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.
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
Dovetail, a financial payments and liquidity management firm with offices in London, the US, Canada and Ireland, has announced that it has successfully completed business level flow testing with the EBA Clearing Pan-European instant payment infrastructure platform. 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
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 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.
It’s no secret that the price of a Rolex, an iPad, or the latest fashion accessories in the US, for example, may be considerably cheaper than in the UK.
I can purchase this item abroad and enjoy a free holiday with the money I have saved, the thinking goes – but does this kind of conclusion have its basis in fact, or fiction? Read more
To date, it seems that contactless debit and credit cards have won the battle for consumers’ affections, as, despite the obvious advantages of making payments via mobile and using digital wallets, namely the ability to earn loyalty points, heightened security and a smoother checkout experience, mobile payments simply refuse to take off in the way analysts predicted. Read more
The Digital Banking Report have released their sixth annual survey into Retail Banking Trends & Predictions; removing friction from the customer journey is the no. 1 concern. 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
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 is nothing quite like WeChat in the Western World – not even the likes of Facebook can compete with the number and range of services the platform offers to its 800m, mostly Chinese, users. Read more
With promises of warmer weather, fantastic opportunities, and exciting cultures to explore, it’s no wonder that more than 300,000 people in the UK opt to emigrate to other countries each year. Australia and Canada are two of the top choices for Brits, especially those moving for work purposes, so what are some the best ways to ensure your move goes as smoothly and as enjoyably as possible? Read more
There is much to be said for living life as an ex-pat – the sense of freedom it can give a young person or couple seeking adventure in their early twenties, the opportunity to learn a new language and explore a new culture, and a more (or less, depending upon your point of view) forgiving climate.
But when it is time to start raising a family, many ex-pats choose to return to the UK. It makes sense for several reasons; to be closer to family, to educate children in the same system as their parents, to obtain a British passport.
That said, there are some equally compelling reasons to remain abroad. Let’s look at the pros and cons of 5 of the most tempting places to live as a family abroad. Read more
88% percent of banks globally are becoming increasingly concerned about losing business revenues to Fintech challenger firms, whilst 82% would like to partner more with them over the next three to five years, reveals a new report, Global Fintech Report 2017, released by PriceWaterhouseCoopers. Read more
Donald Trump’s blanket ban on Somalian citizens travelling to the US has made it harder for the 250,000 Somalis based in America to send money back home, reports Mareeg.com. Read more
An international money transfer is a service that allows you to send money overseas for whatever reason; this can be carried out using your normal retail bank account, international money transfer operators (such as Western Union), FX brokers and peer-to-peer companies. Here at The Money Cloud, we can help you transfer your money internationally, but what are the most common reasons where you would need to use an international money transfer service? Read more
Chinese companies have raised $52.6 billion US dollars via bond issues in the first quarter of 2017 – a 72% increase from the previous quarter, and five times more than Q1 2016, according to Dealogic data, Netral News reports. Read more
Goldman Sachs have announced this week that they will begin to move some staff from London to mainland Europe as part of its “contingency plans” to help prepare the investment bank for life after Brexit.
When a major institution like Goldman’s makes such a move, it is hardly surprising, in the current climate that the markets will pay close attention to the reasons behind it. Read more
They may be marketed as convenient, flash, and “rewarding”, but in reality, the credit card trap is one you don’t want to fall into unless you can pay back everything you owe, every month, on time, and without bringing other accounts overdrawn. Which of us, hand on heart, can promise this, especially when there are temptations everywhere, from fashion to food, travel, gadgets, and a million and one subscription based services? Read more