Many British people every year choose to buy a property in France because of the wonderfully relaxed lifestyle France offers. The French have a strong appreciation for the good things in life and many consider them to be among the most cultured people in the world. They have good food and good wine and a more laid back style of life than in the UK, but there are things you need to consider when buying property in France. Read more
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
The mobile first international payments service TerraPay has received regulatory approval from the Bank of Tanzania to launch an International Money Transfer Service for mobile wallets based in Tanzania. Read more
Although we don’t quite know how the UK economy will change as a result of Brexit, what we do know is that many of the news sources are focusing almost exclusively on how those living in the country will be affected. But how about those living abroad? British expats, EU residents, and even those living elsewhere in the world are beginning to ask how they might be affected by the result of the referendum, and want to ensure that they’re doing everything they can to protect themselves, and their money, at this time.
Business as Usual for UK Expats
If you’ve waved goodbye to drizzly England and taken up residence on sunnier shores, don’t panic. You’re certainly not alone – an estimated 1.3 million Brits live on the continent thanks to the free movement laws within the EU – and despite what some scaremongers are saying, it’s very unlikely that you’ll become an illegal immigrant overnight. While we can’t predict the future, it is suggested that the UK will enter into some sort of agreement with the EU. Think about Norway, for example. Although they are not a part of the EU, British citizens are still able to live and work in Norway without the need for a visa.
Perhaps the biggest concern for Brits living abroad is money transfers. If you’re receiving a UK salary or UK pension, unfavourable currency exchange rates can have an impact upon day-to-day life. But depreciation is nothing new. In fact, the pound was actually lower against the euro in December 2008 than it is following the referendum. People overcame this by using dedicated FX services such as The Money Cloud who can provide big savings on international money transfers; it’s no different this time around.
Good News for EU Residents
If you live in another EU state and have been thinking about coming to live and work in Britain, experts are saying that you will still be able to do so. ‘It will still be possible to employ personnel from EU member states’, says Omer Simjee of Irwin Mitchell Solicitors. There may be a little extra work to be done, and a few more ‘administrative costs’, according to Simjee, but it is expected that emigration from EU states to the UK for work purposes will not be significantly affected by the result of the referendum.
A Boost for the Developing World
Many countries around the world have voiced concern that Brexit will not only affect the European region, but elsewhere, too. However, it is possible that the situation will be beneficial to many of these countries, particularly those in the developing world. If the majority of UK trade is shifted from the EU, it is likely that the Commonwealth nations will be a major focus. Countries such as India, Kenya, and Pakistan could benefit significantly. Fortunately, services such as The Money Cloud make it easy to send money abroad, and receive money from abroad, providing the best currency exchange rates for trade.
By Emmanuel Addy – Emmanuel has over 12 years’ experience of developing partnerships in the FX/digital payments sector. He has also worked alongside Huw Jenkins, in money transfer comparison since the sector began before consolidating his experience to co-found The Money Cloud.
Following the leak of the Panama Papers, offshore banking – and its capacity for exploitation by the rich – has been hitting headlines more than usual. Moreover, just before the 2016 anti-corruption summit – which took place in London at the beginning of this month – a large group of the world’s top economists put their names to a letter which called for an end to tax havens. Read more
Negative interest rates have made plenty of headlines recently. But are they effective in fighting deflation and encouraging economic growth? And what is their effect on international money transfer? Read more
It’s a tough time for the global economy: the increasing volatility of the Japanese and Chinese economies, Greece potentially exiting the Eurozone and tumbling oil prices are all contributing to growing uncertainty.
In this kind of climate, there’s usually one thing on investors’ minds – to ‘futureproof’ their assets. This often means moving them to ‘safe haven’ currencies. The last few months haven’t, however, seen the usual cash flows from unstable to stable currencies. What’s going on and what will it mean for international money transfer?
Slumping commodity prices have caused the Saudi Arabian economy to struggle, putting pressure on the long-standing ‘peg’ (fixed exchange rate) between the Saudi riyal and US dollar. This turbulence could have far-reaching implications for international money transfer – read on to find out more.
In the past, real estate has often been seen as a business of relationships, reliant on contacts and personal connections. While that’s still hugely important, software trends are also becoming increasingly vital to the real estate industry. In the past year alone, venture capitalist projects have raised over $1.5bn US dollars towards software that could streamline your experience in the real estate market. Here’s a quick breakdown on what’s been going on.
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
Near field communication (NFC) has revolutionised the way we pay. However, it also means our contactless cards provide a more accessible route to our bank details. While these advances have made life easier for us, they’ve also made life easier for those looking to discover such information. Here’s what you need to know about contactless theft and how to avoid it. Read more
Most of us will know of the black market as the unlawful trade of goods and services. This is slightly different from the grey market, where trade occurs legally but through unofficial channels. So what exactly happens in shadow economies, and more importantly, what effect does it have on global growth and currencies?
Laws granting the ‘right to be forgotten’ might seem like they’re about isolated cases of image control. In fact, this legislation could have huge implications for storing all types of information. As debates about whether Europeans can protect their data on a worldwide basis rage on, observers are starting the wonder where the laws end.
What’s going on? Read more
Eastern trade is likely to expand at a rate not seen for centuries as China’s ‘New Silk Road’ looks set to go ahead, following the announcement of a $40bn investment in the planned trading route. The expansion of roads and railways from China across the globe means stronger links between all countries involved, but how will this affect eastern currencies?
Ever heard the saying, ‘the customer is always right’? In the financial services industry, that hasn’t always been true. But a major new report published by the World Economic Forum (WEF) suggests that consumers’ luck is about to change as fintech continues to disrupt, embed and lead the way. The report, entitled ‘The Future of Financial Services’, examines how fintech is shaping the industry, and it pits agile tech start-ups against the established banking Goliaths to see how each will adapt and how they’ll co-exist. Read more
Commentators from The Economist to Forbes have hailed the triumphant start of the fintech revolution. The financial industry is finally catching up with every other sector that’s ploughing its profits into digitalising its services. The result? A customer-centric industry that’s taking $4.7tn away from traditional banking.
Fluctuations in the foreign exchange market can have far-reaching economic repercussions – it’s no wonder, then, that some governments choose to intervene to manage their own currency’s value. This is less common in the US and UK, which keep to a market-driven approach, but is widespread in many parts of Asia and in the Eurozone. The devaluation of the Chinese renminbi is a recent example, with some observers seeing it as a long-term attempt to bolster the country’s exports. 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
It started as a niche interest of tech-loving teens but soon grew into a social phenomenon. By the end of 2013, the Oxford Dictionaries named selfie ‘word of the year’, which wasn’t surprising given over a million selfies are taken every day. Now, the selfie has grown up and is getting a job in finance. Here’s the breakdown on how your next self-portrait could lead to a legitimate money transfer.
One way to make the most of savings you’d like to grow is by tapping into new investment markets. This could mean looking abroad, in particular at countries that drive global growth. Today, emerging markets in developing nations are poised to do just this – become the world’s new growth engines. As with any financial investment, however, it’s important to measure and manage your risks. Here’s a breakdown on emerging markets and what investing in them means for you.