransferWise First Fintech Non-Bank To Be Accepted To BoE’s RTGS”
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 “Digital Banking App Revolut – London’s Latest Fintech Unicorn Disrupting International Money Transfer, Reviewed”
The Spanish bank Santander has announced that it is launching an international money transfer service that will run using blockchain technology in an attempt to take on disruptive fintech startups such as TransferWise and Revolut, who have been eating into banks’ share of a market worth an estimated $600bn per annum. Read more “Santander Breaks The Mould For Banks With Blockchain Based International Money Transfer Service”
Last week we revealed that the remittance corridor between the United States and Mexico is the world’s biggest.
World bank data reveals that the US is the largest global sender of remittances, and Mexico the fourth largest receiver; but now let’s consider how to make international money transfers to and from the world’s biggest remittance receiving country: India. Read more “The Best Options For Sending Money To & From India”
The market for international B2B money transfer is worth an estimated $150 trillion, and is set to grow to $218 trillion by 2022, fuelled by disruptive money transfer services, a new report says. Read more “B2B International Money Transfer Volumes Expected To Reach Nearly $220 Trillion By 2022”
The US Mexico money transfer corridor is, by many measures, the largest in the world. It catered for 13 million migrants, according to data released back in 2014, and data from the same period shows that the US is the largest sender of remittances globally, with Mexico the fourth largest receiver globally. Read more “The Best Money Transfer App For Sending Funds To Mexico Is…?”
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 “£1.6bn or £16bn? The Amazing Truth About The UK’s Overseas Money Transfer Industry”
Sending money overseas ought to be a straightforward operation, particularly within a modern, tech-savvy society, but from time to time, things can go wrong. Luckily, The Money Cloud is here to help you learn what courses of action to take in the event of a mishap. Read more “What Happens When An Overseas Money Transfer Goes Wrong?”
Instarem, the Singapore headquartered money transfer operator that offers a unique zero-margin FX transfer policy, made waves at last week’s Money 20/20 Asia conference, held in Singapore. Read more “Money Transfer Operator Instarem Makes Move Into European Market”
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 “3 Ways To Transfer Money Overseas That Won’t Hurt Your Bank Balance (Plus 3 That Will!)”
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 “MoneyCorp Completes Acquisition of First Rate FX To Tap Into Dubai Money Transfer Market”
This content is 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
The Deputy Governor of The National Bank of Pakistan, Jamil Ahmed has pleaded with banks to reduce charges related to remittance payments and overseas money transfers, to encourage more Pakistanis to use their services. Read more “National Bank Of Pakistan Launches Awareness Campaign To Promote Modern Remittance Services Over Insecure Hundi / Hawala Transfers System”
India is the world’s largest receiver of remittance inflows; some $62.7 billion was sent in 2016-17 – more than the total Foreign Direct Investment (FDI) into the country.
Now, thanks to a partnership between mobile payments provider TerraPay and private sector lender Yes Bank, India’s diaspora will be able to make instant cross-border money transactions into the country.
It seems we may well be heading towards a world where, when sending money internationally, the only thing we need to concern ourselves with is the exchange rate – because transaction fees are rapidly being consigned to history.
Starting from today, Circle, a money transfer service and app that allows its users to ping money to one another using a mobile messaging service, is introducing fee-free person-to-person (P2P) money transfer services for users in the UK, Spain, and the US. Read more “A Goldman Sachs-backed Digital Payments Startup Just Launched A Fee-Free Money Transfer Service”
Over the past few years, thanks to the rise of a number of disruptive Financial Technology, otherwise known as FinTech businesses, it has become far easier, and cheaper to send money overseas.
Until recently most of us would have used either a wire transfer agency, such as Western Union or Ria Money Transfer, or a high street bank to send money internationally, but there were 3 major drawbacks to this approach. Read more “The 5 Best New Services For Sending Money Abroad”
Banks and wire transfer services charge too much in fees and offer the least favourable exchange rates
If you are a follower of the financial news media, you are probably aware that how people are sending money abroad is changing.
The most common ways to send money abroad at the turn of the decade would have been to either use a money transfer agency like Western Union or Ria, or to visit your high-street bank.
But what many people don’t realise is that because of the monopoly that the banks, and these two transfer agencies had on the market, they were able to charge unnecessarily high fees, as well as offering you a price that did not accurately reflect the current value of a currency.
Overseas money transfer between two countries to be made easier thanks to Seven Bank International Money Transfer App.
Mobile banking is growing in influence globally. A recent report from the World Bank suggests it is the cheapest way to transfer money overseas.
Last week, BDO Unibank, owned by retail and banking magnate Henry Sy, became the latest to launch a service. Read more “Japan’s Seven Bank In Tie-Up With Philippines BDO Unibank For International Money Transfer”
Ria Money Transfer offering Indian customers chance to win 100 grams of gold.
The country of India is the world’s largest market for receiving migrant remittances. It’s no surprise therefore, that Ria Money Transfer is making a concerted effort to increase market share in the region.
Ria will provide its new Gold Standard service using a network of 3 leading local agents. Weizmann Forex Limited, Paul Merchants Limited and Transcorp International Limited have all agreed to become partners. Read more “Ria Money Transfer Launches “Gold Standard” Service In India”