MoneyCorp’s Latest Savings Account Allows Customers To Deposit Sterling & Euros

Expats living in the Eurozone, businesses trading in the region and Europeans holding excess Sterling may be intrigued to hear that MoneyCorp have just launched a savings account which supports both currencies.

The MoneyCorp account, which requires 90-day notice for all withdrawals, offers a handsome interest rate of 1.3% too – provided you are depositing Sterling – the rate on Euro deposits is just 0.05%. Read more

Escape To The Chateau Returns To TV. Are The “Experts” Right About The Risks Of Buying Overseas?

Dick Strawbridge, from Essex, his partner Angel and their two children are returning to our TV screens this autumn for a new series of Escape to the Chateau on Channel 4. 

In the first series, the couple risked it all by swapping their two-bedroom flat in Essex for a fairy-tale French Chateau, at a cost of £345,000 pounds. Around €390,000 euros based on current exchange rates. Read more

The Money Cloud Partners With City Forex To Provide The Ultimate Hassle Free Travel Money Ordering Service

The Money Cloud, the original and best overseas money transfer comparison site founded by industry pioneers Emmanuel Addy and Huw Jenkins, today announces an exclusive partnership with City Forex to help travellers order their travel money online, and have it delivered direct to their office or home. Read more

The Real Wage, Inflation & The Falling Pound; Are Brits getting Poorer?

Unemployment rates in Britain are lower than at any time since the 1970s, and according to a survey conducted by recruitment agency Adecco, employers plan to hike wages by 1% over the next year, after a 1.5% increase in the first half of this year.

But despite this, British workers are likely to become worse off, because inflation rates are stubbornly refusing to come down, and the Bank of England have no immediate plans to increase interest rates. Read more

Should The Bank of England Bite The Bullet & Finally Hike Interest Rates?

It’s amazing to think that the Bank of England has not raised interest rates for more than a decade, but then nobody expected the credit crunch, quantitative easing, or indeed the “age of austerity” that George Osborne introduced during his time as chancellor.

That’s a lot of jargon to digest, but digest it we have, with the result that most of us have tightened the purse strings and tried to take a more frugal approach to our finances.

The big question now is, how much longer will we have to endure this financial stasis? Read more

Are Heavily In Debt Brits Flirting With Financial Disaster? 5 Tips To Help You Survive

Britain in Debt? The signs are not good. According to an article in today’s Times, the balance of Britain’s credit cards as a whole is closing in on £70 billion pounds, unsecured credit lending is increasing year on year, and the rise of concepts like payday loans and un-arranged overdrafts are causing consumers to fall further and further into debt. Read more

How To Calculate Tax On Your Overseas Property Income – Advice From The Money Cloud

This content is brought to you by The Money Cloud – comparing the best rates for sending money overseas offered by hand-picked, regulated brokers and money transfer agencies

In a recent series of articles, we have been looking at the possibilities of relocating abroad, and in this section we’ll be looking at paying tax on an overseas property, or properties.

A spell abroad can be an enriching experience for solo travellers, workers, families or retirees, but to make the most of the experience, and avoid the pitfalls, its best to know from the outset where you stand financially – this will not only give you peace of mind and leave you free to enjoy everything a spell overseas can offer, but also opens the door to exciting opportunities, such as acquiring a property while you are abroad. Read more

How Can I Secure A Mortgage On An Overseas Property? An Overview By The Money Cloud

Most of us have been tempted, or even given serious consideration to buying a property overseas at one stage in our lives, and rightly so!

For some of us the temptation is just a passing fancy; but for an increasing number what can seem like a wild and exotic decision at first can be, provided you do your research thoroughly, rooted in good sense, and not nearly as hard to achieve as some people will try to convince you it is.

If you are committed, sensible, realistic about what is achievable and know who you are dealing with, you may be surprised by how straightforward it can be to acquire a wonderful property abroad using a mortgage product. Read more

I’m Moving Abroad – Should I Open A Local Bank Account?

A local bank account can be a lifesaver when relocating abroad.

Relocating abroad is something that many people will do at least once in their lives, and generally speaking, it is a valuable life experience that allows you to experience a new culture, enhance your career prospects and even make you a more well-rounded person.

Even in today’s modern, digitalised world, however, there are certain hurdles that you must jump through and rules to comply with that you must understand if your stay abroad is to be a success. Read more

Is Santander’s 100% Digital Openbank A Template For The Bank Of The Future?

Santander launched its latest product, the “100% digital” OpenBank last week amidst much fanfare and some bold new features and promises. Currently it is only available in Spain, but is expected to be rolled out internationally soon.

So, after 15 months in the making, and having been re-built from scratch, can this re-launched product of Santander’s be seen as a blueprint for the way the bank accounts of the future will operate? Read more

Hidden Fees & Unfair Exchange Rates; Why Do Bank’s Charge So Much For Sending Your Money Abroad?

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.

Read more

The Big 4 Fintech Challenger Banks Changing The Way We Think About Personal Finance

The “Big 4” Challenger Banks

London may not be the world’s biggest FinTech hub, but there is an argument that says it is the most disruptive, and especially within the retail banking space.

There are no fewer than 5 recognised “Challenger banks” in operation currently, 4 based in London, and one in Durham. All have attracted significant funding, target millennials with mobile apps, instant spending reports and clever features, yet all face different challenges and issues as they battle to uproot the “big 4” high street banks; Lloyds, HSBC, Barclays and Natwest. Let’s have a look at 5 of the so-called challengers – in no particular order. Read more

How To Compare Money Transfer Providers

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

Read more

25% Levy On Overseas Pension Transfers Has Tax Advisors Scrambling To Find Loopholes

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

The Financial Services Compensation Scheme Explained

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

Mobile Payments’ Failure To Take Off Hasn’t Stopped Experts Projecting Large Growth by 2020

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