From overseas weddings, to purchasing property abroad, to sending money to contacts or family members living in a different country, international money transfer is a reality that most of us will face at some point in our lives, and for many of us, it’s a regular occurrence.
So it’s a good idea to get to grips with the basics of sending money overseas. In today’s tech savvy world it is easier than ever to arrange an overseas money transfer, but finding the best deals can be a little trickier. Read more “3 Ways To Transfer Money Overseas That Won’t Hurt Your Bank Balance (Plus 3 That Will!)”
The World bank studies the global remittance industry closely and its data is often revealing, especially because it is not always easy to track the real amounts of money sent overseas from one country to another – there are many different ways it can be done, and many different reasons for doing so.
Finder.com recently used World bank data to reveal that Nigeria is the most popular destination for outward remittances from the UK. The country accounts for almost 15% of all money sent abroad from the UK, followed by India (14.1%), France (6.7%), Pakistan (6.7%), and Germany (4.9%). Read more “UK Sends More Money To Nigeria Than To Any Other Country, Says Data From World Bank”
Last year, Sainsbury’s bank moved into the money transfer space, announcing a partnership with MoneyCorp that will allow their customers to transfer up to £100,000 overseas, either online or over the telephone.
In the process of setting up the partnership, Sainsbury’s uncovered some interesting facts about why Brits might want to make international payments. Read more “Sainsbury’s Bank Partners With MoneyCorp, Reveals Reasons Why Brits Send Money Overseas”
Do banks provide international money transfer services free of charge?
Sadly, it’s not the case; banks are generally recognised as one of the most expensive options when it comes to moving money internationally; second only to using cash, according to the World Bank’s Data. Read more “TransferWise Research Reveals Australians Making Wrong Choices When It Comes To Transferring Money Overseas”