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”.
Since September 2008, RPW has been monitoring the costs of international transfers, partly as a means to measure the progress of different regions towards global cost reduction objectives and targets, such as the G20 Commitment, which seeks to bring the average global cost of sending money abroad to less that 5% of the total sent. Read more
At some stage of our careers, we all dream about what it would be like to work from a different location. Could it really be possible to swap the grey skies of London for South East Asia, for example?
The answer, of course it is yes, it’s more than possible, and it’s a great way to broaden your horizons and learn all about a new culture, plus relocating abroad could also be a boon for your business or career, too!
If the opportunity does cross your path at the right time, a spell abroad could be a highly desirable move.
But there may be all kinds of other reasons why you might want to send money abroad to Malaysia. You may be a Malaysian living overseas who wants to send their money back home to relatives. You may be a business paying a Malaysian supplier, or setting up an office there. You may be paying for a holiday in advance. You may be paying for tuition. You may be buying a property there.
Well, we can’t find you a flat in downtown Kuala Lumpur, but we can help you on the currency side – by showing you how easy is it can be to transfer money overseas.
Let’s say you need to transfer some money to Malaysia and complete a worked example. 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
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
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
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
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
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
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
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
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