It’s no secret that the cost of sending money abroad hasn’t always added up. However, the rise of foreign exchange brokers and tech-driven transfer companies has started to change that. So it’s no surprise that new statistics from TransferWise have revealed we’re finally waking up to the fact that the industry’s historically favoured providers are not playing straight with us. Read more “How To Guarantee You’re Getting A Great Deal On International Money Transfer”
Banks raising their interest rates might not sound like something to get excited about, but it’s a sure sign of faith in a nation’s economy. For the last six years, the Bank of England’s rates have been at a record low of 0.5% – a move designed to encourage borrowing and stimulate the economy when unemployment is high. Read more “Raising Rates: What It Means For International Money Transfer”
Foreign exchange reserves are one of the most important aspects of any country’s monetary policy. When it comes to international money transfer, understanding how they work, and what to watch out for, can help you protect and boost your funds. Read more “The Money Cloud Explains: Foreign Exchange Reserves”
Sending money overseas via a foreign exchange broker doesn’t necessarily mean you’ve got to hand over total control. While they can take care of everything for you, understanding the basics of trading can help you make the most of your international money transfers. It’ll also put you in a much better position to benefit from automated trading platforms or peer-to-peer services. That’s why we’ve put together this six-step guide to getting more involved in your trades. Read more “Taking Control Of Your Trades: A Six-step Guide”
Economic integration isn’t a new concept to Africa; sub-regional markets have emerged throughout the continent since the ’60s. But while there hasn’t been as much integration in the past few decades as many leaders would like, that’s looking set to change. A recent African Union summit set a 2017 deadline for the creation of a continental free-trade area, building on the Tripartite Free Trade Area (TFTA), which covers 26 countries.
Today we’re looking at what such an expansive free-trade area could mean for Africa’s social and economic development. If it manages to propel to some of the world’s poorest countries towards prosperity and stability, it has every chance of shaking up the global economy and foreign exchange for the better. Read more “Free trade: the key to unlocking Africa’s economic potential?”
The worldwide payment landscape is typically split along three lines: cash, plastic and tech. India’s Finance Minister, Arun Jaitley, has recently declared it’s time for his country to make the move from the first to the second of those two, but is plastic really the best path? We’re not so sure. Read more “Why is India so keen on plastic currency?”
When he was re-elected prime minister of Japan in December 2012, Shinzō Abe laid out a plan to end the country’s decades-long economic slump. His short term goals were to boost GDP and raise inflation to 2%. Long term, he hoped to stimulate competition and cement trade partnerships. But despite its successes, Abenomics is facing increasingly vocal opposition. Opinion in Japan is fiercely divided, so what do these policies mean for you? Read more “Abenomics explained: what it means for you”
WorldRemit, like TransferWise, has recently received an eight-figure vote of confidence in its international money transfer service. It joins a growing list of well-funded fintech companies innovating the market by offering low or non-existent fees and transfer tools that cater to the digital age. Read more “The top three international money transfer startups to know about”
Money laundering is a serious concern for money transfer firms, but could some businesses be taking the wrong approach in their attempts to cut out corruption? The Bank of England and the Financial Conduct Authority (FCA) think so, and they’re worried that it could hurt customers. Read more “Money Transfer Vs. Money Laundering: How It Works”
The Danish krone and the Swiss franc are both making headlines because of ‘currency pegging’. With the franc causing havoc in January 2015 when it unpegged from the euro, and the krone possibly going the same way, we’re getting used to seeing the term. But what exactly is currency pegging and why does it matter? Read more “What is currency pegging and why are we hearing so much about it?”
66% of Brits know they can pay using a smartphone, and in the US 53% of shoppers want more stores to accept payments via mobile. Despite the enthusiasm for this growing technology, many of us still aren’t completely clear on how it works. That’s why we’ve put together this quick guide to mobile payments, which takes you through the three main approaches. Read more “Paying With Your Mobile: How It Works”
Google has introduced a new function to Gmail accounts in the UK: the ability to attach money to emails. That leads to the obvious question – is it safe to send money over email? Read more “Would you transfer money over Gmail?”
The new laws set to overhaul data protection practices in Europe
Once again, data protection regulation is in the spotlight this month. The EU is attempting to introduce laws that will clamp down on how our personal data is used, particularly by businesses and intelligence agencies. But according to Civil Liberties Committee chairman, Jan Philipp Albrecht MEP, arguments from Germany, France and the UK could delay the legislation into 2016. There are over 4,000 proposed amendments to the bill, after all. We look at why the legislation is so controversial, and what the consequences are for you.
In today’s digital economy, data is big business; the value of European personal data is estimated to grow to almost €1 trillion annually by 2020. The EU wants to establish a ‘one-stop-shop’ for data protection, arguing that this more streamlined approach will boost the European economy by €2.3 billion.
For businesses, the regulations could allow the EU to impose fines of up to €100 million, or 5% of their annual turnover (whichever’s biggest) if they don’t safeguard the information they’re processing adequately. They’d also have to complete a ‘data protection impact assessment’, investigating the effect of data usage on the rights and freedoms of their customers.
For individuals, the legislation will tackle issues you might be concerned about already. These include having easier access to your own data, gaining the ‘right to be forgotten‘, and needing to give explicit consent before a company can use your data. It also proposes that privacy settings should be set as private by default, rather than getting users to do this manually.
According to recent PwC research, big data could be our most potent weapon yet in the fight against money laundering. Vikas Agarwal, a managing director of the financial services firm, has declared that “institutions should remain two steps ahead by deploying advanced analytical and statistical techniques.” But what exactly is big data, and how will it help? Read more “Big Data: The End Of Money Laundering?”
From 2013 to 2014, the number of bitcoin users grew by a staggering 700%. Today, those users aren’t just buying products with their bitcoins; according to the South China Morning Post, it’s becoming an increasingly popular way to send money overseas. We take a look at what makes bitcoin so popular, and how it could change the face of the international money transfer market. Read more “How Bitcoin Is Revolutionising International Money Transfer”