Mitsubishi Corp and Mitsubishi UFJ Financial Group are the latest major financial institutions to announce they will be launching an international money transfer system built on the blockchain. Specifically, the firms will be using the distributed ledger technology developed by California based Ripple, which has also been trialled by the likes of Western Union, MoneyGram, the Saudi Central Bank, and China’s Lian Lian bank. Read more “Japan’s Mitsubishi Corp & Financial Group To Build International Money Transfer Network Using Ripple’s Distributed Ledger Tech”
Although Europeans make up only 10% of the global population, the region is home to 20% of the world’s migrant workers; around 50 million people; who between them send over $110 billion per annum back home to families and loved ones, according to research from the International Fund for Agricultural Development. Read more “Inside Europe’s $110 Billion Migrant Remittance Market”
We’ve all experienced that sinking feeling we get when we have to visit the cash machine whilst on our holidays and withdraw money. Read more “Why You Should Always Check Your Credit or Debit Card Options Before Spending Time Abroad”
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”
Exclusive London properties are selling at their biggest discount to asking price in over a decade, and attracting more foreign buyers, particularly from the Middle East, than domestic ones, according to research from Hamptons Property Agents.
The trend looks to be spreading beyond London, too; research from Knight Frank released in February this year suggests that very nearly half of all country estates in Britain with a value above £5m were sold to foreign nationals in 2017. Read more “Overseas Buyers Of Prime UK Properties Are On The Rise, As Investors Start To Look Beyond London”
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”
If you are looking to buy an overseas property, it’s likely that you fall into one of three categories: Read more “5 Of The Hottest Overseas Property Destinations Making Headlines Today”
DBS, the Singapore based bank with a network of 280 branches across 18 key markets in Asia, today announced a partnership with bank messaging service SWIFT to use its Global Payments Innovation service (gpi) to offer 200,000 corporate and SME clients increased transaction visibility and speed for their overseas money transfer activities. Read more ““World’s Best Digital Bank” DBS Launches Real Time Cross Border Payments Tracking Using SWIFT gpi”
Recently we wrote about Tuyyo, a new money transfer app from BBVA bank focused on the world’s most lucrative money transfer corridor – the US to Mexico. This week we learned that the months-old app is already dropping its standard transfer fee. Read more “Tuyyo Money Transfer App Spices Up US to Mexico Remittance By Dropping Transaction Fees”
According to a recent report from auction house Christies, investigating the state of the luxury property market in 2017, the world’s most expensive property can be found in Hong Kong; purchased in 2016 for an eye-watering $270 million dollars. Read more “Deconstructing The Luxury Property Market; From High End Hong Kong To The “Clamour For Glamour” In Canada”
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 European market still holds sway over Asia and America when it comes to British companies doing business overseas, according to a new survey from the Institute of Directors. Read more “IoD Survey Reveals British Business Leaders Favour Doing Business With EU Over America, Asia”
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”
Money can be one of, if not the biggest headache when it comes to living abroad. How to spend it, how to access it, what currency to deal in, and whether and where you be should be saving it. Read more “South East Asia & South America Stand Out As Expat Destinations Where Money Goes Furthest”
What is it that makes Spain such an inviting destination for those looking to emigrate abroad?
Is it the climate, which, at its best, is the envy of the world? Read more “Sun, Stability & Growth; Why The Spanish Property Market Is Hottest Destination For Overseas Investment In Europe”