If your business is considering making an overseas hire – congratulations! In business, expanding internationally can be extremely rewarding, both financially; in terms of driving the growth of the business and discovering new markets to sell your product into; and culturally – seeing how things get done in contrasting business environments can only help give a business owner a better understanding of their enterprise.
But from an administrative and tax perspective, hiring overseas is complex and to get it right involves a little bit of extra work – we have produced the following notes to try to help all business owners understand what needs to be done before you can start to make payments to overseas staff.
The UK’s Financial Conduct Authority (FCA) and its Hong Kong equivalent, the Securities and Futures Commission (SFC) have signed a co-operation agreement that will promote information sharing between the two regions, and introduce a referral system that will make it easier for approved, UK based fintech startups to set up operations in Hong Kong, and vice versa. 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
The Monetary Authority of Singapore (MAS) have secured a coup by persuading TransferWise, the peer-to-peer money transfer service headquartered in London, to choose the city as its new hub for the Asia Pacific region. Read more
If you’re reading this then you have come to the right place, because we are the experts in overseas money transfer. We have, after all, been at it for more than 10 years. Together, or co-founders Emmanuel and Huw launched the first ever money transfer comparison site all the way back in 2004.
Since then, we have seen serious change come to the industry, and that’s mainly due to the rise and rise of financial technology, which we now call Fintech.
Taking on (and outperforming) the big banks’ services
Ria is the third largest provider of Money Transfer services worldwide, with more than 300,000 locations worldwide, whilst Prudential bank has a strong footprint in Ghana, so the deal makes sense.
The announcement was made last week and a launch ceremony held in Accra, Ghana’s capital. Read more
When QROPS – that’s Qualified, Recognised, Overseas Pension Transfers to you and me, were first introduced in 2006, it proved to be an unexpectedly popular piece of legislation.
In the last, “last” Spring Budget, Chancellor Philip Hammond acted swiftly and decisively to introduce a 25% charge on UK pensions being transferred overseas, which came into effect the very next day. 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
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
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 and send your money through them.
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
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
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 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
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?
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
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.
International money transfer has become a part of everyday life. Banks, brokers and websites can send money abroad quickly and easily. But what’s happening behind the scenes when you make a transaction? Read more