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
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
The battle to be the best overseas money transfer service is hotting up.
Revolut, has announced that it is scrapping its 0.5% fee on all international money transfers under £5,000 pounds sterling.
The 2-year-old fintech startup has raised more than $15m from well-known London VCs such as Index Ventures and Balderton Capital. Read more
London based money transfer service WorldRemit will join forces with Moroccan financial services company Wafacash to allow customers to send remittances for collection at Wafacash’ 1,620 stores in Morocco.
There are more than 8 million Moroccans currently living overseas, and 7% of Morocco’s GDP is made up of remittance payments, according to the World Bank. 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”. 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
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
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
Azimo created an industry first when the London-based Fintech startup launched an in-app function that allows users to send money abroad using only the recipients mobile phone number. Read more
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
At a conference in Andorra, Transferwise achieved an unlikely coup, or, to put it another way, Santander, who ran the conference on behalf of senior executives of the firm, scored an embarrassing own goal. Read more
Last week we looked at properties in the Gauteng region of South Africa, from the affordable to the fantasy home, in and around Johannesburg and within reach of reach of “Africa’s Square Mile”, Sandton.
It’s all well and good dreaming of a new life in South Africa (or vice versa – relocating from SA to the UK), but before you can do so there are many hoops you must jump through, one of the main ones being how to transfer money into or out of the country, safely, legitimately, and without giving away a sizeable chunk of it in unnecessary transfer fees. Read more
If you are still using Western Union, Ria or your Bank to send money abroad, where have you been for the last decade! Times have changed, and tech disruption has made the process of sending money overseas a far more straightforward, efficient, and cheaper process, with the added bonus that you can shop around for the best rates and services.
In that spirit, we present 8 of our favourite money transfer apps, which you can download and use on the go with a smartphone, or at your leisure, saving yourself money in the process. Each one has different features to consider, but we’re sure that somewhere in this list you will find the one that’s right for you.
To compare rates from FCA authorised brokers as well as some of the best-regarded money transfer agencies like TransferWise or Azimo, why not try our money transfer comparison engine?
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
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
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.
Let’s say you need to transfer some money to Malaysia and complete a worked example. Read more
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
Donald Trump’s blanket ban on Somalian citizens travelling to the US has made it harder for the 250,000 Somalis based in America to send money back home, reports Mareeg.com. Read more
In the developed world, sending money domestically is as simple as logging onto online banking. If you want to transfer funds in or to the developing world, however, you’ll often come up against a fairly fundamental block: the ‘unbanked’ phenomenon. But could the growing numbers of online platforms, from Gmail to Facebook, stepping up to the payment plate help societies break through the unbanked barrier? Read more
Financial services regulation is a careful balancing act – it’s essential to keep your money safe, but it can quickly become expensive for businesses. The Economist recently argued that regulation is one of the international money transfer industry’s biggest problems for exactly this reason. Read more