India is the world’s largest receiver of remittance inflows; some $62.7 billion was sent in 2016-17 – more than the total Foreign Direct Investment (FDI) into the country.
Now, thanks to a partnership between mobile payments provider TerraPay and private sector lender Yes Bank, India’s diaspora will be able to make instant cross-border money transactions into the country.
It seems we may well be heading towards a world where, when sending money internationally, the only thing we need to concern ourselves with is the exchange rate – because transaction fees are rapidly being consigned to history.
Starting from today, Circle, a money transfer service and app that allows its users to ping money to one another using a mobile messaging service, is introducing fee-free person-to-person (P2P) money transfer services for users in the UK, Spain, and the US. Read more
Over the past few years, thanks to the rise of a number of disruptive Financial Technology, otherwise known as FinTech businesses, it has become far easier, and cheaper to send money overseas.
Until recently most of us would have used either a wire transfer agency, such as Western Union or Ria Money Transfer, or a high street bank to send money internationally, but there were 3 major drawbacks to this approach. Read more
Banks and wire transfer services charge too much in fees and offer the least favourable exchange rates
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.
But what many people don’t realise is that because of the monopoly that the banks, and these two transfer agencies had on the market, they were able to charge unnecessarily high fees, as well as offering you a price that did not accurately reflect the current value of a currency.
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
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
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
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
The global money market changes fast, from one minute to the next. If you’re making a big international money transfer, it can be tricky to decide when to do it – what if you’re not ready yet, but the exchange rate seems like it’s going to fall? We’ve got several ways to help you get the rates and security you need. Read more
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
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
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