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”
With Brexit looming, it would make sense for Britain’s small business community to be revisiting contingency plans for trading abroad, but it seems that instead, firms are losing their appetite for overseas trade altogether, research from Money Transfer firm World First has revealed. Read more “World First Research Reveals Only One Quarter Of Britain’s SMEs Are Trading Overseas”
The Chinese government is determined to prevent its entrepreneurs from moving large sums of money out of the country, to try to encourage them to reinvest their profits back into the domestic economy.
The strategy, however, is proving tough to enforce, and doesn’t always succeed in promoting Chinese interests abroad, it seems. Read more “Government Credit Controls Are Preventing Chinese Firms From Investing In Tech Startups”
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”
The way that we send money abroad has changed almost beyond recognition recently, with the emergence of money transfer apps, instant transfer platforms, and even wearable technologies, that can arrange transfers in a matter of a few swipes.
Although this tech disruption has made the money transfer industry a much better market for consumers, it can still be confusing to navigate through all the noise, and find the best deals. Read more “How To Compare The Best Money Transfer Services”
Mobile to mobile money transfer is currently the biggest trend in payments. Facebook Messenger Pay has been available for more than 2 years in the US, and finally crossed the Atlantic, launching in the UK and France, in late November last year. Now it’s the turn of Facebook-owned Whatsapp. Read more “Whatsapp Pay Rumours Confirmed By Soft Launch In India?”
Bitcoin may be seen in some quarters as the answer to too much bureaucracy, red tape, and creaking, antiquated, legacy banking systems, but it can’t escape being regulated, according to IMF chief Christine Lagarde, who gave an interview to CNN Money last week. Read more “IMF Chief Christine Lagarde Weighs In On Crypto Regulation Debate”
Only the United States ($56.3 billion), Saudi Arabia ($36.9bn) and Russia ($32.6bn) sends more money abroad than Dubai’s total of $19 billion, according to the World Bank, so it is no surprise that money transfer firms are scrambling to grab a slice of the action there.
MoneyCorp have stolen a march on their competitors by announcing last week the acquisition of First Rate FX, for an undisclosed fee. First Rate FX have an office in Dubai, which will be rebranded under the MoneyCorp name, and First Rate will also relocate from their Canary Wharf headquarters in London to MoneyCorp HQ in Victoria. Read more “MoneyCorp Completes Acquisition of First Rate FX To Tap Into Dubai Money Transfer Market”
This content is sourced and 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.
TransferWise is targeting “expats, second homeowners, freelancers and more” with a new bank account that allows users to make transactions in 28 different currencies. Read more “Transferwise Launches 28 Currency Borderless Bank Account, But Faces Stiff Competition From Rivals”
This never-ending saga – one that has infuriated the POTUS, Donald Trump, who had received assurances this investigation would conclude before thanksgiving last year – rumbles on.
According to the New York Daily News, Special Counsel Robert Mueller has turned his attention to a number of suspicious financial transactions that took place at key moments before and after the US election of 2016. Read more “Investigation Into Russian Interference In US Elections Switches To Money Transfers”